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Domestic News March 11, 1836

Alexandria Gazette

Alexandria, Alexandria County, District Of Columbia

What is this article about?

The Pennsylvania House of Representatives added two sections to the Bank Bill: one prohibiting circulation of notes from states that ban Pennsylvania bank notes, and another barring U.S. Treasury regulation of Pennsylvania deposit banks' specie, note denominations, and related instructions, with charter forfeiture for non-compliance.

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Full Text

The House of Representatives in Pennsylvania has also added two sections to the Bank Bill declaring, that, if any State shall prohibit, by law, the circulation within such State, of the notes of any bank incorporated by the Legislature of Pennsylvania, the notes of all the banks of such State or States shall be prohibited from circulating within the State of Pennsylvania. The other, that the Treasury Department of the United States shall not regulate the amount of specie which shall be held by any of the deposite Banks in Pennsylvania: that it shall not regulate the denominations of notes to be issued or received, or designate the banks of the commonwealth, the notes of which shall be received or refunded by said deposite banks; and finally, that the banks employed by the General Government, shall not obey any instructions issued by any department of it in reference to these subjects, on pain of forfeiture of their charters.

What sub-type of article is it?

Politics Economic

What keywords are associated?

Pennsylvania Bank Bill House Of Representatives Bank Note Circulation Federal Regulation Charter Forfeiture

Where did it happen?

Pennsylvania

Domestic News Details

Primary Location

Pennsylvania

Outcome

the added sections impose reciprocal prohibitions on bank note circulation across states and restrict federal oversight of pennsylvania banks, with penalties of charter forfeiture for non-compliance.

Event Details

The House of Representatives in Pennsylvania has added two sections to the Bank Bill. The first declares that if any State prohibits by law the circulation within such State of notes from Pennsylvania-incorporated banks, then notes from all banks in that State or States shall be prohibited from circulating in Pennsylvania. The second states that the U.S. Treasury Department shall not regulate the specie held by Pennsylvania deposit banks, the denominations of notes issued or received, designate which commonwealth banks' notes are received or refunded by deposit banks, and that banks employed by the General Government shall not obey such instructions on pain of charter forfeiture.

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