Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-07-05

tanned shall be so construed as to pre-. I
vent the recovery Of the amount Of any |
note or debt due from any Bank or
Banking Company, with legal interest
thereon, in the mode prescribed by law.
And be it further enacted, That the
notes Of the several Banks who have
been heretofore required TO be received
in payment Of taxes and debts due to
the Commonwealth, shall continue to
be 80 received, and the deposites Of the
public revenue shall continue to be
made ia the Bank Of Virginia, and the
Farmers Bank Of Virginia, until the
period hereinafter mentioned, unless
the Treasurer, with the advice Of the
Executive, shall direct otherwise in re-
spect TO such receipts or deposiIes, or
both, in the mode prescribed by law.
And be ii further enacted, That ev.
cry Bank which shall avail itself Of the
provisions Of this act, shall so regulate
its loans and discounts, as that the
whole amount thereof on the first day
Of March, eighteen hundred and thirty
eight, shall not exceed the amount on
the first day of the present month,
June, and the North Western Bank
may increase its loans and discounts TO
the amount OF any augmentation OF It's
capital actually paid in, which may be
made under the authority of the act,
entitled "An act increasing the Bank
| ing capital OF the Commonwealth" pas
sed March the twenty. fifth, eighteen
hundred and thirty. seven, and the 9TH
er Banks OF the Commonwealth shall,
moreover, refrain from making any d.
gidend exceeding six per centum on its
stock, until such Bank shall have bona
fde resumed specie payments.
And be il further enacted, That ev.
cry Bank which shall avail itself ofthe
| provisions of this act, shall furnish 10
| the Executive, once in every two
| months, statement on oath of the Pre-
sident or Cashier, showing the changes
which may have taken place since the
period aforesaid, and the amount Of
bad and doubtful debt which may have
accrued, or shall have been, ascertain.
| ed, and the said statement shall be pub
ished.
BE it further enacted, That so much
of the provisions of tho act, entitled
"An act increasing the Banking Capt.
tai of the Commonwealth" passed
March the twenty. fifth, eighteen hun.
dre1 and thirty seven, as relates to the
Bank of Virginia, the Farmers Bank
of Virginia, and the Bank Of the Val.
ley in Virginia, and their branches, be
and the same is hereby suspended un.
til the first day of March. eighteen hun.
dred and thirty. eight; and the Treas
urer with the advice of the Executive
shall loan out on good and sufficient
security, until the first day Of March
next, at an interest not less than five
per cenium per annum, the amount Of
the surplus revenue, which the State,
under the provisions of the said act,
was to subscribe to the capital stock
of the said disappointed that, any
provision in the act aforesaid which
authorizes any part Of the Surplus Re-
enue to be loaned out, shall not be
hereby suspended.
BE it further enacted, That in lend.
ing out the funds above directed, the
Bank of Virginia, the Farmers Bank
of Virginia, and the Bank of the Val
ley in Virginia, shall each have the
privilege Of borrowing without securi-
ty, the amount, which, under the pro-
visions of the acts herein suspended,
was to have been subscribed by the
Commonwealth to their respective ca
pltals and the sums 80 to be lent shall
be payable on the first Of July, eigh-
teen hundred and thirty.eight, with in.
terest semi annually, unless sooner cal
led for by the General Government
from this State, or converted into tho
stock Of the said Banks and the Bank
of the Valley shall be authorized 10
increase its loans and discounts by the
amount SO borrowed.
BE 1t further enacted, That it shall
be lawful for the North Western Bank
OF Virginia to suspend putting in ope-
ration an Office Of discount and depo.
site at Parkersburg, as required by the
above'rected act, until the first day Of
March next.
This act shall be in force from and
after the passage thereof.
The foregoing is a true copy from
the original.
Teste,-G. w. MUMFORD,
juno "a, 1887. c, II. D.
/ AN ACT