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Pennsylvania Legislature.
SENATE
MONDAY, Feb. 4,1881
The Senate met at 8 o'clock, P. M.
The Assistant Clerk, Mr. RAMSDELL, read a
note from the SPEAKER, in which it was stated
that he had, under the 12th rule of the Senate,
deputed Mr. PLvarr to take the Chair for this
day's session.
Mr. PENNEY then took the chair and called
the Senate to order.
Prayer was offered by Rev. Wm. R. Ds Wrrr,
The Journal of Friday last was partly read
when, •
OnJtOon of Mr. HALL, tbi further reading
of the made wa:sdispenseil-iyith., •
inerita's
The SPEAKER pro tem. laid before the Sen
ate the annual ; report of the Oermantomm- and
Perkiomen turnpike road company.
Laid on the table.
Also, the memorial of S. W. Miller relative
to an appropriation for a scientific remedy for
the Hessian fly.
Referred to the Finance Committee.
Alan - ,. the annual statement of the. 'Treasurer
of the' Oheltenham and Milton Tnmiiihe Road
company.
Laid on the table. ,
Also, the joint resellitions of the Cim nods of
Philadelphia, protesthig against minim, legbda
ton at Harrisburg.
Laid on the table.
Also, one from the same source, rela
tive to the purchase of a piece'of ground in
said (AV.
Laid on the table.
OF: mower;
Mr. THOMPSON' asked leaveof absence for
the Senator from Bucks for a few days from to-
day.
Leave was granted
Mr. HIESTAND'asked leave of absence for
Mr. Manrra,'Door-keeper of the Senate, for one
day from to-day.
Lesko was granted. • '
PRTITIONZ, &C., PRESENTIED
Mr. HALL asked for and obtEtbied the unani-
MOUS consent of: thesenate to present the fol
lowing : A petition of citizens of Johnstown,
Cambria county, asking for the passage of an
Act to extend the borough of Johnstown, to fa
cilitate the collection of taxes in said borough,
aed for other purposes.
Laid on the table.
Also, the memorial of the Select and Common
Councils of said borough, on the same subject.
Laid on the table
Also, a petition of citizens of Wilmore, Cam
bria county, remonstrating against the passage
of an Act creating an additional Justice ,of the
Peace in said borough.
Referred to the Judiciary Committee.
Also, a petition of citizens of the borough of
Altoona and Logan township, Blair county,
asking for an Act authorizing the opening of a
certain road in said county. •
Referred to the Committee on Roads and
Bridges.
Mr. HALL also asked for and obtained leave
to make a motion, at' this time, asfollows : that
the Judiciary Committee ,be discharged kom
the farther consideration of "an Act to extend
the limits of the borough of Johnstown, Cam
bria county, to faciliaate the collection of taxes
therein and for other purposes;" and that the
Senate proceed to consider the same.
The motion was agreed to; and the Senate,
after dispensing with going into Committee of
the Whole, considered the bill, when it was
passed finally.
REPO4T OR STANDING 0031311WPRE
Mr. FULLER, from the Committee to Com
pam Bills, made a report, which WU read by
the Clerk.
BILLS READ 1N PLACE.
Mr. SCHINDEL read in place an Act to 0r
,,,,,u15e a new school district out of parts of Ma
;flo,-v and Wysenburg townships, Lehigh coun
ty ann Maxatawney township, Berke county.
h eferm -1 to the Committee on the Judiciary.
M. IMO, an Act relating to Banks.
R e f er r e d t o ,the Committee on Banks.
Also, en Act 0 incorporate the Allegheny oil
company.
Referred to the Cetamittee on Corporations.
Mr. PARKER, an Aot to authorize the Trus
teea of the Second RaPtIA church congregation
of the city of Philadelphia to borrow money.
Warred to the Judiciary ClP:unittee•
Mr:CONNELL, an Act to ex - empt from tax
ation the ball building of the Allied= Protes
tant Association of Philadelphia.
'Referred to Committee on the JrCticialT•
=FEW= Or A. BILL CHANGE:D*S
Mr. FINNEY, chairman of the /5 11 Mee
Committee, moved that the said Committee be
discharged from the further consideration of a
"Joint. Resolution to pay certain Monies tti S-
T. Jones," and that it be Marred to the Co,t
mittee on Accounts. ' -
The motion was Agreed to.
ems OONSIIMELSO
On motion of Mr. IMBUE, the Senate pro
ceeded to the•consideration of a "Joint Resolu
tion to pay John Hall for his services as Clerk
to *th COMmittee on the contented election
of Lewis Pughe ;" and after having been read,
it pawed finally
On notion of * Mr. NICHOLS, the Senate pro
ceeded t 4 the consideration of House bill No.
45, entitled an Act relative to the Scott Legion
Come of Philadelphia ; when it was passed IL
mll7.
