Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-01-05
Virginia Legislature.
HOUSE OF DELE ATES.
Tuesday, January ii Continued


On motion OF MIR Cabe the engrosed bill, authoriz,
the stockholders OF the Bank OF Virginia and Farmers
Bank oil Virginia. to subscribe TO the Stock OF the Jane
River and Kanawha Company, taken up, and being
on ITS passage, the ayes and ordered motion
OF MIR. Prgram.
Mr.. Sims said, me with the intention Of moving ar
amendment to The bill. The gentleman from Nelson
'ed' when he introduced the BILL that the officer who
presented the Common interest would not vote in
the meeting of the Stockholders of the Bank for sub.
scpton to the Stock OF the James River and Kanawha
company unless like this should have been passed
consequently followed that il this bill should pass that
officer would feel authorized vote Tor the sub cripon
and as the Commonwealth held large portion of the
Stock OF the Banks followed that the of that
TiuaI, and perhaps two others who ineres-
ed in the Stock OF the James River Company would decide
me question: against the will OF the large majority OF nd
Vdhal stockholders The indiv uis who had subscribed
TO the stock the tanks had done the diviends-and
II tis diversion of the funds of those should
result in The reduction of the dividends. they ould be
forced INTO the market TO d pose oi their Rank stock
der the most d-advantage1us circumstances, and
undergo loss This would happen TO all who, the
Banks had subscribed to the Company stock did wish
To continue their inves ments He wished call The
tention OF the House this view OF the aud he
hoped the bill would be modified the ques
ton TO the individual stockholders. He would Their
propose TO amend the bill by adding a clause providing
that in the vote in the Board OF Stockholders, the
crpon TO the stock OF the company, the State should
b. represented.
The Speaker said that, the hill passage the
amendment must be offered in the form of a ryder
Mr.. Ockerson inquired of the gentleman from Nelson,
whether tire stockholders OF the Bank had peoncd for
this measure.
4 III
necessary The Legislature had certainly right pass
law charging the privileges of the Banks. This bill
repeated the Pohibory provision OF the charter
related to the James River and Kanavha stock. Did
gentleman from Caroline intend say the Legislature
had not the power 10 pass such lawi
Mr. Dckerson said that, lawyer he maintained the
principle that we ought 10 know whether those most
terested required interference He had no possible
interest in the stock of either OF the Banks He was
friend OF the great project construct communca
with the Westbut the rights of individuals ought not TO
be sacrificed for that obectand he should oppose this
hp he i,fnr -
ssge lie asked gentlemen pause, aud not commence
system which would ultimately destroy the Banking in
situations oil the Sate-or il this bill passed they would
DE hsed 10 e western improvement, and becomes den
tilted with the James River and Kanawha Company
Mr. Sims then offered his amendment 3 a ryder TO the
bil--he object OF which he said simply to prevent
the State from being represented when the vote was Ia
ken by the stockholders Of the Banks. The State was
too deeply interested in the James River Company as
well as in the stock OF the Banks and ought not to exert
controlling influence in the vote.
Mr.. Ca6ell rose TO explain the general objects and
merits OF the bi-but the Speaker said the ryder was
the subject under discusson-and Mr.. c. dcsisted.
Mr.. Campbell thought the amendment ought TO he re.
jected lie was in favor OF the bill and whenever the
question arose on ITS passage, he would endeavor shew
US policy and eXpedrncy. IL was an unheard of propo-
son, that the largest stakeholder should have in
the disposal oil The funds OF institution the ndvi
dual stockholders should have the control o the nstu.
ton, and the funds OF the Common have no repre-
sentative. Would the people OF the State consent ,hst
their property should thus he abandoned to the manage.
ment OF individual stockholders! He hoped the ryder
would no pass as he considered that would have
feet to defeat the bill.
