The press. (Philadelphia [Pa.]) 1857-1880, October 10, 1857, Image 2

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    Clt Vrtss.
Fiewr PAGE--Editorials; Literary Orli'.
clams; Notices of Books; The Pulpit; Ge
neral News; Loss of the Jerome Knight;
The Courts ; Weekly Review of the Philadel
phia Markets; Circular Letter of Instructions
on the subject of Fillibusterism, and Miscella
neous articles.
JEER W. FORNEY, Esq.—Dear ear : This is no t
the time to indulge In political speculations, or in
personal glorifications. The Legislature now in
session at Harrisburg is not called on to decide an
original question. We are in a fiaanoial
How are we to get out of it—not from what quaFtvr
did It blow—is the question the community expect
the Legislature will solve.
'I am no friend of the banks. I am a Pensyl
vania Democrat. This is no time for swapping
horses. The people require practical legislation.
Of what character shall it be? Opinions are as
various as the individuals who announce them.
Bo far as it is possible to - ascertain thdgeneral views
of the Demooratio friends with whom 'it has been
my pleasure to act for so many years, it has
nutted on the following points, viz
let. That relief and reform should go hand in
21' That the whole community having dealt
largely beyond their available means, and their
convertible credits, a suspension of sPeeio- pay
ments by the banks should be legalized, until the
meeting of the Legislature of 1859, so as to enable
the country to convert the crops of this year and
of next into specie.
3d. To prohibit all direct or indircot loans of
money and credit to bankers and brokers. .
4th. To require weekly statements of the condi
tion and movements of the banks to be made pub
lic, and that a daily clearing house shall 'be ea ,
tablished in your city.
sth, That the dividends declared by banks shall
not exosed nine per omit. per annum;
6th. To confine the benefits of this roliof to such
banks aa will agree to replace their present issue
of bank notes with notes secured by a deposit with
the State Treasurer or Auditor General, of United
States stooks, Pennsylvania State stocks, and the
,approved stooks of other States.
I will be obliged to you if you insert this letter
in your valuable, and, Co me, interesting paper,
Tux Pans, whether, in your own judgment, yen
agree with, or differ from, the views entertained
by the Democracy, among whom my lot has been
cast. . P.
The above article, from one of the most
prominent Democrats in the interior of the
State, expresses opinions which will be ap•
proved by many, and opposed by many more.
It is not our design to enter into any lengthy
argument against those of his • suggestions
which we disapprove. Our present purpose is
simply to say that, inasmuch as 'it is unite
clear; from the votes of yesterday, that the
Legislature; influenced by. the `appeals made
.to them as to the . certain distresses of the
working classes,' and the rapid approach of
winter, intend giving "relief" to the banks,
any bill which may be passed should include
at least all the reforms of our distinguished
corresiondent above quoted.—EDlTOß PRESS.
Nader the old Roman Republic, while yet
public virtue lingered among and was honored
by the men of Rome, he• who had performed
any deed worthy of particular approbation
was rewarded with a civic crown of oak leaves,
delivered to him in mord/ populi, in the
assembly of the people, and was held in great
respect ever after, as one wholad merited
well of the PoMmonvieilth, Under our own
republic, there are two means - by, which
an equivalent for the civic crown can be
provided—a medal voted by Congress, or, it
worthy to enjoy the rights of citizenship,,liis
election by the people to some office. In Ea
rope he wouk receive the insignia of one or
more orders of Knighthood, or,'(provided he
was well connected with4the aristocracy, of
rank or money,) be elevated to the dignity of
the peerage, with a fat pension of ten to fifteen
thousand dollars per annum, for his own life,
and the lives of his two next male heirs. Our
own . system has the advantage, most decidedly,
on the score of economy.
Mr. BimuAi has just performed an act of
justice, as honorable to himself as to the
gallant man who is the recipient. He has
presented Captain A. ..Tomisos with a magni
ficent pocket chronometer, (the best that
money could procure,) in the inner' case of
which ie engraved this inscription, cc The Pre-
_sident _of_tho Hutted States to .Captala A.
Joinsex, Norwegian_ hrig Ellen, for his hu
mane, prompt, zealous, and • successful efforts
in rescuing persons' trona the wreck, Of the
steamer Centrak America.' 1867." The gift
was forwarded by Mr. Cass, through Mr. Saw-
TEE, collector of the customs, Norfolk, Vir
ginia, and' Captain Jonsemeti letter of acknow
ledgment modestly says that he was "but the
happy instrument of effecting what every true
sailor would heme rejoiced to do under the
same circumstances."
lidependent of the kind and thoughtful
feeling which prompted the President thus to
represent the general impression of the coun
try-On respect to such generous humanity as
was manifested)* Captain Jounson, we'would
particularly rater to the promptitude with
which it has been done. He who gives
quickly; gives twice, says the proverb,—
and- Mr. BuoruarAti has acted on it. Well
might Captain Jouusou declare that the, gift
would be "a proud legacy" in his house. It
is a gift, the actual worth of which is above
all valuation—for it is an honorable attestation
from the President of the United States of'ser
vices performed, for the great common, cause
of humanity; under . circumstances the mod
periloUs and trying. It indicates, also, the
watchful and living interest which the Presi
dent takes in affairs of daily life, usually ne
glected or slightly regarded by statesmen.
Lastly, as 'personal tribute, it probably will
be more prized by its present owner, than if
Royalty, slowly communicating 'its intention
through the Circumlocution Officer had of
fered to decorate him with one of its badges
of Knighthood.. No, as a tribute from a good
and great man; Chief Magistrate of a mighty
country, to a brave and humane man, it is
more valuable than the broad riband and
gilded Cross of any existing Order 'of fettdal
and faded chivalry.
We are not yet fullyinformed of the result of
the late election In Kansas; nor 'is it exactly
known which party has triumphed. 'lt Seems
clear, however, that the election was 'quietly
and peacefully conducted, and in the main, we
presume, fairly—although one despatch states
that in certain Sections of the Territory the
free-State teen had possession 'of the polls,
and did all the voting, while another despatch
states that a county which is reported as
giving 1,700 Democratic votes, contains only
800 votes. It Is supposed that the Democrats
have carried both branches of the Legislature,
and on the other hand, it is claimed that the
Republican candidate for Delegate to Oongteas
has been elected. -
Whatever the result has been, the electioU
evidently was participated in by the great body
of the voters of the Territory, of all parties.
A simple continuance of the discharge of this
duty; on their part, involves an, early and e
certain Solution of those difficulties which
have heretofore agitated that community, and
deeply affected the peaeo - and welfare of the
whole nation. With the opportunity and the
right of voting; secured to them by the Terri
torial Government, they have only to exercise
that privilege to put Kansas upon the inde
pendent, self-regulating, self governing basis
of all other American governmental communi
" The improved condition of Kansas, and the
policy of Gov. WALKER, greatly ditnininhed
the anxiety,
felt in relation to that Territory,
and in the ,midst of the existing financial
difficulties even this election scarcely excites
momentary interest. It ,really looks as if the
vessel, which has on board the whole.Republi.
can party—" Bleeding Kansas"—was going
down so quietly and peacefully that not a
ripple will be left upon the ' political waves to
niark the,spotc.f its-disappearance.
General Packer in Easton
- General PACKEZt, Democratic candidate
for Governor, will speak this (Saturday) even
ing, at Easton.
. ,
'Legislation on . the Banks.
Votine,Prets.) .;
sin : Permit me to suggest that the Legislature,
now assembled at Harrisburg, ought. not to ream
dm banks frogs the penalties incurred by their elm
pension Of specie' paymente, except on condition
that their charters be hereafter liable to such al-,
Aerations ea future Legislatures may dank proper
to make. This - prevention, if adopted, would, at
the same time, relieve the community at present,
and place the banks in future within the control of
fbe people. H. G. Casson.
Louis McLain: dial in. Baltimore on Wed
nesday, 7th instant, having, in May last,
pleted his 71st year. Hewes born in
. Smyrna,
Del., May 28, 1780. His father,-,Aimali Me-
LANE ) was an officer in the Revolutionary war.
The boyish inclinations of the son were
strong to serve his country, and in 1798, at
the early age of twelve years, he obtained a
midshipman's warrant, in the United States
Navy, and was ordered to the• frigate Phila
delphia, about to sail on her first cruise.
was at sea during the year that this cruise lasted,
and he is said to have displayed ,courage and
ability beyond his years. His • mother, how
ever, was averse to his choice of the navy as a
profession, and in obedience to her earliest
wishes, he resigned, and entered the College at
Newark, in his native State. Having com
pleted the course of instruction in this in
stitution, he commenced the study of the
law in 1804, in the office of the late JAMES A.
BAYARD. During the 'six or seven years
through which his collegiate and legal studies
extended, he applied himself indefatigably to
the acquisition of knowledge, and his great
assiduity, as well as his decided ability, won
him the regard 'and confidence of his distin
guished preceptor, Mr. BAYARD. In Novem
ber, 1807, Mr. MoLann was admitted to the
bar of New Castle, Delaware, Here he soon
rose to eminence. His knowledge and capa
city as a counsellor, and his eloquence and
fidelity as an advocate, combined with that
honorable and elevated cast of character for
which he was uniformly distinguished, brought
to, him engagements in the most important
causes, and enabled him to reach the highest
rank in his profession, and to secure to him
self the respect and confidence of his col
leagues and fellow-citizens. He continued to
devote himself to his profession, and he main
tained the high position he had won in it,
until he was called by the people of his native
State to represent them in the Congress of the
United States. "
I i' December, 1817, Mr. gelatin took his
seat in the House of Representatives, of which
body he continued to lie a member until the
termination of the nineteenth Congress, in
March, 1827. his course as a legislator was
manly, patriotic, and independent. The Con
stitution was his guide. When he entered
Congress, a heavy debt hung over us, which
had been contracted during the war of 1812—
'l6, and it absorbed a great portion of the
public revenue. Be was one 'of those who
sedulously labored for the diminution of this
buiden upon the resources of the country, and
he opposed all propositions involving un
necessary or exorbitant expenditures. He
was, however, an advocate of the policy of
preparation in peace for the contingency of
war, and he sustained all measures whiehwould
put the country in a state of security and
strength •against future aggressions. He
was ' in favor of , internal improvements
as , connected with a great scheme of ra
tional defence, and as affording facilities for
transporting men and munitions of war; but
he discriminated between the high purposes of
public defence and national security, and the
interested projects of individuals for local ob
jects; and he resisted every application to Con
gress to dispense the public funds for merely
personal, corporate, or limited advantages.
In 1820 the celebrate dMissouri question shook
the walls of the Capitol, and agitated the whole
country. In the discussions in reference to
the admission of that State into the Union—
whether it should be with or without slavery—
Mr. MCLANE took a prominent part; and his
course attested the independence of his chn
rabier, as well as the vigor of his mind.