ORIGINAL RESOLUTIONS
• Mr. tINNEY offered the following. series of
Joint Resolutions, which were read, and accord
/stale rules laid over :
Al by d th Senate and. Rouse of, - Reresenta•
Obis - of the Conthwoncoolth of Ponneylvanue,
That the following amendments axe proposed
to the Constitution of the Commonwealth; ilk
accordance with the provisions of the Tenth ax
tide thereof : There shall be an additional ar
ticle to stdd Constitution to be designated as ar
ticle thirteenth, as follows . : :
Bad. ,st. The j..egislatureshall pass nO special
Aet conferring borough charters.
SRO. 2rtd.. Cforpqratiorn may be lormed under
general laws, but all such laws may from time
to time he altered or repealed with a due re
gard to the rights of the Corporator: 4 , provided
that CorporatiOns created under general laws
may have the limitation of time extended by
special enactments.
sac. Bd. The Legislature shall provide for
Municipal Corporations -by genend leis and re
strict their power of taxation and assessment,
borrowing money, contracting and loan in g
their Credit, so as to prevent the , abuse of such
.010. 4th. The Legislature shall have no pow
.
sr
t9pas any. Act or extend any special °Wer t
.
•
.--.---„,..„ : „ A Iv itt e1 ,..."_,.. ernmi. ,
411 , 0:0-- ---
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12.00
15.00
VOL. Xl7.
butojorporations and Associations may be form
ed for such purposes under the general laws.
On motion-of ifr. FINNEY the same was
ordered - to be printed.
.ORDERS 01? 1113 DAY.
The SPEAKER pro -tem.- When the Senate
adjourned on last Friday, it had under consid
eration "Johit, Resolutions relative to Banks."
Mr. &turn moved to amend the same by adding
these words : "And - that they (the Committee
on Banks) be further authorized to inquire into
the recent suspension of - Specie payments by the
banks, and how far •such suspension was justi
fiable in relation to the business and commer
cial interests of the citizens of this Common
wealth."
Mr. F.INNBT. I move further to amend by
'striking out"all-after the word •`!liesolved" in
the resolution, and inserting the following :
‘ , That the Committee: on -Banks shall have
poker to inquire into and investigate the con
dition of such banks-irythe Commonwealtb i .as
the Committee ; .from Erich , facts as they may
hate, or such as may be brought. to their,know
ledgels. slathretortheadaeoretuasafaor
dangerous to the public interests ; and further
to facilitate such inquiry 'the Committee shall
haVe power to send for persons and papers; and
the Committee are..:_requests.o to report what, if
any, further legislation in regard to banks is
expedient.' ' ' -
The, aruendment liaving been read,
. Mr. SMITH said: Ido not see by the phrase
oldgy of the amendment now proposed by the
Senator from Crawford, that he has changed
materially his original proposition. He now
proposes, as inids original resolution, to send
the Committee .on. his,
on an exploring expe
dition.. If any.member of the Committee or
any outsider suggests tO the Committee orißanks
that a certain bank is a little suspicious, that
bark may be brought before them, in the per
son of its officers, arid its affairs investigated
into. Now it appearii to me that the fairest and
best plan for the Senator fr.om Crawford to
adopt, though that Senator appears to be
ing at a very different point than that aimed
at' by myself,. would be t if he had any particu
lei bank in view which is unsound or unsafe to
the .community, that such bank should be
named, and the Committee - be instructed to in
quire into the facts of stick case. But this
wholesale attack wee the banks of the
State is'Uncalled for. It may be that the
Committee on Banks understand what is
meant by the resolution of the Senator
from Crawford ; I confess that I do not know
what bank he is striking at._lf a general in
vestigation into the conditionof all the banks
is contemplated, the Committee will not be able
to get through with their labor for two years.
If the Senator from Crawford will name any
particular Institution which he may have in
view that he -will say he believes to be unsound
or,Which has violated its charter in any shape;
I shall be, willing to vote for his resolution.=
But I am not willing to strike at all of the
banking institutions of the State, when I know,
as'does that Senator that some of them are
sobnd. The amendment that 'I propose pro
vides that the Committee have power to inves
tigate as to the causes of suspension, to spread
the facts before the country officially, and to re
port whether those causes are . deemed by them
sufficient and justifiable to bring about such Ku
pension, and whether the banks have by such
ail action been of that benefit to the business
coinn:uvgty which they proposed to be., We
had. better 'hive dix investigation into-tha,
causes of - the suspension ; how far the banks
were justifiable in such a course, and what ,
benefit or injury they may have been to the
community.,l will not strike in the dark, as
the Senator fom Crawford suggests. -
Mr. TTAT.L, As- I was not here last week, I
do not know anything about what was done on
this subject. It is, so far as lam concerned, all in
the dark. I ask the Senator from Crawford
what his object is in the introduction of the re
solution.
