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

persuaded. by laying the foundation of an Academ,
in each Senatorisl District, than bv tellino them ,h!
bonus was put in the Fund for Internal Improvement
about whose operations, they knew nothing.
Mr. While of Rockhridge, opposed the amend
ment, as diyerting the bonus from that fund to which
the general law appropriated it, aud which had nc
other reliance for its increase of means. The bonus
was already pledged to the fund for Internal I'm.
provement, and he hoped it would not be diverted
| from it.
Mr. .Aliao7 read from the act ESTABLISHING the
fund of Internal~f Improvement, to show that the bo-
nus was pledged to that fund-and although no adj
vocate fer Legislative pledges, yet as this had been
given. aud Individuals had loaned money and embark
ed in enterprises upon its faith, he had not the har-
dihood to violate it. He also commented upon the
incompetency OF the bonus to the establishment of
+ 80 Academies.
Mr. Grsgory;supportedthe amendment, and ayow
ed that if it was not adopted, and tho bonus conse-
Grated to the purpose Indicated, he should feel much
less solitude for the passage of tho bill.
Mr.. WiNid1as OF HARRISON, moved to amend the
amendment, by changing the appropriation of the
bonus from SO Colleges and Academies, to the en-
dowment of a College at some place, west of the
Alleghan6y mountains.
In support of this amendment, Mr Wistiaaos adj
verified to the neglect of that portion of the Com-
monwealth, and called upon members in the East to
dispense to tue country west eff the Alleghany,
some OF the advantages which they possessed them
selves II tue bonus was to have a literary direc-
ton, the Claims of Western Virginia, were unoues
tienably paramount. Mr. w. called upon Mr.. BRYCE
I'd accept the aInendment-wbici he declined, aud
49, hSJSStOA " ttNOGt u
Mr. Bsyce'S amendment vas then adopted, ayes 95.
noes IA.
MIR. Bryce now moved to strike out the 9TH section,
which allows seven directors, less than a majority. TO
transact ordinary business.
Mr. HGr-cse said that this provision grew out of the
neeesslty OF the case-the difficulty of getting nine
directors together, at certain seasons of the year.
Mr. Bryce said, if the directory was made to con
aist OF a loss number than 10. he should have no
objection to seven actins-he was only opposed TO
the minorlty's acting.
Or Yaacey moved to strike out the fourth section,
leaving the case as under the present charter, which
requires 9 to act. Negatived.
On MIR. WiHianis' (f HenricoI motion, the word
seren was stricken out.
Mr.. WooBok moved to insert ten. 1t was manifest
from their own showing, that the Banks had been
DONG a losing business, and ii would be e~,speticnt to
throw sddi.io4l guards around the transaction Of
business.
Mr. Haroie advertea to the difficulty of rsttinp q
Boardo OF Directors, and ifthe gentleman FROM Orange
Err. Veolfolkl would not facilitate, he hoped he
you'd not iucFcase difficulties. MIR. WIS amaud-
ment was then %relected, and q meJoyiiy of the Direc-
tory allowed TO act.
Mr.. Yaneey moved to amend the 5th section, by
extending to the Farmers Bank, the same privilege
OF dIsconat1ng notes and bills at 4 months.
Mr.. Hdrose was friendly to the end, but opposed
to the mode.
MIR. RiDes of Campbell, moved to amend the amsnd-
ment, by extending the same privilege to the Branch
Mr. Old said, the reason for giving the mother
Banks the power of discounting i months paper, was
that the y. S. Bank located here, possessed it. ghe
reason did moi apply to the B Branches.
MIR. Minor denied the right to l~eeislate upon the
Farmers Bank, which held It's own charter, and was
not askiag this power at the hands of the House.
La reply to the objection made to extending the pri-
yllege to the Branch Bank he said that although the
us. Bank bad now no branch but in Richmond and
Norfolk, 1t might have hereafter.
Mr. Bryce was opposed to extending the privilege
farther than to the mothe: Banks.
MIR. Fitstugh said that the privilege Of discountinr
| at q months, did not take from the RaDkc tho W.
OF dlsconntIng at 60 days. Ii was convenient, ant
be hoped it would be extended.
In reply to the observation Of Dir. Minor, Mr.
R5oes said, TINT the Stockholders of. the Farmers
Bank might reject the privilege if they chose. Their
was as much reason for extending the privilege TO the
branch at Norfolk, as to the mother Bank, as there
was a branch of the q. S. Bank there. Mr. r.
enumerated many commercial facilities which would
result to the dealers with the Banks, from allowino
them to discount at a months.
The amendment to the amendment, extending he
privilege TO the branches, was then agreed to-ayes
81, noes d..
Ar. Robeffeon, president OF the branch at Peters.
burg while he thanked gentlemen for their Kindness
to the Farmers Bank, said that that institution did
not desire the power proposed 10 be conferred upon
it, of disconnting at d months The Stockholders
had decided that that power was already possessed
under their charter, but had expressly refused to
allow its exercise He therefore moved 10 strike
out the Farmers Bank, wherever it occurred.
Mr. Rtucs of Campbell replied: when the question
was taken, and Mr.. Robertson's amendment necatiy.
ed-and then the privilege of discountinc at fou,
months, was extended to the branches, by q large
majority.
Mr.. Rives of Campbell, moved to amend the 6tl
section, by extending the restriction upon the Pres
ident and Cashier voting as proxy, to all officers 0
the Bank.
Mr.. Old was opposed to the amendment, and the
provision of the bill sought to be amended. Hc
thought the stockholders ought to have the prrvlleg,
OF selecting their agents., and he moved therefore /,
strike out the provision.
Mr. Rsyes Of Campbell, said that he had attendc,
the meeting Of the stockholders of the Bank of Va
% What ought to have been the meeiing-as proxy
hfetY, OF the officers Of the Bank. They voro in
teres'ed directly in the event, and he wished t.
prevent their acting as proxy, and deciding the cues
ton IN which they were interested.
1r Bioes' amendment was then adopted.
The question recurring on Mr Obs proposition
Mr. MS7or opposed it--considorinQ the Restriction
upon officers acting as proxies, one of the soundesI