Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-02-27


pendenty OF the opinion they should give as TO the
direction which il should take. If the two objects
were blended, gentlemen might be compelled to vote
inconsistently, some being disposed to- exact bonus
who We're yet unwilling to appropriate that bonus to
the University.
MIR. CABELL said, he felt DESTROYS to pursue that
course, which would soonest, and most certainly ar
rive at the sense OF the House. This object, he
thought, could be accomplished in more simple and
direct mode, than the one proposed by the GENTLE
man ifom King and Queen. The subject had been
| iaTiy discussed III the select committee, and had
there assumed the shape of two distinct propositi-
ons: Shall there be bonus asked, and what shall
be the direction given it? MIR. G. asked if the sense
| Oh the Senate could not be as well ascertaned by
moving TO strike out the appropriation of the bonus
TO the University, in the mode pointed out by Mr.
Hi: he thought that the mode suggested by him,
would conduce TO economist the time of the House.
Ii the Senate determined to strike the appropri-
auon It's sense as to the other proposition might be
oo'anedin ifthey refused to strike
OUT that would Indicate their resolution require
bonus. Mr. Cabell objected 10 the payment of the
bonus by instruments, diminishing the value of
.he appropriation. If it was paid gross sum,
would AT once enable the University to 20 into ex-
tensivc and successful operation, whilst il would in
very small dngrec, if at all, embarass the Bank,
| more than the other mode.
Mr.. CHAPMAN JOHNSON advocated the mode
proposed by Mr.. Cabell, for ascertaining the sense
Oh The Senate on the two questions, of exacting a
oohus, and appropriating it to the University. Ifthe
Senate refused to strike it out then its sense in favor
OF the specific appropriation would be clearly ex-
pressed-ifit was stricken out, direction might
! DE prescribed for the Bonus. MIR. J. moved to "a
mend the amendment of the Select Committee by
striking out the specified appropriation to the Uni
vcrsty.
| MIR. HILL repeated the objects which he proposed
from his amendment and his conviction, that they
would be best attained in that way
MI. JOHNSON believing that amendments could
De ohered with less hazard in committee OF the whole
| ana aliedging the great importance oi the bill and
the necessity for maturing its details, moved to re-
commit it TO Committee of the whole, and that the
senate IN Committee, proceed once to take il in
to consideration.
| This proposition was adopted, and Mr. Dade was
called to the chair. Mr.. JOHNSON said that this was
course very rarely adopted by the Senate, and
that since he had been member of thai BODY il had
only on two or three occasions, and those when Re-
| venue bills were under consideration, and when
ey hda no discretion but to reject adopt resort
cd 10 that mode of deliberations On those occasions
the senate without very strict regard Parliament
| tary rule had moulded their proceedings to their
wishes, and had attained their objects i'm the shane
Oh resoiutlons-Mr Johnson proposed to adhere to
the example at this time, and with view TO tes,
the sense OF the Senate the question of bonus or
no bonus, moved to adopt the following resolution
| mat bonus ought to be required.
Inns resolution was adopted, mem, con: whereup-
on Mr.. johnson moved another Resolution as fol-
| lows viz.
That the sum paid by the Bank as bonus. be
applied to the purchase of Library and Apparatus,
| Tor the University ofVirginia"
MI FACE moved TO ameud the Resolution by
striking out the words making specific appropfia-
alton OF the Bonus, and diret ting its appropriation
"according to existing laws" CThe general law
ltgn Ic-,r - Nf, ~
provem,nt)
Mr. Pages amendment was lost ayes 9, noes 10
! and the Resolution adopted, without division
Mr.. JOHNSON then offered resolution to the eff
feet, that the amount of the bonus, should be $50
600.
Nir. DUNCAN was against the resolution. Hi
thought that the Senate had commenced at tn,
wrong end, and that ii useless to settle the a
mount OF the bonus, and to specify its appropriation
before the main question of extension, had been de
cided 1T Mr.. Johnson would therefore Withdraw
MS resolutIon he would offer one, which would ties
.he sense OF the Senate ont his question Mr. hav
ing consented to he Mr.. Duncan offered the
following Resolution,
That it was inexpedient to extend the charte,
ior longer period than six years" Mr.. Hill NOV:
ed 10 strike out b and insert I0-Lost without di.
vision. The question then taken on Mr. Dun
cans resolution,and carried in the negative ayes
noes IL.
Mr.. johnson renewed his Resolution which was
adopted without division.
i Mr.. JOHNSON next moved the following resol,,
| ton,
That the whole bonus be paid on the LIST Nav
nextor as soon thereafter the Rector and Visitors
OF the University may require" Carried without
a division.
MIR. HILL said that when the Bank of Virginia
ana armerS Bank were incorporated, they had
been privileged to extend their issues to three times
1 lcan al
Assembly In their subsequent legislation, availine
themselves OF the progressive experience which the
operation of Banking had afforded had in relatiento
the N erh Western Bank & Bank oftbe Valley limited
| their issues TO twice the amount of their nominal
capital. In addition to this, these last institutions
were required to transmit annual statement or
their situation verified by the oath of the President
or Cashier. He thought this wise provision, and
that the annual exposition of tine Farmers Bank
should be rendered IN the same way. Mr. Hill TO
attain this, proposed the following amendment.
| That after June 1927, the annual statements of
the situation of the Farmers Bank, shall be verified
by the oath of the President OF Cashier-and that
after the PERIOD that institution shall no; issue
but Sl296,00O, beyond its actual capital and amount
of deposits
MT. Hill entered into elaborate examination of
the situation ofthe Farmers Bank-the debts which
IT owed on account of its notes in circulation and
the deposits which had been made in its vaults-tbe
debts which were due to it, and its available funds
III specie, the notes of other Banks, debts from other
links, stock, &c. From all these data Mr. Hill drew
the conclusion that the actual capital of the Far
mers' Bank, instead of S20G0,000, was only l.2g3.
o0O, and consequently that its circulation ACCORDING
to the course, the Legislature had pursued towards
the North Western Banks, should be restricted to
twice that (Wehave no room at this time for
the interesting statements of or. Hill)
FIR. JOHNSON, observed that the reason which
had induced the gentleman from King & Queen. to