Mr. Sims said, that this ryder was not Intended to pro.
tec the iuns OF the State but the the people Of
the State He asked what guarantee the individual stock
holders had Tor the dividends of the Banks if they subscr
bed Tor the James River aud Kanawha Sock-and wha
opportunity had those stockholders who had no interest il
the James River Company, TO prevail against the STATE
ani those OF the Stockholders, who interested in thu
stock OF the company The charters of the Banks wer
given with tain limitations anil those WIN had subscri
bed To the Bank Stock, had done il with the belief tina
those i'm taions would he retained. They bad confidence
in his restriction, and believed that the funds OF thu
lt.pl. al N al.
year the James River and Kanawha Company came I've
fore the Legislature and asked substitution TO two-6
OF its c'pa stock This request was grantedihe STAT
has zone as lar IN doing this Joint stock company
for such object was entitled ask But that com
pany asked Tor additional subscrp indir.c ly through
the Ranks. MIR. =. hoped these diff rent corporation
would be kept separate and distinct the bill was pass
cd the amendment he proposed would be adopted tina
the socNho'eis Of the Banks mghthave lair opportunity
q OF expressing and emf fcing their wishes
:, Mr.. Stevenson OF Spou, asked the gentleman iron
Nelson whether the stock Of the State in the Farmers
r Bank represented by the States AGENT
j Mr.. Cabe said that il not No person voted o
the stock OF the State in that institution. Mr. C. sal
that when he first proposed this bill, he examined tn
subject and he was at first under the impression that til
plan proposed by the gentleman from Halifax was the hest
But he asccraned that there Directors i'm the Far
mers' Bank who felt deicacy in voting ON the question
unless such a law as this should be passed. lie ais
found that the Treasurer felt the same aversion TO votn
in the board OF the Bank of Va without such measure
The meaning OF this bill simply to these diff
cultes. II II passed the stockholders would proba
bly, consent TO subscription the Company's stock
proposition would voted down the deliCa
OF the Treasurer in Bank and Of cern Director
in the other. lie agreed with the gentleman FROM Brooke
That the State has large and valuable interest i'm III,
+: Banks which ought not TO be handed others Al
though Mr.. G. regretted that this amendment had beer
offered, he could not but admit that the gentleman from
Halifax was consistent in proposing it, That gentleman
voted against the bill Incorporating the James River an,
kanawha Company last year, and IL appeared that he re
tanned his former sentiments OF opposition TO the corpora
ton IL the ryder should be adopted, il would defeat h
objects Of the BILL not however because he thought tl
individual stockholders were dsncned TO the
On the contrary, he believed that whenever they sou
h take up the proposition, they would their interests
4 subscribing TO the Companys stock
Mr. Brown said that the fact, that he who had vote
last year for the James River and Kanawla incorporation
n aud had always been friend of that improve wa
also in favor OF the ryder, might have the effect TO renov
the impression from the mind Of the gentleman from Mel
that the gentleman from Halifax had offered his pro
position in spirit Of hostility the company lie though
the ryder was necessary 10 protect the Of ndvi
duals. The annual meeting would be held in lew DAYS
and was II possible that sufficient publicity could III
given 10 the object, TO ensure foil assemblagc Of tn
i stockholders Of the Banks?
Mr.. Cdbe rose TO explain. n was not desired 10 fet
r. Ter the institutions down to any point Of time whic
the decision should he made. II the annual mectn
should not he full one there could be special meetin
called for this particular object MIR g. could not pretcn
10 say how lar the proceedings this bill would have
n tendency 10 procure a full meeting.
of Mr. Brown resumed. FIe thought the Bill would Il
injustice 10 the private stockholders Of the Banks II M
ryder was not adopted. tic would suppose a meeting
be held at which one third Of tile stockholders pre-
x sen-he treasurer representing sixth OF the stoc
Ia for Tie Satc-t evident that tho vote would be cal
vi ed for the subscription with the concurrence Of
fraction oil thc private stockholders The vote tor M