Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-02-10

SEC. 2. Be 1t further enacted, That in the
month OF June, one thousand eight hundred and
twenty-seven, the stockholders of the said Far
mers' Bank OF 'irginia shall establish at Dam
vile, IN the county of Pittsylvania, an agency.
with capital of fifty thousand dollars which
capital may be provided in suck manner, and
from such resources of the corporation, as the
sad stockholders shall deem cxpedient the
sand agency to be managed in such manner and
subject TO such rules and regulations, as the
stockholders, at their general meeting, shall
prescribe.
SEC. 3. .4nd be it further enacted, That the
stockholders of the said Farmers Bank of Vir-
gina shall, at their first general meeting after
the expiration of the original charter granted to
thein, have books of subscription opened at the
mother bank in Richmond, at the several
branches and at the agency created by this act,
for an additional stock, to be cngraftcd ON the
present capital stock of the said bank, to the a.
mount OF two thousand shares, to be paid in gold
or SILVER com, as provided by the original char
ter; the mode OF subscription, the apportion-
fhent OF shares, and the times of payment of the
sums subscribed, to conform, as near as NAV be-
to the regulations of the original charter: Pro-
cidcd horerer, That the president and directors
OF the neither bank, and its respective offices,
ana the managers OF said agency, shall perform
The functions of the commissioners appointed
Tor receiving subscriptions by the original char
ter: the additional stock so to be created SHALL to
ali mtents and purposes, be considered. when
paid for, as part of the capital stock of the said
corporation the subscribers to have the same
rights In the said corporation, and be subject to
the same liabilities as the original Stockholders
the said additional stock to be applied by the
sand stockholders, TO the establishment of an
once OF Discount and Deposit at Danville aforc-
SAID, to constitute, together with the capital
vested in said agency, the capital of said oiice
<ol Discount and Deposit; the said Office at Dan
vile to be subject TO the same rules and reruIa-
IONS as have been, or may be prescribed for
the other Offices OF the said Farmers Bank OF
Virginia.
Sec. H. This act shall commence and be in
force from and after the passing ,thereof''
Alter several observations, Mr.. Colston
moved the following amendment to the first
section At the concluding word &c ertended,n
add the following words-'' and the said Bank
snail oe lii all respects, subject to the same liza
oillttes and penalties, as prescribed in rela-
ton TO the North Western Bank and Bauk of
the Valley, by the 22d, Odd, and 24th sections o.
an act passed the 9Th of February, 1917. enti
tied " An Act to establish two new Banks with
In this Commonwealth"
Alter several observations from Mr. LounW.
in the course of the debate, that gentleman ult
mately acquiesccd in the amendment proposed
by MIR. CoLston.
MIR Mason, ofSouthampton, moved an amend
ment to the amendment This last amendmcn,
was candidly acknowledged to be foI the pur
pose OF defeating the Bill, and was to the follow
ing effect:
Be 1t further enacted, That any person hold
ing note, or notes, issued by the said Bank.
which shall on their face import to be PAYABLE at
any oraach of the same, may demand payment
thereof, IN specie, at the principal or Mother.
Bank, and on refusal, shall be entitled to reco
yer like interest and damages OH the amount thus
refused to be paid, as herein before set forth.
MIR. Garland, at considerable length, combat
cd the amendment proposed by Mr.. Mason
MIR. .Nason's amendment was opposed BY
Mcssrs. LoyaU, CoLston, Wattins, of Gooch-
land, Ha''cie, of Richmond, and Thomson. OF
Fairfax.
Mr DronSoofe supported the amendment.
on the question being put, the amendment
proposcd by MIR. .WGSon ofSouthampton, it was
egatircd.
On the question being then put, respecting
the adoption Of Mr.. CokSton's amendment. was
carried in the affirmative.
Mr.. Ca5eH then moved, that the second and
third sections of the bill be struck out, and
there be inserted, in lieu thereof, the following.
SECTION 2nd.-Be it further enacted. That
III the month Ut June, one thousand eight hun
dred and twenty-seven, the stockholders CT the
said Farmers Bank of Virginia shall establish
at DanVllie, in the county of Pittsylvania. an
Agency, or Office of Discount and Deposite.
with Capital of F. fly Thousand Dollars, with
power to increase the said capital at any time.
10 sum not exceeding one Hundred anil Fin
Thousand Dollars, which capital NAV be prc
Vlded III such manner, and from such resources
OF their corporation, the said stockholders
shall deem expedient-the said Agency OF Office
OF Discount and Deposite, to be managed in such
manner, and to be subject to such rules and re-
gulatlops, az the stock holders at their general
meetings shall prescribe.n
On motion of Mr.. Dromgoole; the question
was first taken to strike out the I'd and Sd sec
tons of the bill--which was agreed to by the
committee.
The question then required on the amend
ment proposed by Mr.. CabeH, and Mr.. C, in 4
speech OF the most forcible and powerful rea
soning, advocated the amendment which he had
moved. followed, at considerable lenyth.
by MIR. Witcher, on the same side of the aics-
ton.
Mr.. Dromgoole, in several speeches, opposed
the amendment introduced by Mr.. CaJeH
The amendment was supported by Messrs.
Thompson, of Fairfax, .M'Farla,ad, Colston
Ha''Uie, OF Richmond, and Loynll-on the ques-
ton beng put, the amendment was carried I'm
the Affirmative.
On motion of Mr.. 1Spooner, the committee
then rose, and the Chairman reported progress.
The Speaker then put the question on the Sc
vcral amendments, which were agreed to:bv the
HouSe.-lhe question was then putt shat
this bHbe ergrossed and read q third time.
Mr.. anderson of Nottoyyav moved tho ;udo