Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-03
VIRGINIA LEGISLATURE.
SENATE.
Tuesday, january 30, 1888.
TIE (,IiRRESrE

Resolutions offered by Mr. Els Of 7cconack, in the Sc
natc january 3st, 1885, hch, upon his motion, acerc
laid upon The taHc:
lst RcsoccA By the General assembly, Gf the House
of Delegates concur theren) That the System of Bank
ing in this Commonwealth ought 10 be reformed and
changed that Bank ought to be forthwith established
To be denomnated the Estate Dank oil Virginia., with
such amount Of capital and many Branches as the
trade commerce and financial operations OF the People
and Of the Stale may from time TO time requl'e that at
least noety of the capital stock OF said Bank and
Branches ought TO belong and be held by, the Com.
mOnweall that at least ory oil the Directors oil SAID
Bank and Branches ought be appointed by State auho-
rity such mode and under such regulations, as the
General Assembly may PreScrbe that the proceedings
Of the Directors Of said Banks ought 10 be at all times
subject lu The inspection and examination OF such Com
mlees the General Assembly may appoint Tor that
purpose; that the amount Of capital at each OF the
Branches ought TO be fixed by law AMI The Directors
thereof 10 be independent of The control or The Parent
Bank far regards the amount ot their Discounts,
and the propcty oil expanding contracting the same;
that the charters of the Banks existing ought not
TO be extended renewed but that said Banks should
be ultimately merged in and becomes part of the sys.
TEN herein proposed and that the faith and credit OF
the Common ought to be soemny pledged to the
ultimate redemption of the notes issued by the SAID
Estate Bank of Virginia
Cd Reso'ced by tic General assembly Gf the House
Of Delegates thcreln) That al exclusive metal
lie currency is not allainable in this Common wealth.
without pros,aling trade, annihating commerce, pro-
ducng financial embarrassment, deierrIng ana apanuon
ing the internal improvement OF the State, and bringing
inc yilubIe ruin upon large portion Of citizens; and
that If il otherwise attanabe, II would not he de-
siroLc whilst safe convenient, and more abund-
ant circulating medium be procured, ny the esla.
bsnen OF banks upon sound banking principles based
primarily upon due proportion Of the precious metals,
and resting ultimately upon the responsibility OF the
Commonwealth.
3D. Rcs0ucd Ly the Gtnerai ASSEMBLY, Gf the House
of Delegates concur thrrein) That tie revenues OF the
United States ought mol TO be collected exclusively IN
sppcie but that the of such speciepaying banks
as may he FOR the TING being current in the State where
the same may Lc offered, ought 10 lc received snd that
the public revenues OF the United States ought 10 be de-
posted in such State Banks may be now or hereafter
established upon the responsibility Of the States esPec
lively if any such Bank there be convenient 10 the place
of colecton and if nonc then in such other Banks as
Congress may from time TO time direct; and that the de-
poscs made in behalf Of the United States ought not
TO form the basis Of discounts by said Banks but that in
lieu of the use of said funds, the said Banks ought TO
receive fair compensation for The trouble and response
by they may incur as, repositories OF The moneys OF
the United States.
9TH Resotred By The General ASSEMBLY, Gf the House
OF Delegates lherein) that The financial system
proposed by and contained in the several provisions OF
bill reported 10 the Senate Of The u. S. the 18th
day of January, 1885, by the Committee on Finance,
and entitled ga bill to impose additional dulles as de-
postories upon certain public olicers-to appoint re.
ceivers general of public money, and 10 regulate the
safe keeping transfer and disbursement of The public
moneys of the United States ronid if adoped confer
upon the Executive Of the United States dangerous
and corrupting would ndissnluby unite in his
hands the PURSE and the SWORD Of the nalon,-woud
lead inc vaby aud Immediately 10 the establishment OF
Treasury Bank, (of which it is but The prccnrsor:)
would be hazardous the safety Of The public revenues
utterly inefficient 10 transfer and dsburse the public
moneys oppressive to public debtors and TO The Bank
ing Institutions of the States, and OUGHT NOT to re.
ceive the sanction Of Congress