Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1817-01-11
Richmond, Jan. 8.
Virginia Legislature.

virginia LSiSietuiC'
Yesterday, a variety Of local business
"a. done in the House ofDelegates.
NEW BANKS.
We have to announce the passage el
the Bill through the House Of Delegates,
:. Establishing sundry new Banks within
this Commena eaI,h.s The question was
taken on Monday, at late hour, MIR
Blackburn having previously spoke .
considerable tire in opposition t. it--S
he bill succeeded by the very thin ma
jority Of eighty to seventy eight-lt has
gone up to the Senate, who, il is hoped.
will modif, this important measure.
The House Of Delegates filed the blank
IN the bill, 50 as to extend the charter I,
May, 1sS4-the tine, when the bank Of
Virginia will eN6re by its own Limitation.
The whole subject will then again come
m review before the legislature; who
nav either abolish The whole system, OR
a,odify it in such way, as the lights oil
sxperience NAV direct.-ihis. at ieast,ls
,he idea vi the friesds ofihe bill.
IT this Bill passes the Senate, in the
.hape in which it left the other House.
the number # Banks aud tine amount OF
bsnking capitsl will receive considera-
;,s ausncnta.;an The former in isuch
eater proportion than the Iatter- 10
ave some idea of this, We subjoin tie
ca,slnsse of the new banks, aud their
q. ~ led capital s'ork-as detailed By
he bill. now before line Senate-As the
Literary Fund Eanks cut prominent n
yure in the scheme. .t is essential to pre-
.ent siew of t! cir composition
This scieme con;emflates Back IN
under the name OF the Literary
Fund Bank of Richmond. With a capital
If 81 500 600 IN ,haresof 500. $50 10 De
retained for the use OF the Common
wealth, N continue pact OF the Fund for
Interna! Imp. o,enent: 5000 TO be dis
nosed If to Individuals, and the residue
be for the .cle use at the Literary
Fund, Books FOR dispuHng OF the shar s.
t. indiy dsals 70 be upened on the LIST
uonday Of April next; 10 Of each share
20 he paid in the lea! currency Of the L.
states. at The tine Of subscribing SUl
da,s after 9Th 5th within 50 day
sftcr The last, at which time The bark l.
Ia gc into operation ; ard the residuary
, '5;hs in equal eus;aimsnts Of 80 day
asch. The dividend on the said 5OU6|
,harrs To be charged with the pa, ment Of
ne $50. belonging 20 the Fund for later
lal Improvement. The shares subscrio-
ed b. the Literary Fund. are 10 be paid.
me moiety in 6 per cent stock Of the STATE
to De created for thar purpose; tie other
in the stock new held, and which NAV be
hrresf:rr acquired by The Fund. or in
ths Iega curreacy ofthe United States
= at the time Of subscribing. 18th in
90 DAYS: and the other S-5ths 10 in.
,talments OF s months " The dcnomina-
ion Of 'he 6 pei cent. stock, and the pc
-iod Of rsdeemins the SAME. tose,he, with
the fund for the redemption thereof 10 be
hereafter established BY law" &c.
tits expressly provided that the p-in-,
cipal a. well as tic Interest Of the 8 PEI
cent stock created by the State, is to be
charged upes and TO come out Of Inc Lii.
;srary Fund.
A subsequent section provides that III
the 5000 shares authorized iobe sub>crib
ed by individuals, be not taken within
ten DAYS after the opening Of the books.
then that subscription is to be null and
The moaes returned--bu. the books are
igain to be opened on the 6rst Of No
,eurber.
The Bank at Richmond is TO ssta5,ish
A branch at Lynehburg.
On the same principles. there is TO be,
, Literary Fsa.i bank at Norfolk the
;apitai stock S9oa. 600; 40 Shares toi
De allotted 10 the Fund for Ia,er nal Im.
srurement 5000 to individuals the
-e.iire 10 belong 10 the Literary Fluid.
he President aad Directors are IN have
i in their power to subscribe $4,000 of,
me stock 10 the use OF the Roanoke Ma
'igation Company.
1.-THE subscription Of individuals should
all III Narfolk, aud Gil ia Rclmoad. therl
ne subscription maze b. the Literary
sand to the bank at Norfolk. is to be
transferred TO the stock Of the bank att
hichmeud, whose capital Is to be eRlars-
ID In that Proportion.
A bank is 10 be established at Peters,
burg en- the same principles and term. as
ii Norfolk.
The Toll wing, then, are the Banks aud
capital to be created BY this bill,
CnpifaI