Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-01-06
Assumhtion of Tn Dreet Tar.

Couiu meet ION rionuay laSt) 70 agree on the
terms OF a Loan to the State. On Tuesday |
a Memorial was received from a Committee
Of the Stockholders, praying the House for |
an extension oftheir charter. and IN increase
OF their capital stock. ihe House appoint
ed 8 committee OH their part to confer with
the aforesaid committee.-Several meetings
were held between them.at which, il is under
stood much difficulty existed as Co the terms
Yesterday however, the Conference end |
ed, and M. S:anard, on the part of the com
mitee of the House presented to the House
the following report and resolution
The Committee to whom was referred the
Memorial Of the Stockholders of the Bank
of Virginia praying for reasons therein set
forth that the Charter of the said Bank may
be extended and IFS capital stock augunent-
ed on such reasonable terms as might be "a
greed on bet Teen the General Assembly and
the said Stockholders, has had the same un-
der its consideration and has agreed on a
Report, and Come to a Resolution as follows:
Your Committee, in conformity with he
prayer of the said Memorial, entered into a
conference and negotiation with the Com
mittee appointed on the part of the Stock
holders for the purpose OF such conference
and negotiation, and invested by the said
Stockholders at their Genarai meeting with
full power to enter oil this negotiation On
their part for TIE object aforesaid and To a
gree on the terms on which the said exten,
sion of the charter and augmentation ct the
Capital stock should take place, Gas appears
by the document marked A. accompanying
this Report,)-which negotiation has RESULT.
ed in an agreement between your Committee
and that of the Stockholders, for the eXien-
sion of the charter of the said bank for the
term of fifteen years commencing the 1st
day of May 1918, at which time the present
a - - - 49, - o a.-
mentation cf the Capital stock of the said
bank to the amount of 81, 900, 600 aud the
further augmentation of S $4,000 thereof
In the manner hereinafter specified m the LIST
condition., OH the folio wing conditions or sti-
pulations !:
LIST. That the old stockholders shall pay
for the benefit of the stare 90 dolls. OH each
share Of their stock in sixteen semi annual
ins,almen.s of commencing at The 1t
dieid end after the 1st of May 1913. to be re
served out of the FIRST and every subsequent
dividend, until the said S 20 on EACH share
shall be paid ; that at the Is. dividend after
the said LIST May 1918, the capital stock of
the bank shall BIZ augmented by the sum If
s $40, 00C III 1890 shares Of S 100 each, to be
for the sole beneit ofths State or its assigns,
on which the State or its assigns shall there
after be entitled In the like dividends that it
or any otaer stakeholder would be entitird
on an equal quantity of stock the said 240C
shares Of stock TO be paid for by the said &c
dols. payaele "a afors said by the stockIiold-
ers fer each share of their stock.
Cd. That the said capital stock shall be aug
mented S ], 100000, for 5000 of which
books OF subscription shall be opened at pla
ces, to be prescribed by law, to be subscri
bed for in like manie; as subscriptions were
received for the oriEinae stock of the bank,
so thar the whole $500, 900 shall he paid on
or before the LIST OF May 1914, and on the
said $500, 600 there shall be paid 25 per cent,
payable in twenty semi annual i~nstalments,
which IS per cent shall be reserved out of
the semi annual dividends on that stock and
shall be applied to pay the amount of
Il $500, 900 the residue Of the said 81, o00, 600
for the beueft of the state. On this new
stock of 81 ,0C0, 900 no dividends shall be
\ payable until the 1st of January 1875:
Sly. The bank shall nave the privilege of
establishing at any time hereafter an office
of discount and deposit at ~Lynchburg. up
on the same terms with those at Norfolk.
Petersburg and Fredericksburg.
4thly Notes made negotiable and paya-
BILE at the Bank of Virginia or any of its o.
fees, shall be placed OIL the footing of foreign
bills OF exchange.
5thIy. The Bank of Virginia obliges itself
to adrance t. the State, whenever required,
. sum or sums of money not exceeding
S750,000 on stock, to be transferable in the
manner to be prescribed by law, issued un
der the authority of the State, to bear an in
terest of seven and a half per cent payable
quarter yearly.-The State to be under no
obligation to redeem the said stock before
the lapse of Is years, but to have the pri-
vilege of r%edecming it from time to time
within the Is years in whole or in part at
its pleasure on giving three months previous
notice thereof i'll some ne wspaper printed in
the City of Richmond.
These are the terms on which the Stock
holders of the said bank are willing to accept
the extension Of the charter and augmenta.
ton of the capital or their bank and to the
fulhlment OF which they have bound them
selves by their Committee (who have sub
scribeu the memorandum subjoined to this
report.)
Your Committee forbear to enter into a
detailed exposition of the advantages that
may result to the State from the acceptance
of these terms. j. viii be sufficient to say
thai, without the advance Of one dollar on
the part of the State, it will acquire, by the
acceptance OF these crns. stock 70 the a"
mount of 40, 900, which, sold upob a esti
mated advance of 8 per cent, will be
worth ia money upwards OF S5S3 900, and
which retained by the State will on the mod,
crate computation of ten per cent per an-
nun for dividends, produce a clear revenue
of $4,000 dolls. per annum. These advanta-
J ges should nat in the opinion OF your Com
mittee, be disregarded or relinquished, es-
pscially in the present condition OF the finan-
ces of the State.
i IUsrsErc ResoIucd. That liz Is exnedi.