Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-03-09


adverse trade, had to contend with powerful Banking
institution strengthened by the immense deposits of the
Zen. Government, whose credit aud circulation
extensive with tho IT, States and Territories avng the
circulation Of .h Shank to the limits Of Virginia
and the borders OF tn. adjoining States. Your Me-
moraists do not mean TO oiar any argumen, the Sys
tern OF Banking, while they beg leave say the prnc
pie has so often been sanctioned by the General Assem-
bly, that many OF them have relied its disposition to
continue the Bank Of VirgiIia-All sister States
nd Indeed, Commercial Nations, have adopted systems
oil paper credit in shape other, and your Me-
oralists submit TO the wisdom Of the Legislature, whe-
uer be not more consistent with the rights and iii
n'fy OF this State, TO possess circulating medium
der its own authority, han allow the country to be
hiied with the paper Of Institutions which the Co
Vernnent has no sort OF control, and of the condition Of
which, Its citizens have no accurate information
Your Memorialists are convinced, that unless IN can
obtain some assurance Of extension of the time
the Charter, il will be their hounden duty at once TO
oeg'n rigid curse Of reducing their outstanding debts
measure, that would produce under the present
don OF the country result that may very injurious
10 your Memoralists aud to the Agricultural interests
oil the State Besides, the Cornonw calh ming 1029s
shares oil the Stock, more than onethrd Of the whole
caPta) great proportion Of whatever loss there NAV
be- IRON winding up the OF the Institution at
ms uniavorable coDuncturc must be sustained by the
voVesnment For its own security, the Bank has ta-
Ken hefs on and has acquired by purchase under the
limitations oil the Charter, considerable amount of re-
properly 10 put large portion Of this property in
u market at the moment the Bank is forced TO render
the circulating medium scarcer by CO lecting its out
standing debts may bring about fearful degree of dis
ress when very gradual process Of selling ii out on
suitable OCCASIONS while the circulation is full NAV save
tho debtors from ruin and the Bank from injury MANY
OF the Of the Bank Planters and Farmers
who were forced to borrow under the pressure of the
times and can only make by easy and gradu-
al instruments A number Of these, by industry and
frugalty enabled, conveniently, to discharge one
eighth or one-cnth OF their debts annually, who would
inevitably sink into utter insolvency under rigorous
and rapid cxacton of repayment II has been the poll
cy OF the Bank OF Virginia lin cases TO its own
os 10 use ieny towards its debtors, and TO await the
lawn OF more suspicious times Tor coercion, where
cion was necessary; but your Memorialists now see
the termination Of the Charter nearly ching
that II Is incumbent them ascertain the proper
course for them hence forward pursue They there
lore, appeal to the wisdom of the Legislature TO renew
the Charter, and to enable them TO continue promote
the facilities of Commerce. and the relief of Agrcul.
ture."
This Memorial was referred to a Select Committee
oi the House OF Delegates who reported il re
and obtained leave TO bring in Bill The n wa, di,
cu,ssd great Length in that House. and after under
going various molti cations, 'sed through both Hoi
ses Of the General Assembly, in the following shape
AN ACT,
fi'fher to erfend The Charter of the Bank of V-ir-
ginid, and fer other purposes.
passed. Fen. nth 1880,
"Whereas the Stakeholder. Of she Bank Of Virginia
nave at late meeting, authorized the presentation Of
Memorial to the General Assembly PRAYING for an
extension Of their Charter:
al Bet, therefore, enacted by The General Assembly,
mat the Charter OF the said Bank OF Virginia. grant
ed by the Act, passed the 30 day of January 1904
ginia and extended by Act passed on the 9th dsy
Of January, 1914, entitled, can act Tor extending the
Charter OF the Bank Of Virginia, and for other purpo-
'es, shall be, and the same is hereby extended r m
the LIST day OF May in the year 1884, for the term of
nine and onetwelth Yeas thence n. xt ensuing du-
ring which period. all the rights, privileges irnmu-
mites shall be possessed and enjoyed by the Corpora
lion Of thesBank OF Virginia and its esps Give mem
bers az il the expiration Of the said extended Charter
had, by the provisions Of the existing Charter been de.
