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

WEDNESDAY, Feb. S5.
On motion of Mr.. Dade, the Senate took IN th
Dill Extending the Charter of the Farmers Banl
of Virginia. This bill, as it passed the House .
Delegates provided for an extension of the Charte
to period of six years, from June 1927. when tn,
present Charter expires, to cause it to expir,
contemporaneously with the Bank ofVircinia. who's,
Charter is likewise limited to 1833-and for the To-
cation OF an agency of 10000 to take effect afte
June 1927, at the town of Danvlle in the county n
flttsylvama In the Senate, it was referred to g
committee consisting of Messrs. Dade. Chamnar
johnson, Cabell, Clopton, Otey, Duncan, Claiborne
and Page.
From this committee, the bill was reported wifi
the following amendments, viz. Increasing the peri
Oh oil extension to Hfteen years exactng a bonus OF
oo,OOo to be paid on the LIST May, 1927, bv the
private stockholders to be appropriated to the pur
chase OF Library and Apparatus for the Universe.
" OF Virginia: and requiring a general convention
OF the stockholders, in Richmond on OF before the
LIST May next, to signify their acceptance or reecti
on OF the terms upon which the Charter was ey-
tended.
MIR. HILL said, that he was, under any ciycurp-
stances, opposed TO the extension of the Charter IN,
he Inclined nevertheless to ma kc the hill ne lii
tie Objectionable possible If the bill did pass the
Senate, he was III favor Of annexing the pa vent OF
bonus, as condition of its renewal. He thought
the better course to pursue, was in the first place
to ascertain the sense of the Senate to the uucs-
ton of asking bonus; and if they determined to
require one subsequently give it suca direction
as would withdraw 1T from the operation Of the GEN
eral Jaw. If the Bank Charter was to be cytended.
ne was in favor of demanding bonus-for if this
Bank is released from that demand every Bank
whose Charter hereafter expires, would claim 81
mllar exemption. IL the banking privilege was a
valuable one, those who derived advantage from its
exercise, ought to pay for tiff without value il
would be wise policy to discontinue banks To trv
the sense of the Senate, Mr.. Hill then offered the fol-
lowing amendment: Otssubstance may be Inferred
from the discussion which ensued.)
Mr.. HILL said, it would be useless to ell the
blanks IN the amendment at this time or before the
sense OF the Senate, on the question of extension
had been determined. The longer the Charter was
extended the larger, he thought Ought to be the bo
nus required A majority might be in favor of @
specific appropriation, if not for the bonus Ifa ma
joriy was in favor of specific appropriations there
would be no difficulty, if his amendment prevailed.
IN giving the bonus specific direction. If both a.
gainst bonus and specific approximation If that
bonus, then the sense of the Senate will have been
ascehained as to the amendment reported bv
the select committee. If the Senate we're in favor
OF Doth bonus, and specific appropriation Of it.,
both objects might be attained by amendments IL
they wished the bonus to be paid in gross sum, in
y
fected in the same way. As TO the payment of the
bonus in annual instruments, Mr.. Hill said. if it
would not prove equally scrviccable TO the Unver-
sity, as If in gross sum- the Rector and Visitors
might be vested with authority to make arrangements
with the Banks for All immediate liquidation O., the
sum they would eventually have to pay, and this
arrangement, 1t the Bank in situation 10 make
IT, would prove beneficial to the stockholders.
Mr.. BRAxToN said, ne felt compelled to vote for
the amendment offered by Mr.. Hill. For one, he
was in favor of making the stockholders pay DO
nus for extension, and to make specific appropri-
alton of that bonus TO the wants of tho University
lie did not desire, however, that the fate of this bill
or any other, should depend upon the popularity Of
an extraneous question. He thought the questions
should be divided, and the vote first taken on the
bonus If the Senate determined to require bo-
nus, then it could make of that bonus what dispose
ton it pleased lie felt disposed 10 lcgslate upon
fair principles. If the Senate deteSIiIed to exact