Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1830-02-15

ried-Ases liz. Noes -.
The House then aeni into Committee OF the
Whole oo The Bank Bills--Wbeu The question
OF Bills OF Exchange came up.-lh- PROPOSE
lion OF Mr.. ooode prohlbifs The Bank, OF any
officer of tha Bank. or any other person Tor the
brnrht OF the Bank, from purchasing 4 bill OF
"xchange, drawn on ans citizen Of the State,
unless speh bill shall have been prepious'y sub.
miHed 10 The confederation ofMe Bo1rd Of d
reciOrS-And IL also prohibus any officer OF tho
Bank DC. from dealing other bills of ex
change, who shall not have been authorized 30
To 10, by the vote oil majority Of the Board,
aud each person thus authorized, IS required 10
report each purchase &c. 10 the Board Of Dr.
reciors, al their next meeting e@c.--Mr. Mason
| propoied To amend this proposition, by reqnlr-
~ SIMPLY hat The report should he made 10
the Board, mot every particular case oil nego'
iiation.) but +" AT staienipcriods. such As may be
required by lie Directors, NE amount Of btis
80 purchased.
Some discussion took place on the amend
n'rnt Of M. Mason, which was supported by
him aud Mr. liafvie--aud o. posed nv Mr.
Goode Mr. Gpode commended thai the Pfesl-
dcnI aud CASHIER alone, ought nott haze ihe
power Of involving the Bank 10 such exieht've
transactions IN bills Of exchange, as they might
please; that no such power should be given TO
any Two Officers of the Bank, MS that they
should negotiate any amount, perhaps hall
million Of Dollars, without submitting them 10
the Board OF Directors and IN reply to the
other gentleman, that NJ I0slance Of IMPROVE
dcnce could br adducad, under Inc power rs al
present ekefGi,ed. Mr.. Il stated the case Of
till nrgofinled AZ Petersburg, III the Virginia
3ank, where blil had been purchased Tor
S3s, 900. without an endnrsrr, and the bill had
been losI.--lt Was argued on the other hand,
.. In
tate the operations aud advance the Interests
of the Bunk aud that the provision proposed
by Mr.. Mason WIS IA sufficient check on any
abuse ol this power that II the provision oil Mr.
C,00de was adopted, il would operate AS re
suicti." On tie Bank of VuPiula while the
Farmers Bank aud the Z S. Ban& would pos
-ess it ,-thn dealer. would 60 to them IN pre-
! ference - and that The meeting Of the stUchold.
| -rs had consented 10 give this pUwer-and was
| he House 10 say, that they should assume the
| whole control al this Bank, and leave nothing
to the individual Stockholders; aud as TO the
case ~ Pc fersbdrg, tnat The bill was negotiated
| hN the Cashier alone, IL the absence OF the Pre-
| srirnI; that The drawer VAS At the time in high
! credit and that about 5000 OF the money
had Deen .aved by the Bank.
/ Mr.. Robertson cave the history Of the bill Of
Exchange IN Petersburg, stating that the drawer
|
been in unexcepipnab" credit I'll the manlen
I hnl my. failed TO pay his bills that the
! ,Iawef W. counrc ird with an extensive tObac-
| CO business IN Paris and he was supposed 10
command w. ~ three hundred thousand dol
| lars; and that 70 bod, had suspected the un.
| fortunate event hlcl had taken place and
| that he Ina no doubt the Directors themselves
! would haya assenled 10 the negotiation of his
several drafts o the amount of $3S OOo-Ol the
character and conduct OF the Cashier, he spoke
| in the highest trrms-aS enc of the mos honest
men IN lie Commonwealth aud whom The
! Stockholders Ind Subsequently confi' med in he
uossession al hts 9th e. VI K sal | mach had
bceu urged agalns, the Banks hut he conf-
dentlv said that hr had seen nothing in the
| conduct of he Banks, nothing DARK, nothing
| dishonest, nothing winch any mal could fairly
rpprobate-that they werr liberal AS well as no
| upst in their Iansacions-that the Directors
had no paN--aud acted without any hope OF
rewH,d-Mr. X. commended, that there was moth.
ing ~ the conduct OF these Banks which was
calculated to draw down th9 censureS which
had been cast upon them--that they bad been
conducted with thu most perfect not gritty and
that 40 good could arise from these efforts 10
trammel, cripple and brenk down the insh'u
tons in the State that there was one intallible
ties, which could not he mistaken that their
paper was equal Ia specie aud that there was
not mute winch Was not good god aud
silver IN lie pockets OF the holders aud that h.
believed the paper of the Virginia Banks was
the only paper which WINS ~ par--thaI AZ To The
poison which il has been said thew were cicu-
latine, we reali, had bal one thing 10 regret
VIZ that he could not get as much Of their poi
son as was desired.
Nr Gpode espresso his surpri2e AT the re
marks OF the gentleman iIom Petersburg
many ofthe officers OF the Bank. he entertain
I'd great respect. Gentlemen had cIalned for
thrm 'hr possession OF the greatest merit and
intelligence aud while he himself was ready IL
assent 10 this opinion, ye what does il prove
That ifwih such Intelligence as they posse SIS
they have incurred losses ny negotiating bills al
exchange, Joes II not show that whilst IL is not
their fault that IL must have ariNentrom the wsn
OF u proper organization And probably then
very virtaes their liberal disposition their good
feeling, (Which the gentleman from Petersburg
had ascrbed 10 fhem) might carry them too Tar
nd impose the necessity OF d check on them
: y rhe l}oafJ OF Directors.
Mr Robertson ex planned that he had never
Dnown OF any loss produced 10 he Bank by thu
cause.
The question Was then taken on Mr.. Ma
SOP $ amendment, aud lost without an dlyi
sion.
The question REQUIRED "a Mr. G ,odr S amend
uro. which WAS carried (apparentIy by larg
m'j"rity.)
NJ Minor offered a new section, to come i,
b, ween the SIX and seventh sections.
il Aud be ii further enacted. That the Dlrec
Il tors al the several places where the bank or II
u Office shalt be established tor the tine being
T. shall have power 10 appoint such officers
, clerks anu servants und'r them, as snail b
o necessary for executing the business of the Cor
). p0ratiou aud To au" thrm such compensa
tIon Tor their services respectively as shall b
y reasonable, aud shall he capable oil eSereisin,
: all such powers aud authorizes for the we'll 90
verning oil the affairs ofihe said Corporation
, sShall be pre-, cribed by the bye laws, ordna
I ties aud regulations ofihe same.'-Whch wa
rejected,
e The Committee then rose on Mr., Grigsby'
. motion, ard the Ghail mau reported the b