Mr.-FINNEY. On last -Fridayrofferedaresolu- ,
Lion t of inv.estigation, on the part of the - Bank
Committee, to inquire into what banks, if- any,
in this Commonwealth, hadforfeited their, char-.
tera by reason' of a non-compliance - with the
law. That was deemed so onerous to the Com
mittee, and it was so universally admitted that
all the banks had forfeited their charters,
that the resolution was thought rather severe
upOrr those institutions. However, the Senator
from Philadelphia, instead of amending that
proposition,proposed to add another to it—that
while we are inquiring into a forfeit= - of _char
tars we might inquire into a suspension of specie
payments. The Senator has evidently been home
since that Mile, and now he is opposed, to any
investigation at all. He was very partimdar on
last Friday. My resolution was intended to
cover every particular, being so broad that even
anti-banking men would not vote for it ; still'
the Senator wished to go into an examination
of all the causes that the people might know
all about it. Well he has been to Philadelphia.
since, and that c accounts for his speech of to
day. Now, I propose to limit the whole of
this subject. As to the facts which may be
known,or which may come to the knowledge of
the Committee; they may, if they deem it
proper, investigate the condition of banks
wherever they consider that the condition of
such institutions tends to endanger public safe
ty or interest ; having power to send for persons
and papers. Now Ido not know how to get at
the currency of this State in any other way.—
I know that there was a perambulating
Committee sent off from the House some years
ago, without May authority. It was sent out
after the Legislature had adjoutned, and
we know that when the session of the Le
gislature ceased and its power was gone, that
House undertook to extend its powers, and had
a perambulating Coirunittee going the rounds of
the Commonwealth, investigating banks, and
they should have beeninvited out of any bank
ing institution they went into. I merely pro
pose at this time, thrbugh the Banking Com
rnittee, to take some steps required by the law.
It is the duty of this Legislature to furnish an
adequate means of currency to the Common
wealth. There is no palpable reason for a
a statement as to the cause of the present sus
pension of the banks, which the Senator from
Philadelphia wishes to have spread out upon
the record. It is a . mere matter of opinion any
way.. The Idea of inquiring into a cause when
it is plainly apparent what the remit of such in
quiry will, be, need not be sanctioned. The
opirdons of persons in regard to this subject,
would be different accordingly as they- are IM
pressed by surrounding circumstances ; ono
man will giirea certaincause , and another man a
far different one, The Wkis 'wawa° of the cause
and they will spread thefacts in relationto It be
fore thepublic. Whatis the cause is of noaccount
at all in this consideration. If there is an ade
quate and proper reason to be found for the
present condition of the banking community,
let us make known that filet ; and if there is
anything improper in this inquiry , let xis vote
the resolution down : notgo on speoulatiVe ai
i!ertions an to the muse, when we belie nothing
"INDEPENDENT IN ALL THIN : S---NEUTRAL IN NONE."
HARRISBURG, PA_ TUESDAY AFTERNOON, FEBRUARY 5, 1861,
to do with such cause. No result will follow
from an investigation, as proposed by the Sena
tor from . Philadelphia. Let us inquire as to .a
violation of a law of the Commonwealth, and
then if the . Committee have any suggestions to
report, we'may adopt them, or at' least' public
attention will be brought to the fact that this
Legislature takes some notice of its Constitu
tional: duty to furnish to the community' an
adequate currency with which to dO its busi-
. .
Mr. SMITH. I beg to state for the imforrna
tion of the. Senator froin Crawford, and all
others interested in a 'knowledge of the fact,
that my visit to Philadelphia has hadno connec
tion with anything like the banking institu
tions of that city or this State. I arrived there
after the banks bad closed, and left be
fore they opened. Mr. Speaker, I am
as much in. favor of an investigation as I
was on last Saturday, but lam not in faVor
,of drawing up an indictment, without Dwain:.
the': party, against whom the indictnient
is Made. lam not in favor of investigating a
subject that involves every banking, institution
in the State, orperhaps those only known to
the Committee on Banks and the Senator - who
offers this resolution. If that Committee know
of any particular Bank which stands in' the, po
sition of violating a law, let them grve now the.
name of that Bank or institution in order that
we may vote understandingly. I do not care
what that name shall be, whether it be sound
or unsound, I will vote for such' investigation,
but I will not vote in the dark in regard to the
matter.
I am in favor of ascertaining the cause of this
- suspension, with a view to Worm the commu
nity whether the banks by that action were of
benefit, and tended to save the business com
munity from great damage, or whether it was
only to save theniselves from breaking. I de
sire to urge a thorough investigation ; .but I
could overlook certain departures from the let
ter of the law in regard to.that suspension, if it
could be shown_that it was caused by a watch
fulnessfor the interests of the buiiness conuml
nity. With regard to the resolution of the
Senator from Crawford, I will only remark that
it is too
_broad; it strikes at everybody and hits
nobody.
