The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1817-01-13
[ Rfhorted for Me Richmond CcncfRc7 /
VIRGINIA LEGISLATURE
=, January q.
Yesterday variety of local businc SIS
"as done In the House of Delegates.
NEW BANKS

Yesterday variety of local business
"as done In the House of Delegates,
NEW BANKS.
We have to announce the PASSAGE oil
the Bill through ,he House OF Dele.
gates " Establishing sundry new
Banks within this Conn onwesltb. IS
Inc question waa taken OH Monday, at
late hour, MIR. Blackburn having pre-
Vlously spoke considerable time i'm
opposition TO it-and he bill succeed
cd by the very thin majority CT eishfr
70 Sepenty-eigat 1t has gone up 10 the
senate, who, it is hoped, will modify
tbs in portanl measure.
The House Of Delegates filled the
blank in the bill, so AS 10 extend the
charter 10 May, ls34-the time. When
rhe Bank of Virginia will expire byits
own ii'nitalion. The whole subject
viii then again Gene in review before
the Legislature; who may either abol.
'sh the whole system, or modify i, in
such way. IS the lights of experience
may dlrect.-This, at least, is The idea
OF the friends OF The bill.
Ii this Bill passes the Senate, in :be
shape In which il left the other House.
the number Of Bsnhs and the auount
OF banking capital will receive a con
sIderabie augmentation the former in
much greater proportion than the lat
ter-lo give some idea OF this.v We snb.
join the catalogue oi the rev Banks.
aud their proposed capital s:ook--as de.
allied by the Bill, low before the Sen.
a'e-As The JHe'Gry Fund Banks cut
promIpcnt figure in the scheme, il 10
essential TO present view OF their COM
position.
This scheme contemplate. a Bank in
Richmond unGer the rame Of The Line.
any fund Bank # Richmond, wuh a
capital OF s 100000 in shares OF 800.
$50 to be retained for The use OF The
Common wealth, TO constitute a part of
ne tnnd Tor internal IiDprnven Cnt (;
5000 to be disposed of TO individuals.
anc the residue 10 be for the sole use of
lie Literary Fund. Books fer dispos.
ing ct the shares TO individuals 10 be
opened on the LIST Monday of April
next is OF each share 10 be paid in
the legal currency Of the United States
al tie time Of subscribing; go Gays af.
CT 18th; 18th within 80 DAVIS after
Tic last, at which time the banks is to
90 INFO operation; and the residrarv
2-5hs IN equal instruments OF 80 Gavs
| each. The dividend ON the said 5000
! 'hares 20 be charged with the raymepi
cf the T5o' belonging TO The Furd 70.
Internal improvement. The share.
subscribed ty The Literary Fund, arc
10 be paid, enc moic'y in 6 per cent.
sleek oil The state, to be created 'or ,bsr
purpose ; the other, in The stock row
held and which may be hereafter ac.
CURED by the Fund, or in the teeaI
currency Of the United States: Is ct
The time Of subscribing, l-5th in 90
days. and The other 3-5'hs In install
mcnts OF months. The denou.ina-
il"n on he per cent. stock, and The
period Of Iedeeming 'he same, tcce,h-
er with the fund Tor the redemption
thereof 10 be hereafter cs,abiishe by
law" &c.
II is expire ssIy provided that tie pfin-
cipsl as well as the Interest Of be s
per cent. sock, created by the State.
IS to be charged upon AVID 10 come out
of the Literary Fund
A subsequent sect provides, ia,
il Tic 5000 shares authorised 20 Lc sub.