The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1863-02-18
PAYMENT Of the Interest on the
state Debt.

The following is the bill to provide for
the payment Of the interest on the State
debt, as passed by both branches of the
Pennsylvania Legislature, Jan 29th:
AN ACT to provide for the payment OF
the interest on the State debt.
SECTION l. BE 1t enacted by the Sen
ate and House Of Representatives. IA Gen
eral Assembly met, and 1t Is hereby en-
acted by the authority of The same, That
The State Treasurer be and is hereby au-
thorized to exchange with any bank or
banks of this State, an amount of curren-
cy sufficient to pay the interest on the
State debt falling due on the
first day of February and August, 1868,
for the same amount of coin and he IS
hereby authorized TO give said bank or
backs specie certificates of exchange not
transferable, pledging the faith of the
State to return said coin, and re-exchange
for notes current at that time on or tetore
the FIRST Monday of March 1864 said
certificates of exchange to bear interest
at two and one half per cent per anuum
and TO be estimated and computed as so
much coin in the assets of the bank atore-
said.
SEC. 2. All the provisions of the first
and second sections of the act entitled
- ---,--:-:---. -~~..--r4:--- &c ~r,~~;>,
payments by the banks" approved April
llth, 1868, are hereby extended until
tho first Monday of March A. D., 1864,
10 all banks exchanging coin for currency
under the provisions Of the first section
of this act.
SEC. 3. That if the banks of the Com
monwealth shall tender to the Treasurer
more coin than shall be required to pay
the interest aforesaid, he shall receive
FROM such bank so rendering, pro rata
share Of the amount SO required, IN pro-
norton to the capital stock of each and
in case of any deficiency in the amount
so offered by the banks, be shall assess
the amount so required upon all the banks
of the State in proportion to their capital
stock, and on failure of any bank or banks
to furnish a pro rata share OF said coin
40 required, for the space of thirty days
after being notified, such bank or banks
shall not be entitled to the benefit of the
provisions of the preceding sections OF
this act
SEC. 4 That the Attorney General of
shis Common wealth is hereby authorized
and directed to proceed to wind up the
affairs of any bank or banks who refuse
or neglect to comply with the provisions
of this act
SEC. 5. That it shall not be lawful for
any bank in this State to sell any gold or
silver coin from its vaults while ia state
of suspension and any violation of the
provisions of this section shall work for
feiture of its charter; and any officer or
officers of any bank asserting to any such
sale of coin shall be liable to prosecution
for nisdemeanor in Office.
SEC. 6. That the banks of this Com
monweath are hereby required, during
their suspension, to reduce their cireula-
tion to an amount not exceeding twice
she amount Of their capital stock actually
paid in, or three times the amount of coin
in their vaults and all banks are hereby
required to make return, under the oath
of the cashier thereof, to the Auditor
General, every three months, commenc-
ing from after the passage of this act, the
amount of their circulation ard every
bank whose circulation shall exceed twice
the amount Of its capital stock or three
rimes the amount Of coin in its vaults,
shall be required to retire or call in one
sixth Of such excess every sixty days, un-
Ril the circulation shall correspond with
the provisions of this section and should
any bank fail to comply herewith, it shall
be the duty of the Auditor General to no.
1ify the Attorney General thereof, who
j. hereby required to proceed, under
fourth section of this act, to forfeit the
charter of such banks.
SEC 7. The provisions of this act shall
not apply to any bank or banks, which
have not or do not suspend specie pay
inenis prior to the said first Monday OF
March, A d. 1864, nor shall they apply
40 the banks incorporated under the free
banking law.
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