Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1857-10-16
The New Relief Law.

fields the rich sleam OF the harvest.
The New Relief Law.
AN ACT providing for the resumption
Of Specie Payments by the Banhs, and
for The Relicf of Debtors.
SEC. l. Be it enacted, &c. That the
provisions Of every act Of Assembly or of
incorporation or incorporation, hereto
fore passed, declaring or authorizing the
forfeiture Of the charter Of any bank,
saving, trust and insurance company, or
corporation having banking privileges, or
infic.ing any penalties or authorizing any
compulsory assignment for or by reason Of
the non. payment Of any Of its liabilities,or
the issuing or the paying out the notes OF
other banks incorporated under the laws OF
this commonwealth, tho not specie paying,
or the loaning or discounting without the
requisite amount Of specie or specie funds,
since the 2lst day of Sept. AID. 1857, be
and the same are hereby suspended until
the second Monday Of April, A.D. 1883;
and all forfcitures and penalties,c or liability
thereto, heretofore incurred, or that may
hereafter be incurred before the said second
Monday of April, under such acts of Assem-.
bly, or of incorporation or re-incorporation,
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 notes of other banks incorporated
under the laws of this commonwealth, tho
not specie paying or declaring dividends,
during the suspension Of specie payments,
or from leaning or discounting without the
requisite amount Of specie or specie fundr,
as aforesaid, be and the samo is hereby
suspended 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 and
insurance companies, and corporations with
banking privileges, chartered or re-chart-
cred under any law for periods hereafter
to commence, and to the payment Of stock
to all banks incorporated by the legislature
a. its last session Pfovided, That all pro-
ceedings or suits now pending or brought
in the several courts Of this commonwealth
for forfeitures or penalties under the pro.
visions hereby suspended, shall not be
affected thereby.
SEC.2. That in addition to al statements
and returns now required BY law, each and
every bank in the cities of PHILADELPHIA,
PIttsburg and Allegheny shall, on the hrst
discount day in November next and weekly
thereafter, and every other bank in this
common wealth on the same day and month
ly 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 pos.
session of and owned by such bank, and
the balance due from other banks, in dis.
tinct items third, the amount Of its notes
outstanding; fourth, the amount of depos.
its, including individual deposits, and bal
anccs 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 news
paper in such county, then in newspaper
Of some neighboring county and any vi
olation Of this Law, or failure to comply
with its provisions by any President OF
Cashier of any bank, shall be a misdemea
nor and each Of the said officers shall
upon conviction thereof. be punished by ,
fne Of not less than five hundred dollars
nor more than one thousand dollars, at tht
discretion of the Court, one-half to b.
given to the prosecutor, and one-half t
the county in which such bank is located
Sec. 3. That the said banks are here
by required to receive at par in paymen
Of all debts due or to become due to then
respectively, the notes Of all the solven
banks Of the Commonwealth, which pait
specie for all their liabilities on and im
mediately prior to the twenty first day o
September last, and which shall continu,
solvent and the said banks are also here
by authorized to pay out in all their busi
ness transactions and discounts the sale
notes so long as the banks issuing the SAM
shall remain solvent; but in case an,
, President of any Of the said banks shal
certify to the Governor under oath or afhr
nation, his apprehension and belief, tha
any bank by him named is in an uusaf
condition, the Governor shall thereupol
appoint three judicious persons, not inter
ested in said bank, IS commissioners, to in
vestigate the condition of such bank, ant
the said commissioners shall, after takin!
an oath or affirmation to perform the du
ties Of their appointment with fidelity
, forthwith proceed to make the said inves
tivation, and report the result thereof with
in ten days to the Governor; and if tn
officers of the said bank shall refuse t.
permit the said commissioners to max,
.ch investigation, or to produce any book
or documents necessary for that purpose
or if said commissioners shall report tha
T the said bank is in al insolvent condition
or conducting its affairs in violation o
law, the Governor shall thereupon issu
his proclamation, declaring the charter o
the said bank to be forfeited, and the sal,
: bank shall be deprived Of all the benefit
of this act and the directors thereof shal
i. forthwith make and execute an as.ignmen
in the manner provided by the act, entities
Gan Act regulating banks" approved tn
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