Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1858-04-08
Pennsylvania Legislature.

HOUSE resolved ltSelt lHto CoihHiis'SS "a 'AAN
whole, (Mr Rose in the chair
The first section was read, and ON the
question, will the House agree to the sec
ton?
Mr.. Mcclure moved that the committee
rise, report progress, and ask leave to sit
again; which was agreed to.
The speaker resumed the chair.
Mr.. Mcclure now moved that the fur
ther consideration of said bill be postponed
for the present; which was agreed to.
SALE OF THE STATE CANALS.
Mr.. Mcclure moved that the House do
now proceed to the consideration of the
bill relative to the sale of the State Canals;
which was agreed to.
The bill being before the House on final
passage, the yeas and nays we're required
by Messrs Foster and Wilcox, and are as
follows: Yeas, 52-Nays, 37--Dr Bower
voting yea.
bIIFFLIN COUNTY BANK.
The bill relative to the Mifiin County
Bank, came up in order on second reading.
The first section being before the House,
Mr.. Bower said this bank is to be loca-
ted at Lewistown, Mif1in county. He
then gave hrief abstract of the prominent
features Of the bill. He went on to show
that each stakeholder was to be in fact
director, which would prevent some of the
frauds that other banks are liable to from
faithless officials. In the 9th section he
said ample security is provided for the Sc
curity of noteholders by mortgages on real
estate and fves and tens by State stocks
deposited with the Auditor General. A
bank is required in this central portion of
the State. There are eleven counties con-
tiguous without any banking capital 1t is
necessary for the farmer who wants to sell
hisgrain. He expects to get his pay in good
paper, but at present he often gets foreign
currency Of very deprecated character.
The iron interest also demands it, More
than twelve hundred citizens have petition
ed for the measure.
Mr.. Lawrence said that asking for
city or persistence in demanding what is
right. 1t is asked that bank be charter
ed at Lewistown, which will be the only
one along the Pennsylvania Central rail-
road for a distance Of $50 miles. The
great objection to banks is that security is
not offered to noteholders but in this in
stance this is done First, real estate TO
the amount of the deposits, then insurance
stocks, and then State stocks to the amount
of the deposits and notes issued. What
better security can be offered? Hethought
the prayer of the petitioners ought to be
granted.
Mr.. Lloyd said there were novel features
In this bill and some of them were valua-
BILE. By the fifth section there is full Sc
curlty guaranteed to the noteholder and
the depositor. 1t was State stock gaaran-
tee and real estate security--the best that
can be offered. He had carefully examin-
ed its provisions in committee and out of
committee, and could find nothing in it OBJ
jectionable.
Mr.. jenkins said there were inconerui-
ties IN the second secticn; it is said the
capital stock shall be 100000, vet it per-
mits it to be increased to 100000. Again,
BY the ninth section it is permitted to go
into operation with specie capital of SO
on each share, or only $4,000 of specie
1t is also provided that no man with less
than 81 900 of real estate can be stock
holder-thus keeping poor men out of it.
1t is as Objectionable bill as any that has
ever come under his notice
Mr.. Owen declared the danger of ma
king real estate basis was that whenever
crisis occurred to make real estate depre-
eiate, the noteholders would lose just as
much as the real estate had deprecated
The question was further discussed by
Mr.. Mcclure, and on the question, Will
the House agree to the section it was de-
termined in the negative, by the following
vote:
YEAs-Messrs. Babcock, Benson, Bower,
Castner, Crawford, George, Gilliland, Hayes,
Himrod, Houtz, Imbrie, Jackman, Lawrence,
Lloyd, Mcclure, Mcdonald, Negley, Price
Roland, Scott, Shaw, Smith Cambria, Struth-
ers, Warner, Wilcox, Williston and Wilmer
81.
NAYs-Messrs. Abrams, Armstrong, Ar
thur, Askin, Bierer, Brandt, Bruce, Calheun,
Chase, Christy, Dodds, Dohnert, Donehoo, Dom
nelly, James, Donovan, Dunlap, Ebur, Ent
Evans, Foster, Garrett, Glatz, Goepp, Grit
man, Hamel Hay, Nipple, Jenkins, Kincaid,
Lovett, Maugle, Melloy, Miller, Nichols, Nun
emacher, Owen, Ramsdell, Ramsey Rhodes,
Rupp, Smith, (Berks,) Smith, (Wyoming,j
Spyker, Stephens, Stuart. Turner, Warden,
Weaver, Weller, Wells, Westbrook, Wharton,
wolf, Woodring, Yearsley and Longaker,
Speaker-56.
on Saturday the act regulating the pen
atty for the sale or gift of spirituous or
malt liquors, wine or cider, or permitting