Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-10-22

specie payments BY the Banks, and for
The relief Of debtors.
Section l. BE it enacted by the Senate
and House of Representatives of the Com
monwealth of Pennsylvania, in General
Assembly met, and it is hereby enacted
by the authority of the same, That the
| provisions of every act of Assembly, or of
| incorporation or re-incorporation, hereto
fore passed, declaring or authorizing the
forfeiture of any bank, saving, trust, and
insurance company or corporation having
banking privileges, or inficting any penal
ties, or authorizing any compulsory assign
ment, for or by reason of the non-payment
of any of its liabilities, or the issuing or
of paying out the notes of other banks,
Incorporated under the laws of this Com
monwealth though not specie-paying, or
its loaning or discounting without the
requisite amount of specie or specie funds,
since the first day of September Ammo
Domini one thousand eight hundred and
fifty be and the same are hereby
suspended until the second Monday of
April, Ammo Domini one thousand eight
hundred and fifty-eight, and all forfeitures
fore incurred, or that may be heretofore
incurred, or that may be hereafter incur
red, before the said second Monday of
April, under such acts of Assembly or of
Incorporation or re-incorporation, for or by
reason of the causes aforesaid, or any of
them, are hereby RENTED, and so much
remitted, and SO much thereof as prohib-
its any bank from making loans or dis
counts, issuing its own notes, or the notes
of other banks incorporated under the
laws of this Commonwealth, though not
specie-paying or declaring dividends during
the suspension of specie payments, or from
loaning or discounting, without the requi-
site amount of specie or specie funds as
aforesaid, be, and the same is hereby sus-
pended until the day and year aforesaid,
and any such bank, during suspension of
specie payments, may declare dividends to
an amount not exceeding six per cent.
per annum on its capital; and this act
shall extend also to all banks, saving, trust,
and insurance companies, and corporations
with banking privileges, chartered or re-
chartered under any law, for the periods
hereafter to commence, and TO the payment
of stock to all banks incorporated by the
Legislature at its last session.
Section 2. That, in addition to all state
ments and returns now required by law,
each and every bank in the cities of Phila-
delphia, Pittsburg and Allegheny shall, on
the first discount day in January next, and
weekly thereafter, and every other bank
in this Commonwealth, on the same day,
and monthly thereafter, make up a state
ment, to be verified by the oath or afirma-
ton of the president or cashier thereof,
showing-Grst, the amount of its loans and
discounts ; second, the amount of specie in
the possession of and owned by such bank,
| and the balance due from other banks, In
distinct items third, the amount OF its
notes outstanding; fourth, the amount of
deposits, including individual deposits and
! balances due to other banks, which state
ment shall be published in the next sue
ceeding issue of a newspaper of the county
! in which the bank is located, or if there
| be no newspaper III such county, then in
newspaper of some neighboring county !;
and any violation of this law, or failure to
comply with its provisions by any presi-
dent or any cashier of any bank, shall be
misdemeanor, and each of the said officers,
shall upon the conviction thereof, be pun
ishcd by fine of not less than five hun
dred dollars, nor more than one thousand
dollars, at the discretion of the Court; one
half to be given to the prosecutor, and one
half to the county in which the bank is
located.
| Ia L., lyoa
by required, until the second Monday of
April aforesaid, to receive at par in pay
ment of all debts due, or to become due
to them, respectively, the notes of all the
solvent banks of the Commonwealth which
paid specie for all their liabilities on and
Immediately prior to the first day of Sep
tember last, and which shall continue sol
vent, and the said banks are also hereby
authorised to pay on, in all their business
transactions and discounts, the said notes
so long as the banks issuing the same
shall remain solvent but in case any presi-
dent, and a majority of the board of di,
rectors of any of the said banks shall GER
tify to the Governor, under oath or afhrma-
ton of the president, this apprehension
and belief that any bank in said certificate
named is in an unsafe condition, the Gov
ernor shall thereupon appoint three judi
cious persons, not interested in said bank,
as commissioners to investigate the condi-
ton of such bank. And the said commits
sioners shall, after taking an oath or af.
firmation to perform the duties of their
appointment with fidelity, forthwith pro
ceed to make the said investigation anG
report the result thereof within ten day,
to the Governor and if the officers of tn,
said bank shall refuse to permit the sale
commissioners to make such investigation
or to produce any books or document
necessary for that purpose, or if the sait
commissioners, OF majority of them shal