Mr. LAWRENCE. I had a reluctance on
Friday last, as I have to day, to say any thing
on this subject. The Senator from Crawford
has felt it to be his duty to offer a resOlutkin
authorizing the Committee, of which I have the
honor to be Chairman;to investigate - a certain
subject. His resolution, as it, originally stood,
proposed to give the power to the Committee to,
investigate the condition of all the bankii
the Commonwealth. I suggested to him that that
would be a labor of months, and that it would
be utterly impossible for the Committee to per
form this duty. It is very evident that almost
all the banks of the'Commonwealth have sus
pended specie payments ; there may be four ex
ceptions. We have that admission by their
own reports and by the public papers of the
State ; so it is not denied. Some of these banks;
however, pay specie at intervals ; this may be
found to be the case in Harrisburg,and in the
eastern part of the State. Hence, however,
it is said that they have evaded the preVisicni
of the law, and ought to have their charten3,
taken •from them ; and Iknow that in Pittiburg
and Philadelphia, as well as throughout the,
State, it is not ileniedly theseinatitutiOns that
their charters, in a legal point of iiew„are,tor r '
felted. The Senator iron' Crawford:haaraochfi
--ea this resolution.-1.-thinkiezproperly.e
does not bring any charges againstatiw
lkink, for infinite injury may be done to a bank 7,
ing institution by its being named therein.'
Let the Senator take up the report of the Au
ditor General with reference to . banks, and he
will find that there is prima fade evidence - that
there are banks in this Commonwealth not in
that sound condition which would induce - the
public to have confidence in their circulation ;
hence, I would suggest that this Committee
have some discretionary power to judge from
these reports what banks do and what banks do
not require to be investigated. If the SenatOr.
from Philadelphia will look at the bankreports
he will find that the banks of Philadelphia,
Pittsburgh, etc., appear to be in an unsound pon
dition, but it does not follow from this, fact that
all the banks are unsound. It is not our
here to name particularly such or such other
banks. The action of the Committee may tend
to give us an argument or justify our action in
reference to taking-away . -:the 'charters of certain
'banks ; and I want it understoOd that so far as
the Committee and myself are concerned, we
are determined that these 'hauls shall not sus
pend..
n
every six months or two years ' -i
to the
jury of the community at large. - - They shall
not, if I, by my vote, can prevent them, butt I
am not now prepared to justify or condemn thii
action on their part. '
Mr. SMITH. May I suggest, io . theffertator
from Washington (Mr. LawsnDroz) that that is
just exactly what I want to get the COnindttee
to act upon—the subject of suspension; by the
banks—that their investigation shall relate on
ly to that subject, and how such, suspension - was
justifiable.. As to going into a general investi
gation of all the banks, such a power given to
the Committee under this resolution would con
tinue them in session for three years.
Mr. LAWRENCE. It would be most re
ffiarkable that this Corronittee should be cloth
ed with a power of that kind. If the suggestion
of the Senator from Philadelphia was adopted,
they would make a report as long as that peti
tion which was presented in the. Senate of the
United States a few days ago. . It would not,
perhaps, satisfy anybody, because one man may
still hold fast by his opinien, while . others ad
hered to their own. Ibelieve that this suspen
sion has- been caused , by political excitement,
ands the banks had not contemplated anything
of the kind. I believe it arose from causes
which never before existed in this country.; and
the banks not expecting it were not prepared.
I know that in one. day In the city of Philadel
phia, one fifth of the specie was taken from the
banks there on account of this trouble. I have
that assertionfrom'one of the officers of a bank
there situated. This was not, I presume, the
common cause which has- heretofore brought
about bank suspensions in this and other States.
But I would not be willing to enter into an ar
gument on that subject in a Committee room ;
hence I- thought that the original resolution
was too broad and involved too much labor on
the part of the Committee. But the resolution
as modified is about right. Some good may
grow out of it, but perhaps none. So far as I
am concerned I•wish it understood that neither
I nor the Committee have had any consultation
with the Senator from Crawford with, reference
to the subject.
Mr. SMITH. Will the Senator allow me to
ask him a question ? He states, as a part of
his argument--wliat he intends to be the
Strongest part of it too—that the object of this
resolution should be mainly directedtoward the
subject of suspension. If the resolution be so
'framed I will time no objection - to it and will
Mr. LAWRENCE. Ido not say that an in
vestigation, should be made absolutely with
reference to that.subject only. I would have a
few of the banks investigated, so that it may be
shown to the world, whether they afe, or_ are
not, in a healthy condition.
?Ir. SMITH. Then name them. If the Sen
ator will hand me their names, I will announce
Mr. LANVIONCE. Very well. The Senator
from. Philadelphia . may do as he pleases in re
gard to that subject I say that there are some
institutions in this _Commonwealth which are
not in a healthy condition. How are we. to
examine into 'their condition and deter Mine
what specie , they have in their vaults.?
