Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-03-03
VIRGINIA. LESlsu.Ap'eJlSl,.
HOUSE OF DELEGATES.
IuesffnH. -N.f,eL I

The
adjustment of Bank at Warrenton-by Mr. AIoifett
OF citizens Of Abemerlc and Rocking CHAM asking the
location OF banking capital at Chaottesvile-by Mr..
McMucn of citizens of Scott asking aid in the con.
strucuon OF bridge the North fork of ostein
river.
On motion of MIR. DoRmAN leave was given to brin,
In OIL TO revive an act Incorporating company to
construct turnpike road from the upper end OF the
Blue Ridge canal 10 its intersection with the Lexington
ana Covingon turnpike road passed March 18th, 1892
On motion of Mr.. MorrErr, leave was given TO bring
In bill TO change the time of holding the Circui,
Penor court OF Law and Chancery for the counties of
Rockingham and Pendleton.
On motion of Mr.. CHAPMAN, the committee of pro-
positions and grievances were requested TO inquire
the expectancy oil changing the time of the meeting of
the General Assembly of Virginia from the first Mon
day in December to the first Monday in January every
year.
On motion Of Mr. CuSSiScuAM leave was given q,
oring IN bill incorporating company to connect with
the Portsmouth aud Roanoke Rail Road for the purpose
OF transporting produce, merchandise, &c conveyed on
said road to and from the Borough of Norfolk.
INCREASE OF BANKING CAPITAL.
Inc Joint order OF the day, being bill TO the
Banking Capital of the State having been taken up Mr.
Mallory ntmated design OF moving the indefinite post
ponemen oil the bill; but, after brief debate which
Nlessrs Sanard, Voolfolk, and Mallory took part Mr.
Nj withdrew his proposed motion.
On motion of Mr.. CARTER, the House then resolved
itself into Committee of the Whole, Mr. Miller in the
Chair.
Mr. WooLroLK moved that the Committee of the
Whole rise, and ask be discharged from the fur
Their consideration of the BILL with the intention of NOV
ing its indefinite postponement
Mr. WATKINS sustained the motion that the Commit
Tee rise, stating for doing So that he pupos-
ed when the bill should into the House to move
It's recommitment to Select Committee with nsruc-
tons to bring in bill synopsis of the features of
which Mr.. w. read, also resolution continuing the
instructions which he proposed to give the projected
nlittee, as follows:
RcSoced, That the bill increasing the RANKING On,
pital of this Commonwealth" be re-commed to Sc
lect committee with instructions report bill TO in
corporate Bank IN Norfolk, with a capital stock of one
million OF dollars, with leave to establish branch i'm
the town OF GAINESVILLE in the county of Meckenbdrg;
ALSO authorize the Bank of Virginia to increase lis
and Nv dol ,,;,L
draw It's branch from Norfolk and TO establish a branch
at Famvile in the county Of Prince Edward and to di
vide between the said branch Farmvle and the branch
at Charleston in Kanawha in such proportions as NAV
be deemed expedent, the capital withdrawn from Nor
folk, which shall be increased TO It's original
10 distribute ITS increased capital shall right
Aiso 10 authorize the Farmers Bank of Virginia 10
increase ITS stock five hundred and fifty thousand dol
lars; to withdraw its branch from Norfolk and establish
the same in the town of Portsmouth in the county of
Norfolk; with leave to establish branch Abingdon
in the county of Washngton; and to distribute lis in.
creased capital as shall appear right.
Also, 10 authorize the Bank of the Valley TO increase
its capital three hundred thousand dollars; with leave to
establish branch at Staunton, the county of Angus
la and TO distribute the increased capital us shall appear
right.
