Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-03-15
Ernm Tho R~,,-lmnr. P.lrint.


PENNSYLVANIA RESUMPTION Bill.
The BAL which passed the two Houses OF the L.
]gIFll'urc OF Pennsylvania rgqurrns the Bonds of
that S.u'c % resume specie payments as slJn n
the bill becomes a law. Al Is supposed has. hy this
t.gne, been signed by tho Governor. and is now m
luscr. Though @ requires Imnediais resumption
ou the notes Ot the Banks outstanding. We; there ore
o.hcr provisions which mahc It in fact a partial re-
sumption only; AZ MIL DO seen by The following ab-
sIrlct ofthc bill.
The first section caacts TIM, The banks shall re-
sumo specie payments forthwith GA al thcic notes
and lpni1ics or any baak falling o. do -. shall
forfeit us charter. To thi- scrtiul. however - al.
Lcd his provIsiou"rhat no contract previously made
as 10 The payment OF drposiics shall be affected 10y
be provision oi this scciipu.' We understand that
all the drp1sItcs ln the Banks at Philadelphia for
suw' ume past, were made with "A special cont.
race which p~rrcludcs Ihc GcmluJ Tor 5 pecie Tor
them.
The second scc.ion pi;ui. how 'hc refusal ofauy
aauh 90 pay specie a. required Hy the first section
> 10 be- established, and hon tao atIIIrs OF such
bank are 10 bc Woaud up
Tho ditd section authorizes The Directors Of any
Bank 20 wind up ,is arrtirs pr O, execute an assign
ncnt rs required IA The second section. whenever
directed TO do 80 by a majority OF The stockholders Of
any Bank.
The fourth section il as follows.
Sec 4. II shall not be lawful tor any hank ofihis
commonwealth, AFTER the passage o:Ihis act To i,suc
ar pay ont any hank notes other than ihpsc issued
by itself nayahle on demand in gold Or silver. notes
on specie paying banks. or uplcs OF bands legally
issued under the authority 90 the oct OF the fourth
day OF NlaYi one thousand eight hundred aud forty
one, al ihc option OF the person receiving the simc;
and any violation Of tbs provision shall work an
absolute ~urfeiinre Of its charter. and be prucceded
against in the manner prescribed ia the second sec
tiun of this act. Preceded k0rcucr. That no con.
tract heretofore made ls Co The payment Of dvlosites
shall be in any wise affected.
The authority ci,cn ia tins section Tor lhe banks
,oiSs4e HE notes 'aurhuriscd by The act orthe fourth
Of My"-.s in cdsc, auihorisiug them To use an
Irrcdecmlble c~urrcnry-jhesc notes being like on.
railroad orders. that Is. they are orders for five per
cent. PENNSYLVANIA State stock. These orders we're
however. issued by ihc Euks. and being below the
denomination of Eve dn.lurs. w.. prohlhly be pll-
cel ou The some footing as The notes of the Blnks.
ir The advantages they atlrl 20 all, The people ami
he hanks. as a small NOTE circulation.
The d0h soc,l,n requires a statement oG the con
dUinn Of all the banks ID be made at stated peripls
aud be subject 10 the inspection Of their respective
stockholders. Il also aiIhorscs any director l., OK.
anime The books and accounts Of the bank OF Viii. n
he Is Un officer.
The sixth sccIipn giants n stay OF execution on
all judgements Obtained by any bank which accept.
ed lhe terms of The act Of the fourth OF May 1871.
80 long a.sIii bauk shah fail or refuse to comply
v IA tAc provisions % the first ssciin 81 this act
or until said bank shall have made al assignment.
ng eSlbly 10 the second section: Preceded. That nc
Thing herein confined shall he construed to inter.
iere with the security Of any judgement obtained as
a o eslui: And pr0Uiioi also, II ,ai a refusal 10 re
de IN the n les Issu3i IN pursuance Of the act or4tf
OF Mny, one thousand sight hundred anil forty-one,
cNcep' as required by slii act. shall npi bring any
nisaid banks within the provisions Of this Soc
lIDn.
The seventh section frhils the cashier engaging
~ any other business lhar those which apperain Il
his Office.
The eighth section iOrbils the receipt Tor debt
due the state, OF any thing but coin notes of specie
paying banks AMI the relief notes" as those issued
under The act OF lhe iOur,h OF May are called.