Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1857-10-17
Correspondence Of the Public Lcdger)
LETTER FROM HARRISBURG,
HARRISBURG, October II, I857.

night, and as / close the bill is in the follow.
ing position with prospect that an indefinite
number Of amendments will be offered before
it is finally passed.
AN Aor providing for the resumption ot
specie payments by the Banks, and Tor the
relief of debtors.
Section /. Be it enacted by the Senate
and House OF Representatives Of the Com
monwealth OF Pennsylvania, IN General AS
sembly 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 heretofore passed, declaring
or authorizing the forfeiture Of the charter o!
any Bank, Saving, Trust and Insurance CON-
pany or corporation having banking rrivi-
leges, or inflictng any penalties, or authorl-
zng any compulsory assignment, Tor or oy
reason OF the payment OF any OF its iiabil,
tiles or the Issuing or paying out the notes OF
other banks, Incorporated under the laws Of
this Commonwealth, though not spece-roy-
ing, or its louning or discounting without the
requisite amount Of specie or specie funds,
since the twenty. first day Of September Ammo
Domiui one thousand eight hundred and bity.
seven, be and the same are hereby suspended
until the second Monday of April Ammo
| Domini, one thousand eight hundred and hfty-
eight and all forfeitures and penalties or liza
bilty thereto, heretofore incurred, or that
may be hereafter incurred before the said
second Monday of April under such acts Of
Assembly or Of incorporation or re-iDcorpora
ton, for or by reason of the causes aforesaid
or any of them, are hereby remitted, and so
much thereof as prohibits any bank from
making loans and discounts, 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 loauing or discounting without the
requisite amount Of specie or specie funds, rs
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 oil banks, saving trust and insurance
companies, and corporations with banking
privileges, chartered or re-chartered under
any law for periods hereafter to commence,
aud to the payment Of stock to all banks
incorporated by the Legislature at its last
session. Provided, That all proceedings or
suits now pending or brought in the several
courts of this Commonwealth for forfeitures
or penalties under the provisions hereby sus.
pended, shall not be affected thereby.
Section 2. That in addition to all state
ments and returns now required by law, each
and every bank in the cities OF Philadelphia
Pittsburg and Allegheny shall. or the first
discount day in November next, and weekly
, thereafter, and every other bank in this Com.
monweath on the same day, and monthly
thereafter, make up statement, TO be verified
by the oath or affirmation of the President oil
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 distinct items third, the amount
of its notes outstanding; fourth, the amount
Of deposits, including individual deposits and
balances due to other banks, which statement
shall be published in the next succeeding
issue OF q newspaper OF the county in which
the bank is located, or if there be no news
! paper in such county then in newspaper o
some neighboring county; and any violation
OF this Law, or failure TO comply with its pro
visions by any President or any Cashier o
any Bank, shall be misdemeanor and eacl
, OF the said officers shall, upon conviction
] thereof, be punished by fine Of not les!
than five hundred dollars, not more than one
thousand dollars, at the discretion of the
Court, one-haf to be given to the prosecutor
and one-half TO the county in which sucl
bank is located.
; Section 3. That the said banks are hereby
= required TO receive at par, in payment Of al
|, lively, the notes Of all the solvent banks OF tn,
!, Commonwealth which paid specie for all thei
liabilities on and Immediately prior to thu
twenty-iirst day of September last, and whicl
shall continue solvent and the said bank:
are also hereby authorized 10 pay out in al
their business transactlo and discounts tn,
> said notes, SO long as the banks issuing th,
: same shall remain solvent; but in case an,
president Of any of the said banks shall certif,
to the Governor, under oath or affirmation
his apprehension und belief that any bank b.
him named, is insolvent or conducting il
I affairs in violation of law, the Governor shal
:, thereupon appoint three judicious persons
n not interested in said bank, as commissioner
! to investigate the condition of such bank
And the said commissioners shall. after taking
B an oath or affirmation to perform the dutle
of their appointment with fidelity. forthwith
proceed TO make said investigation, and repor
o the result thereof, within ten days, to tn,
i Governors and if the officers of the said banl
: shall refuse to permit the said commissioners
e 10 make such investigation, or to produce
7, any books or documents necessary for tha
purpose; or if the said commissioners shall
report that the said bank is in on unsafe con
y dition the Governor shall thereupon issue hi
n proclamation declaring the charter of tn,
c said bank TO be forfeited, and the said banl
0 eHaii ue uepriNeu OF all lne DeneNtS Ct thl!
q act. and the directors thereof shall forthwith
e make and execute an assignment in th,
u manner provided 10y the act. entitled "an ac
. regulating bauks," approved the sixteenth
= day OF April, Ammo Domni eighteen hundred
n and fifty, the expenses of such commission
including the compensation Of the commits
sioners at Sc per day each, shall be paid by
: the bank against which it is issued, uules,
s tho report shall be favorable TO its condition
q in which case they shall be paid BY the
0 applicants. PROVIDED, That no bank shall
D be required to receive the notes of any bank
: against which certificate may be made as
] aforesaid, at any time after the delivery O.
0 the same to the Governor, until the commits
Z sloners shall report in favor of such bank
after which the notes of such bank shall
c again be received, as required by the provi-
sons Of this section
Section 4. That the several collectors Of
taxes, tolls, and other revenues of the Com.
: monwealth and also county treasurers. are
+ hereby authorized to receive for State purpo.
ses the notes Of the solvent banks of this
Commonwealth, though not specie paving
banks, in payment of the said ares tolls and