Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22

u
Spser. Bare. Bailey Of s., Hargrave,
Ripley. Gibson, Samuels Of w.. SIAN
Eer-60.
Nors-Messrs. Riyes, Randolph,
Harper. Byrd. Goggin. Boyd, Miller.
Wilson Of B.. Bland. M'Millsn. Mallo-
~, Wills. Saunders. Cox Of G., Car
son, WILSON Of c., Vaaghaa, Woods,
Bolts, Martin, M'Candiish, GrigHs, Pc
Ger. Donslly. Carter. SuaiicO. Luekett,
Braden. Beard. Rssers. Besion. Cooke.
Fitzgerald. Witchsr, Tasstas1. Csck-
ley. Venshls. Hubbard. Dormsa. Davis,
Butts. C,uleh6eld. Moseuss, Gillespie,
Jett--48.
aEIIEY BILE.
Mr.. Garland, from the Select Com
mitsee On the subject, reported bill
for the temporary relief Of the Banks
Of this Commonwealth. This bill au-
tholzes suspension Of specie pay
ments until the - day Of - 1888, and
the receipt Oft notes Of The Banks for
Treasury dues, and the derosiis Of the
money OF the Commonwealth in the
Banks Of this City. Il prohibits an
extension Of discounts beyond the pre-.
sent amount, and q dividend Of more
than g per cent?
On Mr.. Garland's motion, The bill
was read 6rst and second time. end
referred 20 q Committee Of the whole
Gor tomorrow.
Mr.. Smith Of I. or w. laid on the
table \ substitute for said bill-and
both were ordered to be printed.
On motion Of Mr. Peter, u was or
dsFed that the House should meet 10.
morrow at 10 o'clock.
Mr. WIteher stated his belief that
somsthing moro than q mere palliative
Of the evils under which we labor, was
necessary. He was one Of those who
thought United States Bank was un-
neeesRry--but be believed il some
action was not now had. this LeEisla-
ture would have no opportunity ct their
next session. Congress would proba.
bly, take the maiier out OF their hands.
He therefore thought il his duty to sub
NIT proposition for the consideration
Of the House.
Ar. w. then laid upon the table the
following resolution
Resotced. That Q committee be ap-
pointed 10 inquire into the expediencY
Of Incorporating = Bank to be entitled
with capital Of
dollars, TO be located in pro-
vided that not less than eve Of the
States incorporate branches thereof 10
be located within their respe eiive IL
mits--ihai the Bank shaiI pay a bonus
To " aPPoEtiOned between the. several
Staies according to the amount Of cant.
tel located IN each; that the Legislature
Of each State in which each Branch
shall be located. shalt appoint
directors thereof; and that each Of the
States Of this Union se respectfully re-
queaied 10 incorporate branch OF the
Bank aforesaid, in order 10 restore the
currency. and carry on the exchanges
Of the United States.
FRIDAV, June Is.
Mr.. Wilson Of b, moved that the
House resolve itself into a committee
OF the whole, 10 consider the several
bills referred to it.
This motion was agreed 20. and Mr..
Miller was called 10 The chair.
Tbs Committee OF the Whole then
took up the bill Cor the temporary re.
hei OF the BankA Of this COMMON.
wealth.
Ths bill having been read,
Mr.. Witeher moved TO strike cut so
much Of the third section as relates 10
the restriction on loans and discounts.
This section Is in the following words:
3. Aud be il further enacied, Tba,
every Bank which shall avail ilselfoftbe
provisions Of this act. shall so regulate
It's loans aGd discounts a. that the whole
amount Of SIS outstanding debt on the
irst dayof eighteen hundred and
thiFty-eight, shall not exceed the pre-
sent amount; and shall moreover refrain
from msking any dividend exceeding
Eix per eeDtum per annum on is stock
until such bspk shall have bona fds re-.
sumed specie payments.
Mr. Peter expressed his regret that
the motion Of the gentleman from Pitt.
syivania was made before the blank
was filed ~ 10 the limit Of the suspen.
sioa. The Banks could only be reauir-
ed TO conform 10 the restriction at the
time sPoci6ed--lhey might in the mean.
time extend upon business paper, end
give relief 10 the community. He knew
scmsthing Of Banks. and believed Il |
was the practice Of ell 20 expand about
The time OfPurchasing the crops. The !
trading community coold be accommo-
dated, and u the time specified the |
BankS could come down 70 the point
PEOpsosed. No evils would secrus.
MF. Stsnard thought en- amendment
necessary before che question was pus
upon The motion Of the gentlemen froEa |
Pislsylvsnia- Most % The Banks were
allowed en- augmentation q their ca
pital. ~ this sugmentaiien should take
Piscs. taegs could Be 40 Necessity 10
restrict them 10 their present business.
The increased capital vas not 10 lie
dead ED unprodueiiva. u would fur
nish additional means. and be ihoughi /
che Banks ought b bs allowed 70 nee IL.
He theFef1ra naner4 IN amend fho third Il