Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-11-02
In his view. ,here WINS a sp.ri, of speculo.


ton of gambling abroad which ought
not To exist. and these restrictions we're
called for TO control and counteract this
spirit.
Mr. Miner objected to the amendments
that they proposed an entire change in the
system. under which our banks had sur.
vvcd the tempest which had swept over
the country, aud had retained, to an extra
ordinary extent, the confidence of the pub !
lie: and this he contended was not called
for. 1t was found on examination that
this bank had ample resources, beyond it's
capital stocks, to meet its liabilities; and
so il was generally true in respect 10 these
institutions. In addition to this security
there was still the safety fund; and there
was also the power of future legislatures
to impose any checks or guards, and, what
he deemed Of to e utmost Importance, there
was too the reg friction upou loans to the
directors. The history of all the recent
failures of b INKS conclusively proved that
they were uined solely through The loss
Of their furids by the failure OF officers OF
the banks. The new restriction was
complete b ar to this source of danger, and
was ample security against the recurrence
of the evil. Aside, however, from these
considers tons, he had insuperable obiec'
tions to he amendments themselves. They
in fact afforded no security to the bill hol
ders; 50 far from it, they would tend to
throw the control Of the bank into the
hands, Of SPECTATORS, who owned their On
told acres Of wild lands. and the only secn'
rily the bill holders would ultimately hnd'
would be mountain tracts Of valueless soil.
Or, this point the people bad the experience
Of Michigan with her banks. founded on
real estate, and yet their bills worth bn,
rs and so cents OH the dollar. Before Mr.
M. had concluded, the Senate came in and
proceeded to the election of sergeant at
arms, with the following result:
l.. 9. 3. 4. 5. 6. I.
T. II Prentss Ga SO a. 33 80 Is l2
Cyrus Ware 10 SO 81 95 81 e5 li6
, w II Burnham GO 60 IS IS sc 90 96
, Seth Kimbal 10 3
Scattering 10 sls 30 4
On the 9Th ballot being declared, Mr.
Pierpon: withdrew the name of Mr. Prem
+ tiss and seconded the nomination Of Judge
Ware and on the 7th ballot. Cyrus Ware,
of Montpelier, was declared elected. The
Joint assembly adj. TO Wednesday after
noon next, when the Senate retired, and
the House Adj.
n Tuesday, Oct. 60.
0 SENATE.
3 Mr. Ranney called up the bill to prohibit
y the traffic in spirlluous liquors, the question
i being upon the adoption Of the amendment
= proposed by Mr. Converse. giving towns
g.. authority TO grant licences, and exemp'ng
j.. persons so licensed from the provisions OF
J.. the bill. After debate by Mr. Ranney in
e opposition to the amendment, and Messrs.
n Short and Harvey in favour, Mr. Converse
h withdrew his proposition, and Mr. Chandler
). moved an amendment, referring the ques
= ton to The decision Of the people, TO be
e taken in March next, and if a majority vote
}, in favor of the law, the same 10 take effect,
# if opposed to be null and void.-laid upon
d the table.
e BiHs-in addition to on act regulating
-. the charterng of Banks. considered in com
. of the whole, amended by erasing the 9Th
o section, and recommi,ted TO the com. on
| Banks; in addition TO an act for the benefit
8 Of poor debtors. reported by com and rejec
r ted; relating 10 bridges and highways
. amended and passed; 10 encourage the
J growth Of silk-passed; rechartering the
}, bank of Caledonia, the question being upon
: the third reading, Mr. Smile, after spirit.
S ed speech in opposition 10 banks, moved
!, an amendment. Before the question wac
Q taken, the Senate Adj.
Il HOUSE.
The engrossed bill, relative TO corpora
!. tons, coming up, on motion Of Mr. Field o.
n w. the order for the third reading was re.
Q considered and the bill was recommtted
). The morning hour having passed, the
- House resumed consideration of the Mont.
If peer bank bill. the question still being on
the amendments of Mr. Beardsley. Nj
!. Miner concluded his remarks, followed BY
Of Mr. Field of w. in reply. Mr. BlackmeI
e briefly opposed the amendments on the
g grounds that the provision afforded no &c.
10 curly to the bi-hoders,-lhat, as it 81 oot
Of before the House, it was impracticable, ant
!. that its tendency, if not the real purpose o.
IS its movers, was to prevent the bank going
into operation. Mr. Hastings thought the
amendment was a scheme which would
J.. only help wild land owners to get rid o
ss their unproduc,ve property. M Beardsley
At replied that the treasurer would not eceiv,
g mortgages on unproductive property. MI
II Hastings rejoned, Mr. Dewey also oppos
IN ed the amendment as destroying all lhe Sc
:; curities which the people now have. ant
r without supplying in any degree the def
Or cheney. The discussion was continued BY
20 Messrs. Hayward of Addison, Fanhank
I'd and Hopkins. Mr. Field Of w. demande,
Is, call OF the House, agreed TO, and 2Ot
or members answered to their names, wher
h. further proceedings in the call of The Hous,
We were suspended. and The question was pu
d. on the amendments of Mr. Beardsley, re-
k, qnrlng bonds or mortgages to the amour,
r of the stock paid in, &c.) Before the ques
e; ton was put. Mr. Beardsley said that II thi