Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-03-09
From the WLie
FROM tne VhiS.
INCREASE OFBANKINC CAPITAL

INCREASE OFBANKING CAPITAL,
lhe Bank Committee reported a bill in.
creasing the Banking Capital of the Com.
monwealth hve millions-said increase 10 be
distributed as follows. Four new Banks are
to be created:
l. One at Norfolk with capital of $3.50.
oOo, with branch a, Falmouth of 5000 600
cut OF the capital stock subscribed.
z. One in Richmond with a capital of
$SOO,0O with branch at FarmviIle OF
S2OO ,OOO, to he taken out OF the $500 600
s. One at Petersburg, capital $500 600.
OF 100000.
a., q; One in Lynehburg with capital Of
SOoo,ooo, with braRch at Abingdon or
Evansham, (as the stock holders NAV deter.
mine of $780, 900.
SO that of the five millions increase. 50.
5Oo ,OO0 are given TO the creation of new
Banks; the remainder il divided between
The existing institutions as follows:
The Bank OF Virginia authorized to in
crease !5O, 900. which increase is 10 be ap
Piled 10 the capital Of its branch in Charles.
ion, Kanawha
The Farmers Bank authorized 10 increase
IFS stock 1925 ,000-$l25 600 of " hicb is to
he retained by The parent Bank in Richmond
$50 ,oOu 10 each OF its branches al Peters,
burg and Lynchburg-S62,5 500 to each of
lis branches at Frederick burg and Win.
Chester-and 800, 900 to its branch at Dan
vile and shall establish new branch al
portsmouth, with capital of $500 900, and
aho.her al Warrenton, with 500 900,
The Bank the Valley $3.50, OOO-out of
which branch is TO be established in S,aun.
ton with $50 900 and each Of its branches
at Romney, Charlestown and Leesburp Ia
be increased $40 900, the parent bank re.
tanning SS0,OOO--lhe stockholders having
! The discretion OF eslabli.hing a branch AZ
Martinsburg or Moorefeld Of 100000. or
OF dividing said $4,000 equally between
The parent Bank and branches.
Inc North Western Bank at Wheeling
10 increase $500, 900; 10 be distributed
$50 ,oOO to parent Bank, S75, 900 to branch
at Weilsburg, and 800 900 10 new branch
at Parkersburg, if the Stockholders should
mol prefer dividing the 100000 between
burg ''''-
The Merchants and Mechanics Bank a,
wheeling Sl25, O00-the parent bank TO
town $50 700.
Both the old and new Banks are TO he
subject to The regulations OF the bill passed
This session, except that the old Banks shall
mol be prohibited from issuing notes of less
denomination than $40 until some future day
MOI mentioned; and the Banks al Wheeling
snaii De excepted altogether from The opera
ton of that clause.
according TO this bill, the banking capital
al richmond will he increased only S725.-
OO0-S6OO, 900 in the new Bank and SI25'-
600 in the Farmers Bank.
10 this bill, Mr.. Harrison on Monday
eheEed substitute, establishing one indie
pendent Bank at Norfolk, with a capital Of
Soo0 ,oOP, and distributing the remainder of
The fIve millions among the existing Banks
as follows
To The Bank of Virginia 81 900 OO0-tbe
parent Bank TO have $500 900, each of it's
branches at Petersburg and Lynchburg
= lOO, 600 and its branch at Charleslown.
Kanan ha $780, 900
10 the Farmers Bank 81 500, oO0-the
parent Bank 1880, 0O0-iis branches al
petersburg, Lyncbburg, Fredericksburg
ana winchester, each 100000, and the
branch al Danville $4,000
-, 10 The Bank OF the Valley & 900 900.
me parent Bank TO retain 800 600 the
branch at Winchester $500 900. the branch,
Is al Leesburg, Cbarlestown and Romney.
each 500, 900, and new branch TO be es
'ap ~, m Staunton with $500, 900.
o me North Western Bank at Wheeling
SoVO,Uoo, and 10 the Merchants and Me. |
'h az, Bank at Wheeling S4OO,OOO
ne substitute closes with penal clause |
iigaInsi The circulation Of any note of less |
IS than $40, after the expirsiion |
)I one year from tho ,assa,o of IL. =,