Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-02
RICHMOND, JANUARY ., lsI7.
VIRGINIA LEGISLATURE.
HOUSE OF DELEGATES.
Wowiay, December so.
NEW RANK EIII

Bill-A1r. Banks in the Chair-It was read
section by section
Mr.. Williams moved to amend the 18th
section, so as to limit the number of
shares whichany person. co-partnerskip.
&c. can take 10 =" thirty" instead of T" one
hundred" as it was in the bill.-Aerecd
to.
MIR. Mercer moved TO amend the Sit
section-He. said, that the select com
miitee, III their zeal To enforce the pune
tual payment ofspecie, had introduced a
new clause, VIZ. =" or Of any violation of
the charter of the said bank, or any gross
mismanagement thereof" then the Direc-
tors under whose administration it shall
have happened, shall be liable in their ma
tural private capacities-Ee said, that this
penalty might unjustlv fall upon Direct
ors who were compelled by the gross mis-
conduct of their predecessors To suspend
specie payments-lf this amendment
prevailed, lie meant to introduce W hat he
deemed more efiectual check, proy-
SION that they emit notes only 10 " iwice"
instead OF three times" the amount ofthcir
capital paid iii and deposits. greed to.
MIR. Nj. then moved to substitute
twicc' Tor three times" Besides the
reasons stated by him, Mr. Doddridge
stated The fact that it appeared from the
Report OF the Secretary of the Treasury
on the old bank ofthe United States, and
an elaborate speech of MIR. Pitkn on the
sablect, that no bank in the United States
which had been well managed, had issued
more than double the amount of its capi-
tai and deposits.
MIR. Brow1. moved to amend The same
sentence in the same section by strikinp
OUT the words T" over and above the mo-
ncy deposited in the banks for safe keep
ing -Because, otherwise, lie said, there
would he no limitation on the issues of
the notes and the profits of the bank
MIR. Mercer opposed this motion, con
tending that there was no bank i'm the
United States which had not this feature
that the limited amount of the deposits
would of course limit the issues of notes
that tins was the only benefit which
bank had for preserving the money of
merchants, and keeping their cash ac-
counts: thus saving the expence of so
many clerks and iron chests that this
convenience would probably cease if this
proposition was adopted for what bank
would run the hazard of Keeping money.
on which they made no profit? He said
ne bad been informed by Mr.. Smith now
cashier of the bank of the United States.
but late cashier of the bank of Pcnmsyl-
vanla-that the iast-named bank obtain
ed most OF the deposits of the merchants
OF Philadelphia. because its banking
house which had cost two or three hun
dred Thousand dollars, was so construct
ed as to be fire proof, and could scarcely
be taken by an enemy without cannon.
&c.-Amendment lost.
On MIR. Mercer'S motion, the same sec
ton was so amended as to require of the
banks " semi annually'' instead of can
nuai!y TO make statements of their situa-
tIon-and also that these statements be
made " on the oath or affirmation of the
Cashier &c.-By Il subsequent motion of
Mr.. HAIRY, II was made the duty of the
Cashier TO furnish them.
Mr.. Doddridge moved TO add new
section 10 allowtle banks 10 increase their
capital, at their discretion, one hundred
per cent. paying propOrtionate bonus TO
the State, &c. lie said, that gentlemen
might thus select such sums for theirres-
pectIve banks rs they thought could nor
he paid IN coin, and add more capital
hereafter as it should be wanted-Lost.
On MIR. Mercer's motion, the Sth sec
ton was soamended, as to cause the bank
TO forfeit Its charter, if theagent appointed
by the Executive should be refused the
privilege of inspecting the accounts of the |
bank, or the Cashier should refuse to make |
The statement, &c.-On MIR. StaaarPs in |
stance, prOyIsO was added to this. that
said forfeiture should not be incurred. II |
tine refusing officer, Cashier, President. |
&c. should be dismissed at the next board !
day, and never again employed -On Mr.. |
BhcaJwm's suggestion, Mr.. Mercer subse- |
quently moved an amendment, that in |
case ofsuch forfeiture, the agent or Exc |
cufive shoHld notify the fact in the news 1
papers nearest to the banking house.
Adoptcd.
On. Mr.. Nercer's motion, the word |
September was struck out OF the LIST |
section, and November" introduced. as |
the day on which the books are to be o. |
pened--lte did this TO accommodate the |
WISHES of the gentleman from Henrieo.
On MIR. POHUds motion, the word |
" thirty" was struck out of the first secf- |
on.
On Mr.. Wercer's motion. the following
words were struck from the same section: |
" there shall be obtained and appropria-
ted 10 the use Of the State IL per cent. up-
on the stock OF the said bank" TO intro
duce clause Which provides that, in adj
dIiIon to the stock aforesaid, there shall
be created a number of shares for the use
ut the State, equal TO 10 per cent. OF the
capital stock, &c.
MIR. Bag said, there were two points a.
bout which he had felt some sOlicitude-
one Prospecting the time of opening the
books which had been disposed of, and
hough not in such a way as was altogeth-
r. satisfactory, was not sufficient to pre-
rent him from voting for the Biil-The o.
her respected the means of making these |