Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-29
-STAUNTON-
THURSDAY, JUNE %, 1887
VIRGINIA LEGISLATURE.

vhNoiNbh LEU ISLA u kE.
The Legislature Of Virginia closed its ex-
ira session on Saturday evening last, alter
passing law .or the relief of such Of the
Banks as have forfeited their charters by a
suspension Of specie payments. aud exoner
ating all Of them in cases Of suits On their
notes for sPecie) from The pay ment uf dam
ages, or any higher rate of interest than six
per cent;.-a law 10 stay the proceedings ON
executions, trust deeds, and other demands,
where the creditor fails To endorse his viii
irngmcss 10 accept The current Bank notes of
the Commonw ealth "a law concerning the
remaining quotas OF the States proportion of
the surplus revenue, which sulhorizes the
Treasurer of the Commonwealth To receive
certain transfer drafts for the July install
ment forwarded 10 him by the Secr'y oi the
Treasury Of the U S.; "a law for the relief Of
the sufferers by 6,e in the town Of Suffolk
which RENTS the taxes of the present ear on
the property Gesiroyed--and u law concern
ing the Portsmouth and Roanoke Rail Road
Company. converting subscription made M
the last session Of $50 900, into lonn by the
State. Provision was also made for the Ex-
change Bank at Norfolk, extending the time
Of payments on the private subscriptions,
and designating the mode of pay ing the Com
monwealh's subscription TO lis stock. la
the law for the reliet of the Banks u clause is
inserted which suspends SO much OF the uct of
the last session increasing the Banking capi-
tal OF the Commonw ealth as relates Ia the
Bank u Virginia, the Farmers Bauk OF Vir-
ginia, and the Bank OF the Valley, until the
Isl Of March next, and author ICES the loan,
pec.iYeiy OF the amount which was 10 have
been subscribed by the State TO their CAPT
tails, until the lst OF July, 1888. On this
question serious difficulty arose between
the two houses, which a, one time threaten
cd the safety Of The whole bill The provi-
sion was first introduced by the Senate, in a
form which il was manifest the Banks would
rot accep,t--and il wac more than surmised
that il was. rot intended they should The ob-
ject seemed 70 be, for the present, 10 loan The
rnoaey fothe James River Company which
would have insured il all 10 the Bank OF Vir-
ginia, in which that Company keeps its &C =.
withdraw from the Farmers Bank
the $3.50, 600 which il holds OF the deposites,
aud ,hus break down that institution, and
prepare the way for the establishment OF a
mammoth Stale Bank, at the next SEES
GU. NJ tho
tered over the STATE. This is known to he a
darling scheme with certain members o! the
dominant party. and we rejoice that il has
been al iea.t postponed, if not defeated. The
controversy between the two houses, after
the usual parliamentary course of disagreelng
insisting, sc. was finally adjusted through q
COMMITTEES of conference. bill, al
though the first reported, was the very last
which passed.
The bill 10 authorize the Banks TO issue
notes OF one, two and three dollars, was in
definitely postponed on Friday by vote of
81 10 60. Another effor was made on Sat-
Grday evening TO obtain the privilege for
corporations Of issuing small notes for
change. on memorial from the Common
Hall Of the city Of Richmond, which failed
by majority Of about 20. What the coun>
Try is TO do we cannot imagine, unless The
law against small bills shall be violated or e.
Faded. The laws as they now stand operate
aPositive injustice. BY the act for the re-
lief of The Banks, their paper Is made receiv
able for all public dues. Those, therefore,
whose taxes amount 10 SIS, $40, $50, or
$50, may pay in paper as heretofore, while
the smaller tax payers nre substantially re-
CURED TO pay in coin, because it is unr eason>
able TO expect that the Sheriffs will furnish
specie in change while il bears premium of
10 per cent.
We shall publish the laws in extenso in
ppF next paper.