Hp received instructions from the Legis
lature of his State to vote in favor of re
stricting the new State from permitting
the existence of ,slavery within its limits;
and. he was aware that the prejudices of
his constituents, which he was inclined at
all times to treat with respect and' con•
sitteration,were strongly in favor of his casting
his vote in that direction. On the other hand,
the convictions of his own mind, and the oath
he bad taken to support the Constitution, ac
cording to his understanding of that great
charter, prescribed a contrary course. To vote
against restriction was to place himself in op
sition to the opinions of those who had elected
him; whilt3 submission to his instructions would
be doing violence to his own solemn convictions
of . duty, and, consequently, involve a viola
tion of his oath. As the most imperative of
these conflicting obligations, he yielded to his
oath, and voted against any restriction on
slavery in Missouri. On this issue with his
constituents, be stated his inftsiediftfe — fopti:
lirity and his future fortunes. That he was
right in the course he adopted was proved by
the fact that he was re-elected to the succeed
big Congress, and that his reputation as a
statesman acquired a new impulse, and estab
lished itself more firmly in the public confi
dence, and in that of his own State.
On a subsequent occasion, of great public
excitement, Mr. MOLANE again found himself
thrown into opposition to the views both
of a considerable portion of his own State,
and of a numerous and powerful party through
opt the Union. The Electoral College having
failed to elect a President in 1824, it became
the duty of the Rouse of Representatives,
uhder the Constitution, to make a selection
fiom the three candidates having the highest
ntimber of votes. It was maintained by Mr.
*Lans that it was the rightand duty of a mem-
Wer to vote according to his own judgment,
without being bound either by instructions
from his immediate constituents, orby the num
ber of votes which the several candidates might
We received in the Electoral College; and he
enforced his views with great ability in a
speech that is considered as one of his most
successful efforts. Acting in conformity with
the principles he had so ably expounded, he
gave his vote for Mr. Caawronn, though the
candidate who had the smallest number of
electoral votes.
i Mr. MOLANE was an advocate of the tariff
policy, both as a source of revenue and as a
Measure of protection to the domestic manu
facturer. He contended for the necessity of
cherishing and sustaining a system of domestic
industry, by which the productions of our own
soil might be fabricated without a resort to
foreign looms, and which. would afford to the
citizens of the United States a fair competi
tion in our own markets with foreign industry
and capital. His spee ehes on this ques
tion are powerful in argument, and exhibit a
variety of enlighten e ed views on this important
Mr. MOLANE was first appointed a member
of the House Committee of Congress, on
commerce. Subsequently, he was Chairman
of the Nival Committee, and reported a bill
for the re-organization of the navy. In 1822
he was appointed Chairman of the Committee
of Ways and Means—the most important in
tie House—which station he held until he left
the House of Representatives, in March,
• In December of the same year, at the com
mencement of the twentieth Congress, Mr.
AfCLANE took his seat in the Senate of the
United States, having been elected by the Le
gislature of Delawaie, a Senator for the full
term of six years, from the 4th of March pre
ceding. In this august body he displayed no
less ability than in the lower house, and he
enforced his views with the same eloquence,
sound judgment, and patriotic sincerity.
Mr. MCLANE served but two years of his
term in the Senate. General JAcason bad
been attracted by his talents and conspicuous
services in Congress, and in May, 1829, just
two months after his own Inauguration as
President of the United States, ho selected him
to fill the important station of minister at the
Court of St. James; in fact, it was one of the
earliest testimonies of executive favor be
stowed by Gen. incitsom, and entirely with
out solicitation on the part of Mr. Mama.
Grave and arduous duties were commit
ted to his charge by our Government, and
his qualities of mind and manner admira
bly fitted him for a diplomatist. One of the
most important, as well asdelie,ate negotiations
that he was called upon to aonduct,related to the
exclusive commercial rights of Great, Britain,
in her own. colonies ; and the skill and success
with which he managed It placed him on an
elevated point as a diplomatist. Mr. BENTON,
In his "Thirty Years' View," speaks of this
negotiation in the most exalted terms.
After residing in London about two years,
Mr. MoLANE was recalled to take charge • of
the Treasury Department, in 1881, in' the se
cond cabinet of Gen. JAOESON. In this situa
tion, his skill in financial affairs, and that com
prehensive knowledge of the wants of the Go
vernment, and constant regard to an economical
disbursement of the public money, which be
had displayed while Chairman of the Commit-
tee of Ways and Means, tivere again eidied int
action, and confirmed Ida merits us a financial
In 1.883 Mr. MttLaxiil i •was transferred by
General JACE.B!4:IO tlWhighest:plaoe in his
Cabinet, that of - Beeret,lry of StatO4an ample
proof of the confidence and esteo4 41 which
he was held by that Chief Magistrate: - : Re re
tired, by his own desire, from this post in 1884,
and remained in private life until 1887, when
he was induced to accept the presidency of the
Baltimore and Ohio Railroad, At that time
he removed with his family to the State of
Maryland, wheie 'he continued to reside until
his death.
In 1847, while the Oregon negotiations were
pending, he was appointed by President Pow
on a special mission to England, and he re
turned to Maryland as soon as that affair was
settled. The last time Mr. MoLAnn was in
public life was in 1850, when he represented
Cecil county, where he resided, in the con
vention Called to amend the Constitution of
Mr. McLAns in early life married Miss
MuwoAN, of Delaware, who died several
years ago. Of their children, ten survive
him—five sons and five daughters. Of the
former, the ROB. ROBERT A. MCLANE, has re
presented the city of Baltimore in Congress,
and was appointed by President PIEROE Com
missioner to China. Another son, GEORGE,
is captain in the regiment of Mounted Rifle
Mr. MOLANE was attended in his last mo
monis by most of the members of bis family,
and died surrounded by
" That which should accompany old age,
As honor, love, obedience, troops of friends."
norrespendence of The Press.]
Great Crisis Meeting—Speeches of Ron, drudge
Pearson, R. Biddle Roberts, Morton McMi
chael, Judge Derrlekson, and others.
ilAttalSßutto, Oct. 9, 1867.
According to previous announcement. a meeting
of the citizens was held in the Court House, lest
evening, for the purpose of obtaining the eenti
ments of distinguished gentlemen present upon
the condition and remedy of our present financial
At 7 o'clock the house was densely filled, when
th e meeting was organized by electing Ex-Governor
Porter as the presiding officer ; aftor,which, the fol
lowing-named gentlemen were elected as vice
presidents and secretaries : trice-preeidente—lion.
'Wm. Dock, of Dauphin ; Jefferson Shirk, Esq., of
Lebanon; R. Biddle Roberts, Esq. ' of Pitts
burgh ; Herman Aleick and Joe. H. Briggs,
Esqrs., of Danghin, and Joseph 11. 'Thompson,
Esq., of Philadelphia. SecretariesL-J Murray
Graydon, Esq., and Col. F. K. Boas, of Dauphin.
The meeting being duly organized, Hon. Judge
Pearson, of Dauphin, arose and said: That the
monetary difficulties in which we were now in
volved were not the result of political party
movements, nor was it for parties as ouch to find
the remedy. The whole community were made co
sufferers in this general calamity, and men of all
vocations and employments were alike interested
to obtain relief as speedily as possible. According
to law, the banks bad placed themselves in a posi
tion to forfeit their charters, and it was to legis
late in reference to this emergency, he believed,
the present session of the Legislature had been
called by the Governor of tho Commonwealth.
Without the relief which the Legislature had in
its power to give, all those institutions must be
wound up, and be would ask to what source could
we look for relief in suoh an event as that? Cer
tainly not to the Money-lender, for he would wait
until property was exposed to sale under the
sheriff's hammer, to snake his investments
All that wee needed, in his opinion, was a tempo
rary suspension, in order to realize on the immense
clays with which the country was blessed, lie
cloied his remarks by moving that a committee
of five be appointed by the Chair to draft resolu
The Committee on Resolutions were then named
by the chair, as follows : • •
Den. J. Pearson, of Dauphin; Hon, David Der
rickson, of Crawford; Josiah King, Esq., of Alle
gheny ; and Messrs. Morton MeMichail and John
M. Atwood, of Philadelphia.
In the absence of the committee, Mr. R. Biddle
Roberts, of Pittsburgh, bein loudly called upon,
came forward and said: Ifs felt honored by the
int itation to address so largo and honorable a
meeting of the citizens of his native State. He
believed they had met here in behalf of a matter
entirely distinct front any party considerations,
but which alike concerned the whole people of
Pennsylvania. Respecting the people of Alle
gheny county, they were all identified with the
manufacturing interests, and he had emus to Har
risburg, at the request of their Board of Trade, to
plead in behalf of the sometimes sneered-at work
shops of Pitteburgh. The products of their manufac
tories, amounting to millions annually, wore mainly
sold the IVest—to Chicago, St. Louis, Cincinnati,
:nt New,Orlanns; and in payment of which they
e ereerceustomed to receive four months' bills of
exeblinge, but now these were not being met
1,7 the drawer, consequently came bock upon
the banks, making it necessary for the manu
facturer to pay his money instead of receiving
it; and the only practicable relief to be rfb-
Wiled wee, in his opinion, to allow the banks
time, in order that they might, in their turn,
extend the same remedy to their customers ; and
he would appeal to the Legislature to consider the
rents of the laborers, who, under a continuation
..f existing circumstances, must be deprived of the
eiie ens of obtaining bread for their families.' It
Lad been tauntingly said to him to-drur thattaley
won, being at - steeled by a sickly sympathy, but it
was not mere sympathy that had enlisted his into!
I tot in the queetion now before the Legislature. The
internal resources of the county, be believed, were
never more abundant than now; all that he asked
:vas time; and if that was promptly granted, we
might scorn banking facilities and every thing
else Ho trusted that the deliberations of these
.vho were to folloW him would redound to the honor
and glory of the Keystone State.
At the conclusion of Me. Roberts's remarks,
Judge Pearson, on behalf of the committee, read
tho following preamble and resolutions, which
I were adopted, not unanimously, but evidently by
' in overwhelming majority :
Wheteas, A financial crisis has occurred, under
which all the business portion of our community is
likely to suffer the greatest distress, and many
thous:suds of the laboring classes be thrown out of
employment and rendered destitute, and in the
opinion of this meeting the only immediate method
of relief must be looked for from the moneyed in
stitutions of the Commonwealth, which have been
obliged, under the pressure, to suspend the pay.
unnts of their notes and liabilities in lawful cur
rency, and are thereby subject to II forfeiture of
their charters, and are alike prohibited from crea
ting loans or dividends for the benefit of the peo
ple ; relief for which can only be obtained from
the action of the Legislature now in session:
Resolved, That in the opinion of this meeting it
is expedient for the Legislature of this Common
wealth to temporarily relieve the banks arid other
money corporations from the penalties imposed by
law from the failure to pay their notes and liabili
ties in lawful money on presentation.
Resolved,. That in fixing a time for the resomp
Lion of !peens payments, due regard should be had
to the situation of the debtors to each institution!,
and the period should be is far prolonged as to en
able them to furnish indulgence to tho business
portion of the community, and allow the produce
of the country to be carried to market and con
verted into money.
Resolved, That a committee be appointed by
this meeting, to confer with the committee of the
Legislature an this subject.
After passing the resolutions, on motion of Col.
Bose, it committee of six was appointed to confer
with a similar committee of the House of Repre
sentatives in relation to our financial difficulties.
This committee was appointed by the Chair, and
was composed as follows: Messrs. John M. At
wood, James W Brown, and Samuel J. Reaves, of
Philadelphia ; Josiah King and William Bageley,
Esqrs , of Allegheny; and Wm. P. Murry, Esq.,
of Dauphin.
