The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-10-28
THE RELIEF BILL.
An Act providing for the. Resumption Of Specie
Payments by the Banks, and for The Relief
of DebfOrs


dn Act providing for the. Resumption of Specie
Payments by the Banks, and for The Relief
Of Debtors.
SECTION I. Be il enacted by the Senate and
House of Representatives Of the Common
wealth of Pennsy ylvania, in General Assembly
met. and is hereby enacted by the authority
of the same, That the provisions of every Act
ofAssembly, or of incorporation or re.lncor-
poration, heretofore passed, declaring OF au-
thoriziug the forfeiture of the charter Of any
Bank, Saving, Trust and Insurance Company
or Corporation having banking privileges, or
infic,l3g any penalties, or authorizing any
compulsory assignment, for or by reason of
the ron payment OF any of its Liabilities, or
the Issuing or paying out the notes OF other
Banks incorporated under the laws Of this
Commonwealth, though no! specie paying,
or it's loaning or dscoun,ing without the req
uisite amount Of specie or specie funds, since
the first day Of September, Anro Domni one
thousand eigh, hundred and fiity.seven, be
and the same are hereby suspended until the
second Monday OF April, Ammo Domini one
thousand eight hundred and fiiy-eight, and
all forfetures and penalties, or liability there
10, heretofore incurred, or that may be here
after incurred, or that may be hereafter in.
CURED, before the said 2d Monday of April,
under such acts OF Assembly or of incorpo-
ration or re.incorporation, for or by reason Of
the causes aforesaid, or any of them, are
hereby remitled, and so much thereof as pro-
hibi,s any Bank from making loans and dis
counts, issuing ts own notes, or The notes Of
other Banks incorporated under the laws of
this Commonwealth, though not specie-pay-
ing, or declaring dividends during the sus-
pension oil specie payments, uf from loaning
or discounting, without the requisite amount
of specie or specie funds as aforesaid, be
and the same is hereby suspended until the
day and year aforesaid, and any such Bank,
during such suspension Of specie payments,
may declare dividends 10 an amount moi ex-
ceeding six per cent. per annum on capital; /;
and this act shall extend also 10 all Banks,
Saving, Trust and Insurance Companies and
Corporations with banking privileges, char
tered OF re chartered under any law, for peri
DDS hereafter 10 commence, and 10 the pay
ment Of stock 10 all Banks Incorporated by The
Legislature al its last session.
SEC. 2. That, in addition 10 all statements
and returns now required by law, each and
eyery Bank In the cities of Philadel pEia,
Pit,sburg and Allegheny shall, on the first
discount day in January next, and weekly
thereafter land every other Bank in this Com
monwealth, on The same day, and monthly
thereafter, make up statement TO be veri-
fed BY the oath or affirmation OF the Presi-
dent or Cashier thereof, showing-firs the
amount OF it's loans and discounts second,
the amount of specie in possession OF and
owned by such Bank, and the balance due
from other Banks, in distinct items third,
the amount of it's noes outstanding; fourth,
the amount Of it's deposits, including individ-
uaI deposits and the balances due 10 other
Banks; which statement shall be published
in the next succeeding issue Of a newspaper
Of the county IN which the Bank is located,
or If there be no newspaper in such county,
then newspaper in some neighboring coun-
,y; and any violation Of this law, or failure
to comply with it's provisions by any Presi-
dent or any Cashier OF any Bank, shall be a
misdemeanor, and each of the said officers
shall, upon conviction thereof, be punished
by fine of not less than five hundred dollars,
nor more than one thousand dollars, at the
Jiscretion OF the Courl--one.half 10 be given
10 the prosecutor, and one-half to the county
in which such Bank is located
Sec. 8. The said Banks are hereby requir-
ed, until the second Monday of April afore-
said, 10 receive at par in payment OF all debts
due, or TO become due 10 them, respectively,
the notes of all the solvent Banks OF the Com
monwealth which paid specie for all their Ii.
abilities on and Immediately prior 10 the first
day Of September last, and which shall con-
tinue solvent; and the said Banks are also
hereby authorized TO pay out, in all their 5u-
siness transactions and discounts, the said
notes so long as the Banks issuing the same
shall remain solvent; but in case any Presi-
dent, aud majority of the Board OF Direct
ors of any of The said Banks shall certify to
the Governor, under oath or affirmation OF
the President, his apprehension and belief
that any Bank in said certificate named is in
an unsafe condition, the Governor shall there
upon appoint three judicous persons, not in
terested in said Bank, as Commissioners TO
investigate the condition Of such Bank and
The said Commissioners shall, after taking an
oath or affirmation to perform the duties o!
their appointment with fidelity, forthwith pro-
ceed to make the said investig gaiion, and re-
Dor, The result thereof within ten days 10 the
Governor; and il the officers of the said Bank
ehalI refuse to permit the said Commissioners
to make such investigation, or TO produce any
books or documents necessary for that pur.