Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-11-15

From Walton. Daily lourr.l

ttOu5t.-MT IHftfiuyt Cdiicu UP tue OIL
in addition to the militia act of 1887. being
the bill reported by the com. or Military AT
fairs--Qhe same. with amendments, prepar
ed BY the Military Conycntion.) The amend
menis ofihe committee, with the exception o
the ninth. providing for drawing money
from the treasury for the payment Of svrvi
ces at drills. Sci Sc, were adopted. when
Mr. Hazard moved to amend. by repeating
all parts oithe act providing Tor drawing
money from the treasury for such purposes
The amendmeu, was supported by essrs
Hodges. Fisk Of Waicrvillc and Miner. OPP.
posed by Messrs Partridge. Sprague. Ken
dali. Brown and Shnuuck. and rejected
ayes 81. noes iil. The amendment, pro.
posed BY the committee was adopted adj
THuRspAy. Nov. Z, 1889
Senate. relsting TO the Rutland
Rail Road Bank. reported BY Mr. Mcmillan,
that the same ought not TO pass. Rejected
upon third reading.
The motion pending at the adjournment,
to erase from the bill relating to Banks, the
provision requiring all the capital, in gold
and silver, TO be paid in, before the issuing
Of bills. was resumed, when MIR TownsIry
made the inquiry whether any Senator es-
pectrd or desired the whole OF the capital
stock paid in, in gold and silver. to remain
sailed down IN the vaults OF the bank7 Mr.
Cobb suid some debate had been had upon
the question. but for himself he could no,
dance the entire loco foco to tina, tune. Mr.
Tracy explained. and said he advocated the
principle that Banks should not have iic,i.
tious capital. purporting 10 have $4,000
whenthey had but S50. 1000. Mr. Harvey
some enquiries whether bills. OF specie pay.
ing banks, nigh, no, bc received ns capital
stock, with Equal safety as gold and silver ?
MIR Pierpoint replied that all the SECTION
proposed TO be stricken out. required .sehs.
that Banks should not be chartered " iih u
capital Of $4,000. WHEN only capital Of
$780, 900 was all that was nerdrd, or desired.
He was for plain common sense Legislation,
giving what was asked. or needed for the
public accommodation. and no more; and
calling tina, by its right name. As 10 keep.
ing specie on hand. that question was srilIrd
by the law. requiring the specie TO be paid
out. from time 10 time. for the redemption OF
the bills Of the bank. as j, nigh, be demand.
ed by the bill holders. Mr. Tracy said his
objrc, was TO keep the capital. always good
II paid out. replace il, It need not remain
idle, nor would it--twice the amount 10
bills. might be in constant circulation, and
bearing banking interest MIR TownsIry
said his inquiry had been satisfactorily ans.
wcred--he desired nothing but ample srcuri.
~ TO The public. and tina, upon such terms us
would give banking inslilu,ionsa reasonable
profit. permanencr Of character. and coDse.
qurnt confidence in the public mind. The
debate was further continued by Mrssrs
Robinson and Tracy. when Mr. Egr,,on call.
ed for the reading OF the BILL When the
question was put npon erasing the section.
aud negaiived BY IA large vote Mr. Pier.
point then moved so TO amend the chapter
that no stockholdrr be- permitted 10 receive.
on loan. greater sum than two thousand
dollars Mr. Lawrence moved so 10 amrnd
the amendmentasio all ow no more than FIVE
per cent Of the amount Of capital paid in, TO
be received. on loan. by o stock holder This
motion was debated by Messrs Lawrence,
Townsley. Cobb. Robinson. Jenncss and
Adams, and on motion Of MIR Tracy, laid
upon the table.
Biis.-By Mr. Hodges. from rom. Of
Ways and Means. making appropriations
raising tax OF 3 cents on the dollar for SUP.
port Of government. and an;horising the
treasurer 10 borrow certain sum: seyerally
rend twice and laid on the table.
FRIDAY. Nov. 8. 1889.
Senate BHs--ineorpora the Prosi.
dent institution Of savings. at Brauleboro.
reported by Mr. Adams. with an amendment,
giving any future Legislature power 10 alter
or repeal. The amendment, was adopted.
without division, when Mr. Cobb called for
the bill, I was opposed by Messrs Eyer.
ton and Cobb, IN debate, sdpporIru oy eMr
Townsley. and the yeas and nays being dc.
mandrd BY MIR Hemmenwsy on The passa 90
OF the bill 10 be engrossrd and read a third
time, on motion Of MIR Townsley. il was laid
upon the table.
heetssd Siafnfts--Ch Chapter 80, of banks,
called up by Mr. Tracy, who offered the FOL.
lowing amendments. Strike oni section "a.
and insert, The stock holders and officers
Of any Bank. shall not. at any one time. be
eiIhrr directly or indirectly. indeb,edi 10 such
oank, to greater amount in the whole than
10 per rent Of the capital stock of such bank
actually paid in; and no individual stock
holder or offlcer olsuch bank shall al any |
one time hr indebted TO the same, either di, |
reilly or indirectly TO greater amount than
e20O0--nor shall such slockholdrr or off. |
rrr. either directly or indirectly receive any
discount at such bank. unless he sball pro. !
'ure two good and sntiicien, securities ior the
same, nrrher Of whom shall be stock hol-
ders or officers Of snch Bank" MIR Towns
icy moved 10 amend the amendment by era.