Hz. McMichael now being called for by the au
dience, Came forward, and in a speech of near a
half hour's length, made a very earnest and im.
• passioned appeal in behalf of the object for which
they had assembled, and for which he bad come to
Harrisburg. He laid that, unlike the speaker who 1
bad preceded him, be was hereto appeal to sympa
thy. He had come here in obedience to a sense of
duty, not at the instigation of any institution or
He felt unable to express all that he felt on this
occasion. He had lived many years, but he would
call God to witness, that he had never known a
period when there was resting upon our citizens
so great a responsibility. We are in the midst
of a great financial oriels, but had not yet begun
to realize and encounter the terrors that must fol
low, if nothing is done to avert this impending
There was now more actual pinching suffer
ing in Philadelphia than there had been at
any time during the cold of • Met winter. Ile ad•
matted that this wee no time to investigate causes,
fur we were all sufferers in common in this cala
mity, and must therefore make common cause for
a common rescue; or we should all go down to
gether, like the unfortunate victims on board tho
Central America.' Tho stortn was fearfully upon us.
Mercantile housee in Philadelphia had gene down
before its fury, that had been considered ns firm
as the pillars of the firmament, and as immovable
as the foundation of the earth.
But he had not come here from sympathy for the
commercial community, or the banking institutions
of Philadelphia—about those institutions he had
his own opinions; but he knew that the laboring
men of the city must bo the chief sufferers in this
calamity, 1 and, it was this that he sought to avert.
Ile predicted that. if the Legislature adjourned
without adept mg some measure of relief, the work-
Mg people of the Commonwealth would be com
pelled to endure snob agonies and frightful pi Iva
tioes as men in this country bad never hitherto
e t The streams of benevolence would be choked, be
cause the most liberally disposed would not have it
I in their power to give, and under such circum
stances he did not believe the Legislature had the
power to withhold relief. But failing to grunt this,
it would be upon them that the responsibility would
I rest, and at their doom the sufferers would lay the
charge. But he had no idea that they would deny
the relief asked for; he believed them to be Mainly
I men effecting and intelligence. As to bow that relief
was to come, it was not for him to dictate. He
could not find words to picture to the imagination
ofhis hearers all that he felt upon the subject, and
the sufferings he haul predicted, though he prayed
to God that be might prove to be a false prophet;
but if in the sequel he should prove to have been
a true one, be world again remind them that their
legislators would be the men upon whom the heavy
responsibility would rest.
At the close of Mr. MeMichael'e speech, Hon,
David Derriekson, Judge of the Erie district, was
invited to state his views upon the subject tinder
consideration. He responded in a short speech, in
which he fully endorsed the sentiments of the
speakers who 'had preceded him. •lie said, the
state of things desertbed ae existing in Philaciel- ,
phis, had not yet reached his section of the State,
but he doubted not they would, elliese the relief
asked for was granted. Ile believed that in the
event of the banks going into a general liquida-
I tion, that the strongest merchants In his section
would sink with them ; and that repudiation and
State dishonor would follow in its wake. But the
remedy was at hand; a few minutes would do the
work, if there was willingness to do it, and ho would
say, that if those bodies now in cession on the bill
withheld the relief asked of them, that they tteuld
do ro at their own peril.
Thus far they had done nothing, halm ;Loper'
they would judge rightly in the mutter, and du
their duly.
When llir. Derriokeon took hie sent tho chair
man rose and said, that inasmuch as there had
been it small minority in the passage of the resolu
tions, it would bo un more than right that that
minority should have the privilege of a respectful
hearing, and ho would take the responsibility of
granting it if ,there wore any present who desired
the opportunity of expressing opposite views. -
Mr. Casey then being called on mode a short
speech, though as it was In perfeot harmony with the
sentiments of the preceding speakers, a report of it
would be on unneocbsary prolongation of this
thatch. When Mr. Casey closed, it was unani
mously resolved that the proceeding of the meeting
be printed, and that a copy of them bo presented
to emit branch of the Legislature
Yours in haste,
Probable Reception of the Nicaraguan Minis.
ter, and Treaty with that Government—
United Mates Mail Arrangement—The Wagon
Road Expedition—The District of Columbia
Banks, Sec.
WASHINGTON, October 0 - 2 -It Is now probable that the
present Government of Nicaragua will bo recognisini by
the reception of Its Mllliater. Trissari, with a view to
the formation of a treaty with that Republic, BO BB to
permanently secure for the United States the privilege
of the Transit route.
The Postmaster General has just appointed six agents t
at an annual salary of one thousand dollars each, for
the through express mail from Baltimore to Cincinnati;
the object being to secure snore regularity than here
The Interior Department has received messages from'
Colonel Nobles, superintendent of the party to construct
a wagon road in Minnesota, from which It appears there
is now completed, from the Dig Sioux to the Missouri
ricer, a road over which any train can pass • and that,
in the course of a month, It will be extended to Fort
Ridgely, the eastern terminus on the Missouri river.
The Cabinet have bad no formal consultation upon
the subject of the District of Columbia banks; but ltn
examination is in progress at the Attorney General's
office, concorning the basis on which they have been
trnosacting business.
Robert J. Walker, Into secretary of the Pennsylvania,
Agricultural Society, has been appointed a receiving.
and disbursing clock in the agricultural department'
the Patent Office.
W. 13111140701:, Oct 9 —The Southern mail brings G
veston dates to the 26th - nit .
Gen. Tiviggs has been compelled to detail a forge 'sr
23 men to guard the Government train from attacks 9y
yersons in disgulse.
Extended Arrang,entento for Procuring Euro
'man News.
Nets Yong, October 9 —ln consequence of the tem.
pomry failure of the Atlantic telegraph cable, the‘A
elated Press have decided to employ a substantial news
yacht at Newfoundland, for the purpose of boarding, off
Cape Race, all the steamers from Liverpool, Southamp
ton, Barre, Bremen, Glasgow, &c., and in thin eau
prine—so important to the whole public of the United
States and British American provincee—we hope to re
ceive the hearty co-operation of all the (nacre and
commanders of the several steamship lines now Mal).
lished. If the press ahould be seconded in this arrange
ment by the commanders of the steamers, there is to
reason to doubt but that we shall be able to obtain the
news Irons a large majority of the steamers passing
Within ten or fifteen miles of Cape Baca, and by availing
ourselves of the New York and Newfoundland Telegraph
Line, which Is kept in admirable order, we shall be able
to spread the European news before our readers in aisint
six or eight days from the time it leaves the English
The news yacht—a Substantial, well-named schooner
of about one hundred tona—will be stationed ten tulles
due south of Cape Unto light, and will carry a red dag.
with a black ball in Its centre. At night the yacht will
display two bold lights, and at short intervals will pod
up sky rockets. Should the yacht, from any temporary
cause, be removed from her regular station, RA above,
commanders are nevertheless requested to throe over
the news parcel no near as possible to the point indi
cated, in the hope that the came may be subsequently
picked up in scorers to make the intelligence valuable
to us.
This nrrangoinebt will luvolve. very heavy expendi
tures, but the Associated Press eheerridly memo the
burden., not doubting but the public wall properly appro.
date their efforts and sacrifices to promote the interests
of the commercial public, and the pleasure or the general
Financial Affairs at New York.
New YORK. October e.—By ening —Messrs. (jetfoil/at
Jr Wetmore, bankers, have suspended. The run on the
Park Bank subsided before the closing boar this after
nooll. The bank paid all dmnands mule upon it.
The Brooklyn Central Bank has been enjoined, and a
receiver appointed.
A meeting wan hold this afternoon at the Merchant's
Bank, to devise measures of relief, It is reported that
the banks will provide a fund of sin millions of dollars,
for tho special object of forwarding produce.
Excitement at the Bergen Tunnel—Laborers
not paid by the New York and Erie Railroad
Company—The track torn up.
New Year, October 9.—The New York and Erie Rail
road Company did not pay tho laborers at the Bergen
Tunnel to-day. Great excitement was created among
the men In consequence, and it tram reported that they
have torn up the track in that vicinity.
The flowery Bank of New York
Neer Tons, October 0 —The Bowery Bank of this
Cly has closed its doors, and suspended from the Clear.
lag Imago. Its bills are abundantly secured, and will
be taken by all the other city banks. The Institution
seas but a mall affair.
Financial .1. Mire at New York—furl on the
Park Hunk.
NE W Yong, October 11 —There is a tremendous run on
the Park Bank to-day. The bank to said to have only
$150,000 circulation, and nearly $300,000 worth of spo
Suspension of Harper Brothers
Nrw Tom:, October f.—Hossra. Harper Brothemtho
extensive publishers, suspend.' yesterday.
The house is repotted to have n surplus or Upward of
Sr. Loom, Opt. o.—Tho otficereof the steauttien Maim
nud Oaternot, Welt have just arrived nt Boonville, fur
nish the fottowilita Democratic majorities: Leavenworth
county, 250• Atchison county, 601 Johnson 'county,
1,700 ; Douglas county, 1,100.
They also fattish the following Itepuhlican majority:
Donlphau county, 30 to 40 votes. With the exception
of Leavenworth county, these returns are not entirely
An entire harmony of action between the Northern
and Southern Democrats prevailed. They were ahnost
entirely Administration or Walker men, and by their
action the Legislature will be shaped after Governor
Walker's manifesto; that is, provided ho can control
what he has organised. There is but little doubt that
the Democrats have carried both branches of the Le;ie•
Br. Uits, Oct. 9—Evening —Later and more re/fa
ble reports, which have just bean received trout Kansas,
give the following Democratic majorities : Leavenworth
county, 100 ; Atchison county, 141 ; Johnson comity,
250. Tho vote la Tioniphan county is stated to have
been about oven.
The came authority to of the opinion that the Demo-
crats carried the Legislature by a small majority. But
a disinterested gentleman, who has just arrived at
Booneville from Banta Ye, and who passed through the
interior counties of Kansas since the election, and also
a resident of Boonville, who has just arrived there from
Lawrence, report that the Republicans carried the he.
gislature by a large majority.
Er. Louts, 0ct.0.-10 oicleck.—TheQulndaro (K. T.)
Chindowon, of the Tth instant, says that as far as
heard from, the election passed oft quietly. At
several places the polls wore kept open till
Tuesday evening. No °Metal returns had been
received, but tho following reported vote WOO
FOR THY. R51T13130,01.3.
Gunn Sprlnge
Monticello 7
Oxford 9
°latch 19
Spring Hi 11....
Willow Springs
.exing on
Wyandotte county gives Mr. Parrott, the Free-State
candidate for Congress, a majority of ea votes.
Re-Elections.; Otero to Congress—The Indians
Sr. Louis, October o.—The steamer New Mexican,
which left Santa Fe on the 15th ult , reached Indeped
deuce (Mo ) on the 7th lust
Hon. Miguel A. Otero bus been re-elected delegate to
the Mulled States Senate, by a majority of four thousand
The Tudtang throughout the Territory were quiet,
and the Cheyennei were auxioua to make a treaty of
Unfounded Humor about n Wheeling (Vu.)
DALTl3tent ' October O.—Rumors have been in circula
tion here, all day, relative to the failure of the Manu
facturera' and Farmers' Bank of Wheeling, Va., but It
bas been impossible to trace it to any reliable source.
