Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1857-10-21
THE RELIEF BILL.

ira Session of the Legislature, a bill, entitled
'sAn Act for the resumption of specie pay
ments by the Banks, and for the Relief of
Creditors" was passed. The following arti-
Gle from tie ". Y. Tribune will give correct
idea of its provisions:
ssThe bill passed by the Pennsylvania Le-
gislature nominally for the relief of the Banks,
has in fact much wider scope. That scope
indeed is indicated in the title of the bill, in
which it is expressly described to be, among
other things, can Act for the Relief of Delft
ors' +ft-
ssThe enactments in favor of the banks are
two-fold. First: A remission, until the sec
ond Monday of April next, of all penalties of
forfeiture of charters or otherwise, incurred
by the suspension of specie payments, in favor
of all banks that may within thirty days ac-
cept the provisions of this act. And, second
An agreement on the part of the State to ac-
cept their bills in payment of taxes and tolls.
That acceptance will carry with it the follow.
ing obligations on the part of the banks, viz :
First: From and after January next publica
tion by the banks of Philadelphia and Pitts
burgh (including also the adjoining city of
Allegheny of weekly statement, snd by all
the other banks of the State of monthly
statement of their condition as to loans and
discounts. specie, balances due from other
banks, deposits, including balances due to
other banks, and amount of notes outstanding.
Second: So long as the suspension shall con-
tinue, the reception by the banks at par in
payment of debts due TO them of fhe notes of
oil +ba oil Of +ha ha
| banks which paid specie up to the first of Sep
| tember last are to be deemed solvent, and
their notes are to be received until represen-
tations shall be made to the Governor by the
President and directors of some other banks,
under oath, OF their apprehension and belief
that the bank so certified against is insolvent.
The Governor thereupon is to appoint COM
mission of three disinterested persons to in
vestigate the affairs of the bank complained
of,and to report within ten days. If they shall
report it solvent, then its notes are TO be re-
ceived by the other banks as before, and the
applicants are to pay the costs of the proceed
ing. If the bank shall refuse to permit the
Investigation, or shall be reported as in un-
safe condition, then the charter is to be for
feited, and the bank is to cease operation and
to assign for the benefit of its creditors, the
expenses of the Investigation to be paid ont
of the assets. Third The banks are to re-
deem in specie their notes received by the
State for taxes to an extent sufficient to ena-
bic the State Treasurer to meet the interest,
as it becomes due, of the State debt. Fourth
The accepting banks are to pay into the State
Treasury, in acknowledgment of the privileges
granted to them, an amount equal to one
fourth of one per cent. on their capital. Fifth:
The Commonwealth also assumes the right of
annulling at pleasure the charter of any bank
accepting this act, whenever, in their opinion,
it may prove injurious TO the citizens but
this annulment is to be made so as to do no in
justice to the corporators. This power OF
annulling charters, and also the requirement
of bank returns, appear to be without any
limitation. The other obligations and restric-
tions imposed upon the banks expire with.
or win be merged in, the resumption of specie
payments.
| s'Such are the provisions in favor of the
| banks. The section for the relief of individ-
ual debtors provides that whenever a judg-
ment debtor has an estate in fee simple within
the county in which the judgment is render
ed, which shall be estimated by the Court
rendering the judgment to be equivalent in
value (making allowance for all membranes
upon it) to the judgment rendered, or when
ever such judgment creditor shall, within
thirty days after the rendition OF the Judgment,
| give security to the satisfaction of the Court
for the payment of the amount, with interest
and costs, he shall then be entitled to stay OF
execution for one year; but this stay of ex-
| ecution, is not to be granted in the case OF
mortgage debts, unless the interest shall be
kebt paid up (with an allowance, however, oi
sixty days grace within which to pay it,) mol
is it 10 apply to Judgment for wages, nor to
suits upon which stay of execution has already
been taken under existing laws, nor to debts
upon which stay of execution is expressly
waived by the debtors.
SIT will be seen that the extension or relief
granted by this act to private debtors is much
greater than that granted to the banks. II
amounts in fact to asuspensiOnof of the collection
of debts for twelve-months as to all creditors
who are disposed to avail themselves of it.''
-e ..--#
| kANsAs.-The Missouri Democrat OF Wed
nesday has news from Qundaro up TO noon Of
the Saturday previous. 1t gives the following
summary, which it says was s.made upon off
cIal or reliable returns on Saturday at Quin
daro - s.-.ssr rs5-
For the Council, the Free State party have
carried Fourth district, 2; Fifth district, L :
Sixth district, 3; Ninth district, 2; Tenth
district, making in all nine coupcilmen.