The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-12-29
HOUSE OF DELEGATES.
BANK OF VIpcINrA

On Thursday, Mr.. PREsroN (of Rock
bridge) submitted the following II esoluton to
the House OF Delegates
Resolved, That s.cummittec be appoint d to
enquire INTO the eXpedlency Of Increasing the
Capital OF the Bank ofVirginia, of extending the
term Oft charter, and of establishing Branch
Bank IN the townof Lynchbsrg; and that the
SAID committee have leave to report by bill or o
therwisc.
In introducing this resolution. Mr.. Pres
ton observed; that he thought S 600 600
might be added to the present capital; tina,
1t was proposed to extend branch to
L-ynchburg, with a capital of not less than
> 100000; that in the event of disccati
nuance of the Bank of the u. S. there
would be demand for more capital at
Norfolk, than is employed by the Virginia
branch at that place; that there was
great demand for capital; that this must
be grat'hed in some way; that this was
the way IN which he wished it to be era
| tined that as an inducemeat to the present
stockholders to consent Co this arrangement.
1t was proposed to extend their charter
| that the additional capital was to be for
| the benefit OF the State; the shares were
| 90 be sold out at an advance, but not below
a stipulated minimum, say 90 pr cent.
that the state was to retain as MANY of the
ne w shares as would according to the present
scale OF voting, preserve its present pro.
new shares would produce a very valuable
fund tor he use of the commonwealth.
lie stated, that the fund might be prin
ciPaiiy devoted to the formation OF roads
tnat there were great roads. which deserv
ed the attention of he legislature. LIST. a
road from Taylor's ferry on the Roanoke to
Ricnmond &; thus leaving an alternative
choice to the produce of the South to 90 to
the mafket OF Petersburg or of this city -
70 road from the upper navigation of the
h'nawa TO the upper navigation of the
James River Sd. Prom the mouth of Fish
ing creek, IN the county of Ohio, to Win
chester; shortening the distance from the
present seat OF government of the state of
ONO to Winchester 80 miles and opening
iaCIhties OF communication from all thieves
tern country to Richmond and washington
mat part of this fund might also be an
propriated to the establishment of Schools
auu me encouragement OF learning objects,
winch 1t were difhcuit to say, whether
they were more valuable in themselves or
haa been most neglected by the Legislature
of Virginia.
Gn motion OF MIR. RENT Cot Frederick
the town OF Winchester was added after ,ba,
of I.ynchburg
MIR. Mercer observed, that it would he
ihdeed pleasing thing to throw SO much
| money into the treasury of the Common
wealth; but that he trusted a measure of
this sort would not be taken, without con-
| sulting the interests and wishes ef the stock
holders; That 1t surely could not be the dis
position OF the Legislature to repleni.h their
| treasury merely out OF the pockets of the
stockholders; but that it must depreciate the
value OF their stock, 10 throw SO MANY adj
| ditional shares into circulation.
| Mr. Preston replied, that the interest of
the private stockholders deserved to be con
| he Jnt xut,, tbo ~
nonwealth had in the bank was also 10 be
considered; that she also was a great stock
| holder; and would have a voice i'm the deci
sion of the question.
| MIR. Mercer replied, that the Common
wealth had an ovcrweening influence in the
decision; that it she voted at all on this
question, she had much greater number
OF votes. IN proportion 70 the number of her
shares, than the other stockholders: wa. she
to exert this ascendancy on the present DC
castor! would Ii not be like deciding in her
own lavoure
| MI PrtSfon replied, that the interest Of
! the stockholders themselves instead of be
i ing injured, would be promo, ed by the arr
ranSement; that besides the ADVANTAGE of
the proposed extension of their charter, they
would nave security against any great fail
IN the value OF stock, IN the minimum en-
joined on the Treasurer-that this t,ll would
!
up, & ITS shares were poured into he man ket
that this was the true question; whe her
the stockholders would rather see an indie
pendent bank established. (as ali addition
al portion OF capital was certainly necessa
1 ry } and It's capital thrown into market for
subscription, or have their own charter
and capital extended, and the shares
guarded from SO great a depreciation bv
fixing minimum
/ On motion, the Resolution was referred
to tile Select Committee. which is akread,,
charged with the Petition from the town Of
LynChburg
! . The House of Delegates have been enea.
ged, during part of the two las DAYS. in con
sidering the Report of the committee If
Privileges and Elections, on the contested
election between DR.. Coleman and MIR. Mi
nor, OF the county of Fairfax After scan
ming the votes, the Report precisely tied
Iilcm and the certificate of the Sheriff
being produced, that he would have v,dcd
for Mr. Minor, the Report vas in his favor
The House finally adopted the Report of
the committee, and MIR NJ. was conse
qunnty declared duly elected TO the scat.
Yesterday, the House passed the enrros-
sed Bill for the division Of Harrison county.
-" The new county Is called Page.
llt IS proper 10 state, that the paper from
which the following article is extracted
ca'He to hand only yesterday morning, and
that ithever was seen b. Mr. Uood, IN.
til yesterday.
From Tie Neqy Brn1s7yj~t /UT lCTT6D