Our brobere were buying its notes this afternoon nt 102
10 per contum. We have heard no rumors against any
of the other Wheeling banks, and well-informed sources
diseroilit the above report
BALMORZ,' October 9.—A despatch received from
Wheeling says the reported failure of the Manufac
turers, and Farmers , Bank of that city is entirely with
out foundation, As the rumor may find circulation In
other quarters, the notice of Its erroneous character
may prove beneficial.
WItEELING, October 9—Evening —The reported fail
ure of the Manufacturers' and Farmers' Bank of this
city, is entirely false. The bank had only 125,000 In
circulation previous to the suspension, end are now
drawing In as fast as possible. The other banks of this
city arc ins sound condition,
Collision between the Steamer Nlaintra and a
BOSTON, October 0.--The steamship Niagara had a
collision in the bay, lost night, with the schooner idlen
Maria, bound to New Orleans, from Cape Cod, The
schooner was sunk, and one life was lost The remain.
der of the crew and passengers were saved,
Ilowros, Oct. o.—The following failures ale reported
here to•dap : L. A. Oeorgo tO. Co . Straw Goods Milton
Gale, Ohl and Leather dealer Nash, French, & Co,
Shoes dealers.
The Trade of Detroit—Accumulation of Pro
duce and Flour—Withdrawal of Michigan
Central Railroad Boats from the Line—The
Monetary Excitement Subsiding.
DETROIT, October 9.—Produce to fast accumulating at
this port Very little is going forward on account of the
derangement of currency, and the Uncertainty of the
Eastern markets. The stock of flour on hand Is larger
than nt nuy merlons period of this season.
The receipts of flour by railroad yesterday amounted
to 9,200 barrels, and of wheat to 10,000 bushels.
The Michigan Central Railroad boats, plying between
Detroit and Buffalo, will be lald up as fast as they ar
rive at this pod.
The monetary excitement hero has subsided. Our
remaining banking Institutions are reganied with the
utmost confidence.
Financial Excitement at Cincinnati
NeiN9 ATI, Oct 9 —The news from New York pro
duced quite an excitement on 'change to-day, nod at the
clone bucdnees was to a great extent neglected. No
thing transpired in financial strains worthy at auto.
EXchaege quoted at U per cant., and the supply was not
equal to the demand.
The New Orleans Money Market
New ORLEANS, October B—Ecening.—Tho money
market continues tighter. There is no movement in
exchange. No bank checks on Nets York can be had.
BILTIMOBE, October 0. Sales of 2,600 barrels flour,
at $6 00 for Ohio, and $6.15, cash, for city mine
Wheat Is dull. Sales of corn of 700730. for white, 72. a
740. for yellow. Whiskey, 205522 c.
Nam Oncnaus, October o—Cotton--Sales of 1,000 bales
to-day. The market Is still unsettled. but Middling
cambe quoted at 12c, most of the sales being effected
et that price. The sales of the a eekwere 12,750 bales,
and the receipts 40,000. The receipts mere less then
during the same period last year.
Flour has a declining tendency, being quoted at ssm
515. Yellow Corn quotes at 75c.
Lard Is Orm at 17,10. Rio Coffee nominally quoted;
Wee of 1,200 hags during the Week at intelOdio.
NEW ORLEANS, Oct. o.—Erening.—Tho money market
continues to increase in tightness. There is nothing
In Freights and Exchange that department of trade
awaiting a turn of affairs at 'New York.
Southern Mall.
The Kansas 'Election
Gunn Ppringe ......
Monticello 42
Oxford 88
Watch 41
Spring hill and Law
Willow Springs
I exiugton
TIcQ al
Schooner—One Life Loo
Failures at Boston
The Special Session of the Legislature.
EICIUSIVO Correspondence of the Press ]
Ilinutsetnio, October 9,1657.
the se' r ,oto mot 00 9 o'clock A.M .
' ieurnal of yesterday was read and approved.
Mr..WHICIIIT offered the following resolution:
Resolved, That there be printed, for the nee of the
Senate at its next tennion. two thousand copies of the
reports of the banks of this State, us made to the Audi
tor-general after their Bret dincountainy in November
rent, as required by law, and the Auditor-general fur
nish copies of the statement of each bank received to
his department to the State Treasurer, to be handed in
by him with his documents at the meeting of the Legis
Ile stated that this was one of the most important
documents presented to the Legistature, and it was im
portant that it should be printed and on the table of
Senators at the organization of the Legislature lie
offered the resolution at the request of the Auditor
goner.' and State printer. who assured him that it was
necessary that the time asked should be given, to have
the document printed.
The resolution was read twice and adopted.
The srE A KER laid before the Senate a communication
tram the hoard of Trade of Philadelphia relative to the
present criain ; which was rend and referred to the
special committee of seven.
Mr. itnows presented a petition from the merchants,
manufacturers. and mechanic:: of Philadelphia praying
for roliefi which was referred to the special committee,
Messrs. WHIM' and INGRAM presented similar peti
tions; which wore referred to the same committee
The Senate then proceeded to the consideration of the
bill concerning banks, reported from the special com
mittee of seven, the qnention bring on its third reading.
Mr. STRAUB moved that the Senate resolve itself into
a committee of the whole, for the purpose of Making
Out all after the enacting clause, and inserting the fol
lowing :
Bscriox 1. That, from and after the passage of this
act, all laws and parts of laws, subjecting the banks of
this Commonwealth to a forfeiture of charter from the
refusal to redeem their bank-notes hi anode. be, and
the same are hereby, repealed: provided the suspension
of specie payments by thorn shall continue until the
first Monday of February, Mil, and no longer; at which
time, all laws hereby repealed, or intended to be re
pealed, shall be again In full force and virtue : and pro
vided that all banks availing themselves of this act. and
refusing to redeem their own banknotes of the dent•
ruination of five dollars, shall not be entitled to the
benefits of the same.
Seems 2. Provides for a stay of judgment as in the
bill of the special committee ; and
Bennett E. That the forty-seventh section of the Act
approved April 16, 1855, entitled "An Act regulating
be, and the same to hereby, repealed.
fife. S. Amid that ho was append in principle to legal
izing the suspension; but it was evident that the neces
sities of the times demanded some each measure, and
be therefore consented embodying in Chia eubstitute his
TOW which he hoped would meet the approval of the
Mr. HILLINOER mid that he was anxious to veto with
the Senator, and that he would do so. if he would change
the time. up to which the suspension of thepanks should
extend, from February to the first Monday in May lie
thought this proposition brought them where they ought
to have started. They had frittered away one week,
and the great question of legalization had been lost sight
of in the discussion of all sorts of intricate and embar
rassing propositions; and, in the meantime, the panic
had been Increaeing, the people holding indignation
meetings in every section, and there was no telling
where the thing would end.
lie begged gentlemen from both sides to meet half
way and agree upon a compromise. An extension of
time for the suspension of specie payment is asked. Let
the first Monday of next May be the day fixed for the
resumption of specie payment, and let that simple pro.
position be sent to the other House That body dare
not refuse to pass it If they did they would have hurl
ed at them the indignation of an outraged people; next
Tuesday u (mid see more than half of them left at
home. There had been too many bunkum speeches, ton
much talk and too little action. The bill which had been
under consideration was worse than useless, and would
never pass through the other body. This was Friday, and
a factious minority in the other House might, aud would
slay nil action, unless the proposition sent to it was
plain and simple in its character. Let the proposition
sent to them be so clear in its terms that there will be
no chance to deceive the people Ifere is something
everybody can understand. Shall banks be compelled to
force their debtors,and ruin the commercial community,
or shall there be an extension of time previous to the
resumption of specie payment, Po that the banks
tiny ,be enabled to accommodate their creditors?
If the bill that had been under consideration was
passed, it would be equivalent to doing nothing. The
Muse would not agree to it. The first Monday of Feb.
aurry wits too early, and world afford no relief. lie
was willing that those who met here next winter should
take the whole subject Into consideration and make
such guarantees as they believed proper. He did not
care what reatrlctions wore put upon the banks. He
hoped the day when specie payment should be resumed
should be the first Monday or May next.
Mr. Taoism' said that if the modification were ac
cepted, and the clause requiring the notes of a denomi
nation of live dollars slimild be redeemed were stricken
oat, he could vote for tho proposition. The great
part of the circulation of country books is in notes of a
denomination of fire dollars, and if they wore forced
to redeem them to specie, it would be equivalent to re
quiring them to resume speole payment, thus making a
distinction between them and the city banks. The
country banks, by the provision ho referred to, would
he kept so busy in redeeming these notes that they
could not extend the accommodation desired by busi
ness mon.
Mr. WILRINS hoped that the extension to May would
be agreed to. They ought to compromise and meet on
middle ground.
Mr. &HAUB would meet gentlemen in a spirit of cont.
iiromine. Ile would modify hie amendment, and agree
to extend the time to the heat Monday In March.
Mr. Wotan must oppose the amendment unless the
clause requiring the redemption of five dollar notes was
stricken out. The circulation of country banks was in
noted of that denomination, and to compel their re
demption would make three-fourths of the banks of the
Commonwealth resume epoch) payment, at once. If
they were to pass a measure of relief, lot it ha ono of
equality, to apply to banks generally of the city and of
the couarty.
Mr. Wstet las was willing to accommodate the country
banks in the mode desired Ile hail a word to nay . No
'Western man could pay his liabilities until navigation
eau opened. It Is a mockery then to fix the time in the
whiter mason when the Ohio is bound fast. That In no
relief, All that was asked was an extension until the
°pilaw of navigallort.
Mr: !tunny had not intended to say a word, Ile had
coma from a community where there was none of the
bailey:tent and financial difficulty. which existed el
.where, in the Commonwealth, The first information
or the crime they had got item rumor, and then more
rtisphly two the Governor/a menage, He Came to en
q re what it was and what was the relief needed. lie
would vote against any outside measures--any of the
spegialties of gentlemen from the city. He was willing
to pass a bill in Its character Blidaar to that offered by
the gentleman from Schuylkill (Mr, Straub.) Ito wanted
tea know why Senators from the city had left the body to
obtain its information from the lobbies and the streets.
Mr. Wuvou would now agroo forint extension of time.
Ile was willing to act in a spirit of compromise. He
had mviongly voted againet any extension beyond
SabrnaillY. IBIS. The interest on the Mate debt be
comes due In February, 18511, and at that time the State
Treasurer must go to the banks for assistance. If the
hanks are compelled to resume specie payment at that
time, they will be able only to furniah the ellghtest
aesietance to this officer of the Commonwealth. Ile
would not vote for any day to carry the matter beyond
the power of the next Legislature.
Mr. Witness moved that, instead of going into Com
mittee of the Whole, for the consideration of the special
antendinent of the gentleman from Schuylkill (Mr.
Straub), they resolve themselves into committee for
general Intendment, Ile said that there was money In
the country, and all they asked was time Apply a cure
forthe present disoaso of the body politic Hereafter
the banking system could be taken up and so changed as
to provide for every guard and guarantee.
Mr. Snows./ hed from the beginning given the Sen
ate to know what were his views of the present diffi
cult, and what woo the measure of relief demanded.
Ile had HO (10110 from a full knowledge of. at least, the
oplitons of some portion of his constituents. Ho had
I not attempted to face any specialities upon the Senate.
