Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1851-04-03

This bill, which passed the Senate, is too lengthy
to have place in our columns. The following
synopsis of it we find in the New York Tribune
The main features of the bill are the deposting
of State loans with the Auditor General, from whom
the depostor will receive back copper cent of their
market value, not exceeding par, in countersgned
bank bills of suchdenominations may be desired;
the banker or bankers first proving to the Auditor
General that 20 per cent ofthe amount of counter
signed bills is held in gold and silver for banking
purposes, which proportion ofcon is required to be
all the times kept on hand on pain of forfeiture of
the privileges of the law Any failure to redeem
in gold or silver on demand, works sale of the
assets and winding up of the bank. When the
price of loans pledged shall become insufficient Sc
curity, failure to make up the required difference
after eight days notice. the Auditor General is
authorized to reduce the amount OF circulating
notes. provided that he shall not reduce the amount
below $4,000; or to dispose of the securities and
wind up the concern. Associations under this Act
are limited to Is years. and the amount of capital
at not more than $500000, nor less than $50 GOO;
the name of the bank the number of shares into
which the capital is divided, names and residences
of shareholders the period at which the Association
shall commence and terminate, are all facts which
have to be proved and filed in the office of the Pro-
thonotary of the County, and in the Office of the
Secretary of the Commonwealth a certified copy
of such record to be deemed and taken sufficient
evidence in all courts Of law. The Association
thus organized is allowed to elect officers, and to
do a general banking business, the act holding
each stockholder liable in his individual capacity
for the circulating notes, and for every contract
| debt entered into by the Association. Quarterly
! statements similar to those now made by existing
banks are required, and failure for thirty days to
transmit the same to the Auditor General, authorl-
zes that officer to close up and redeem the circula-
ting notes. The State Treasurer, in paying the
semi-annual interest on the loans deposited as a
base for banking is required to deduct therefrom at
the rate of two per cent. per annum, the same to
be appropriated to the State Sinking Fund.- and to
be considered in lieu of tax on dividends and stock
excepting the State loans Banks, east of the
mountains, formed under the law, are required to
keep their notes at par in Philadelphia and those
west of the mountains at par in Pittsburg, under
penalty of two mills per annum, every dollar OF
the average amount ofcirculation for the preceding
year. The amount of capital under the law is lim-
tied to ten millions in the first year after its pas
sage and two millions more each year during the
five years next following The State Treasurer
Secretary of the Commonwealth and Auditor Gen.
eral are to constitute a Board of Examiners whose
duty it shall be to examine the returns as made
and determine the snfficiency of the security, anC
order more security or return of circulating notes
as to them shall seem safe and equitable. The
bill also imposes penalty of fine and imprison
ment for countersgning and delivering to any
bank more than 80 per cent, of the market value 0
the bonds pledged as security.