Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1861-02-09
Darrisbmg Webs.
pENNsyLvAStA LEGISLATURE.

HARRISBURG, Feb. a, 1861.
The Senate was called to order at
o'clock
Original Resolutions.
Mr.. Finuey offered the following resolr
tons. proposing amendments to the Stat
Constitution:
Resolved. By The Senate and House o
Representatives of the Commonwealth IF Penn
sylcania in General Assembly met, That tn
following amendments are proposed to th
Constitution Of the Commonwealth, in &C
cordance with the provisions OF the tentl
article thereof.
There shall be an additional article to sait
Constitution, to be designated "article XIII,
as follows:
SECTION l. The Legislature shall pass no
special act comforting corporate powers
SECT 2. Corporation charters may be pas
sed under general laws but all snch laws
may. from time to time, be altered or repealed
with due regard to the rights of corporatoIs
Proridea, That all corporations created under
general laws may be extended in the limlta'
tcn Of time by special enactment.
SFCr g. The Legislature shall provihe Tor
municipnl corporations by general laws, and
extend their power of taxation, assessment.
borrowing money. contracting deDts ana
Dnaning their credit. so us to prevent the
abuse Of such power.
Seer 4 The Legislature shall have no
power to pass any act granting or extending
any special charter for banking purposes, but
corporal ions or associations may be formed
for spch purposes under general laws.
Iaid over under the rules.
Mr Flnnpy's resolution directing an inves.
tic0tirn into the affairs OF the banks, came up
IN order.
Mr.. Smiths amendment being under con.
-idprati"n.
Mr. Flnney moved an amendment 10 the
rmendment. empowering the Committee on
Banks To investigate the condition of such
hanks ns they may. from facts brought to
their knowledge, deem uusound that they
shall have power to send for persons and
papers and that the committee he required
10 report what legislation, il any, is necessary
or nxpadiPnt
The amendment. nftpr considerable debate,
was agrced to--y"as II, nays II
BHlS in Place.
Mr.. Irwin rpad in place bill to inc orporate
the Mech,uicsburg Bank.
MIR. Clark. a bill to incorporate the lIar-
rishurg Passenger Railway Company
Mr.. Armstrong. a bill to erect Lycoming
county into q separate judicial district.
gzS" The Sunbury aud Erie Bill is as fol-
lows -
BE it enacted, &c that the corporate name
and title Of the Sunbury and Erie Railroad,
Ia and the same is hereby changed to that of
he Philadelphia and Erie Railroad, by which
name and under which title the said company
shall hereafter he managed ana conducted,
with the same effect as if the name thereof
lad not been changed.
Section - That said Philadelphia and
Erie Railroad Company be, and is hereby
authorized to execute and issue under is cor
porate seal. five thousand bonds not exceed
ing in amount the aggregate sum of fl,0OO,.
O1O sterling money Of Great Britain, or s.,
600 900 lawful money Of the United States:
any number of all of which may be issued for
e2O0 each. sterling money aforesaid, and any
number or all of which for $1,000 each pay
able in twenty years from the date thereof
The said bond, shall bear interest at the rate
OF per cent. per annum, payable semi annu.
ely, and shall not be subject to taxation
and as security for the payment OF principal
and interest Of said bonds, the said company
is hereby authorized 10 execute IN trust. under
iis corporate SEAL a mortgage of the whole
line of i,s Railroad, finished, unfinished. or to
be- finished, from Sunbury tn Erie Harbor
and its appnrtenances, including all lacomo.
! VS. and cars which may at any time be
placed thereon, together with oil its real
estate, rights, liberties, privileges and fran.
chses hich said mortgage shall be deliver.
ed to the trustee or trustees herein named,
and recorded in therein described or any part
thereof, nay be situate, and shall thereon be
and remain the first mortgage on all the pro.
prrty therein described until fully satisfied,
except as TO that part of the road of said
company which extends from Sudbury to
Williams port, on which o mortgage for $780,.
uuO now exist
Section B. That said Philadelphia and
Erie Railroad Company be- and is hereby
unthorized TO execute, under its corporate
srul, forty bonds for 100000 each, payable
in forty years from the date thereof. bearing
interest at the rate OF six per cent, from and
after jan lst 1872, and secure the payment
thereof hy II mortgage TO he executed to the
Commonwealth of the whole line Of railroad,
finished. unfinished. or to be- finished from
Wliamsport to the harbor Of Erie, and oil
the real estate rights. privileges and fran,
thises Of the snid Company, which said mort.
gage shalt ba deposited in the Office of the
State Treasurer. and shall lhereupon be and
remain the second mortgage on all the pro-
periy therein described until folly satisfied,
and the said Company may deliver the said
forty bonds to the Commissioners OF the Sink
irg Flud in payment OF all the five per cent
bonds Of the Snubury and Erie Railroad
Company nov owned by the State and upon
such payment being made, it shall be duty OF
slid Commissioners to cancel and surrender
the said Eve per cent. bonds to the said Com
pany, aud it shull be the duty OF the State
Treasurer forthwith to cancel and surrender
oil the five per cent bonds now owned by
the sold Company deposited in the Treasu-
rers Office, under the provisions Of the act
tor the sale Of the State Canals, approved
the Dist Of April, 1888.
Section 4. That upon presentation to the
Trustees of the Mortgsge for S7.000,c00 duly
executed under the provisions Of the said act
for the sale Of the State Canals OF all the
per cent. bonds cancelled or paid, the pay
ment whereof was Intended to be secured by
the said mortgage, it shall be the duty Of the
said Trustees to enter satisfaction on the
record thereof, and cancel and surrender the
same to the said Philadelphia aud Erie Rail
road Company.
The Pennsylvania Railroad Tonnsge bill