' They wore not specialities of his own. The bill he
had offered the drat day, had been reported hack
from a select committee, with Might change, and
had yesterday been adopted by a large vole of
the tenet°. The Senate had adopted it as Ha earn
Ile lad not been actuated by party prejudices lie
bettered the present. matter was above partisan heel
ing. Ile had conecientiously discharged his duty or
corillig to the dictates of his judgment His own neigh
bors and friends were suffering, nod ho wanted to re
lieve therm The banking system was unsatiesfactom",
fall of fallacy and delusion,
The people of Philadelphia did not want temporary
expedients adopted ; they n anted the evil cured effec-
They. wanted guardv and guarantees for the
Mr. St r unins withdrew hie motion.
Mr. KILLINOEN moved to amend by strikine out the
words "first Monday of Atm ch," and insert in their place
'first Monday in April," and to strike out the clause
requiring the redemption of its e-dollar notes
Mr STOOLS, twine time afterwards, accepted this
amend newt as a modification of his substitute.
• .
Mr. fonosm believed that gentlemen were wanting
time Yesterday, from 10 iu the morning toll o'clock
at iiiskt, they had been emiaged In unstaring a bill.
This morning it name up for An third reading. Ile ex
pected to see it pass without, much debate They were
now acing backward ellen there WOO no tree to spare.
ily the amendment of the gentleman from Schuylkill
they web put to sea again ; discussion now ranged over
the euvency nod almost every other question. The
substitute was the bill which had been matured. with
some notions omitted. Why not, instead of going into
committee, move to strike these sectious out r That
would p•e vent a waste of time
Mr Walla wanted to are more action and less talk
tag. There should be brevity of speech and brevity of ex
iprostionin whatever measure wait panned. The amend
ment is the nature of a substitute was clear, and had
lean usebss phraseology than the bill which was up for
Its thirdroading. lie presented, and had rend by the
Clink, tie proeeedipga of a< toasting of merchants, man
infacturew,machaufes and business ern of Philadelphia,
held in Independence Square, together with a memorial
signed more names than we had Over before, but
once am attached to any memorial sent to the Legisla
• Mr. TV7CIAIIT moved to amend the amendment by
striking Mit the first section, end inserting In its stead
the first section of the committee's bill in these sounds
ss That the verbatim of every act of Assembly, or of
Incorporation or re-incorporation heretofore passed,
declaring or authoriAiug tile forfeiture of the charter of
-Iwy bank. saving, trust, and insurance company or cor
poration loving banking privileges, or inflicting any
penalties, or authorizing any compulsory assignment,
fur or by reasoner the non-payment of any of its lia
bilities or the Issuing or paying out the notes of other
bankslncorporated under the laws of this Common
icialth. though not specie-paying, or its loaning or
discounting without the requisite amount of specie or
specie fonts, be, and the same are hereby . , suspended
until the amend Monday of April, Anne Donunl one thou
sand eightitu wired arid,Ofty.eight,and all forfeitures and
penalties, sr liability thereto heretofore, incurred under
each ante tf Assembly or of Incorporation or reincorpo
ration, for or by reason or the onuses aforesaid, or
any of then, aro hereby remitted, and no mach thereof
as prohibits any bank from 'making loans or discounts,
Issuing its own notes. or the notes of other banks incor
porated under the laws of this Commonwealth, though
stet specie paying or declaring dividends during the sus
pension of specie payments, or from loaning or dis
counting, eitlient the requisite amount of specie or
specie funda,be, mid the aeon) is herebyouspentled until
the day ant year aforesaid ; and any such bank during
each suspension of specie payments may declare divi
dends to ar amount not exceeding six per cent, per an
num oat itscapital ; and this act shall extend also to all
banks, saving trust, and insurance companies and cor
porations atil t bunking privileges, chartered or re
chattered, slider any law for periods hereafter to cont
inence, and totllo payment of stock to all banks lucorpo•
rated by the Legislature at its last session."
The question was taken, and the amendment was
agreed to.
Mr. Walnut. expected that this would be forced upon
them, as it had been under the gag. Ile vent into a
general discussion of all the questions hive's ed. but
being interrupted by a point of order, ho mould fi nish
what he bad to say 111 emuudttee
The question recurred on the motion to go into the
Conimittee of the Whole, to consider the substitute as
amended, together with the bill of the select commit
tee ae amended.
The yeas all nays were required by Mr. GALLO( and
Mr. &RAUB, and ITere AS follows, viz:
Tree—Meagre Brower, Coffey, Cralib, Frazer, Gregg,
Harris,Jordan, Billlnger, Limbach, Lewis, Myer, Sel
lers, hunnin, Soother, Straub, Taggart, Welsh, Wit-
Mull; Finney, (speaker)-:48.
NAYS—Messrs. Browne, Creswell, Ely, Evans, Fetter,
Flenniken, iffezilim, SeOrield, Steele, Walton,
So she question stul determined in the affirmative.
The Senate resolved itself Bite the Committee of the
Whole (Mr. Coffey in the chair.)
Tile enbstituffe, as amended, was then agreed to; and
the Chairman reported the bill beck as accented.
The report of the Committee of the Whole stag agreed
Mr . WALTON monad to add the following proviso
Provided, That all sults brought, or now pending, for
forfeitures or penalties, under the section hereby re
pealed, shall sat be af f ected thereby.
Ilia reason fir offering tide was, that snits hadbeen
brought, and Judgments obtained against certain banks
to recover that penalty, and suite wore yet pending, and
it would be unfair that they should be affected by the
present legislation.
The question was taken and the amendment was agreed
Mr. JORDAN unwed to add, as oil additional hection,
so follows:
" That the deposits by the State Treasurer, or to the
credit of the Commonwealth, in the several banks and
other corporations, and all bank-notes which arc or may
ho in tho Treasury during the period of suspension afore
mid, shall, from time to time, on demand of the said
Tm easurer, be paid by the said banks or other corpora
tions, respectively, in !filed°, in such IllllolllltB as may
be required by said Treasurer to enable him to pay the
interest accruing on the public leans of the COIIIII2OII
- tit."
The amendment was unanimously agreed to.
Mr. Ilitowsit mooed to aid tha following as an nddi
tional section :
If any of the sold banks shall desire to wind up and
close the affairs of the said bank, it may do so under the
pro, talons of the act entitled 4 , An act providing for the
closing of the concerned Ranking Institutions," petard
tho Ist of April, 1822, upon obtainini the consent
thereto, in writing, of a number of stockholders repro•
sentiug or opt fling a majority of the shares of the god:
Ile said that he believed the amendment appealed to
the good sense of gentlemen ; it afforded certain facili
ties which none would refuse
Mr SCOFIELD objected
Mr. Knox bad not been in the habit of troubling the
Senate with any remarks. Ile would not detsiu them
at any length now Ile belies ed that the time pro
posed, if given to the banks, would be instrumental in
restoring confidence to a convulsed commercial com
munity. Gentlemen should look abroad in the COIIIIIIOI,
wealth, and seeing the hardships under slush honest
business men labored, should try to afford them POW
relief In affording this relief ho discharged a duty to
his State. to his constituents, and to himself tie would
vote for the pending bill, and in so doing he would re
ceive, he was confident, the approval of his constituents.
Mr. BROWNE moved to go Into the Committee of the
Whole to consider his amendment.
Mr. CRADB had offered en amendment like thisyester
day, but it had been rejected.
Ou the motion to go into Committee of the Whole,
the yeas and nays were required by Mr. Crabb and Mr.
Browne, and Were as folio, 0, viz:
Ye se—Messrs. Browne, Crabb, Cresswell, Ely. Evans,
Fetter, Frazer. Canaan, Ingram, Knox, Straub, Tag.
gart, Walton, Welsh, Wilkins, Wright-10.
NATO—Messrs. Brower. Coffey, Flenniken, Gregg ,
Hartle, Jordan. &Klinger; Limbach, Lewis, Myer, Sca
ffold, Sellers, Shuman, Steele, Finney, (Speaker)-15.
in the question seas determined In the affirmative.
The Senate went into Committee of the Whole, (Mr
Coffey In the chair.)
The amendment was agreed to, and the chairman of
Chairman of the Committee of the Whole then reported
it back to the Senate. The question then recurred on
agreeing to the report of the committee,
The yeas and nays were required by Mr. Souther and
Mr. Crabb, and were es follows, viz :
YEAS—Messrs. Browne, Crabb, Cresswell, Ely, Evans,
Fetter, (inseam, Ingram, Knox, Steele, Straub, Walton,
Welsh, Wilkins, Wright—lS.
Nays—Messrs, 'Brewer, Colley, Flenniken, Frazer,
Gregg, Harris, Jordan, Killinger, Laubach, Lewis,
Slyer, Scofield, Sellers, Shuman, Souther, Finney,
So the question was determined in the negative.
Mr. STRAUB moved to mend so that the stay of exe
cution provided for in the bill should be extended from
one to two years. The time for the resumption of
specie payment by the hanks had been extended, and
this extension was due to a chaos of the community that
WWI oppressed at this time. He moved that they go
into committee to consider the amendment
Tho motion was disagreed to.
Mr. CRAWL; moved on amendment, which provided
that the notice required for the payment of bills at pre•
sent, of saving banks and trust companies, be ex•
tended to two months, which was unanimously agreed
Mr. MEER moved to go into enmmittee of the Whole
to consider mi amendment to the oubitstute the third
end !sixth occtioux of the hill of the select committee.
Me. lissowas rained a question of order that Mid% was
putting in what had been atricken out
The SPEAKER decided that the point of order won wall
The proposition was renewed without the proviso in
the bill, and then Mr. Browne, to save tune, withdrew
his point of order altogether
The question then recurred on the amendment of Mr.
The ens and ns)s 'were re , oired by Mesers. Crabb and
Myer. stet 'sere 114 10MAVPI, V iZ •
Yeas—Messrs, Brewer, Colley, Creasersll, Evan', Fet
ter, Frazer, Gregg, Ilat ris, Jordan, Myer, Scofield, Set
lers, Souther, Steele, Walton, Welsh-16,
NAYS—MeMr.4. Browne, Creb, Ely, Flenniken, Oaz•
ram, Ingrain, Killinger, Knox, Laubaeh, Lewis, Shu
man, Straub, Taggart, Wilkins, Wright, Finney
So the question was determined hi the negative.
The question then recurred on the passage of the bill
an amended.
The yeas and nays were required by Mr. Watowr and
Mr. JOAVAN, and were as fellow,
YEAS—Mem. Coffey. Crabb, Frazer ' a/12MM, Gregg,
Harris, Jordan, Kißinger, Knox, Laulseh.WiA, Sel
lers. Shuman, Souther, Straub, Taggart. Welsh, Wil
kins, and Finney, (Speaker)-19.
Brewer, Browns, Cresswell. Ely,
Evans, Fetter. Flenniken, Ingram, Scofield, Steele,
Walton, and Wright-12.
So the bill was passed.
Mr. SIESLE called up the bill of the House, rotative
to fixing a place for holding elections in Szranton, which
had been reported back from the Committee et Elec.
lions, and the bill tins put through its various Magus,
and then passed.
Mr, FLENNIIICRN ' from the Committee of Finance, re
ported back joint resolution for the payment of the
expenses !of the late board of revenue commissioners
with the recommendation that it do pass.
