The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1861-05-23
THE BANK BILL.

proved the eesenteeuth uay OF hPIi,
Ammo Domini one thousand eight hun
dred and sixty one.
SEC, 1. BE 1t enacted by the Senate and
House Of Representatives, Of Tie Common
7oea1tb of Pennsylvania, IN General As,
senabSy met and IL is hereby enacted by tie
autLority ot'tte same, Thpt the banks of
the Commonwealth are hereby required
until the second Tuesday Of February
next ensuing, to receive ct par, iu pay
ment of all debts due or to become due
to them respectively, the notes of all the
solvent banks of the State which aid
specie for their liabilities on and iGmedi-
ately prior to the nineteenth day of No
vemser last, and which shall continue
solvent; and the said banks are also here
BY authorized to pay out, in all their bus
mess transactions and discounts, the said
notes so long as the banks iesuiDg the
same shall remaia solvent; bnt III ease
any president and a majority OF the board
of directors Of aDy of the said banks
shonld certify to the Governor, under oath
or eff On alton of the president, that they
hare Just reason to belieFe that any bank
iuclnded in said category is in an un-
sound or unsafe condition, tie Governor
shall sppoint commission to Investigate
the sc ne, as provided in the third section
of thc act Of October thirteenth, one thou
sand eight hundred and fifty seven enti
tied san Act providing for the resumption
of specie pay neDt- by the banks, and the
relief Of debtors" and no bank shall be
required TO receive the uctea Of any bank
thus discreditod until reported sound and
solvent by such commission.
SEC . That the segcral collectors OF
taxes, tolls, ans other moneys Of the Com
nouaealth, and also county trcasurcrs,
ere hereby authorized to receive for State
purposes the notes of the solvent banks OF
this Common xealth, though not specie
paying banks, in paywcnt OF the said tax
os, tolls, end revenues; AID the State
Treasurer is hereby authorized TO receipt
for the same, in the same manner as
thOrgh said banks zero specie paying.
SEC. 3 That on failure of any bank
Ia this Coz monwealth TO conply with the
proyisions of this Act, such fact being
satisfactorily made known to the Cover
nor its charter shall thereby be forfeited,
and be shall so declare such forfeiture by
procla 70 alton; and the directors thereof
shall forthwith make and execute au as
sigume0t 10 the manner provided by the
Act entitled IAN act regulating banks,
approved the sixteenth day of april. An
no Domiui one thousand eight hundred
aod fifty
SEC. 4. That any bank or incorpora-
zion which has within one year suspen-
dcd specie payments, or refused to re-
deem its notes as provided by the laws Of
this Commonwealth, the forfeitures, pen
alties, or liabilities arising thersfrom rot
having been heretofore remitted or sus-
pended by Act of Assembly, shall be
deemed thereby TO have forfeited its char
ter; and upon such fact being satisfactor-
lily made knoEn to the Governor, be shall
declare such forfeiture By proclaim alton,
aud assignment shall be made by the di.
rectors of such bank, as herein5efore pro-
ydcd.
SEC. 5sThat stated or special meet
iuss Of the directors Of banks shall be
held at such times, and under such rules
and regulations for the transaction OF
business as the directors nay adopt. aud
in the case of the sickness or absence Of
the President his plaoo may DO supplied
by President, pro 5cn2P0re, to be ap
pointed by the directors fFom among their
number; and so much Of any act or acts oi
assembly Inconsistent With the election
Of said President pro te1apOrc. bc and the
same is hereby repealed.
SEC. 6. That the several banks Of this
ComRon#ealth shall be required to re
deem in sgerie or its equivaIeut, SO much
of their circulation as may he in the
hands OF the State Treasurer and mag be
necessary 10 pay the August interest.
SEC Z That the president, cashier OF
other officers OF any bank in this Com
laoDwcalth shall take az oath or afirna-
ton, to be administered hy some officer
authorized by law to administer osths or
afirwations, that they will not Knowingly
or Intentionally violate eng of tie Provi
tious of the act to which this is a sup
plenept or the provisions Of the act rega-
lating banks, passed april l6 1850, and
il, supplements, and that the fifteenth snd
sixteenth sections of the act regulating
banks, approved April 10th, Oue thousand
eight hundred eDd fifty, any other acts Of
assembly conflicting herewith, be, and the
same are hereby repealed; Pr0uloted, That
no cashier shall engage in any other pro-
fesson or callior, directly. ;han that ap-
pertaining to the oHise Of cashier.
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