In order to do all parties justice the Senator
from Crawford proposes to clothe the Commit
tee with power to bring certain parties before
us to testify in reference to the question of, the
public interest involved, and that is' the whole
purport of bis intention, and what objection .can .
the Senator from Philadelphia have to that ?
If we discover Mutt- any lank in this Common
'wealth is not in a healthy condition, and prove
the fact to the world, we will have done our
duty. If we can show that all these banks are
in a healthy condition so much the better. We
ought not to be asked to name certain bank'
-which have suspended, for we might thereby
do injustice. If the Senator from Philadelphia
knows of any such institutions in the country
that are subject to forfeiture of their charters,
let him name, them.
Mr. 'SMITH. I made no, charges.
Mr. LAWRENCE. I felt it to be my duty hi
reference to the remarirsi made by that Senator
to reply, and assert that there was not any un
derstanding between the Committee and the Sen
ator from Crawford. It might have been a
delicate *oceeding - formyself to have offered
the retolution which I am glad the Senator,
froui CraWfordhas seen fit to propose.
Mr. RUTH. . So far as this investigation has
reference to the Banks of Philadelphia I have
no fetiMvhatever. The Banks there present a
statement - which I believe to be rigidly true.-
,
Mr.' LAWRENCE. I believe that assertion.
I endorse it fully:' •
Mr. SMITH. When all of the banks have
suspended specie paymenti they have each and
every one Violated their charters, Now, the
Senators from Washington and Crawford both
concur that the banks have suspended specie
payments, and in that respect have forfeited
their charters. My object is to confine the in
vestigation to'that point—to ascertain whether
they were justifiable in that suspension, and
whether the Legislature should extend to
them a remedy for their present evils or other
wise. So far as the Philadelphia banks are
concerned, they have no fears from such an
investigation— I am, speaking now for the bu
siness men Who have suffered by this- condition
of affairs as Well as have the banks ; and it is
their interest I wish to represent here. ,I have
had no connection:with the hanks in.Philadel
phia.or out of that city. My prejudices axe all
against them, but I would do them justice.—
Whenever they have been of such benefit to the
community which the people had a right to re
ceive from them; and when they are incmpora
:ted by Act of. this body, T.Would give them,
so far,as my vote is concerned, all the rights to
which.they are entitled.
; Mr. FINNEY. All that the SenatOr has . , to
'do,'it he has, knowledge on the subject of,
any consequence; is i to bring the,factsheforethe
Committee. • •
Mr. SMITH. The Sengtor must know that
the bankinginstitutions - etlieAtyjolltuladel
p or - aievAtttft - iii+itritie
rr
established a clearing house where they ia
.
It is only there that it can be ascertained
whether a bank is or is not a debtor bank. If
it is a creditor bank it has not done its duty to
the community, and if it is a• debtor bank it
shows that it has been desirous of relieving the
community. The facts can be had by making
a request of the clerk of the clearing house.—
They are a matter of record which the Com
mittee can perceive at a glance. I wishto cen
sure, if to go no further, at least to censure those
banks which have.been an injury to the !public
for not giving the aid which was demanded, of
them. „ •
Mr. GREGG. I wish to ask the senator a
question, whether he is . not aware
.of the fact
that when a bank suspends circulation, it is a
matter of duty on.their part, that they should
`curtail their circulation ?
Air. SMITH. By no means. It is merely a
matter of prudence that they should diminish
their discounts.
Mr. HALL. I was not present last week when
this subject was under consideration. I suppose
that the Chairman of the Committee on Banks
possesses certain information which I have not.
I do not know who it, is that asks for legislation
on this subject. If the banks are not asking for
legislation here,' what possible good could be done
by this subjectbeing legislatedupon atthis time?
If the people do not ask, us for legislation> on
this subject, and if the banks, under, : the gene
ral banking law; of 1860, by the plain English
of that law in failing to pay in specie---in gold
and silver—their notes, have forfeited their
charters, there is a very easy way for the estab
lishment of that fact in a court of justice by
what I would call a quo warrant°. I know nothing
about this resolution. It seems to be directed to
wards certain. banks' for the purpoSe of finding out
their conditiort ; and it has also a redeeming qual
ity appended to it, that-the Committee are fur
ther instructed to inquire "what, if any, further
legislation in regard :to banks is expedient."
concuriwith • the. Senators on the floor
who hold that there was no earthy necessity for
the suspension of the banks ;of Pennsylvania.