The resolution was passed through its various stages,
and then adopted.
Mr. SOOFIrLD moved that the bill concerning the
banks which bad just been paseed, be printed, if it could
be done in time for the meeting of the House, which
motion wasagreed to.
Then, on motion,the Senate adjourned, at twenty mi
nutes to one o'clock, until to-morrow at .ten o'clock
N. Id,
The Rouse met at 10 o'clock.
The journal of yesterday was read.
Mr. Kenn presented the following resolution:
Resolved, That one thousand copies of the fourth
volume of the transaction of the Pennsylvania State
Agricultural Society bo furnished this House, uniform
with those printed heretofore for the Senate and House.
Re stated that the members of the Senate had already
received their pertion of the books, and he thought The
Ilouso was entitled tot ote a number to Its members.
Mr YEARDSIX opposed the resolution as entirely
foreign to the subject which they bad been called to
gether to consider. The Governor had convened them
Mr the purpose of grouting relief to the people, not of
voting books to themselves.
. .
The resolution was not agreed to, only six voting. in
favor of it
MI, MON t, from the special committee of thirteen.
asked to be discharged from tare farther consideration of
the bill concerning banks, and the bill temporarily eus
pending certain penalties. Leave was granted, and the
committee discharged
ile also, from the eamo committee, roported the fol
lotring bill
Samoa 1. Be It enacted by the Senate and House of
Representatives of the CommonagelM of Pennty/ va
nin en Genera/ .trembly rit, and it is hereby enacted
by the authority of the same, That the provisions of
every act of Assembly, or of incorporation or re-Incor
poration heretofore passed, declaring or authorizing the
forfeiture of the charter of any bank, easing, trust, and
Insurance company orcorporation, having banking privi
leges, or Inflicting any penalties for or by reason of the
nnon-payment of any of its( liabilities in specie or specie
funds, or the issuing or paying out the notes of other
banks incorporated under the laws of this Common
wealth, though not specie-paying, or its loaning or dis
counting without the requisite amount of specie or epeeist
lands, since the twenty-first day of September, anon Do
mini, one thousand night hundred and fifty-seven, be, and
the same are hereby, suspended until the first day of
March, anno Domini one thousand eight hundred and fifty
eight, and all forfeitures and penalties, or liability there
to, heretofore incurred under ouch acts of Assembly, or
of incorporation of re-incorporation, for or by reason of
the causes aforesaid, or any of them, are hereby remit
ted, and so much thereof as prohibits any bank front
making loans and discounts, issuing Its own notes or the
notes of other banks incorporated under the laws 01 this
Commonwealth, thong!' nut specie-paying, or declaring
dividends during the suspension of specter payments, or
from loaning or disconutlng without the requisite
amount of specie or specie funds, as aforesaid, be, and
the same is hereby, suspended until the day and year
aforesaid, at which time said batiks shall resume the
payment and redemption of their notes of Issue, and
slaty days thereafter resume the payment and redemp
tion of their deposits and other liabilities, In specie if
demanded; and any such bank, during such suspension
of specie payments, may declare dividends to an amount
not exceeding six per cent. per annum on It, capital
stock ; and this act shall extend also to all banks,
saving. trust, and insurance companies and eorpmations,
with brinki ng privileges, chartered or re-chartered under
any law fur periods hereafter to commence, and to the
payment of stock to all banks incorporated by the Le
gislature at its last avision.,
SECTION 2. That, in addition to all statements and re
turns now required by law, each and every bank in the
cities of Philadelphia, Pittsburgh, and Allegheny, shall,
on the first discount day In November next, and 1 , eekl)
thereafter, and every other bank in this Commons ealth
on the same any, and monthly thereafter, make up a
statement, to be verified by the oath or affirmation of
the president or cashier thereof, showing tlrst, the
amount of its loans and discounts; second, the amount
of specie In the possession of and owned by such bank,
and the balance duo from other banks ' in distinct items,
third, the amount of its notes outstanding ; fourth, the
amount of deposits, including individual deposits and
balances due to other banks ; which statement shall be
published iu the next succeeding issue of a newspaper
of the county in which the bank is located, or if there
be no newspaper in such county, then inn newspaper of
soon neighbormg county ; and any violation of this law,
or failure to comply with its pros islons, by any presi
dent or any cashier of any hank, shall be at nuattemean
or, and each of the said officers shall, upon cons iction
thereat, lie punished by a tine of riot less titan five hun
dred dollars. tier more than one theiteanddonara, at the
discretion of the court, one-half to be given to the pro
secutor, and one-hall to the county in x hick such bank
is located.
Section 3 That the said banks are hereby required,
during the whole period of their suspension of specie
debts, to receive and pay out at par, lo payment of all
due or to become due to thorn respectively, during
that period, the notes of all the colrent banks of the
Commonwealth which paid specie for all their Babilities
on and Immediately prior to the twenty-first day of Sep
tember last, and which shall continue solvent j and the
sold banks are alto hereby authorized to pay out ht all
%eir business transactions and discounts the said note's,
so long as the Intake issuing the seine shalt remain sol
vent. But in case any president of any of the said
banks shall certify to the Governor, under oath or at
firmatiou, his apprehousion and belief that any bank by
hint named is in an unsafe condition, the Governor
shall thereupon appoint three judicious persons, as
commissioners, to investigate the condition of such bank;
and the said commissioners shall, after taking an oath
or affirmation to perform the duties of their appointment
with fidelity, forthwith proceed to make the sold investi
gation, nod report the result thereof, within ten days,
to the Governor; nod if the officers of the said bank
shall refuse to permit the said commissioners to make
such iniestigation, or to produce ally books or docu
ments necessary for that purpose, or if the said Com.
missioners shall report that the cold bank is in an un
safe condition, the Governor shall thereupon issue his
pi oelarnatiou, declaring the charter of the said bank to
be forfeited, and the said bank shall be deprit eil of all
the benefits of this act, and the directors thereof shall
forthwith make and execute an assignment, la the man
ner provided by the act entitled, An net regulating
hanka,” approved the sixteenth day of April, sane
Dinund eighteen hundred and fifty, the expenses of
ouch commission, including the compensation of the
commissioners at ten dollars per day each, shall be paid
by the bank mooed which it is issued, unless the report
shall bo favorable: to its condition, in which case they
shall be paid by the applicant; but any bank or banks
which shall, before the period hereinbefore
resume and continee the payment of specie on all their
liabilities, shall not, after nosh resumption, and during
such continuance, be subject to an , of the provisions of
this section. Provoltd, That no bank shall be required to
receive the notes of any bank against which a certificate
tiny be nude, as aforesaid, at any time after the de
livery of the same to the Got ernoc, until the commis
sioners shell report in Is, or of such bank, after which
the notes of ouch bank shall again be received, as re
quired by the provisions of this section.
SRCTION 4. That the severel collectors of taxes, tolls,
and other revenues of the Commonwealth, and also
county treasurers, for State pal poses, are hereby au
thorized to recei,o the notes of the solvent batiks of
this Commonwealth, made and declared such by this
act, in payment of the said taxes, toils, and °venues,
and the State Treasurer is hereby authorised to receive
and receipt for the same, in the same manner as though
the said banks were 4 , 060-pitying.
BKOTION 5. That the deposits 'by the State Treasurer
to the credit of the Commonwealth in the several bent.
and other corporations, and all bank Dotes which aro
new, or may hereafter 14, in the Treasury during the
period of suspension aforesaid, shall from time to thee,
on demand of the said Treasurer, be paid by the said
banks or other corporations, respectively, In specie:
Provided, That the said Treasurer shalt, if required by
the cashier or president of any such bank upon which
dereend le made for epode on its notes, present his oath
or affirmation to the Said cashier or president that sold
notes were received by him as revenue paid into the
Treasury of theiliommonweeith, and that he does not
Intend to use the specie to be obtained thereon for any
other purpose than the legitimate purposes and uses o r
the Treasury of the Commonwealth.
Section 6. That upon all judgments heretofore en.
tered, 'whether on suits commenced by writ or other.
wine, or which may be entered during the period beve
l:abatis° mentioned, in actions instituted by writ in any
court in this Commonwealth, or before any aldermen
or Justice of the peace, If the defendant shall be pos
sessed of any estate, in fee simple, within the respect
ive county, worth, in the opinion of the court, or alder.
man or justice of the peace, the amount of the said
judgment, over and above all ineumbrancea, he shell be
entitled to a /stay of execution thereon on judgment
now obtained, or to be obtained oh suits now brought or
otherwise, for the terra of six menthe from the date of
the plumage of this act, and on all others for one year,
to be computed front the first day of the term to which
thteaotion - woe counnenced, and every defend,int in ouch
judgMent may have the same stay of execution thereon,
if within thirty day; from the pewee or this act, or
or within thirty days from the rendition of entry of soy
fettles/ judgment on snit; confession, or °there ice, lie
shall give s, eerily, to be approved of the court, or by
a jii Igo tber-of, or alderman, or justice of the peace,
kw the sum r eeovered, together with interest and costs
I'•ore,l,l, That the provisions of this section shall not
apply to judgments obtained on claims for labor
c , .beriov 7. This act shall take effect imiewliately
but eo liaak or other corporation shall be embraced
within its provisions snore than thirty days after the
passage hereof, unless the stockholders of ouch bank
or othr corporation shall, before the expiration of the
Raid thirty days, at a meeting to be called by the di
rectors thereof for that purpose. on ten days' public
notice to one nr more newspapers, accept the provd
molls of this act. by a mejorety of voted of caid stock
holders, to be voted and counted according to the prole.
Rion.; in the charter of such accepting NWti or other
corporation regulating the election of directors; but
to make such acceptance valid there shall be filed in the
office of the Auditor General of this Commonwealth a
certificate thou thin act has been duly accepted under
the common seal of such book or other corporation
attested by the signature of its president or cashier.
And each of the suet banks accepting the provisions of
thin act shall also pay trite the Treasury of the Gore
mouweal th, on or before the first day of January, atm°
Doini»l one thousand eight hood-ed nod fifty-eight, a
'um equal to one-half of olio per mania upon the
cipitel stock of Said bank, In addition to any ainouuts
they are now by law required to pay.
StSeriwt S That the forty-seventh section of the net
approved April sixteenth, one thousand eight hundred
lied fifty, L.:staled, ‘• An Act regulating Banks," be, ant
the Ram, it hereby, repealed.
Mr. CALHOUN moved that 1,000 extra copies of the
bill he printed for the Use Of the Mane; which
motion was agreed to.
Mr TEAM/bid:l' presentee a petition from one thou-
Hand business men of the city of Philadelphia, praying
relief from the present financial difficulties; which was
reed and laid upon the table.
Messrs. Ititiscr. ?done, and Plane presented simi
lar petitions; which were laid upon the table.
The SPEAKER laid before the House the petition of
the Board of Trade of Philadelphia on the same subject,
Lich was real and laid upon the table.
Mr lasso prevented a petition from the citizens of
Northampton relative to the suspension of specie pay
ments by the banks; which was laid upon the table.
TheSeez Kee laid before the House the proceedings of
a crisis meeting held in Harrisburg on Thursday even
toe', by eitieene of the State, x hich were read and laid
upon the table.