TERED 10 The period, to which it il, by this ac', ex-
t. nded.
"2 BE it further enacted. That the said Bank .baI
have the privilege OF establishing, and shall establish
IN he course OF the current year, Office of Di.count
and ID posit, at DAnvle; upon the same footing in
all respects, wi h those establish at Petersburg
Fredericksburg, and Lynchburg:-PrJridrd, that
Stockholders in suffice number an of prop.r
cations for Directors thereof shall be found resident
in Danville and the adjacent country: and Pr aiLd.
that the said Bank may, it, in its discretion it deem. il
expedien, APPOINT seven persons only Tor the purpo
OF managing the said office Directors thereof
"3. Be nJfter enacted That in consider alton of H.
extension OF said Charter there shall be paid 10 Tho
Commonwealth each Share Of the Sleek Of the said
Bank, held by other Stockholders than the Common
wealth, three per ceu,n, payable by six semi annt-
al reservations of thirty Gems, out OF ten semi annua
dividends, on each share belonging TO ockholder.
other than the Commonwealth, until the whsle of tho
Aforesaid sum Of three per cenum per .har. amount
Ing to hfty-one thousand three hundred and six dollars
shail have been paid: Provided. that the whole O
SAID Tires per centum shall he paid within five wears
after the lat day Of May, 1888.
81 BE nJWfhe, enacted, That a majority OF the hi
rec,or' shall hereafter be sufficient TO constitute boar.
at the said Bank and the several Office. of Discoun
ami Depo'i' Tor the ordinary transaction OF business.
and making Of discounts.
rs Be ii further enacted. That the said Bank a
Richmond and any Of it, branches shall hereafter b,
allowed to discount bills and notes that have mi NOR,
than four months to run
sc BE ifJuriher enacted, That no President or Cash
Ter OF his Bank, shall be directly indirectly concern
ed in the purchase sale OF any OF tn. pubic s,oct NJ
fund, under the penalty OF $40 OO0 TO he forfeited one
half thereof to the OF the State and thu Other
10 the use OF the nformer shall the Cashier he al
lowed 10 carry any other business than that of tbs
Bank. under the penalty Of So O00:-nor shall anv PR.
sdent, or Cashier other officer be 10 yot
az Proxy for any ,tockholder, at any meeting of tn
s'ockholdersof the said Bank In ali meeting. of In
stockholders, the Treasurer Of the Common ealth n
such other person persons shall be appointed from
time 10 time, TO represent the Interest of The Common
weaIti in the said Bank, by under any law which
shall he enacted for the purpose, tali upon ever,
que'iion, other than The appointment of
woe or votes equal 10 one-hrd of all the woes eivrr
IN The meeting upon such question The ann inim r NJ
OF Directors shall rel main az heretofore.
| 81 Be IL further enacted, That he bilis or no'cs q
the Bank oil virginia, originally made payable or yhcI
snail have become payable, demand in gold or ell
yer coin, shall be r. csivible in all paympp. 10 tb
State OF Vnginia:but, IL the said Bank shall at an,
time fail refuse TO redeem s notes in gold or silve
coin, its issues shall he longer receivable "a aore
'Aih-Aad the right il heieby reserved TO the
tuie at any time, TO provide by law that the bills a
notes Of The said Bank shall be receiy able in nav
Hients 10 The State.
"S BE hJWther enacted, That it shall he the duiv q
the Treasurer from Is day Of March 1890 IN depos
one moieiy OF the public monies in he Bank Of Yirgi
MA in such manner as is now may here after he mr..
scfibed by Iaw:-but II, at any time the Tres.ure
shall have good cauSe 10 suspect that any tnry will b,
sustained by the Common in making such de no