Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-03-03
VIRGINIA LEasaSLATE'HsEi.
HOUSE OF DELEGATES.
Iufs}Uu. March |

message was received from the Senate, stating That
they have passed The BILL entitled Incorporating
tile Virginia Towing Company"
Petitions were presented aud reierred-by MIR. Smith
of Fauqucr, of citizens Of said county, praying the cs
tab!!shmcnt of Bank at Warrcntpn-by MIR. Motfett,
of citizens Of Albcmare and Rockingham, asking the
location Of banking capital C.rarlolesvillc-by MIR.
McAlullen, Of citizens of Scott, asking aid in the
strucon of bridge the North fork Of Holstein
river.
On motion of Mr. DoRMAs, leave was given To bring
in bill to revive act incorporating company to
construct turnpike road from the upper end OF The
Blue Ridge canal, TO It's intersection with the Lexington
and Covngton turnpike road, passed March 18th, loj2
On motion of MIR. MurFErr, leave was given to bring
in bill TO change the time Of holding the Circuit Su-
pcrior Court Of Law and Chanccry for the counties Of
Rocking ham and Pendleton.
On motion Of MIR. CHAPMAS, the committee Of pro-
positions and grievances requested To inquire into
the expectancy Of 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 MIR. CrSSIHGuAM, Leave was given to
bring in bill incorporating company 10 connect with
the Portsmouth and Roanoke Rail Road for the purpose
of transporting produce, merchandise, SC. conveyed
said road to and from tho Borough Of Norfolk.
INCREASE OF BANKING CAPITAL.
The aint order OF the day, being bill to increase the
Banking Capital Of the State, having been taken up Mr.
Mallory intimated dcs On of moving the indefinite post
ponclcnt of the BILL but, after brief debate, in which
Mcssrs. Stanard, 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, hr. Miller in the
Chair
MIR. WooLroLx moved that the Committee of the
Whole now rise. and ask be discharged from the fur
thrr consideration OF the bill, with the Intention OF NOV
ing its indefinite postponcmcnt
MIR. WArKISs sustained the motion that The Commit
tee rise, stating for doing that lie purPos
ed when the ulll should come into the House, TO
its rcconnlitncnt Select Committee, with iuslruc
tons to hiring in BILL synopsis OF the features Of
which Mr. w. read US also Il resolution containing the
instructions which he proposed to give the projected com
mlttee, rs follows
Rcs0ired That the g bill increasing The Banking Ca
pital Of this Commonwealth, be re.commtlcd TO Sc
ect committee, with instructions To report bill to III
corporate Bank in Norfolk, with capital stock OF
million Of dollars, with leave To- establish branch in
the VI GAINESVILLE in the county Of Alcckienburg
Also authorize the Bank OF Virginia increase lis
capital two hundred and fifty thousand duIlarslo with.
draw its branch from Norfolk, and u establish branch
at Farmve in the county Of Prince Edward and 10 d.
vide between The said branch 1T FarmVe and the branch
at Charleston in kanawha iii such proportions as may
be deemed expcdIent, the capital withdrawn from Nor
folk which shall be increased to It's original amount and
TO distribute lis increased capital shall seem ght.
Also, TO authorize the Farmers Bank ut Virginia to
increase its stock five hundred and fifty thousand dol
lars; to withdraw It's branch from Norfolk and establish
the same in the town OF Portsmouth, in the county Of
Norfolk; with leave to establish branch At Abingdon.
in the county of Washington; and tu distribute its i'll.
creased capital as shall appear right.
Also, ~ authorize the Bank OF the Valley to increase
its capital three hundred thousand dollars; with leave to
establish branch at Staunon, il the county OF Angus.
tai and to distribute the Increased capital shall appear
right.
Also, TO authorize the North Western Bank, and the
Merchants and Mechanics Bank nt Wheeling, TO in.
crease their capital stock hundred thousand dollars
each; and to distribute the shall appear right
The following is Synopsis Of the plan proposed by
MIR. w.
proysons of an act 10 increase tho Banking Capital
of Virginia:
Jst sec new Bank be created, 10 be established
and 9ea u at T M 1 Il Sof
folk, and Ss,IO,U0 at CIarksville
ri. TO contain bonus to the State OF IA per cent
per annun.
Sd The terms on which the shares to be disposed
Of to subscribers; and penalty Oil delinquent subscr''
bcIs.
4th. Will provide for opening books
9th. Will authorize commissioners to receive money
due on Shares and how long they shall keep open the
books and the restriction subscribers IN tie event o
Gin. subscription being filled in limited time.
9th Subscriptions to be tor the exclusive use OF the
persons whose behalf the same Lave been declared 10
BIZ made
7Ih Subscribers incorporated with all powers Of
poraIion or body polite law the name, style and
DURATION (which propose shall not be longer than the
year lo5U) the amount of property they may own
9Th 10 provide Tor The manner Of reducing surplus
subscr p,!ons. ~
9Th The number of directors, and how they shall be
chusen (Which l propose shall be in tho manner now
prescribed in the charter creating the Farmers banh
10Th VIII provide for the full amount OF capital 10
be subscribed and one half actually paid in in gold and
silver before the banking operations shall commence
other restrictions in relation Thereto such as the proca'
nation of the Governor: &c
llth. Officers and servants to be appointed
18th Will contain the constitution oil the bank, and
will conform nearly may be to that vi The FARMERS
Bank.
18th. Necessary penalties.
lIlh. Notes of the bank to DC received IN payments
TO the Commonwealth.
18th. No be issued for smaller sum Than Ter
dollars with power to make still greater restriction
after limited time, say lo42
10TH Notes not negotiable unless so expressed
Eth Will provide Tor increasing the banking capital
of existing banks, ST. 300 UU-to Dc distributed proper
tionaby among the mother banks and their branches
that is, the Virginia Bank shall be increased S2'oooo,
the Farmers Bank Of Virginia $3.50 900; the Bank OF
the Valley S30OUUU; and the mother banks west OF the
Allegheny S2UO, UUO-,hat is $lUO,OUO to each
18Th The branches at Norfolk to be withdrawn, the
branch of the Farmers Bank 10 be located anu disout'
ed portion al Farville the balance at Charleston on
the kanawha. ,oo nm
18th OF the new stock TO be created, $780, 900 10 be
located at Abingdon by the Farmvllle Bank, and ano-
Their at Staunton by the Valley Bank
2Uth. Of the trans Allegheny banks the increase IN
a proper proportion between the mother banks and their
branches. .
2lsl Duration of charters not be extended, and az
ter u limited time to issue notes less than $40
I'D. Bonus stock TO be Id per cent per an
num-. $500
The committee then proceeded TO consider the BILL
and various motions for amendment were made, and dis
cussed until a late hour. The most important amend
ments adopted the following lsi section was
amended on motion Of Mr. Hulcman, as 10 prohibit
any other banks from subscribing for or holding stock in
the banks to be incorporatedn the I'd section, on mo-
ton of Mr. Hollemnn, the word fourth stricken out
and the word half inserted, to require one-ha OF
the stock TO bc subscribed before the proposed banks shall
60 into operaton-ln the 9TH section, on motion OF MI
Stanard the banks were restricted from issuing at any
one time an ofbank notes greater than the amount
of the capital stock actually paid
Mr. HuLLEMAs moved 10 amend the 9Th section so as
TO prohibit the Banks from having i'll circulation notes
to more than three times the gold and silver actually and