Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1842-02-19
Correspondence Of The Sttnbuy .7nicricaa.

HARRisBtRG, FER.l5, 1912.
Mn. EnIroR-Jrhc resumption OF specie paw
'ncnts by the Banks is now the all absorbing sub.
ject before ihe'Legislature The House last week
passed bill TO compel the Banks to resume immc-
Llaely. This bill contained section which re-
lItvcd The banks which have issued notes under
the "kehef Bill, from receiving them IN payment
Of debts on deposile. This provision was inten-
ded 10 operate rs a repayment Of the loan made TO
the state by the banks, under the relief bill, without
which it is universally conceded that the accept
ing banks cannot be compelled to resume. The
effect OF the provision was most disastrous TO the
holders of the relief notes, as they Immediately fell
10 80 and 40 per cent. below par, and The iaboter
who haj'recetved them in payment of his hard
earned wages, was obliged to 90 to the broker and
lose 40 cents on the dollar, before he could pur-
chase the necessares OF life. However these notes
ere again at par, since the committee of the Sc.
nate towhom the House bill was referred, have
ported an entirely new bill, containing very DIFF
icrcnt provision in relation to them. The Senate
hill provides for gradual resumption, the banks
being compelled topay Ave for cent. df their capi>
tai IN specie every 80 days. This hill is
der discussion in the Senate, and will undergo
siderable changes before it passes this body, and
then du not think it will meet the approval
OF the House. Any hill which may pass,
will be mere npty so far as it relates the banks
who accepted of the "Reief Bill" unless there is
some provision made to repay these banks the loan
made TO the Commonwealth under that hw for il
expressly stipu hates that they shall not lee called
upon 10 resume until this is dere. Members ofthe
Legislature understand this very well, bu, like their
predecessors, they egisaiing for political effect,
prefeuing their own political aivancemehtto to the
true interest Of the people. Hence every one almost,
votes for bill to compel The banks to resume
forthwith, knowing well that twill not operate
upon the accepting banks, who have ! of the bank
ing capital of the state Thus the people 10 be
humbuggsd. There will he no resumption until
the banks choose, just hecause representatives will
not meet the question fairly, and dispose of il ho.
'nestv.
Cob Nhght's Nil 10 stay- collection of all debts
by execution for six months, does hot meet with
much favor. |, has not yet passed the House.
A hill TO remove the seat of justice of Columbia
county from Danvrlls to Boomsbure, is pending
before the House, and think will pass there, but
not in the Senate. A great many citizens Of both
places are here, and the 'contes, will be
No provision has yet been male for the payment
of the debts due to contractors'for their labor,
is It subject which engages much of the attention
of our wise Legislators. They make grand
Tourist to compel the hanks to pay, but how the
state is to raise the money to pay her debts, an.
keep the wheels of government in motion, is mat
ter about which they seem to know little and care
less.
heihtercst upon The state debt was paid yester-
day and TO day, at the Bank of Pennsy lvsnia and
it is supposed that the injunction UPON the hsiIk
will be taken dhi, ana she will reopen her doors.
Yours, &c.