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

srsni annually as Aforesaid On Ire Books OF
the said Bank 10 the credit Of - tUr the time
being, and - for the Tune bring. rho sie
hereby appointed Comm ssiourfs for The man
agemrnt OF the Fund aforesaid, and whose
duty II shall be 10 invest the Same lrom time 10
tine, rs soon after lie receipt as practicable,
either IN the stock Of the said Bank. or ~ such
other productive stocks ~ they may deem hdvi'
sable fog ether with the dividends aud interest
which accrue thereon, taxing tie certificates
for such investments ~ the name OF - and
- commissioners for The sioek holders OF The
Bank uf Virgins, and such capitals shall he
drpusiIed iof safe keeping WIN - wli" shill
give duplicate receipts therefor. one - ~ de
lIrrrrd 10 and the other 10 -. Aud,
the above named commissioner. slall annually
yergTt their proc ediugs aid the sinie OF tue
Fnn8 committed 10 their cha &c, 10 the General
Assembly
The Fund so SGT apart aud appr5pi lated
shall not he considered as forming nny part of
the ordinary funds resources oil fhe sand Bank
whereby its capacity ~ extend III business,
my he either increased or diminished, hut
shall b. held sacred as a separate interest, nnit
the eIpuation cf the Charter. NJ wnlch time II
shall be disposed of Tor the JOINT benefit oi the
Stockholders ofIhc said Bank. III such manner
rs hey, IN general meeting assembled, snail
detrrmne "
Mi Garland Supported his proposition AT
some lengDh--coniendlng lhhl II Vas The duty
~ the Bank 10 makegpud its capital, and that
The loss ougut 10 he borne by tin stockholders
for whose benefit this fund wa 10 he reserved.
Mr.. Hafvis opposed tue proposIlt9a--conteud-
ing that what with the bonus Of one per ceni.
10 br paid 10 the STATE, and one pr cent tor
making good IT'S capital, thus yielding np more
than per cent. PER annhm, the stock Would
ia very much in its value
Mr. Williams Of Henrieo, was IN favor Of the
Bank making good lis capital, by setting apart
n portion of its dividends. bai be WIS Tor leas-
ing The bank to do it, Ol Is own accord, and
not OF appointing Bank wihln "A Bank sei Of
commissioners, uni ~ all responsible 10 Ga"
Bank Tor their OPERATIONS. and who were 10 he
authorised to buy stocks at Their pieasu'c-dnd
thus 10 have sOckJOJhels.
Nj Gaiiund asked, Was n not Jlst as well
n appoint commissioners. who were TO be
sfocl>i 'bbrrs ss 10 leave It 10 the President
aud officers OF the Bank 10 become stock OBJ
bers
The question was then taken on adopting
the amendment, and LOST without DIVISION
Mr.. q ode offered he following amendment:
=" Nor shah il be lawful for any othcrr other
person 10 deal ~ other bus oi exchange tlr Ihr
benefit Of the Eank. or w, the iunIs Of tlr
Bank, wao spnil not have been authorised, %
10 do 80 10y the vote of a majority If the Board
Of Ore iors, (dnd each mud erttg perSoH thus
nufhUiwt, tSher,by required 10 report each pW
ehdse Or0ibsr HegOciatt0H Il the boatd Oj ID
rociOrS. al 'bsir Eat meeting, dtier such purchase
or oher ntgocidiioh MaR hue been eVeded
M. Mason oi frederick "flrrrd an amendment
10 tue amendment hul before the question WAS
taken on N ,Ilsu OF Mr.. SOFT The Committee
rose, aud the House adlonrned.