Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1861-06-07
THE BANK BILL.

The bill for the regulation Of tbe currency
is as follows:
SUPPLEMENT to an Act for the equaii-
zation of the currency Of the State, ap-
proved the 18th day Of April Anno Domini
one Thousand eight huudrei snd sixty-
one.
SEC. l. Be il enacted By tie Senale and
House Of Representatives. of the Commonwsalfh
of PenaSPfUaRia, in General .4ssemb3g met,
and it IS hereby enacted by The authority of HE
same, That the Banks of the Commonwealth
are hereby required, until tbe second Tuesday
OF February next ensuing, 70 receive at par, iG
payment Of all debts due or 10 become due 10.
them respectively, the potes of al The solvent
hanks OF the S'ste which paid specie for their
liabilities and Immediately prior to The nine
teenth day Of November last, ard which shall
eoGtinpe solvent, and the ssi1 banks are also
hereby authorized 20 pay out, 10 all their bu.
,pess Transactions and u sounss, the saii notes
so long as be bsEks ssaiue the same sh4 Ii
remain solvent; bus "a e.se any president aud
majority Of ihs 6aard of directors of any Of
the said banks shooid certify to the Governor,
under oath or afir.aats5a 81 the presid, nj, .hat
they have just reason 70 beiIe7e that any bank
included in said category IS is Sd unsouo3 or
unsafe condition, the Governor shall ppont a
commission 20 investigate the same, as provi
ded il the third section of the aet of October
thirteenth, one thousand eight hundred and
City ssEen, eRt'tied sea Act providing for tie
resumption of specie payments ~ the banks
and the relief g Debtors and no banks shall
be requIaed to receive the notes 1f any tank
ihas dlscTedited uuil reported sound aud SOL
vent By such commission
SEC 2. That The several collectors Of taxes,
to4s, aud other moneys If The Commons uNeslth
aud also county treasures, are beiehy 9ufhor-
lied 10 receive Ter Sale purposes the notes of
the solvent baDks, 10 Pa ynleLt of the Paid taxes
tolls, AID revenues: aD1 fhe State Treasure is
hefeby authorized to receipt for tl3 same man.
neF though said SsGks were specie pay
lag.
SIC. 3 That on failure of any bank Ia
this Commonwealth to comply With tbe pro-
visions Of this Act, such fact being satiEfae-
t0riiy made known ta the Governor IL charter
shall thereby be torfsitel, and be shall So de-
clare such Forfeiture BY proclqpation; and the
directors thereof shalt forthwith make and
execute an assignment in the manner crowded
By the Act eatitled '-su Act reg1lsting banks, -
approved Jna sixteenth dxy Of April, anmo
DpmiDi one tlousanj eight hundred md ifty
SEC. 1 That any bauk Or incor poration
Which had within one year suspended specie
payments, or refused 10 redeem is notes as
provided by the laws Of this Common wealth,
the foTf,itBEes, penalties, or liabilities arising
Iheretrom net having beer heretofore renrtfed
or suspended by Act Of Assembly. shall i;e
deemed thereby to have forfeited Its char ter;
aud upon such sact being sAti>f4t turily gnade
known to the Governor, be shall declare
such forfeiture by Proelamstou, aud assign
ment shall be made by the electors Of such
bark. a bereiubcfore provIdei.
SEC. D. Flat stated OF spesiai meetings OF
the directors Of banks shall bs held st such
times, and uuaer such rniea ani regulations
Tor the TIA Dsaeti0H OF business as the directors
may adopt, aud in the ease oi ibe sickness or
absence of the President BIS place p,ay be
supplied by Pre- idcut, proiemgore Ia be sp
pointed ty The directors from amcBg their
number; sul 30 much OF auy SC, or acts Of
assembly inconsistent vita The eieeiion % saIl
PresideIf proiempore, be and the ssrne is here
ty repealed.
sFc- O. That ,ae several Lsuks oc thi,
ComnonW salth shall &c required redeem in
specie CT lis cqnivsieut, muck or their eircu
!allcn Dsy be il the hands Of the Stafe
Trsasurer and may be accessory to pay tho
August interest
SIC. I. That the president, cashier or
other officers Of any tauk in this Comm5no
wealth stall take an cath or firma,icn, to be
ADMINISTERED BY some cfTicer authorized ty lsw
to administer ostls or afirp.si0ns, iLat hey
will not knowingly 9r Intentionally violate any
of the rroTisio al the set TO which tits Is
supplement- or the provisions cf The ret reguia~ I
ting SaGks, passed April lG, 1850, and is !
supp'emenis, an that toe fftecaih aud sixfoehth
sections Of the aet regulating b4nks, approved /
april l6th, thousand eight hgudTet and 4
btty,aoy other acts Of assembly eoniic ing here (
whh, pe, aad the same are hereby repealed; I
.Prorlded, That DO cashier shall engage IN any /
other profession or calling, directly or niiree,-
y, thse thai arp, aiBlEg.o The fi,e of sash |
leT.