Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-03
RlN'k BILLS

The Legislature have Just pnssed two very interesting
B;Ils about Tie Banks # tbs Cnmrfnu"ca,:
A., Act RAISED Saturday last. for su,,rn<:, a..
act 20 increase he lta!a'r. C1iI... .. .i.r C,lir
wealth Passed March :3'h, IS37 The act susgeDds.
until the first April leg. much Of tie above rcced
mr., NJ relates to the Hank Of Virginia. the Formers.
Bank Of Virginia and the Bank OF the Valley in Ilr.
ginia ard authorizes the Treasurer. with the nGYe Of
The Executive To renew the loan Of the Surplus Rryrnu.
assigned To each OF those Banks until the rSt Of April
1897 Il Of interest not exceeding I'VE per ceU!u
per annum.
Y,ardnu the Senate receded from their amrmdGGeh,
about the North. Western Bank-And the following Re-.
lief Bill is now, therefore. the law OF The land.
AN ACT
Conceruinr The BQnkS of NtiS Communicable.
Be il enucied By tic Gtnsral assembly, That much
oranv act or acts as may subject any Bank Banking
Company incorporated by law. and IN actual opera
lion as Bank the forfeiture Of It's charter for failing
TO nav or redeem its notes or debts IN Specie and which
NAV subiec, such Bank or Banking Company. to The
pavment of any damages rate OF interest exceeding
six per per annu for so falling ar refusing paw
or redeem lis notes and debts IN specie shall be- and r
same is hereby suspended until the Isl day OF April
lS3y and if any such Bank or Banking Company shall
have forfeited lis charter by failing refusing TO psy
or redeem lis debts as aforesaid, the forfeiture
thereby incurred shall he RENTED, and The charter
Bank with all the rights and powers therein conferred
shall be and the same hereby declared 10 BE- IN f
force and effect to all intents and purposes Provided
Tha, the amount Of any note or debt due from Bank
or Banking Company, with legal interest thereon, may
be recovered in any OF the modes now authorized by
law.
. 7ud be further enacted, That the of the So.
yera Banks which have been heretofore required IN the
payment Of taxes debts due 10 the Commonwealth
shall be received, md the depostrS Of the
public revenue shall continue to be made in the Bank Of
Virginia, and Farmers Bank Of Virginia, unless the
Treasurer with the advice Of the Executive shall direct
otherwise in respect TO such receipts depostcS,
both, in the mode now prescribed by law.
s. find be further enacted, That every Bank in This
~ o,lt 4, Ernr malt Isrt,r i,rt
demo on It's pla stock not exceeding three per ceniu
previous to the first day Of August next but shall
no dividend thereafter if il shall fail or refuse 10 pay
redeem lis debts IN specie, every such BlHH or
Banking Company shall be bound and liable 10 pay IN
teres thereon the rate Of ten per censum per annum
To b. recovered in any OF the modes IN which le
of any note or debt due from any Bank may nov be
coveabe by law; any thing herein contained to the con-
trary notwithstanding.
A. ind be il further enacted, That every bank, which
shall avail itself Of the provisions OF tins act, shall -
regulate loans and discounts as that the amount ot
lis outstanding debt the LIST of january, lc3 shall
not exceed the Of its debt outstanding on the
lst of January lS:}5 Provided however, That thIss"c
ton shall affect any bank that shall before the f
mentioned day. bona hde have resumed specie pay.
ments. "
.7nd be Il further enacted, That the banks OF tins
Commonwealth, during their suspension OF specie pay.
mrn,s shall furnish 10 the Executive 10 every two
months statement of their condition, ngreenhIY to tie
provisions Of the sixth section OF the act estabshngge.
mr. raj regulations for the Incorporation OF banks passed
the 22d Of March, 1887 and the statement shall be pub.
lished.
g. ini be il further enacted That it shall be the duty
of the scveu. chartered Banks Of this State now IN
ration, toiSsre bills notes Of the Denomination o! one
dollar und two dollars to an amount not less thHn Two,
nor more than four per cenlum upon their respective
capitals until the first day OF April lS39-aIter wicI,
this authority shall and determine; aud !! a"y
such Bank shall thereafter issue, reissue, or pay out
offer 10 pay out or circulate any such note D every
p,,k hall he ltollp IN 10
and penalties if this had not passed. and every such
bill to be issued, may be signed by any clerk
officer Of the respective Banks, whs may be appointed
for that purpose by the Board of Directors and shall
be as binding on the Banking Company if signed by
the President and Cashier: Prorided hOccrer, That no.
thing herein contained shall be construed as to repeal
any provision OF the several acts prohibiting The issuing
and circulation by the Banks of small notes, but onIy 4,
suspend until the period above stated so much thereof
as NAV prohibit the emission and circulation Of the notes
bills in this section mentioned Ind pr0Ctdsd also,
That if any Bank shall fail 10 pay in specie any note
issued by in virtue Of this section when duly present
ed for payment shall be lawful for the holder OF any
such note or notes to recover the amount thereof, wh
% per cent damages the same by warrant be!.rr
Justice of the Peace lind prOrided more0rsr, That
whenever the Banks aforesaid shall resume the payment
in specie Of all Of their notes. the power gwen To them
by this section 10 notes of The denomination oil one
and two dollars SHALL within 100 days thereafter, cease
and determine.
= Be ii further enacted, That it shall be the duty of
herein before required to be made TO the Executive, to
furnish also a statement Showing the amount OF each
denomination Of notes which they may have IN cFcua'
ton.
& Be further snactcd, That the Banks OF this Com
monwealth which shall avail themselves Of The benefits
of this act. shall annually make (" the Executive
OF their condition the first Monday IN De
cemJer agreeably to the provisions Of the sxth section
OF the establishing general regulations for tn" moor
poratinn Of Banks, passed the 22d Of March, 1877, Tor
the purpose of being laid before the General Assembly
at the commencement of their session.
Q BE further enactea, That the act entitled an act
10 stay The proceedings executions, trust deeds and
other demands in OF refusal to receive bank notes.
passed June 22d 1897, be and the is hereby
tended to the st day of April 1899 unless the Banks Of
this Commonwealth shall prior thereto. resume the pay
ment OF all their notes IN specie Pfortdtd, hor''f
That nothing in this section contained shall be so CON
srued 10 protect the Banks from any penalties I'M
posed by this any other act for refusing to pay IN sr
Gle OF less denomination than FIVE dollars
TO- This act shall be in force from the passage thereof