The statements published by the banks in
Western Pennsylvania show .the astonishing
fact that although they, refused to.pay any specie
and suspended, their. line of discounts; decreased
$200,000 less in one month after than they
were before. In that case, as the Senator from
Philadelphia says, I say, they were a positive
injury to the business community among which
they were settled. I' refer to the banks in
Pittsburg. I believe them to be perfectlysound,
but that they were apositive injury to the com
munity, by suspending, nobody can doubt ; the
old Bank of Pittsburg being the only exception
to the number. Although not as familiar with
the subject as the Chairman of the Committee
on Banks, at-the same time lam not prepared
to vote on the subject without some good rea
son. Ido not know whether the Banks can be
accommodated, or whether they ask for any so
comModation or not.
The Clerk of `the.House of. Representatives
was then . introduced• and presented several
Bills for concurrence.
Mr. HALL continued. Iwas about to say that
the Act of 1850--the General Ranking law--un
der which'all these Banks were incorporated,
because none of them have come under the law,
passed'at the last session—proVides that if they
fail to pay - their notes in specie they shall for
feit their charters. That might -be. held -in a
Court of Justice. Howeyer, I donot pretand•to
give' ixv opinion:
On the question ' • ' "• - '
Will the Senate agree to so amend the amend
ment ? (as indicated by Mr. FINNET,)
The yeas and Nip were required by Messrs.
CONNELL and FINNEY, and , were, as follows :
Ms —Messrs. Benson, BloOd; Bound, Cly
mer, Finney, Hiestand, Imbrie, Irish, Law
rence, M'Clure, Parker, Penney, Robinson,
Schindel, Serrill, Wheaton and' Palmer, Speaker
N . /Lys—Messrs. Boughter, Connell, Fuller,
Gregg, Hall, Hamilton, Meredith, Mott, Nich
ols, Smith and Thompson---11.
So the question was deterinined in the affirm-
The question remixing on the section as
amended,
Mr. SMITH moved 'further to amend the ,
stune ;by adding the words thereto, "and to
what extent, in their judgment, the suspension
•specie piayinents by the banks is justified by
the business interests of thit Commonwealth." ,
said, I propose by this amendment that
the Committee on' Banks shall take inteideW
the fact of, the, suspension, and after the inves
tigation has been completed, in relation to the
suspension; they will give us their jildgmeht,
based upon the facts disclosed to them; and to
what extent such suspension has benefitted the
business interests and wants of our Common
wealth. If an exemination would prove that
the suspension of specie payments was beneficial
to the intereSts'of the besittess community, the
banks ought not to suffer. I desire thhi provi
sion to, extend, equally to the country as to the
city banks. I believe that' so far as the country
banks 'are coneerned,'every one of them have
suspended because of .over issuing. But that is
not the case with the Philadelphia banks, which
invariably have as much to spare,as they have
in circulation. The difference is that the coun
try banks do business entirely upon their circu
lation, while the banks of Philadelphia and the
large cities transact their business on their de
pqsits. •
Mr. ,M'CLIJIIE: I voted for the amendment
of the _Senator :from Crawford; I confess, with
some reluctance;: and ',only because I thought
there WM something in the amendment touch
'lug our currency. It is a mistake of the Senator
from Philadelphia, to suppose that this suspen
sion is true of the country: banks. It ,is true
that they have'a,-larger amount of issue in pro
portion to their specie than•have the city banks;
but the latter named have much larger liabili
ties for deposites. I do object .to Senator re
guiring the Committee on lianks to go into an
investigation as to the cause of a suspension of
this kind.
Mr. SMITH:: I merely wanted the Commit
tee to report'ai to whether the - suspension was
*ustifiable. . , •
Mr. M'CLURE. Well, sir, to whom are they
to apply for that information ? You might call
in the Bank officers, and-Ahey would give you
information from one stand-point of observa
tion. If you were to call the mercantile in:
terests of the community of the city of Philadel
phia, they would:reply that thatitheir large interests
in the South had compelled an:expansion of the
banks, that they could. not
,meet their obliga
tions and the banks were compelled suspend
in order to relieve the commercial ;interests, of
the *immunity: , Tf you go to another interest
you will be answered - from a different -stand=
point. It is -impossible for this& body to give
any thing like a correct Statement of the cause
,ofgeneralension.; Ithink such action would
be going entirely beyond the record, And the du
ties, And perogatives of legislation. As I . said
beforejvcited for the proposition of the' Senator
from Crawford; because the amendraent'propoked
by-the Senatorhisia Phi adelplife; "glires 4 A
- Jay.
.
.. . .......
might be compelled to act -in consequence o ,
the malicious influence of certain persons,
greatly to the detriment of banking institutions.
We have - at present a deplorable state' f affairs
in Pennsylvania. All our banks have suspend-'
ed, I believe, except those dealing with New
York city. ' ' • .
. .
