Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1861-03-27
Bank Resumption.

00AA AsSUS.F~
Our State Legislature and the bankers
lave had qui's time among themselves
II reference tc passing an act Tor the re-
m,nptio'. ofspecie paymen. by tn" latter
In the meantime, the Philadelphia Banks
asve resumed paying specie at their
counters.
The bill agreed upon by the Bank com'
roi,tes is Of grea. public interest, and we
therefore give it at length.
|. Aa act for the resumption Of Specie fas-
men." by the Banks, aud for equaliza>
ton of the currency pf the State.
Re il enac. ed. &c. That the provisions
Of every ac, Of Assembly declaring or au-
tho, izing the forfeiture Of the charter 10
any bank or incorporation having banks
ing privileges, or inHicting any penalties
or restrictions, or authorizing any COM
pulsory assignment for or by reason o' !he
failure or refusal OF any such bauH or h"'
corporation to redeem its notes ana pay
it. liabilities in gold and silver coin, since
the 18th day of November. 1860, be and
the sane i, hereby suspended until the
frs, day Of July, 1861 and all forteltures,
penaltins or liabilities arising thrreIrom,
or incurred 10y reason of any failure to
comply with the provisions of any or all
laws regulating tho stmu, or hereafter
occurred before the said first day OF July.
be and the same is hereby renitted and
the notes Of solve..t BnsI Of this State
which wer, paying specie on the said l9th
of November. and balance due from solv.
ent banks shall be taken. deemed ana
computed for al! purposes, a' tho notes of'
and balance due from. specie paying
Banks, from the said 10Th Of November,
| $50, until tue said first day OF July 1861
And all .orfeiiures incurred by any Rank
or il. r.corpora,ion, for or by reason "f their
having used trea.ed or computed the
n ties Of such suspended Banks of the
State as we're paying specie OIL tie the
10Th day Of November. 1860, as the notes
of specie paying Banks, are hereby re-
miited.
SEc. .. That the Banks of,he Common
wealth are hereby. reqnired, until IN"
I first Gav of July next ensuing. 10 receive
! q, par. in payne of all debts due, or ,c
become due to them respectively, Tho
notes of all the solvent Banks of Tho
tate which paid specie for their !iablii
ties on and Immediately prior TO the lJti
of November last. and which shall contin
ne solvent And the said Banks are also
hereby authorized 10 pay out, in all thei
business transactions and discounts, the
said notes, 50 long as the Banks ISSUING
the same shall remain solvent; but u
case any President, or majority OF th'
| Boards Of Directors Of any oi the sale
Banks, should certify to the Governor
ind.r cath or affirmation 10 the PreSl-
lent, that they have just reason to be
ieve that any Bank included in said cat
,cory is in an unso'nd ard Unsafe con
li,ion, the Governor shall appoint Co:a
mission to investigate she same, ~ pro
sided in the Il ird section of the act o
October 18th 1859, entitled an Act 10
the resumption of specie pa"mentsby tn
banks, aud for the relief of debtors an'
40 Bank shall hc required to redeem tn
notes of any Bank thus discretitrd, unit
reported sound and solvent by such corn
mission.
SIC. 3. Tha. the several collectors o
nunwea'in; and also County Trra.urers
] '' '"ifbN HithbiILtt 10 TtCPlNF lVT 'Sla1'
purposes the notes of the solvent Bank
! 1T this Commonwealth, though not speci
oaying Banks in payment ofthc said tax
-. tolls and revenues and the Stat,
treasurer is hereby authorized to receip
or the same in the same manner as thougl
sad Banks were sperie paying.
SEC. 4. Every Bank or Incorporate,
which suspended specie pay mcnt on o
since the 10th Of Nouembe', 1869. ant
'hus violated the law. shall pay into til,
reasury Of the Commonwealth. ON or lie
ore the first Of July next. q sum equal ic
ne fourth ut one per cent. nn the cap IA
took q! such 'ai k OF Incorporation il
'd'ition 10 the amount they are now b,
aw required to rsv.