Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-11-26
Virginia Legislature
HOUSE OF DELEGATES.
Thu rsdas Nor. OF

banks. He could not cali it up sooner, a.
he wished the members to have an oppol-
Itunity of rejecting very matureIy on the
effect of the proyiso attached-[ viz. the
banks discha ging their notes uader s.
on or before the 10th Of January
Nj. Mercer, If S, presented a petition
from certain citizens of Fredericksburg
prayi 9 to be incorporated for the purpos'
of managing the concerns Of bridge
which tliey had built over the Rappahau
sOck river.
MIR. Tazewell, from the select commit
tee on that subject, reported the follow
ling vety interesting resolutions
The select committee, to whom "erc
referred sundry petitions prav'ng for III
establishment OF banks in different pf Z
Of this commonwealth. an to whom WEI
alss referred several resolutions of III
,hopse, directing an enquiry to be mat
las to the expediency Of estabII'
Ing banks in other parts of thi.
Icomnonwealth, no. named in the said p
Itit;ons, have, according 10 order, bad un
der their consideration the said petitions
and resolutions to them referred ant
'heing of opinion that it was better III TN
first instance. to submit to the cGnstdera-
stion Of the house certain genera! pr.hl
piles, the sanction or rejection of wll'ci
would be decisive of the fate OF all the
said petitions ana resolutions, rather than
TO enter into detailed statements, appii.
cable to the ca, of each pa ticular pet
ton, beg. leave to report in part, the To- !
lewing resafut ons as expressive OF the o
.pinions of this committee upon the sub
ject to them referred.
l. Resolved as the opinion OF this
committee. that it be expedieut 10 aug
ment the number OF hanks il thls CEN
monwealth provided, the additiona!
banks be properly lpcated
9. Resolved. as the opinion OF this
committee, tha, each augmentation be ei
fected by establishing an Independents
bank in each OF the following places, VIZ
S. Resolved. as the opinion OF this
committee, that each OF The said bank
|shall be required to pay specie IN dis
Icharge of its notes, frem the commence
ment Of its ope ations and at all times
| thereafter. under such penalties and pro
visions as shall enforce compliance With
lthi. reQuisition.
4 Resolved, as the opinion of this com
mistee, that as a premium or bonus fnr
the establishment of each of the SAID
banks, tie commonwealth shall be entl-
tiled to per cent. upon the stock
thereof, to be paid in stock by an annual
deduction of per cent from the di-
Iyidend of theprivate stockholders Of each
| of the said banks.
5. Resolved, as the opinion OF this com
Igaittee, that in slder. more effactuaily tG
protect the interest of the commonwealth,
in each OF The said banks, the common.
wealth shall be entitled TO elect in such
manner as the general assembly may pro-
wide, so many directors of each bank as
snail bear to the whole number of direc
tors thereof, the same proportion which.
| the shares of the commonwealth in the
stock of the said bank bear to the whole
!amount of the capital stock thereof.
g. Resolved, as the opinion of this
Icommltte, that the executive upon being
Uniformed by oath, or Affirmation. that
my OF the banks aforesaid is mismanaged
may appoint ore or more discreet CON-
mlssloners to examine aud 10 report to
them the actual condition of such bank
Iacd the truth and falsehood of the char
ses alledsed against such bank
That the said commissioners shall hare
power to enter the clearinghouse of any
such bank for the purpose OF examining its
books aud documents and the quantity
OF specie in its vaults, and that for the
purpose OF more efectuaiy investigation.
the facts aforesaid, the said commissions
Iers may examine, Oh oath, the president
casale', or clerk, or any director, oihcer,
ar agent, OF such bank.
r. Reselyed, as the opinion of this com
nnttee, that each efthe said banks snail
|aanually report TO the executive COM
pleic statement of IFS actual condition,
shewins the amount of its capital stocs.
|its annual dividend, its specie, its bills
discounted, It's notes III circulation, its
deposits and what ever else in the judg-
aIeit ut the executive may be calculated
! to illustrate the actual condition Of such
bark.
| g. Resolved as the opinion Of this com
plittee. that for any violation Of the char
tier Of either of the said banks. any di-
rector or directors. thereof, committing or
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