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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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Where did it happen?
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.