Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1857-10-24
Letter from the Editor.-ANo. 1.
PHlLADEIfHyA, Oct. IS, 1851,

LeLbRr lTOil bilc GuIVol. TNS' A'
PHiLApEIfHyA, Oct. 10, 1s57, \
10 The Reader - 4 WI
We have had full days tain,
to-day, in Philadelphia. 1t was much
needed and will be of advantage to the
country everywhere. The dust wi IL be
comfortably laid, the streams raised, and
travelling rendered pleasant 7 - TTI
Our victory is so overwhelming in Penn
sylvanis, that the Democrats everywhere
appear as well pleased as their opponents
eyiuce deep mortifca ion ct the result oi
last Tuesdays election. Poor lpilnaot is
effectually laid on The shelf, and with his
defeat, is the end of "agitation and mig.
gerism." o. Let his overwhelming defeat,
which he has richly merited, be warning
in time to come, to all political traitors.
Governor Packers majority, it is be-
lieved, will be over fifty thousand. 90
The leading features of the Act Of the
Legislature, known as the Relief Bill, may
be summed up as follows:- ' "''',t' N-
l.. A suspension Of specie payments is
authorized until the second Monday Of
April, 1858. ..''' '- ''.'' 7'h 'l
2. Dividends, not exceeding six per
cent, may be declared during the period
Of suspension
81. The Act shall extend to tho new
Banks as we'll as to the old, and to Savings,
Trust, and Insurance Companies.
4. After January next, weekly state
ments are to be made by all the Banks.
5, The Banks are to receive at par, in
payment of all debts, the notes of all the
solvent Banks of the Commonwealth, which
paid specie prior to the first day of Sep
tembcr last. ''' -' '''il'''-. 'a'' '"i 'H
@. In case any President or the majority
of the Board Of Directors shall certify that
any Bank is in an unsafe condition, Com
missioners shall be appointed to make an
investig cation, t'''.' -
Z. The Collectors of taxes and tolls
throughout the Commonwealth are to re-
ceive the notes Oh INC sdspendeu panAs IL
payment of dues.
8. In cases Of judgments, stay of ex-
ecution may be obtained for the term Of
one year from the date of the passage of
this act.
g.. The Banks In operation shall decide
within thirty days, whether or not they
will accept the provisions of tho Act, and
if they accept, they shall pay into the
Treasury of the Comm onwcalth, on or be.
fore the first Of January, 1853, sum
equal 10 one fourth of one per cent. upon
the capital stock Of each Bank, in addition
to the amounts which they are now required
by law to pay, q
10. The, Legislature reserves The right
to alter or annul the charter Of any Bank
| or Banks accepting the provisions of this
act.
IL. No Bank or Savings can purchase
the notes of any incorporated Bank of this
State, at less than their par value.
IL. No stocks, bonds, notes or personal
property, hypothecated or held in pledge
! for credit or money loaned, can be sold for
the period of six months after the passage
of this Act without the consent Of the debtor
or party hypothecating. ..c.-.
13. The notice required for payment
provided for in the Charters of Savings
Funds and Trust Companies, is extended
for the period of two months, in all sums
exceeding one hundred dollars f.-.,.t
1t will be seen. from the foregoing out
line, that some of the provisions of the bill
are quite remarkable. But, as already
intimated, the good and the bad must be
taken together. and the Banks and al
others concerned, must govern themselves
accordingly. The measure was intended
as relief measure, not only for the Banks
but for the business community at large
and such, we trust, it will prove. Let oul
monetary institutions pursue at once bold
manly and liberal course, and all will soor
be well. They should take the lead il
affording assistance, and thus in revivint
public confidence. r.
! q