The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1829-07-02

! Charter was, by the consent of our Repre-
sentatives, on motion Of Mr.. Allen, of N.
K. continued to the next session.
! An act passed requiring the General
! Treasurer to deposie the funds ofthe State,
in some safe bank, that would allow inter.
| est. F' t..a -
Partueket Farmers and Mechanics Bank.
NrArnold and the Attorney General pre-.
| sened to the House full and detailed
statement OF the situation of this Bank,
which They had been appointed to invest.
gate. II appears from this report, that the
Bank was Incorporated in 1923 and is sub
! jcct TO all acts OF the General Assembly af.
iecling its. Charter The stockholders are
! individually liable, if the Directors do nol
conform to the General Bank Act. This
! liability, however, can only arise ia case Of
fraud on the part of Directors, which is not
pretended in this easel The stock is also
pledged by the Charter, for debts due from
Stockholders. er 1
The situation Of the Bank the Oath day
ofJune 1929, was as foliows:-
! Or. Capital paid in .t S20OC00
Notes and Drafts payable $4,000
Circulation 2l.1I2l
Surplus and Dividend account 4,754
Deposita -.t- 1902
1887, 1856
| Cr. Notes s. Drafts Receivable $33l.4lS|
Deposits in other Banks 54G3
Interest account, &c. ,433
Specie 50
! $685., ,366
The only material variation between
this and the state Of the bank on the 18Th
Of June. was that the circulation then was
S2l ,li2, and Deposits in the Bank S24 ,2s 4
specie SEQ, Tho deposits Of S54f3, was
| held for other responsibilities at Bank III
! Providence, and was merely nominal. 4
hl bat two Of the Directors have made
assignments or given mortgages 70 secure
creditors. On the 18th the Directorsvo.
ted TO suspend specie payment Between
q and $1,000 in Post notes were now due
from the Bank, 5000 ofwhich were protest
ed. All the bills presented had not been
paid. The whole amount OF debts due from
Stockholders are S2S5,346. of which A. g.
l. Wilkinson are responsible as individuals
and copartners for Sl5l Cos. w. Harris
-.-.l,f' r;..,N fn- ccs ,nGi An tho ond~-a
ors, except one, have failed. The whole
amount Of stock owned by Directors, is S73,
500, Of the debts due from Directors, the
securities besides the Stock consist as fol
lows, for Sl5l ,665. Sundry mortgages of
real and personal estate, and preference in
assignments. The property so mortgaged
is free from all except 49, 900 previous liza
bilties. S24 $50 are also secured by mort. |
cages from other Directors,--S649 96l, are
only secured by preference in assignment.
S455U is believed TO DO amply secured. by
Sll 900 in stock, and by mortgages worth
SS000.--$S320, due from one Director, is !
provided for in assignment, but the securi.
.ty not known. The Committee in conclu- !,
son say, 1--WE are perfectly satisfied from
tho examination, that all the demands a
gainst the Bank are secure, and viii event
ualy be paid"
The petition Of Duty Greene for Turn.
pike Road, was continued under order Of
notice.
The Assembly was principally occupied
by the trial of Tho docket of petitions.
FiiGuy--The Senate concurred in the
act passed by the House at the last session,
repeating the 27th section of the act for as.
sessng and collecting taxes, with All a
mendmcnt, which was concurrcd in by the
House. The amendment provides that the
repeating act shall not be applied to Cor.
poruions, exempt from taXations by their
Charters.
Mr.. c. Rhodes and the Attorney Gene.
al were appointed Committee to revise !
the License Law.
Petition of Samuel Burlngame for fos.
ter Safe Guards, read and granted.
The Committee to whom was referred |
the subject of law for an equal dis,ribu |
lion of the property ofinsolvent debtors re- |
ported BY bill, which was read and contin |
ued for want of time to mature it. 4
On motion Of Mr.. B. Hc-ard, an act pas
sed authorizing l.. Fl. Arnold, Samuel f. |
Gardner and James +. Simmons commits. !
sioncrs 10 take possession ot'ihe books and
papers ofthe FdrmGs and Mechanics Baak |
in Pawtucket.
There were great many petitions from |,
convc,s for liberation from jail; also petit |
ions for sale Of Real Estates, &c. which |
were disposed Of at the present session.
Saturday. subject of the memoir.
ais and petitions for the extension Of Suf-
fracc, was called up. MIR. Hazard, from
the Committee TO whom they had been re.
ierred, reported adversely to extending
the right Mr.. Hove moved TO continue
tho subject to next session, but withdrew
his motion before the question was taken.
On motion Of mr.. Updike the petitioners
were allowed to withdraw their petitions.
Thus died without a struggle, a subject,
which has created so much excitement in
our State.
| The Senate and House in Grand Com
mittce, proceeded to finish the election.
Oiirer H. .4imy, Esq. was appointed 5th
Justice of the Court Of Common Pleas, for
Newpo,t in place Of II. Tomkins, resigned.
Robert CrdndaH, Esq. was appointed 9th
Justice ofthc Court OF Common Pleas, for