New-York daily tribune., 1857-10-17

Inc OIL passed Dy tDe IelnsyNdnia Legislature
nomiDslly for the relief of the banks, has in fact
much wider scope That scope indeed is indcated
in the title of the b in which it is expressly de
scrbed to be, among other things, An Act for the
Relief of Debtors"
The enactments in favor of the banks are two
fold. First: remission, until the second Monday
of April next Of all penalties of forfeiture of char.
tiers or otherwise, incurred by the suspension of
specie payments, in favor of all banks that may
within thirty days accept the provisions Of this
set And, second: An agreement on the part Of
the State to accept their bills u payment Of taxes
and tolls That acceptance will carry with it the
following obligations on the part of the banks, VIZ
First From and after January next publication
by the banks of Philadelphs and Pittsburgh (nclud
ing also the adjoining city of Allegheny of weekly
state ment and by all the other banks of the State
ofa monthly statement Of their condition as to loans
aid 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 continue, the recep
ton by the banks at par in payment of debts due
to them of the notes of all the solvent banks Of the
State. All the banks which paid specie up to the
first of September last are to be deemed solvent,
and their notes are to be received until representa-
tons shall be made to the Governor by the Presi.
dent and Directors of some other bank under oath,
of their apprehension and belief that the bank so
certified against is nsOlvent. The Governor there
upon is to sppoint a commission of three dis
interested persons to investigate 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 received by the other banks
as before and the applicants are to pay the costs
of the proceeding If the bank shall refuse to
permit the investigation, or shall be reported as in
an unsafe condition, then the charter is to be for
feited, and the bank is to cease operation and to
assign for the benefit of ito creditors the expenses
of the investigation to be paid out OF the
assets. Third The banks are to redeem in
specie their notes received by the State for taxes
to an extent sufficient to enable the State Treasurer
to meet the interest 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 70 one
fourth of one per cent on their capital. Fifth:
The Common wealth also assumes the right OF an
nuBipg at pleasure the charter of any bank accept
ing 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 injustice to the corporators
This power of annulliDg the 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 will
be mersed in, the resumption of specie payments.
Such are the provisions in favor of the banks.
The section for the relief of individual debtors pro-
vides that whenever a judgment debtor has an
estate in fee simple within the county in which the
iut tsment is rendered, which shall be estimated by
the Court rendering the judgment TO be equivalent
in value (makDg allowance for all membranes
upon it) 10 the judgment rendered, or whenever
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 nterestand costs, he shall then be
entitled to a stay Of execution for one year; but
this stay of execution is not to be granted in the
case of mortgage debts, unless the interest shall
be kept paid up with an allowance, however, Of
sixty days grace within which to pay it, nor is il to
apply to judgments for wages, nor to suits upon
which stay of execution has already been taken
under ex,ting laws, nor to debts upon which stay
Of execution is expressly waived BY the debtors.
twill be seen that the exten,on or relief granted
this act to private debtors is much greater than
hat granted to the banks. II amounts in fact to
o. suspension Of the collection Of debts for twelve
month as to all creditors who disposed to avail
themselves Of it,