Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1857-10-22

lief Bill, as it passed both Houses and was
signed by the Governor
AN ACT
Providing for the Resumption of Specie Payments by the
Banks and for the Relief of Debtors.
BE ii enacted, DC. That the provisions of
every act of Assembly, or of incorporation or
Incorporation heretofore passed, declaring or
authorizing the forfeiture of the charter of any
bank, saving, trust and insurance company, or
corporation having banking privileges, or in
fiicting any penalties or authorizing any COM
pulsory assignment for or by reason OF the
non-payment of any of its liabilities, or the Is
suing or paying out the notes of other banks
incorporated under the laws of this Common
wealth, though not specie paying, or its loan
ing or discounting without the requisite amount
of specie funds, since the first day of Septem-
Der. A. D., 1857, be and the same hereby sus-
pended until the second Monday in April,
Ammo Domini one thousand eight hundred and
fifty-eight and all forfetures and penalties,
or liability thereto, heretofore incurred, or
that may be hereafter incurred before the said
said second Monday of April, under such acts
of Assembly or of incorporation, or re-incor-
poration, for or by reason Of the causes afore-
said, or any of them, are hereby rcmitted !;
and so much thereof as prohibits any bank
from making loans and discounts. issuing its
own notes or the notes of other banks incorpo-
rated under the laws of this Commonwealth,
though not specie paying or declaring divi-
dends during the suspension of specie payments;
or from loaning or discOunting without the
requisite amount of specie or specie funds, as
aforesaid, be and the same is hereby suspend
ed until the day and year aforesaid, and any
such bank during such 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, insurance companies, and
corporations with banking privileges, chartered
and and re-chartered under any law for pc
riods hereafter to commence, and to the pay
nent of stock to all banks incorporated by the
Legislature at its last session.
SEC. 3. That in addition to all statements
and returns now required by law, each and
every bank in the cities of Philadelphia, Pitts
burg 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 statement, to be verified by the
oath or affirmation of the president or cashier
thereof, showing first, 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 dis
tinct items third, the amount of its notes out
standing fourth, the amount of deposits, in.
cluding individual deposits, and balances due
to 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 in newspaper of some neigh
boring county, and any violation of this law,
or failure to comply with its provisions by any
President or any Cashier of any bank, shall be
a misdemeanor and each of the said officers
shall, upon convection thereof, be punished by
fine of not less than five hundred dollars, nor
more than one thousand dollars, at the discre-
tion of the Court, one-half to be given to the
prosecutor, and onehaf to the county in which
such bank is located
SEB. 3. That the said banks are hereby re-
quired, until the second Monday of April,
aforesaid to receive at par in payment of all
debts due or to become due to them respect
lively, 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 September last, and which shall con
tinue solvent and the said banks are also
hereby authorized to pay out all their busines;
transactions and discounts the said notes sc
long rs the banks issuing the same shall re-
main solvent but in case any President and q
majority of the board of directors of any o
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 cOndi
tion, the Governor shall thereupon appoint
three judicious persons, not interested in sale
Bank as commissioners, to investigate the
condition of such bank, and the said commits
Sicners shall, after taking an oath or afrma
tion to perform the duties of their appointment
with fidelity, forthwith proceed to make tht
said Investigation, and report the result there
of within ten days to the Governor and i
officers of the said bank shall refuse to permi
the said commissioners to make such inveStiga
ton, or to produce any books or document
necessary for that purpose, or if the said com
missioners, or majority of them, shall repor
that the said bank is in an insolyent condition
or conducting its affairs in violation of law
the Governor shall thereupon issue his procla
nation, declaring the charter of the said banl
TO be forfeited and the said bank shall be de
prived of all the benefits of this act and tn,
directors thereof shall forthwith make and ex
ecute all assignment, in the manner provided
by the act entitled "An Act regulating banks,
approved the sixteenth day of April A. d.
eighteen hundred and fifty, and the expense
of such commission, including the compensa
tion of the commissioners at eight dollars pc
day each, shall be paid by the bank agains
which it is issued, unless the report shall b.
favorable to'its condition, in which case they
shall be paid by the applicants Proridsd
That no bank shall be required to receive th
notes of any bank against which certificate
may be made as aforesaid, at any time afte
the delivery of the same to the Governor un
til the commissioners shall report in favor O