Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-02-19
g.1Ia:1SL AZURE.
SENATE OF VIRGINIA.

The following Resolutions were offered by Mr..
Meade the Senate oi Virginia on the Sih INST aud
make the third series the subject OF the Cur.
r,ncy Which thai bod, has Produced
II. Rcsoired by The General .lssenbly That it
Is eNpedieut la change the present system OF Bank .
ng IN Nlrglnia-and that a { mmon~ealih's Bank
IL be called the Bank OF the State OF Virginia, ought
Ia be established State account with specie
capital Of - millions OF dollars, (lo be increased
from Time 10 time rs circumstances and the wants al
the community may reQnrc,) In form the basis ol
us issues, which, with ITS other liabilities. shall ney
Ell exceed - tunes ihc amount al specie o. baud.
80. ResolreI That there shall be ~ many branch
rs oi this INSTITUTION rs the trace, commerce aud
wants OF the people al tins Common" wealth. ma,
qu,fc, and the capital a,slSued to each shah be reg
nlated by law.
-. Resotred. That the capital stock Of sid b NH
ought 10 be procured by sale OF Stale stack lor
crn markets. bearing an interest OF - per cent,
and redeemed IN years
-, RcSoirrd, That the annual ,oGls Of sad hank
ought To be applied IN the hret place, 10 the pay
meuI oi the principal and interest OF the eama Stuck
50 bnroncl, aud after he debt shall be ihns eNlln.
gnished, thcu ~ far rs the wall 10 the
rent eNpcnscs Of the Conmou~ 10 the pstposcs
ii education, aud The internal improvement ol the
State
=. RrsoirsR That the stockholders of Ihr eN=
lstiug Banks be m,ted 10 surrender their charters
and then interest. in said Banks TO The Common
wealth Of Nue,nn, aud IN lieu thereof The, shall
e'i., and redeemable IN - year, and the
Bank Stock lhus purchased, shall be pat ol the
oapd,l stock al sad Il INK of the State OF Nnlina.
&C. R,SnitcL That the charters oi such Banks
will not surrender thcm, Guy lat not 10 be renewed
but WHEN they expire. branches ol the Bank oi the
State OF Nncn, ought IL be established III the pla-
&C, OF such Banks and thri, branches.
=. Rrsoirrd, That in addition 10 the specie and
all other properly owned by the sad Bank. the State
its, II ought 10 be pledged Tor the redemption OF lis
notes aud othel labIltie.
- Rcsolrsi. Fhn tie director, OF said Bank
and branches should hr appointed IN such manner
rs the Legislature siall by law prescribe.
80 Resotetd, as The op,nian 81 0e GrnttH .lsst.H-
Hg, That the adoption "i system like the ioreso
n.. b, all Tie States OF Tins cani, drlac,, would
suit ia the gcuelal currency and reception par oi
the notes oil each. IN The establishment OF uniform
cnifrn, oil paprt a.d would supeISede the alleged
Necessity al a National Banh.
40. Hcsoirci That the Gove,no, Of tins Com
uwe1th be requested 10 forward copy ol ,hrsr
resolutions IL the Governors OF The several Slatos,
10 be lalJ btiot. the'rissprctI'e legislatures
lsQuiEy or rur BANS.
Nj Boudurant on the irh inst, IN the Senate sub.
mutd the following resolution:
" Whereas, sundry resolutions have brrn present
ed 10 the Scnaic ipt consideration. IN relation ~ the
currency, and 10 the sar keeping and dlsbursinp Il
thr public monlcs by the Federal Gos-inmeut and
IN oIdcf 10 iull aud tIr understanding al tins ia
should have full iiornaii0n, AZ 10 the manage
ment OF the public lnonlrs by the la'e Drpositr
Banks,
Therefore, Il; solved. That the Bunk of Virginia
and the Farmers i ,nk al Nuaini, be requested To
communicate to tie SENATE, all spondencr be
tween said Banks an the Executive Department Of
the Federal Governments or ANY officer agent
thereof aud alh, to communicate all coltrspUii-
drnrc bctWrrn The : td Banks aud auy Other Depus
lie = tuk oil the Federal toerrumrnt, any Officer
agent oil such Banks, and oi all contracts, agree
uenls arrangements entered INTO between sad
Banks"
Mr.. h. in submitting he resolution remarked that
great diversity Of opnion prevailed ~ 10 the best
mode nj Keeping the pubic Icvrnuos-tliat thsrt
were still advocates loi the sNslem Winch has b~rn
irl-d-iha due 10 those WHO support that sss
We'll Ia those who oppose II, lia, Its opera,
ton aud all the faeis connected with II, should II
posslb e. be brought 10 light lie therefore, asked
Tie adoption ol hi- resolution.
\ norlsn was made 10 lay tie resolution on the
table Tor the present, which after some debate, PIE
yal,cd.
Mr.. llolcman supported thr motion TO lay on the
tllr Senate On the currency question. lie seemed
10 drplceAie any acton. Mr.. Ells expires ed hs,ur.
prl,e, llal IT,, gentleman from Isle ol Wight MAS
oipo,cd 10 le>ion. Nh. (E) Smnh stated HAT hc
ntn Tor action. and Tor Sustaining the adrnnistfa-
1lon IN the course 1t had taken on the currency.