Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-07-06

site the Piantauon oil Dr. Charles Brax
ton"
ACTS PASSED BY THE LAST Lee
GISLATURE.
In +fct for The temporary Reiiefofthe Banks
of this Communicable, and for other
purposes.
Passed June 81, 1887
i. BE IL enGaied by The General Hssep,Llu,
That SO much of all ur any acts as now do,
or hereafter may subject any Bank or Banks
ing Company incorporated 10y the laws of
this Commonwealth, now in operation 10 the
forfeiture ot its charter Tor failing or refusing
10 pay or redeem its notes or debts in specie,
and which subject such Bank or Banking
Company, for any such failure or refusal, TO
the pay nent OF any damages, or any higher
rate of interest than six per centum per an
mum upon any note or debt, shall I've, and the
same are hereby suspended until the first dav
oil March, eighteen hundred and thirty eight
and II any such Bank or Banking Company
shall have forfeited IT'S charter by failing or
refusing Ia pay in specie any note or other
debt due from such Bank the forfeiture there
by incurred shall be reunited and the char
ter Of such Bank. with all the rights and
powers thereby conferred, except such por-
ti"ns thereof as are herein before suspended,
shall he and the same is hereby declared Ia
tie IN full force and effect, la all intents and
purposes, until the date before mentioned
Prouided, That nothing herein contained
shall he so construed as To prevent the recnv-
cry 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.
2. ind be IL further enacisd, That the
notes of the several Banks which have been
heretOfoie required TO he received in pay mcnt
ui taxes aud debts due to the Communw ea!lh
shall continue 10 lac SO received, and the de-
posites Of The public revenue shall continue
Ia be made in the Bank of Virginia and the
Farmers Bank of Virginia, until the period
-herenn-heiore mentioned, unless The Tressu-
rer, with the advice Of the Executive, shall
direct otherwise in respect 10 such receipts
or deposies, or both, in the mode prescribed
hy Iaw.
3. Ind be IL further enncied, That every
bank Which shall avail itself oi the prov isions
at this act, shall go regulate lis loans and dis
counts as that the " hole amount thereof on
The hrsi day of March, ely h!een hundred aud
thirty eight, shall not exceed the amount ON
The fIfsi day of the present month (June);
and the North-w esjern Bank may increase
lis loans and discounts To the amount of any
augmentation OF its capital actually paid in,
which may be made under the authority Of
the act entitled "an ACT increasing the Bank
ing Capital of The Common eath," I.assed
March The twenty fifth, eighteen hundred
ind thirty >sevea and The other Banks Of the
Commonwealth shall moreover refrain from
! making any ividend exceeding six per cen
tum per annnm On it's stock Until such bank
| shall have bona tide resumed specie pay
ments
d ind be IL further enacted, That every
Bank which shall avail ilseI! OF the prov lions
of this act, shnii furnish 10 the Executive
once IN every two months, a Statement. Of its
condition TN oath of lie President or Cashier,
showing The changes which may have iaken
place since The period aforesaid, and the u
mount of bad and doubtful debt which may
have accrued, or shall have been ascertsined
and the said statement shall be published.
5. BE 1t further enacted, That so much Of
the provisions Of the act entitled can act
| increasing the Banking Capital Of the Com
monweslth," passed March 25,h, 1887, as re>
! la!es to the Bank OF Virginia, the Farmers
! Bank OF Virginia, and the Bank OF the Valley
! in Virginia. and their several branches. be
and the same is hereby suspended until the
| first day Of March, 1S38-and the Treasu-
! rer, with the advice Of The Executive, shall
loan gu; on good and sufficient security until
| the tirst dry OF March next, al an interest not
less Than five per centum per 0nnum, the a
mount "f the surplus revenue which the State
! under the provisions Of The said act WAS to
subscribe 10 the capital stock Of the said
! Banks PROVIDED, That any provision in
| the nct aforesaid which authorizes any part
oithe surplus revenue 10 he loaned out, shall
not he hereby suspended.
| Hnd be il further en0cied, That in len
! ding out the funds above directed, the Bank
| OF Virginia, the Farmers Bank OF Virginia,
and The Bank Of the Valley in Virginia, sluII
each have the privilege Of borrow ing wiih>
out security, the amount which, under the
| provisions of the acts herein suspended. was
TO have been subscribed 10y the Common
wealth To their respective capirals-And the
sums so TO be lent shall he payable on the Isl
day OF July, 1888, with interest semi annu,
ally, unless sooner called for by The General
! Government, from This State, or converted
into the stock Of the said Banks-and The
! Bank OF the Valley shall he authorized 10 IN
crease It's IOnns and discounts by the amount
! so borrowed.
! Z. Be II further enacted, Tba; il shall he
| lawful Tor the North western Bank OF yir
| GINA IN suspend putting in operation the Of
! fee Of discount and deposile nj Psrkersburq
az required by the above reci,rd act until
the first day Of March next.
8. This act shall he in force from and IF
ter the passage thereof.
I'm Hct TO stay the proceedings Of Executions.
Trust Deeds, and other demands. in cases
ofrefusGL To receiUe Bank notes
Passed June 81, 1897.
]. Be IT enacted BY the General hsseu5Ly
ihai no execution or distress OF any kind
LII l. .