Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-02-06

= Be It further enacted that Consideration OF the
renewal and extension Of the charter Of the Bank ~
aforesaid, the said Bank shall, on the day Of
7 se35,pay into the Treasury of the Common
wealth, ON soeount OF the Literary Fund the sum OF
! dollar, TO be reimbursed TO the BANK, OUT OF
the Profs Of their Stock other than thar now held by
the Commonwealth. or by the Board of Public Works
: or by the Literary Fund.
, Thu aforesaid sum OF dollars. Is herabv n n
proPriaied To the endowment of College or Acsds-
my each Senatorial District as the same shall be
laid ofin the year 1883, and shall be- apportioned
equally bstwssn them, and applied at the times, and
"a the manner which shall be hereafter directed bv
law.
The 9TH section provides that seven directors IN.
hefe1tef constitute Board for the ordinary
iion Of business The 5th that the mother Bank Ioay
hereafter discount notes and bills 100 days. The
9th makes penal fofthe President or Cashier Of the
Bank Of Va to be directly indirectly concerned in
ths purchase sale Of stocks funds-prohibits Ell
thor OF them from voting rs Pfoxy-and the Cashier
from carrying on any other business The 7h requires
the notes ofthe Bank TO be rcccived IN all
to the State. The 9Th puts the law into force after
il shall have beea ratified by the stockholders-at
which meeting ito be before Is, June) stockhoider
shall vote by proxy. unless appointed since tie pas
sage Of the act.
The amendment offered by Mr.. Bruce to the Sd
eoc'ion, ne above stated, vas opposed by Mezsrs.
Hnrose and IHoson OF Frederick, ious grounds
and eiabIrntely supported by Dir. Bryce.
| mr. kulbrough thinking It premature to apnro-
pirate money which had not got and might not
get, moved to aueId air. BIS amendment by stri-
king out the of the bonus TO thu,
ton of Colleges and Academies.
| Mr. J0asoa Of Frederick, addressed the House in
opposition to the mode of legislation Indicated be
Mr; Rryees resolution. AT proper time, be nigh,
bs dsposnd To prefer she of The bonus r.
the objects which the genilern,n from Goo,hland
(Mr. desired, hut he opposed 70 the union OF
subJscis which had no necessary. connexion und ma
hing one carry or PROSTATE the other.
Mr. Bryce replied, and said that bis eish WIS no,
proceed mel hut
for that reason, he proposed appropriate the bonus
directly and in anticipation, TO the promotion of the
most important Of all objects. %
| Mr.. RuLheDoord was opposed to the amendment oil
the gentleman from Goociiand for the reasons s,a.
ted, and for another which had been stated and
which was, that II required the bonus 10 be paid al
once, instead Of By Instruments
! Mr heD11roughs amoldIpent to the amendment
wac then rejected.
| Tine ques ION recurring on Eir. Brvees amend
ment, It was further opposed by Mr Harris
wno consdered 1t stepping stone towards breaking
up the Fund of Internai Improvement by divesti ns
tAe bonus from that fund, TO which it belonged by
previous legislation. similar attempt had been
made and defeated, when the Farmers Bank was re-
chartered.
I Nr. Bryce dsavowed any purpose Of touchino
the Pund for Internal Improvement, which he hoped
would be held sncred FOR its original purposes II
would satisfy our constituents much better he wos
persuaded, by laying the foundation of Acadeu,,
IN each Senatorial District, than hy tellr1 them ,bs
honps vas put in the Fund for Internal Impro, emeD
about whose operations, they knew nothing
Mr.. Rhne OF Rockbridgr, opposed the amend
ment as dvcrtng the bonus from that fund to which
the general law appropriated ii, and which had nc
other reliance for its Increase of means CHE bonus
I gas already pledged to the fund for Internal I'm
Provemcnt, and DC hoped i: would not be diverted
from it.
& Mr. Minor read from the act establishing TN,
fund Of Internal Improvement TO show thu, the BIO
nus Yas pledged TO that tnnd-and although no ad
Vocate Tor Legislative pledges, yet this had beel
sron. and Individuals had loaned money and cmbar
ca In enterprises upon ito fah he had not the bsr
f dinood to violate 1t. He also commented upon nm
inconpetsncy OF the BONUS to the establishment =
D 80 Academies.
mr.. Gregory supported tho amendment and avoy
ed that IT 1t was not adopted and the bonus conse
Grated To the purpose Indicated he should feel muc
less solitude for the passage of the bill.
J MT: DtHpv.' of Hurrison. moved to amend the
} amendment BY changing the appropriation OF iht
bonus from 50 Colleges and Academic. 10 the -,
} dowment OF College at some place vest of ~.
: Alleghaney mountains -'
In support OF this amendment, Mr. Williams ad
Vered 10 the neglect of that portion Of the Com
monYeaith, and called upon members in tho East :,
dispense 10 the cosatry vest eff the Allerhany
some o! the advantages which they possessed tn m
selves II the bonus vas to have literary direc
ton, the claiIos OF Western Virginia were uuoues
tionaby paramount. Mr. W. called upon Mr. Brvc
90 accept the srnendment-which be declined an,
; the am ndment was rejected without count
MIR. Br5cesamendnent was then -iop,ed ayes o5
: noes 10.
Mr. Bryce now moved TO strike out the 18th section
which allows seven directors, less than majority e
} transact ordinary business.
MIR. H1rDie said that this provision grew out of III,
necessity OF the case-the difficulty Of getting nine
directors together at certain seasons of the wear
/ Mr. Bryce said, II the directory was made to con
sist OF less number than Is, he should have M
OBJECTION to seven acting-he vas only opposed t.
the mDiorltyS acting. 10y ~
Mr.. Yaneey moved to strike out the fourth section
leaving the Under the present charter whicI
! requires to act. Negatived.
seren was stricken out.
Mr.. WOOJoh moved to insert ten. 1t was manifest
rom thoir own showing, that the Banks had beer
doing losing business, and would be expedient I.
throw oddltioal guards around the transaction O
business.
Mr.. Hd,uie ndverted TO the difficulty of rettino q
Board OF Directors and ifthe gentleman from ORANGE
tmr; Vooltoik) would not facilitate, he hoped he
would not increase difficulties. Mr.. WIS amend
mcnt was then rejected, and majority of the Direc
tory allowed to act.
Mr.. KoneSy moved to amend the 5,b section. be