Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1814-01-13

for by the said 20 dolls, Payao'
aforesaid by the stockholders ior
each share Of their stock.
ed. That the said 100000 dolls.
for 100000 Of which books OF sub
scription shall be opened at places
20 be prescribed by law,to ne sub
scrihed for is like, manner as sub
,eriptions were received for the ORR
na, stock Of The bank, so that the
whole 500. 900 dolls. shall be paid
on or before the 1st Of May 1914.
and on the said 100000 dolls. there
shall be paid 25 per cent. payable IN
twenty semi-annual ins.allments,
which ss per cent shall be reserved
ont Of the scni-annusl dividends on
that stock and shall be applied to pay
the amennt Of 100000 dolls. the re-
sidus Of the said 100000 dolls. for
the benefit ef the state. On this
new stock 100000 dolls. no di'i-
deads shall he payable until the 1st
Of January a8s5.
Sd. The hank shall have the pri-
vilsge Of establishing st any time
hereafter al ctice Of discount ana
deposit a. Lyuchburg, upon the same
terms with those at Norfolk, Peters
burg and fredericksburg.
4th. Notes made negotiable ana
payable at the bank Of Virginia or
any of its osaces. shall be placed on
the footing Of foreign bills ofe1-
change.
9Th. The Bank Of Virginia ebliges
itself TO advance to the State, when
ever required, a snm cr Sums OF mo-
aey not exceeding 10000 dolls. on
stock, to be transferable ia the man.
ner to he prescribed by law. issued
under the aUths:i.y of the State, to
bear an interest Of seven and q half
per cent. payable quarter yearly
The State TO he uador no obligation
TO redeem the said stock before The
lapse Of Gf,een years, bat to have
the privilege Of redeemins it frem
time to tins within tAe 10 years ~
whole or in part at its pleasure on
giving three months previous notice
thereof in so1ne newspaper printed
IN tie City of Richmond.
These are the terms on which the
Stockholders Of the said bank are
wiling to except the extensles OF lac
charter and augmentation at the CA
pital of their bank and to the full.
fiIsment Of which they have bound
themselves by their Committee (who
have subscribed the memorandum
sub;.ined to this rcport:)
Your Committee f0rboar to enter
into detailed exposition or The aa-
vsntaees that may result to the State
f-am i'e acceptance Of these terms.
II viii be efficient to say that, With
ont the s;.yan,c of one dollar on the
part er tie State, it will acquire, by
the acceptance OF these terms. st0ck
20 the amount of4i0 zoo dolls. which
sold upon an esiimated advance Of
8 Is per cent, wiiI be worth in mo.
ney spwards Of $4,000 dolls. and
st,icl. retained by the State. will on
the moderate computation OF ten per
cent perananm Cor dividends, produce
. clear revenue OF 4t.ooO dolls. per
aaasu,. These advantages should
nat in the opinion ofyonr Committee,
be disreganied or reiin1u;shed, espe-
ciaily il the present condition Of the
iiaances OF the State.
Therefore, Resclced. That it is
expedicnt to extend the charter Of
the Bank Of Virginia for the term of
Is years from the expiration of the
existing charter. ard 10 augment its
caDitas stock in the manner specified
in the foregoing propositions. en- the
terms, stipulations and conditions
State! in the propositions from the
committee representing the Stock
holders.
.fEemorandum attached to the Re-
port.
/" The propositions specified in
(" The foregoing Report have been a.
!" greed to by US, OH the part OF the
+" Stockholders and should they
F." be accepted by the General As
+" sem',ly, we, on behalf of the
" Stockholders, bind them to ful-
f" filmcnt ofthose things on the part
I" Of The Stockholders agreed to DO
{" performed and fulfilled
(sisned)
John BrceksnbrOngh.
Philip &orborne Nicholas,
R'n. Lindsay, g.
Root. Eischett.