Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-02-06
VIRGINIA LEGISLATURE.
HOUSE oF DELEGATES.

X.
mtted the following resolutions, which
he stated he would call up at proper
time:
ResoEred, That the Committee on Banks
be instructed to report bill TO authorize
the formation OF Banking Associations,
having the usual banking powers, upon
the following conditions
|. Their duration shall be limited to
twenty years, and their capitals TO be not
less than 100000, and not more than
$500 600 each; and the aggregate amount
Of all such capitals shall not exceed hive
millions of dollars, until the Legislature
shall permit an increase thereof, or OF the
number Of such associations.
2. The said Associations shall not Is
sue any notes below the sum oil FIVE dol
lars, and may be hereafter restricted to
notes Of ten dollars; and shall not issue
any note, unless the same shall have been
secured, in the manner hereafter mention.
cd and all notes so secured and issued,
shall have stamped on their face the words
=" Secured By pledge ofpubiic stocks and
reat estate "--as all evidence Of which Sc
curity, every note issued, shall be coun-
tersigncd by some officer of Government,
to be designated for that purpose.
| 3. For the purpose Of securing the due
payment of all notes 50 TO be issued, the
said Association shall be required TO trans
fer to the Governor Of the Commonwealth,
bonds, payable at a reasonable time, bea-
ring interest from the date, and secured
! by mortgages upon real estate OF the val
ue of al least twice the sum mentioned in
the bonds; and by certificates OF the pub
| lie debt oil this State, or OF the United
States, to the full amount Of all the n9ies
so to be coun,crsigned for the Association
and issued by it; pror,ded, that of the
sum SO secures, no, more than one hall
shall be secu. ed by such bonds.
=. me bonds and mortgages and the
certificates public debt SO to be pledged,
shall be held by the State in trust to Sc
cure the due payment OF all notes issued
by such Association and shall be liable
to be sold for that purpose, whenever de-
fault shall be made IN the payment oil the
said notes in specie.
). The Legislature is to have the pow
er Of amending or repeating tue act; and
Of passing any other act lor tho better
government Of any Association which
nav have been formed under l.--saslng
always the rights Of the Association to
It's moneys and estate, after paying all
debts which may be due from II.
And lastly, such other provisions rs III
the opinion Of the said Committee may be
expedient for the proper regulation and
government OF such Associations.
MIR. Tyler, from the Select Committee
on the subject of the Public Lands, repor-
ted the fourth resolution to them commit
ted yesterday, with an amendment.
The following is the substitute to the
said resolution
Resolved, That the lands which were
ceded by the several States to the United
States, were ceded in trust for the com
mon benefit Of all the States; and this
General Assembly doth earnestly urge
upon Congress the speedy adoption of
some equitable plan for the disiri button OF
the net; proceeds ofthe sale thereof among
the States.
Resohred, That the lands acquired by
the United States by purchase, are held
IN trust, for the common benefit fall the
States and this General Assembly doth
declare the opinion, that the n.ost just
and equitable plan for disposlng of the
nett proceeds Of the sales thereof, is by
distributing the same in just proportions
among all the States.
Mr.. Tyler made an explanation Of the
views Of the Committee. 1t would be
seen by the report, tina, they mad divided
the propositions contained in the fourth
resolution, SO rs to have a distinct vote
upon each, and after some little debate,
the further consideration Of the subject
was postponed till Monday.
MIR. Martin moved reconsideration OF
the vote on the resolution appointing a
day for the election Of Councillor OF
State MIR. NJ. said the Senate had al
ready one joint resolution before them,
which they had not acted upon (the cleo
ton Of Senator) and he was not disposed
to send them another at present.
The question being taken, the House
refused to reconsider the vote on the res
olution.
From the Philadelphia Ledger, Jan. IS
,-pa