Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1857-10-23

of the Banks Will not 90 INTO Iiquioatlon
rather than submit to the requirements Of
the bill
The t per cent. 6ue laid upon the sus-
pending Banks, will much overpay the
expenses of the recent Special Session Of
the Legislature.
The New Relief Law.
AN ACT provitling for the resumption
Of Specie Payments by the Banks, ana
for the Relief of Debtors
SEC. l. Be it enacted, &c. That the
provisions of every act of Assembly or Of
incorporation or re 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
inAic.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 discouutiug without the
requisite amount of specie or specie funds,
since the 2lst day of Sept. A.D. 1857, be
aud the same ure hereby suspended until
the second Monday of April, AID. 1858;
and all forfeitures and penalties, 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 IS prohibits any bank from
making loans aud 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 loaning or discounting without the
requisite amount Of specie or specie funds,
As aforesaid, be aud the same 10 hereby
--~r~-a~A --.ss -. s.y sssA year aaoresaIo;
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 aud
insurance companies, and corporations sith
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
at its last session.
SEC.2. That in addition to al statements
and returns now required by law, each and
every bank in the cities Of Philadelphia,
Pit,sburg and Allegheny shall, on the frs;
discount day in January next, and weekly
thereafter, and every other bank in this
commonwealth 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, ard
the balance due from other banks, in dis
tinct items third, the amount of its notes
outstanding a; fourth, the amount of depos.
its, including individual deposits, aud bal.
ances 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 10 such county, then in a newspaper
Of some neighboring county and any vi.
olatiou of this law, or failure to comply
with its provisions by any President or
Cashier of any bank, shall be misdemea-
nor and each Of the said officers shall,
upon conviction thereof. be punished by q
fine Of not less than five hundred dollars,
nor more than one thousand dollars, at the
discretion of the Court, one.balf 10 be
given to the prosecutor, and one half to
the county in which such bank is located.
SEC 3. That the said banks are here.
by required, until the second Monday Of
April aforesaid, to receive a. par in pay meut
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 iu.
mediate!y prior to the first day Of
September last, and which shall continue
solvent and the said banks are also here.
BY authorized to pay out in all their bust
ness transactions and discounts the SAID
notes SO long as the banks issuing the same
shall remain solvent; but in case any
President and majority of the board Of
directors Of any of the said banks shall
certify to the Governor under oath or afir.
nation, Of the President, his apprehension
aud belief, that any bank in said
certificate named is in an unsafe con-
di'ion, the Governor shall thereapon
appoint three judicious persons, not inter.
ested in said bank, as commissioners, to in.
vestigate the condition of such bauk, and
the said commissioners shall, after taking
an oath or affirmation to perform the du-