Merchants and Mechanics Bank of Wheeling, to in
crease their capital stock hundred thousand dollars
each and TO distribute the shall appear right
Mr.. W. r. y
Provisions of act to increase the Banking Capital
of Virginia:
LIST sec. A Bank be created TO be established
and located at Norfolk, with branch Giarksville
amount of capital 81 900 0O0-tlat is $500 900 al Nor
folk, and $2lU 900 at GAINESVILLE
I'd 10 contain bonus to the State of l IA per cent.
per
Sd. The terms which the shares are TO be disposed
oil to subscribers; and penalty delinquent subscr
9TH. VIII provide for opening books
9th. Will authorize commissioners to receive money
aue on shares and how long they shall keep open The
ana te restriction on subscribers the event of
the subscription being filled in a limited time ~ "
ON subscriptions Ia te for the exclusive use or tho
be mn1e. W 0'a'eu "
7th Subscribers incorporated with all powers of coc
Poralion or body polite ia law the name style and
propose shall not be longer the
year looO)--tiIe amount of property they NAV own
subscriptions 'P
9th. The number of directors, and how they shall be
CHOSEN, (Which propose shall be in the manner now
prescribed in the charter creating the Farmers Bank
10Th. VIII provide for the full amount of capital to
DC subscribed, and one half actually paid in in gold and
silver before the banking operations shall
oher restrictions in relation thereto as the procla
nation of the Governor, &c.
IlIh. Officers and servants to be apnointed
i2th VIII contain the constitution of the bank and
WI conform as nearly may be to that Farmers
18th. Necessary penalties
i4th Notes of the bank TO be received in payments
to the Commonwealth.
10TH No notes TO be issued for n smaller ann, ,l Co.,
dollars with power to make still greater restrictions
after limited time, say 1912
iOth Notes not negotiable unless so expressed
18th Will provide for Increasing the banking caoit,
OF existing banks s 300 OOO-to be distributed ordnor
uohaDiy among the mother banks and their branches
at IS, the Virginia Bank shall be increased S25OOOO
me FARMERS Bank OF Virginia S55O,00 the Bank of
'he valley $3OOOO0; and the mother banks west of the
Allegheny OO,000--that is 500, COO to each
18th The branches at Norfolk TO be withdrawn the
branch OF the Farmers Bank to be- located and dsrnt
ed portion at FarmviIle the balance at Charleston ON
the kanawha. ~
18th. Of the stock be created $500 600 Ia he
located at Abingdon by the Farmvle BANK and ano.
ther at stanton by the Valley Bank.
SJtD. vi the trdns-A eghany bnnka the incr.,.o =,
branches ~ ~ 'ien
2lst Duration of charters not to be extended and ar
~f a united lime to issue less than $40
I'd Bonus on neT stock TO be Id per cent per an.
mum" 100 P o"'
ana various motions for amendment were made and d.
cussed until late hour. The most imporiant au,.nd
mehts adopted are the following The list section was
amehued, Oh motion of Mr. Holleman so as to urobiLit
any otner banks from subscribing for holding stock in
Tue banks 10 be IncorporatedIn the I'd section on o
uon oi MT holeman, the word tOuJn was stricken out
ana the word hdJ inserted SO as to require ncar 81
the stock TO be subscribed before the PROPOSED banks l
go INTO oprratonln the 9th section on motion Of MIR
SmnaId, the banks restricted from ISSUING Al any
one ne an amount OF bank notes greater than The amount
OF the capital stock actually paid III.
Mr. HOLLEmAN moved to amend the 7th section 40 "a
20 prohbit the Banks FROM having circulation notes
70 more tbnn three times the gold silver ACTUALLY and
zone de ~ Their vaults which was opposed by Nessrs
LATTER, STASARD aud GAnLAND of A and Summarized
Wy hr. HOLLE1AN--but before the question was iaken
y" mOuOh OF Mr.. BOOKER the COMMITTEE rose rcp0red
progress, and had leave to SIT again
Mr.. MURDAUGH gave notice that he should on TO-
IO'o" move the reconsideration Of vote given this
Gay, on resolution relative the construction of Rail
Road from Norfolk 10 a..