Mr. Tumor presented the petition of a meeting of the
merchants and business wen of Philadelphia, over a hieh
Chas. Maealetter,lisg , peesided;whleh warn read and laid
upon the table.
On motion, the Home then adjourned until S o'clock
AOOEOOOOO .5639102,1
no house massembled rtt 3 o'clock
. . .
A message was received from the Senate that that bo
dy had concurred in the House Lill fixing a place for
holding elections in Scranton, Lucerne county, ani had
parsed a bill pro‘iding for the re‘muption of epee." pay
ment, nod the relief of debtors, and the a joint recolu
hen for the payment of the expenses of the late Reve
nue Commission, in which they asked the concurrence
of the Reuse
On [notion, the 6:11 and joint resolution were 'ail upon
the table.
The House then resolved itself into Committee ..1 the
Whole, (Mr. hongsker in the chair,) and proceeded to
consider the! bill for the relief of banks and debtocf
reported from the special committee of thirteen.
Mr Iliesr tm, moved to amend the first section by
striking out the nerds '• first day of March." in the line
"hereby suspended until the first day of March.'• and
insert the Al .• second Monday of April," which
wan not screed to.
Hr. THORN moved to amend the same line by striking
out "first day of March," and inserting " first day of
July;" which was likewise loot.
. .
Mr. GILDZA snored to amend by inserting '• first day
of January ; " but this was also voted down.
The first section was then agreed to.
The second section being under consideration,
Mr. KAUITILIN moved to amend by striking' out the
word "November," in the line •'first day in November,"
and insert the wont '•April ;" which was not agreed to.
Mr. BISHOP moved to insert the word "December' ,
instead of "November," which was not agreedto.
Mr. Teams moved to insert, after the word "new,.
paper," the words "having the largest circulation in
the county;" which was agreed to.
The second section, as amended, was then adopted,
and the committee took up the third section.
Mr. JENKINS moved to amend by inserting, after the
words '•judicious persona," the words "not Interested
in said banks," which waft agreed to.
Mr. JOHNS moved an amendment, by striking out the
word "ten" in the line "ten dollars a day," and in
serting the word "five" which was agreed to.
Mr. Nteuotweis moved to amend, by striking out the
words "during the whole period of their suspension of
specie payments," and further on, the words •during
the period," so that the sentence would read, "that the
said banks are hereby required to receive at par, lit pay
ment of all debts due, or to become due to them. r.•spec
tively the, notes of all the solvent banks of the Com
monwealth, which paid specie for all their liabilities on
and immediately prior to the twenty-first day of Sep
tember last, and which shall continue solvent.
Its reason for doing this was to compel the Philadel
phia and Pittsburgh banks, which now hat a Loge
amount of country specie locked up in their vaults, to
take at par the notes of the country banks, and allow
that specie to remain in the country, instead of being in
the hands of the banks of those two cities, who loaned
it to 'brokers for the purpose of taking advantage of
country merchants when they wished an exchange
Mr Timms thought this a monstrous proposition.
Whilst the banks were enjoying the privileges of the
provisions of the act,he thought it admissible; but to
determine that the bunko Should make no provision for
the redemption of their notes in the city of Philadel
phia or Pittsburgh, but that they should be compelled
to receive each other's notes at par, because they paid
specie on the 21st of December, was so absurd that he
was surprised anybody would offer it.
Mr. NICHOLSON said it might appear absurd to the
gentleman from Philadelphia, but it was not to him.
The country people had labored under the drillculty ,
long enough, and now was the proper time to remedy
it if the city banks doubted the solvency of a coun
try bank, at any time, they could, under the provisions
of the act,conipel it to exhibit Its affairs, and If there
was anything wrong, could protest its bills and throw
them out
i'lr ?drums said it was impossible to compel the
banks to receive, for all time, the notes of each other.
Such an attempt would be unconstitutional. Certain
privileges 'Nero granted the bulks daring the time of
their suspension, and it provided that daring that time
they should be compelled to take each other's notes,
which he thought was fair; but It was not BO after any
back resumed specie payment, or if any bank refusal to
accept the provisions of the bill, but continued to pay
specie. Such hanks could not be compelled, and f.htmlit
not be asked, to receive the notes of other banks at par.
Mr. SICCALMONV was glad that the emeudmeet heal
been offered. It was on the good old plan of setting a
rogue to catch a rogue. lle wanted these banks so
placed that they must wateh each other.
They hal been treated to some conatitutional law, ea
to what they could rend what they could not do an this
bank question lie believed that the banks were at the
mercy of the Legislature, and moat accept the coali
tions it norms.
The Legislature could do ens thing it pleased for the
good of the people. lie had no doubt that the charter
of ' , sexy bank which had suspended specie payment had
been forfeited, and there needed only the necessary
proceedings to snake that fact palpable to all. The
people, by their representatives, had created the banks
for their convenience; the banks had been created for
the people's good, but they had turned upon the people
and stung them
What better thing could be done than to make Penn
sylvaula notes pass at par in Pennsylvania? It would
make the mountrY hanks tributary to the city banks, to
make the latter rectoovo the notes of the former at par.
If the city banks do not like the notes of the country
banks, let them Tend them to the places where they
were issued, and get specie for them. If the country
banks could not stand the drain, left them f
Mr. YE knon.ns said that the gentlemanmight as well
ask him to redeem his note of hand In Philadelphia, LS
to ask Philadelphia banks to redeem at par the notes of
country banks. Ile opposed the amendment, and would
vote for the section as it stood. If the amendment
were adopted, then the city notes would be withdrawn
and country notes would cieculate in Philadelphia alto
Mr. Timm; thought it was a monstrous thing to im
pose such a condition on the city banks.
Mr OIL DEA said that the notes of the banks in Penn
sylvania were regarded as of little value this day.
The Legislature was now required to give these banks
tharacter, that their notes might circulate among the
people. The people are required to receive these notes,
and why should not the banks of Philadelphia, why
should not they take the same currency that has been
forced upon the people ,
Mr McOmstowr was glad to SOO his city friend take
the ground he hat. Ito woo certainly not the repre
sentative of the broker. and shavers, but of the manu
facturers and hard-working linen The consideration
should not be are the banks benefited, but are the people
Sir. BIM:VIERS deemed this section to contain the
most vital and Important part of the bill All the other
sections provided for the banks, but this one alone pro
tected the community.
The amendment was agreed to.
Mr THORN mos ed to chance the time axed in the it!C
non from 21st Si pteniber to the 1M of September.
rI r.ll4.uvect Q. opposed the amendment
The amendment was not agreed to.
Mr. A1111.111:1 moved to make the number of presidents
to make a certillecte to the Governor three instead of
am ; but he subsequently withdrew the amendment
Mr. Tunas math. a verbal amendment, which was
agreed to
The third section, as amended, was then passed.
The neat section was read, as folios , . :
. .
&ems: 4 That the several collectors of taxes. tolls,
and other retenues of the Commonwealth, and also
county treasurers, are hereby authorized to receive for
State purposes the notes of the solvent banks of this
Commonwealth, made and declared such by this set, in
p tymelit of the said tares, tolls, and reienues, and the
State Treasurer is hereby authorized t receive and re•
cella for the same is the 881-00 mouser as though said
banks acre specie-paying
Mr T nos s moved to strike out the words "made nod
declared such by this act," and Insert in lieu of them,
the words •'though not specie-paying banks;" which
amendment was agreed to
The fourth section as amended was adopted; and the
filth section wksadopted without amendment.
The sixth section was then read for amendment
Mr Timex moved that the stay of execution provided,
should be extended for one year instead of six months,
and the amendment was agreed to.
Mr. OALootts moved to add these words to the sixth
section : "Or where a stay of execution has already been
procured under existing laws. or on Judgment, on war
rants of attorney, where the stay of execution has been
waived or regulated by the parties "
Mr. EYSTHII offered the follou ing no an amendment.
to follow the amendment of Me Calhoun : "Or where
the term of time aliened for the stay of execution has
already expired," which was not agreed to.
The amendment of Mr. Calhoun was then agreed to
Mr Tnons moved to loaert after the c ord "writ" the
words “or on judgments for debts secured by mortgage,"
which was agreed to, and the section as amended 115
The committee then proceeded to consider then eventh
Mr. KAUFFMAN moped to strike out the words'-one
half of one per centum," 4nd insert "one-fourth of one
per centmn. Ile believed the eWect of this clause
was to secure the payment of the expenses of the extra
seesion of the Legislature by the banks, and for that
purpose ono-fourth of one per cent. would, in his
opinion, fully reimburse the State Treasury.
Mr. JENKINS said the clause was inserted because the
Commonwealth of Pennsylvania had been compelled to
sustain largo expenditures for the meeting of this Logi,
laturo, and it was but right that she should be reim
bursed If one-half of one per cent. was more than
sufficient, ho did not believe the surplus, when paid
into the Treasury, would do any harm
The amendment ass not agreed to
The seventh section was then agreed to, and the eighth
section taken up
Mr. klemvs moved to amend this section, by adding :
Provided, that all suits brought or now pending for
forfeitures or penalties under the provisions of said act,
shall not be atlecteil thereby.
The amendment Wad not agreed to, and the eighth
section teas then adopted.
Mr Vicunas moved the following amendment, as an
additional section:
That the provisions of this net shall not extend to
any bank that, en and after the that Monday in Novem
ber nt st, fails or refuses to pay specie for its dve-dollar
notes, or refuses to pay, when demanded, ten per cent
of their cheeks in live-dollar notes on banks which com
ply with the provisiona of this act."
The question was taken, and the amendment was not
agreed to.
After several other propositions bad been offered, as
distinct Sections, and voted down, the hill, as amended,
ass reported back to the Rouse, and ordered to a second
*The first section was read; rind the question being on
Its adoption,
Mr. HisStaND mined to amend by striking out the
"first day in March," and inserting the words `• second
Monday in Ap r a 3,
Mr. Victim moved an amendment to the amendment,
by proposing to Insert, Instead of tho " second Monday
In April," the words i` first Monday in July " lle said
this question had been so fully discussed by the other
House, that it was hardly necessary for him to give his
reasons for this amendment. If this WO5 to be a bill
entirely fir the relief of the banks and not of
their debtors, the shortest period of time would give
them an opportunity to gather up their resources, and
prepare to meet ft, at least a audiclent amount to pay
all their liabilities; but they were trying to relieve the
community. 'two or three months , time would not give
the banks an opportunity of doing more than collecting
their assets, the indebtedness of their creditors, and by
so doing Redd crush out the business community, and
sacrifice every business-man who was indebted to them,
for the purpose ot paying themselves. He did not be-
Hare that the banks could relieve the community, or
do any good to business-men. to the time allowed the
in the bill, and he thought it should be extended to the
time provided in his amendment.
lie Mumma moved that the further consideration of
the bill shoal' be postponed; which was agreed to.
Propositions were male to adjourn until seven o'clock,
P. M., arid nine o'clock A. Of , to-morrow, which were
voted down, and then the House, on motion, sdedjourn
until to-morrow, at ten o'clock d.
An act providing for the resumption of specie pay
ments by the hanks, and the relief of debtors,
As passed Senate, October, 9 1857.
