Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-02-09

occasions: WY shCi;ld lie have icssepcner. ~ no.
matter than in the appointment Of lErcciors. hss.s
Minor said he would never consen. to eisc-up =
sanitary power III tins case, y HIGH weiretoinet
regard to all ether corporations.
AIR Bryce sud, instead Of diminishing the ~ -
OF the Treasurer, his amendment conferred ~
power which he Lad not before. This power \
gwen nm IN addition 10 his present power ofslpcinM'
ing the Directory '
MI .asitnor replied. little power of,he Trea
was eqolyaleht as 1t was, 10 controlling the apponi
iihent OF DIRECTOR, why not give him tLo same pGges
here, and make 1t uniform?
Dir NtiiuDsS of IIenrico, corrected somc nisaS :
preifsfsions as to the power of the Treasurer. - \
had not 5000 votes as stated, and he had on some
occasions been ovefrulcd in the appointment of lec@
rectors. Save the appointment of Directors. The
reasurer By her present charter, lad no power I,
Whatsoever. The. consequence of the amendment
OF Tie gentleman from Goocliand, tMf. Bryce1
would be to give tie State u great power, one-third
OF The votes, IN questions where it had now no vote
or power; A vote equal TO oue-third of the wiole
vote, would generally be CONTROLLING. 1t could rot
be desirable 10 retain u greater power.
MIR. Jsitaor replied, and Mr.. WiiiiumS explained.
MIR. lttees said that the amendment was a ale,e
delusion. II dld nothing Itself, but reetsl y sasery ed
the rigt't ofiegislatlon hereafter. Ms, r illustrated
his former remarks by various views ard reference to
The old charter OF The Bank of Virginia.
Mr. Rarrje, while he should vote Cor the amend
nieIii ottbe gentleman from Goocilana, yet iaouglt
That 1t conferred too much power on the State. The
oahN was a Joi;it stock company, yet in al othcs
JOINT STOCK COMPANIES for any purpose, the Stale re-
tanned q power IN the appointment of Directors. To
referred 10 the Farmers Bank, and to that of the L.
States, as furnishing no analogy for the course Leso
attempted towards the Bank OF Virginia.
The question was then put and Mr.. Bryce's anacul-
hSent carried Ayes 81, noes 50
The 7th section being read, which requires The
notes of tn" Bank OF Virginia to be received in pas
ments to the State, NJ. Gooas moved to amepd -
follows:
If the said back shall at any time fail or refuse 10 .s,jesm
" notes IN gold or SILVER coin, its Issues shall be no lausee re-
also hereby reserved 10 the Legislature, at any tine, to provide
by law, that the bills or notes Of SAID banl, shall moi u ,ersiy.
-Uie ~ payments to the STATE.
Mr.. Cooac explained the necessity for This 5!a2nd-
Deut, aud it was adopted mem. con.
iii, G"ode now n!oved a ne" section to the Bill III
The following words:
lie II enacted, That nothing in this act contained
shall be SO construed as 10 require the dercsite in lhs
b"nk OF lH5inla OF any portion of the public moHcys
but that from and after the expiration. Il The term !4P
which IT'S charter was extended by the act, emitted
"Mn act Tor eXteHd'ng the charter Of the Bank of Vr-
gina and Tor other purposes passed January 24.a,
lSli, ii may and shall be lawful for the treasurer 30
nnHEe ~deposites III sad Bank, or not, as the public ia
Ierest my seen. to him TO require, subject only to tbs
control and directions Of the Legislature.
Ar. OHasoa OF Fred, moved TO cmend TIE amer :
nent by adding the following words TO the 9Th sec
lion no deposit OF The money Of the Commonwealth
shall be made IN said Bank, at any time, after said
Eank sha!! cease 10 pay specie for its notes,'-wbich
words he proposed as a substitute for the na% section
offered By Mr.. Goode.
Upon these propositions a very long discussion en-
sued between bIessrs. GoOde and Mason, when HE
amendment Of the latter was reiectcd-aad then Iir.
Goode's aAnendneai was adopted.
lIr. Gt.Tfaid OF Nelson, offered the foIionirr ass
new section to the bill:
Re il enacted by the General Assembly, TIA, TIE President
and Directors Ct the Bank Of Virginia, stall on the DAY
OF the profits of,hs Bank, Of y ome ne r. e emu, u
Inc eap n,bas s' S"iy ' be go; for n the e purpose sf making good sny
under The renewal OF lis charter.
The sum 50 sat apart shall be Transferred ssni-annuauy as
aforesaid OF Tie books OF the said bank TO the credit of
i"f met ic neuis' arr: ior the time being. -io are here
by appointed Commissioners FOR the arrangement Of the fund
Aforesaid, and whose duty it she'll be 10 insert the same flou,
NJ a soo, ahet ~ Te2eip' as practicable, either in stockso OF
deem advisable, together With le dividends and ' ;n1e, "a.y
which shall accrue 'nerson, taking the certificates l SUCH
FOR the s,oea ho!ds.s q the bank Of Virginia, AM such cerqi.'
cafes shall be deposited iI safe keeping, with vino shall
give duplicate receipts thefeio, one to be delivered to
shall annually report their proceedings aud the s,a;e5i line
fund committed TO their charge TO the General Assembly.
me iurd SO set apart and appointed shall not be considered
sad bank whereby is capacity to extend its business may be
either Increased on diminished, but shall be held sacred as
separate interest Until the expiration of the charter, at which
time 1t shall be disposed of for the joint benefit of the stock
holders OF said bank, IN such manner As they in gsne,al mes1-
ing shall deteTmiue.
Mir. Harpie opposed the amendment, ana recon-
menGcd 10 all the enemies Of the Bank to vote for it,
as II adopted 1t was certain tie stockholders would
not accept the charter. hIr. IL. gave other views
which our limits do not permit us to detail.
Mr.. Gariand replied The same prediction had
been made when a similar condition was annexed To
the renewal of Bank charters 10 New York; yet whrn
the time came, the charters were accepted notwith-
standing.
br WiHian.s Of IIenrico, said it was both the d1-
ty and the interest oi the Bank to set apart a portion
2 of its profits to meet possible losses to its capital, anl
D if the gentleman from Nelson had not confidence III
the Bauk sufficient to trust them TO do what was bofh
their duty and interest, he was right in offering tiie
amendment. Mr. w. Investigated tie priocip]e Of
s the Amendments to show its inpo!cy AID ineXpe-
" dieucy.
Dir. Uarrie addressed tie committee against, and
Mr.. Garland in favor ofthe amendment
n Mr.. Wilson, as the hour was growing late, and the
proposition novel and important, proposed taJ- TIC
committee rise Negatved
The amendment '"~s then ncraiivcd.
air ,Visor moved that the committee risc-AYes
: o.. noes II.
Mr.. Goods now moved another amendment IS Il
separate section to the Dil, but before it was disYo,e
Of, the committee rose OF motion Of Mr.. .Mcianaey.
And the House adjourned.