Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-02-08

led, ana Tor another which had not been stated nm
which was, that it required the bonus To be Maid
once, instead of by instalments.
Mr. kcmbroug}bs amendment to the amendmen
was then rejected. ~
Hhe question recurring on Mr.. Bryees amend
ment, 1t was further opposed by Mr. Hayyi.
who considered it stepping stone towards breokn,
up the fund OF Internal Improvement. by divesti
the bonus from that fund, to which it belonged b,
previous Legislation. similar attempt had beer
made and defeated, when the Bcruers' Bank was re
chartered. 49, ~
Mr.. Bryce danvoyed any purpose Of touching
the Fund for internal Improvement which he hope5
would DO held sacred Tor its original purposes n
would satisfy our constituents much better be wa,
persuaded, by laying the foundation of an Academy
~ eaoh senatorial District, than by telling them the
oonus was put in the Bund for Internal Improv eent
aoort whose opernNons they knew nothing
Mr.. White Of Rockbridge, opposed the amend
ment, os dyertng the bonus from that fund to which
tae general law appropriated it, and which had NO
other reliance for its increase of means The bonus
was already pledged to the fund for Internal I'm.
from it. i" y -
MIR. .niaOr read from the act establishing the
fund OF Informal Improvement, to show that the bo
nus was pledged to that fund-and although no ad-
yocate Tor Legislative pledges, yet as this had been
gwen Ind Individuals had loaned money and emba rk
cd IN enterprises upon Its faith, he had not The hur-
dihood to violate 1t. He also commented upon the
lncompetsncy Of tie bonus to the establishment of
80 Academies. - u
Dir. Gregoyyisupportedth the amendment, and avony.
ed that II u vas not adopted, aud the bonus conse.
Grated To the purpose Indicated he should feel mnch
less solitude Tor the passage of the bill
Mr.. Wuiid1ns of Harrison, moved to amend the
amendment, by changing the appropriation of the
bonus from So Colleges and Academies, to the en-.
dowment of College at some place. west Of tho
Alleghaney mountains.
In support of this amendment, Mr. IViiliaus nd
'er'ed 10 The neglect OF that por;on of the Conl-
monwealth, and called upon members in the East to
esPense 10 the country vest eff the Allegheny.
some OF the advantages which they possessed them
selves Ii the bonus was to have a literary direc
ton, The claims of Western Virginia were unoues
tionably paramount. MIR. w. called upon Mr. Bryce
to accept the amendncnt-whch he declined and
the amendment wasrejected without count.
Alr. BTyce's amendment then adopted ayes o.
noes a
Mr. Bryce now moved to strike out the 4th section
whlcn allows seven directors, less than majority to
transact ordinary business
Mr. Haroie said that this provision grew out of the
necessity OIL the case-the difficulty Of getting nine
directors together, at certain seasons of the wear.
Mr.. Bryce SAID, If the directory was made to con
slst o. less number than 15, he should have NJ
objection to seven acting-he was only opposed ,e
the mfnorIty's acting.
Nr Yaucey moved to strike out the fourth section
leaving the case as under the present charter, which
requires to oct. Hegatived.
On Mr. Uitliaus' (of Henrico) motion, the word
scren was stricken out.
Mr.. Woogotk moved to insert Ten. 1t was manifest
from thcir own showing, that the Banks had beer
DONG losing business, and it would be expedent I,
throw additioel guards around the transac ,on o
business.
Mr: HarUie advertcd to the difficulty of getting
Doafd OF Directors and If the gentleman from Orange
Mr.. w ooifoikl would not facilitate. he hoped b.
would not increase difficulties. Mr. WIS amend
ment was then rejected, and majority of the Direc
tory allowed to act.
MIR. Yaneey moved to amend the 5th section, by
extnndnR ba Ear no,lx AZ
OF dIscounting notes and bills at months
Mr.. Harrie vas friendly to the end, bat opposed
to the mode
Mr.. RiDes of Campbell, moved to amend the amend
ment, by extending the same privilege to the Branel
Banks
Mr.. Old said, the reason for giving the mother
BanRs the power of discounting months paper wa,
that the o. s. Bank located here, possessed It. Yhs
reason dad not apply to the Branches
Mr.. Rives Of Campbell replied: when the ouestio,
was taken, and Mr.. Robertson's amendment negativ
cd-and then the privilege of discounting al fou
months, was extended to the branches, by larg,
majority.
Mr.. Rtves of Campbell, moved 20 amend tho Ct,
section, by extending the restriction upon the Pres
ident and Cashier voting c. proxy, to oil officers O
the Bank
Mr.. oid was opposed to the amendment, and tho
provision OF tho bill sought to be amended. He
thought the stockholders ought to have the prvileg
OF selecting their agents. and he moved therefore
strike out the provision.
, NIL h'osS OF Campecll, sald that he had attendcl
the meeting OF the stockholders of the Bank of Va
or what ought to have been the mecting-as proxy
and no found that meeting composed literally and en-
tirely, of the officers of the Bank. They wera in
terested directly in the event. and he wished I,
prevent their acting proxy, and deciding the cues
ton in which they interested.
Mr.. RiDes amendment vas then adopted
Tho question recurring on Mr. Odds proposition
DIR. Nrtnor opposed demonstrating the restriction
upon officers acting as proxies, enc Of the soundes
ard most SOLITARY features in the bill. Upon tn
danger OF giving TOO much power to the Bank
Mr, Minor demonstrated warmly, while he had eve
~ confidence IN the present officers, and the man
segment Of the bank Of Va. He stated that no ba,
been instructed to act as proxy on particular oc
cason, and to procure reduction of saares of Off
Gers Of the Bank-he attempted 1t and found him
self overwhelmed by proxies from the pockets Of
officers -
MI Oids amendment was negatiVed.
Mr.. Rires OF Campbell, moved to amend the ST.
section by reduclng the salary of the President O
the mother Bank of Virginia, to s., 000 and Of TIL
Presidents Of the Branches to $500
I Mr.. RUfhcyfOyrd onnoood fho n