Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-02-15
BANkI>G.

W.T. MEADE, ot the SeGafe or Virginia. on
wednesday offered . substitute for Mr.. Ell.,.
resolutions on the Banking system. al, resp
'ulohs 80 more INTO dvtau than Mr. Ella.
Aiu also propose the establishment Of larr.
stale Bank. But the man point Of difference
between The Two propositions, "a. that Mr. Al
would have the stock Of the Bank own.d en-.
ureIy by the Commonwealth. wheres, AZ
Ellis would give the State only n a,oiety for
'he present, with the privilege OF taking the
whole hereafter, f deemed expedient.
We are not prepared 10 say, which plan i,
he oetier Each has its recomme,,da,,oos
ana ooJeciioLs From the reflection We haye
gwen 10 The subject. We incline To think Mr..
Eih's The best, because IL makes smpIer
provision Tor The Interests Of the existing
BANKS and will therefore meet " nh less. on.
position. "
The difference, however, between the two
vana Is not oil very important character
oo.h plans contemplate the same general re-
suns thorough reform in the Banking avs
iem--ihe establishment o. n Rant n,ds, -.
control OF the State. an6 10 the redemptioo al
The noIss Of which, the Slate /, 10 pledyrd
Richmond Vhig.
Mr.. MEADE'S RESOLUTIONS ON BANK.
ING.
1. RSsOlred By the General AsseaLIy
That II Is expedient to change the pre-
sen, system of Banking in Virginia
and that a Commonwealth Bsnk IN
be called the Bank Of the State of Vir.
ginia' ought 10 be established on State
account. with a specie capital Of
millions OF dollars, Ito be increased from
time to time as circumstances and the
wants OF The community may REQUIRE \
TO form the basis of its issues. which
with the other liabilities, shall never
exceed times The amoun, ~ 80
Gle on hand.
:. Rssokssd. That there shall be as
many Branches Of this Institution as
the trade, commerce, and wants of The
people Of this Com monw ealth nav re.
qu're. and the capitol assigned 10 each
shall be regulated by law.
3, ResOirrd, That the capital stock
OF said Bank ought to be procured by
sale Of State Stock in foreign mar.
kets. bearing an interest Of Der
cent. aud redeemed in wears
4. ReSeiUed, That the annual profit.
OF said Bank ought TO be apnlied IN
The first place, to the payment Of the
principal and interest Of the eani,aI
stock so borrowed, and after the deb,
shall be thus exiinguished. then, as far
as the same will go. 10 the current ex.
penses Of The Common ealth. 70 the
purposes Of education, and the internal
improvement Of the Stale.
.. Resotesd. That the stockholders az
the existing Banks be invited Ia surren.
der their charters and their interest, IN
sad Banks 20 the Commonwealth Of
Virginia, aud "a lieu thereof ll.ry shall
receive State stock. bearing nm lu,efe,t
oi per cent, aud rcdremahlc IN
, ears ADD the Bank stock thus Dur.
chased. shall be part Of the capital
stock Of sad Bank OF the State Of VIZ
GINA.
g. Resoired That the charter, Of such
Banks a. will nUt surrender them
ought no. 10 be renewed; bot when
they expiFe, bEaBcbes OF the Bant Of
the State Of Virginia ought 10 be e.,a.
blIshed IN the places Of ruch Banks add
their Branches.
Z. Resoiesd. That in addition 10 the
specie and ell other property owned bv
The said Bank. the State itself ought 10
be pledged Tor She redemption oi AZ
notes and other liabilities.
8. Rssoiped, ThUt the directory o.
said Bank snd Branches should b. an
pointed 10 such manner a. the Lsgi.l..
iuIe shall, by law, prescribe.
.. Rssoipsd. A. The opinion q he
General Assembly. that the Adoption ol
system like The foFegoing. BY Ell The
states % ih's C0biederscy. would re-.
snll N The gsreFe. currency ana recon.
lion ~ par Of the noies q each 10 he
establishment ~ . uniform currenev
aed would tUperbede he alleged ns.
cessiiy - National Bank.
Rssolref. That TIE Coyernos Of M.
Commonwealth b. requested 20 Cor.
ward copy q these resolutions 20 The
Governors q the several States 10 b
lad before ihsiriespseiivs Lsgislaiusss