Mr. LAWRENCE. I could name several
throughout`the State which have not suspended,
among others the Fayette County Bank, the
Beaver County Bank---the old. Bar* of Pitts
burg. '• - •
. Mr. M'CLITRE. I believe that allbanks have
suspended except those dealing with the city of
New York. The old bank of Pittsburg has
never expended-because: they 'deal in foreign
currency. This is a matter in which the inter
ests of our' people are largely involved. 'We .
shOuld take cognizance.of it and. either recog
nize the suspension of our banks, or declare the
forfeiture of their &utters. 'One of these things
the Legislature should do. Weshould proceed
to consider: this question at an early day, and
so far from having a committee sent to the
mining regions, or anywhere else, to see
whether certain action was justifiable, we should
take up the question at once, and meet it in
such a manner as is best consistent with the in
terests, of the Commonwealth. I hope this in
vestigation will go no further than is now pro
posed. I think the Senator from Philadelphia
will do well to withdraw his amendment. If it
is passed, I shall vote against the WhOle matter.
Mr. SMITH. I concur in a `great . ,deal said
by the Senator, from Franklin, and believe that
it is the Opinion of inanyPersons that the bank ti'
in their suspension were not justifiable rind that
it is as well the belief of others, quite as nu
merous in number as the foriner,thatthebanlis
were justifiable. I do nOtknow that the banks of
Philadelphia and Pennsylvania generally have
suffered greatly in regard to the question of
soundness because of the apparent difference be
tween thein and the New York banks. The
banks of New York had suspended before the
banks of this State,but they publishedto theworld
a denial of the fact that they had suspended
specie payments. It is a notorious, fact those
banks had suspended before the 'time that such .
publication was made. If you present a ten
dollar bill at one of those banks they will give
you ten small notes for it. That is what they
call redeething their notes and making specie
payments. I desire that our banks shall be put
in a right position before the world ? and I be
lieve that the facts which will be prOduced be
fore that Committee will so' place our tanking_
institutions. .
Mr. M'CLITRE: ' I desire to ask the Senator,'
simply by way of terminating this discUssion,
to whom the Committee is to apply 'for this
formation, and where it is to be gathered ?
Mr. SMITH. I stated in my former remarks
that it could be obtained from the Clerk of the
Clearing Howe, ,
Mr. M'CLUHE. If I could go to that gen
tleman and get the report of every Bank in
Philadelphia certified under oath, why send the
Committee after that.? • -
Mr. SMITH. The same remark would apply
to every Bank in, the State,- and. it makes_ an
answer to the Senator's resolution. " All the
statements made .by- the different Banks- are ,
mademader oath, and they axe now on record in,
the Auditor General's office.. Why go any,
further? Or Will - Senators say here they do
not believe those statements.to :be tree,
they wishto have a star chamber investigition
• •
tam tinting Pa.
__Baying_procured Steam Power Presses, we
prepared to eaec6te JOU arid BOOK - PRINTINGE of every
description, cheaper that it can be clone at any other es
tabhahmentin the country.
„ .
Sir Your lines or lam constitute one-half square. £l4 h
hoes or more than four constitute a square.
Bal93quare, one
one dayweek .. .. SW 6
i. ' I. 00
111. one month.. i...... .. A... •
threo montns 3 00
• SI4 0
shr. months
one year.•..•• • • a . .. , a 600
- One &mare one day 60
” ,one . week— ..... .... .. ........ 2 00
one month . . .. .... ... . 300
, . “ six months..... ........... ...r... 300
one year . 40 Ola
b.00e83 inserted in the Laul erturdtkar
be mi re W marriages unit Deaths, 'MIR CEN3i3 PER lINJI
for each Insertion.
NO. 28.
Marriages and Deaths to be charged as regular
edvertg3ements,
to, find, ont whether these statements are true or
Mr. HALL. I wish to ask the Senator what
it in that the Philadelphia banks want?
Mr: SMITE I.do not speak for the Phila
delplda banks. If - we are .to justify any of
those banks' by any act of ours I wish to have
those who merit such justification designated,
and viva versa. , _
fir. RAU. Then I understand that we are
to legisliitein regard:to matters` for which the
banks do not ask, the people do not ask, and
nobody asks. Many. of the banks - have already
forfeited their charters, and if no special legisla
tion is asked upon the subject, let them collie
in undek' the general law .passed last winter. I
speak . for this general banking law '
because /
have an my district the only bank in the State
incorporated. under it
Mr. FINNEY. I think that this question
.
has taken a scope entirely beyondllat required
by the necessities of the case. The question as
to whether any body hag or has not asked for
legislation on this• subject has nothing to do
with that-before the Senate:, 'For three years I
have i been e.neleavoring to get the general banking
, law into this State,' and whenever-an= opwrtit
' nity oectus lintend to bring before this Leg
le
as I have heretofore, the inefficiency of
j .ts present banking system.—to bring the atten- •
tion of the Legislature to that fact and through
their action, attract the attention of the people.