SECTION 1. De it enacted by the Senate and House cf
neprc,entat l'res or the Commonwealth If Pensylvania,
in (loners! Assembly met, end it is hefeby enacted by
the authority of the same: That the provisions of every
act of Assembly or of incorporation or re..intorpora ,
lion heretofore passed, declaring or sothoriring the for
((Rum of the charter of any bank, analog, trust, and
insurance company or corporation having banking
privileges, or indicting any penalties, or authorizing
any compulsory assignment for or by reason of the non
payment of any of its liabilities, or the issuing or
plying out the notes of other banks incorporated
under the leas of this Commonwealth, though not
specie-paying, or its loaning Or discounting, without
the requisite oinourit of specie, or specie funds. be.
ant the Lime are hereby suspended until the second
Monday of April, Anno Domini one thousand eight
hundred and fifty-eight, and all fotleitateS toil penalties
or liability thereto, heretofore incurred under such acts
of Assembly, or of incorporation or re-incorporation for.
or by reason of the causes aforesaid, or any of them,are
hereby remitted, and so much thereof as prohibits any
bank from making loans and discounts, issuing its own
notes or the notes of other bankslocorporated under the
tune Of this Commonwealth. though not specie paying, or
declaring diridents during the suspension of specie tasy
moots, or from loaning or discounting without the requi
site amount of specie or speele and the same is
hereby suspended, until the day and year aforesaid. and
any such bank during such suspension of specie pay
meats. may declare dividends to an amount not exceed
ing six per cent, per annum on its capital; and this act
shall extend also to all banks, saving, trust, and insu
rance companies. and corporations with banking privi
leges, chart--ed or re-enartered under any Law for
periods here ~ter to commence, and to the payment of
stock to all banks incorporated by the Legislature at its
last session.
CTION 2 That upon all judgments heretofore ea
tery.' in suits commenced by writ or otherwise. or
which may be entered daring the period hereinbefore
mentioned. in actions instituted by writ or otherwise, in
any court in this Commonwealth, or before anyalder
man or justice of the peace, if the defendant shall be
possessed of any estate in fee simple within the respec
tive county, worth, in the opinion of the court, alder
man, or justice, the amount of the said judgment over
ant above all iticumbeances, be shall be entitled te a stay
of execution thereon, on judgment now obtained, or to
be obtained on suits now brought for the term of one
year from the date of the fissure of this act, and on all
others for one year, to be computed from the first day of
the term to which the action was commenced, mad
every defendant in such judgment may hare the same
star of execution thereon, If. withis.3o days fronsthe pas
sago of this act, or within SO days from the rerelition or
any future judment.hestialigive security, to be approved
of by the court, or by &judge thereof, for the sum re
covered, together with the interest and costa. Pro
vided, That this section shall not apply to the wages of
labor, nor to debt.; upon which stair of execution fa ca
sco:4,ly waired by the debtors, nor to judgments upon
which a star of execution has already been taken under
existing laws. And prorid,t, That the provisions of
this section shall extend to judgments entered, or to 1*
mitered, so well upon bond and warrant of attorney as
upon mortgages to secure the same, sad to any mks
quest grantee or owners of the premises so bound, as
well is to the original obligor or mortgagor.
SgCTtot 3 That the forty-seventh section of the act
approved Aprii sixteenth, one thousand eight hundred
and fifty. entitled' An act regulating banks," be, and
the same is hereby, repealed. Provided. That all suits
brought or now pending for forfeitures or penalties,
under the section hereby repealed, shall not be affected
Siscrioir 4. That the deposits by the State Treasurer.
or to the credit of the Commonwealth in the several
banks and other corporations, and all beak notes which
are, or may be in the Treasury daring the period of mos
pension aforesaid, shall from time to time, on demand
of the said Treasurer, be paid by the said banks smother
corporations, respectively, In specie, in each .unonats as
may be required by said Treasurer to enable him to pay
the interest accruing on the public loans of The Common
S6CTIOX 5 Thst the notice required for payments
provided in the charters of the savings fund and trust
companies. be extended to two month. during the con
tinuance of this act.
Anion( r or Itcsccr, S.W. coast,. or BROAD AID Lo-
UST STREETS c Lnerezia Borgia."
ADO'S SIETH.—" Jack Cade"—" Lore in Lirery."
CHESTNUT —Ethiopian Lifellinstrated, Coreioding witk
.• Box and Cot: ,
—Mlieellan eons Concerts.
Financial.—Yesterday morning, before Al
derman Eneu, a young man was charged with
having obtained money by false and fraudulent
representations. It appears that he occupied,
last winter, a certain property at the corner of
Ridge Road and Broad street, as a flour and feed
store. The premises he leased from Mr. Silver-
He Name entangled in his business affairs,
and was apparently fast sinking beneath the
pressure of pecuniary difficulties. At length
he visited Mr Silver, his landlord, anti
seemed much more cheerful, having, as he
stated, settled with all of his creditors, and placed
himself on a good business; footing all that he then
desired was the sum of $5OO, to purchase an addi
tional stook which he could dispose of at a profit.
Mr. Silver believing his statements, and befog
desirous of lending a helping hand, gave the $5OO,
whereupon the recipient, instead of purchasing
any stock, used the money for unknown purposes,
and gave up lousiness. Mr. Silver then ascertain
ed that the statements that had been made were
false, and demanded some security for the pay
ment of the amount be bad advanced. The young
man at length consented to transfer as security a
mortgage which he held against property owned
by a certain individual. Mr. Silver took the
mortgage, bat soon ascertained that judgments for
over half the amount of the mortgage wore pend
ing against the owner of the property. About the
same time be made the agreeable discovery that
the young man was non en `, haring gone to New
Jersey. A few days ago, however, be discovered
his whereabouts, and yesterday morning had him
arrested. lie was held by El& Buell in $l,OOO
bail for a further bearing.
Religious.—The Second English Lutheran
Church, at Germantown, has just been completed
upon the site of their old structure. The dimen
sions of the building are 54 by ST feet; it is sur
mounted by a graceful spire, 160 feet in height.
The lower floor contains the lecture room, the pas
tor's study, and a chamber for an infant school, all
of which are above ground. The upper floor com
prises the audieoco room, with an end gallery,
capable of mating comfortably six hundred people.
The entire building is lighted with gas, and taste
fully furnished throughout. The membership of
the church is about ono hundred and forty, under
the pastoral care of the Rev. Luther C. Albert. In
connection with the church are two Sabbath
Schools, numbering one hundred and seventy-five
scholars. The dedication of the new building will
take place to-morrow.
The corner-stone of the Church Home for Chil
dren will be laid to-day, at 4 nelect, P. 31 , at
the corner of Twenty-second and Pine streets, by
the Bishop of the Diocese. who, together with Drs..
Wilmer and Howe, is expected to make en ad
dress. The children of St. Luke's, St. Mark's, tha
Epiphany, St. Peter's, and Mediator schools, will
assist the children of the "Home" in singing ap
propriate psalms and hymns. The clergy and the
public are invited to attend.
Rereising Stolen Goods.—Messrs. Bullock &
Sons, wool dealers, doing business at No. 32 North
Third street, bare recently missed considerable
wool from their warehouse, corner of Front and.
New streets. Yesterday a lad named Dennis Sul
livan, fourteen years of age, was arrested, having
in his possession a bag containing three fleeces.
He acknowledged that he had been engaged in
pilfering the article for some time past, and had
sold it to James Hodgson, the keeper of a junk
shop in Water street, near Walnut High Consta
ble Nutt arrested Hodgson, and be was held in
;500 bail. last evening, by Alderman Eneu, to
answer the charge of receiving stolen goods. The
accused seas represented by LerrisC. Cassidy, Esq.
The boy will probably be sent to the House of
Discharged from Custody. --John Miller and
Francis Cosfeldr, who were charged with the rob
bery of silk goods. from the store of L. Curtis ,k
Co.. had a final beating before Alderman Eneu,
at the Central Police Station, yesterday afternoon.
They were ably represented by Lewis C. Cassidy,
Esq. There was no evidence whatever against the
accused. and they were of course discharged from
custody. It bag been a matter of wonder with
many why Cosfehlt was arrested, as there was not
the slightest reason that would induce a suspicion
against his hitherto unblemished character.
Professors in Fault.—Last evening, before
Alderman Ellen. Professor McElroy. who is versed
in medicinal virtues, and Prof. M. Keller, musical
composer, and who were arrested by Officer James
K. Carrigan, who is employed at the central tele
graph office, as operator. bad a hearing on the
charge of being concerned in a street fight. They
were committed to answer.
Religious vittra cam for Ciliz es, and &ran
gm.—The Rey. Thomas IL Stockton, the cele
brated preacher, is drawing large crowds every
Sunday evening, at Jayne's-Hall.
REA.DING, 9, 1657
MESSRS EDITORS:—I regret you were not here
last evening It would have done your heart good
to have witnessed our glorious Democracy, as they
gathered in mighty numbers to hear Gen. Packer
speak. Long before the time appointed for the
organization of the meeting, the entire square in
East Penn street, where the speaker's stand was
erected, woe crowded, not in the usual acceptation
of the term, but actually densely thronged.
The General riveted the attention of his heaters
from tho word go, and kept them. as if spell-bound,
listening and shouting for a period of two hours.
lie made a most brilliant speech, saying much that
mob truly excellent, and nothing wrong or foolish;
which is more than can be acid of the speech made
by DJ% id Wilmot, in the square below, to a mere
corporal's guard.
The General made a decided mark, and proved
himself more than a match for the boasted orator
the Republicans.
It is estimated that there must have been at
least five thousand people in the square when the
General spoke—the largest meetings we had last
lall, and they were unusually well attended, could
not compare with this immense gathering. We
are well fired up, and will give a good account of
Old Berks. Truly, your friend, S.
Extensive Swindling in Putnam County—Suc
cessful Attempts to Pass Counterfeit Money
—Arrest of the "Operator : ,
A man giving his n Hoe as Lein, day before yes
terday called at the Bank of Commerce, in Car
mel. Plitnosu county. and desired to exchange
51.500 of Runhut money, which is at par, for the
tins of the bank, u Lich are uneurrent. They
nadily each iris.' three hundred dollars, all they
ha t Ile then went to Brewster station, on the
Barlettr railtuad, and called at the Crown
River Bank fur the purpose of changing
51,500 in the same manner, alleging that be had
bought cattle in the vicinity, and that the sellers
preferred Putnam county money. The bank officer,
Mr Thomas H. Reed, let him have $lOO. But his
suspicions being excited, he requested its return,
and the money was refunded. Lein then proceeded
to Danbury, Conn., whither he Fla parsued by
parties from Carmel. brought back to Brewster
station, examined. and committed to the Putnam
county jail to await trial.
fie employed Hon. Benjamin Bailey, of Carmel,
to defend him, to whom he entrusted for safe
keeping some $2,000 in bills ' SIAOO of which were
spurious The balance on the Shawmut Bank, of
Boston, is supposed to be good. All the bills on
the Rondout Bank were tens, and so well executed
as to deceive several bankers. An arrest was
made in this city, a day or two since, of other par..
ties for passing bills of precisely the same desersa-
tion in Wall street, It is supposed that Rein
who gate his name as Charles Vincent when ex-,
am ined, is connected with a gang of tionnterfeitera,
who will use all possible efforts to enable him
to effect his escape.—Neto York &mins Poet