This system in Pennsylvania, under which the
present banks operate is entirely inadequate to
the wants and necessities of the State. We
have been outstripped by all the States around
us in this matter, simply bemuse
,there is a te
rtacity in Pennsylvania for old habits, and
we cannot tread beyond 'a tread-mill peck
measure circle. After three or four years
of • perseverance we last winter obtained a
general banking law, which we got amid a
clamor that if it was passed the State would be
flooded, with banks. The only bank wide/a
has been incorporated under it was that incor
porated in the district of the. Senator from
Blair. The 'man who has five dollars of the
money of that bank inhis pocket is perfect
ly safe, no matter whether the bank may
have suspended or not. I certainly have no
idea that the resolution I offered here is
going to brin g about a demonstration si„to
whether the suspension of the banks was er
was not favorable to business,or whether, to use
the paradoxical phrase, it was "justifiable
that is, whether an open violation of the law
was justifiable. Why should this Committee
go into a white-washing process ? The Senator
from Philadelphia says that it will be -demon
strated:according to some procgsathat the Phil
adelphia banks are as good as those of New
York.' '
Mr. SMITH. I say that the banks or Penn
sylvania are as sound as those of the State of
New York, and I stand. upon that argument.
Mr. PINNEY. Well, stand there, I hold
that that! subject has, nothing to do with the
subject at all. We do not want to whitewash
anything. It is proper for us toinquire whether
the time has not 'arrived at,whkh the Insti
tutions shall be compelled to adopt a different
I system. I undertake to say that there is not a
bank an; Pennsylvania; to-day which complies
with the bulking Law. , UM not attacking
banks; but ani only speaking as to a proper
currency provided :for the Commonwealth. I
Andre to call the attention of the Legislature to
that subject, and in doing so I wish that wher
ever there are ms: titutions illegal ihthe course
puraued by. them they may be compelled fa
come.under the general banking law. That is
all thatAlds,repolutimreally is. I would op
iloseiny measure loOking to , the forfeiture of
.444-alkpleualrin..the Commonwealth where there was a necessity and . proiiiisty- for
its existence.
I- raise a point of order that the amendment
submitted by the Senator from Philadelphia is
not in order.
Mr. SMITH. The Chair will perceive thatthe
amendments proposed by myself on Friday last
and to:day, are different in phraseology as well
as meaning.
The. SPEAKER pro tern ruled the amend,
meat to be in order.
The intendment of Mr. SMITR was then
disagreed to.
The question recurring,
Will the Senate agree to the resolution as
amended? .
The yeas and hays were required by Mr.
SMITH and Mr. CONTNELL, and were as fol
lows, : • 411
Yana.—Messrs. Benson, Blood, Clymer, Fin
ney, Hiestand, Imbrie, Lawrence, Mclure,
Nichols ' Parker, Penney, Robinson, Schindel,
Serrill, Thompson, Welsh, Wharton, and Pal
mer, Speaker.-19.
NAYS.--,Messrs. Boughter, Connell, Fuller,
Gregg, Hall, Hamilton, Mott, and Smith.—
So the queStka was determined iu the affirma
tive.
Bill No. 14, entitled "a further supplement
to an Act , to incorporate the city of Philadel
phia," came ,up in order on second reading,and
on motion of Mr. IMBUE was laid over on the
orders.
The SPEAKER referred House bill No. 141,
entitled "an Act to change the time of holding
elections for, borough officers in' Fort Clinton,
Schuylkill county," to the Committee on !Elec
tion Districts.
Mr. SCHINDEL. - I;haie been requested by
a Representative from Schuylkill county to call
up that bill. I therefore move ~to that effect
and that the Senate dispense with - going into
Committee of the Whole.
The motion was .agreed to, when the bill, after
going through its several readings, liaised final-
On motion of lir. FINNEY, at 12.46 o'clock
P. M. the Senate, - Adjourned.
HOUSE OF REPRESENTATIVES
The House was (Idled to order at three
p. ra. by the SPEAKER, and opened with prayer
by_ Rev. Mr. CATTEL.
The Clerk proceeded to read the Jommj "ef
last Friday, when
Mr. COWAN moved that the -farther reading
of the same be dispensed with. ..::
The motion was agreed to.
PETITIONS, &0., PRE swr)gco .,. . "
Mr. MANIFOLD, ep.p. : frot4 citizens of York
coun ty, praying for the refieiLo,an Act for the of 'fish hi 'the' catinty of York,
passed 2d Apr 11,1860: .
Referred to the Committee on rAgriculture,
lir. BREWSTEH, one from citizens of Fulton,
Frauklin, Huntingdon and Cumberland counUes,
praying. - foi a 'State Toad from Fort - Littleton,
Fultnu malty, to Broad Tap city, Huntingdon
coont7
oOmmittee on Itoatisi:Bridgcs
andt,evolc.
.‘,,
V ) oniinis 4 .6 Asia R. 2943
RATES OF AUVRRTIBING
I=!
MONDAY, Febenary 4, 1861