Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1839-01-12

sioners contract loans, the part oi the osse,
for 900 900 every year for i've years, al rate
u interest no, exceeding per cent, rcdeemao's
after 20 and within 80 ye.rs. Such loans when
obtained be paid to the commissioners Ut tho
sinking fu.d.
Section two provides that said loans shall be
subscribed and paid over n bank stock in the sew
erai branches Of tho State Bank, At MY dollars
per share; but, before full dividends shall b PAID
on such stock the directors must provide tor
raising q surplus fund from the profits equsA to
one-sixteen,h Of the stock, and ultimately equal
to the amount Of tho surplus retained % the other
stock in the branch. Tho stock and surplus are
pledged for tho payment Of the principal OF ne
loan-,he d.. idends are pledged for the payment
Of the interest the loan-and tho surplus OF
tho div idends, if any should remain after the IN
eres, paid will 60 I" pay any interest on inter
nal improv emen, loans, a. the Legislature may
direct.
The third section directs the commissioners OF
tho sinking fund, in subscribing tho stock ~ tho
SOY eral branches, TO have an eye TO the greasese
profits that can DO obta ined, and that If any branch
through mismanngemehs, should e"dangef tho
safety, or rendcs unProductiVe sn'd stock, 1t snail
be their duty withdraw the same and place u an
sons other branch.
/ ton four provides that tho loans and dis
counts made on this ncw stock shall DO distrsou-
ted among tho several counties according TO tho
stu to tax paid by cnch, provided that applications
be made BY safe and punctual men. and that Meth
er the either Of his endorsers has su
| fcred piper TO lie under protest twenty days
Section Fl. directs the commissioners 10 assign
to the branches, to tho capital OF which the new
stock shall be added, the counties to which ehey
shall extend discounts as prov idcd in tho fourth
section.
! Section six says, "whenevcr now stock 10 added
to a branch the sinking fund commissioners, II
they deem advisable, may authorize such branch
10 increase its ii,div idual stock, not exceeding
one half the added by the state"
| XII
tho OOH section Ut the charter of the State Bank
| Tin relation TO the subscription and payment OF
,ndiv idua stock by morgaging real estate Tor the
second and third instaImenis,) TO the new branch
CT. which wore authorized and provided for BY the
&C, of Feb 6, 1887, provided that such loans to
stockholders shall be at tho same rate, 10 proper
ton to tho cost Of the funds procured tor tnat
nurpose, rs loans to stockholders in the original
branches Il also prov idcs that the new branches
shall be entitled 10 all the privileges and subject
TO tho Same restrictions Of the old branches under
existiup laws, except Us such new branches may
DO affected by the law creating them and TINS
act.
Section eiph, directs the surplus fund commits
soners TO appropriate sufficient sum, out Ut the
funds to be procured for banking capital under
this act, or OF any other funds that may be ~
their disposal at any time, to put in operation the
new branches according 70 the act creating them.
We believe the bill received the unanimous
sanction OF the committee on the State Bank.
resentutives have beed very interesting. Some
of the important H,.tters Of tho session have been
fairly broached. The bill providing for IN ap-
preparation Of 100000 on the Michigan road,
was acted upon on Wednesday aud lost BY ma
ioriiy of ten votes. We leurn however, that tho
subjec, will, probably, after while, be rs-consid-
cred, and again more fully and deliberately act
cd upon
Mr. Judah, On Tuesday last, made ablo re-
port from the judiciary committee IN favor OF the
Cons,itu,ionality Of Private Banking a. author
lied in tho state of New York, accompanied BY
bill for that purpose, both Of which were ordered
to DO printed This report will be shortly given
to readers. We have not had an opportunity
to examine the bill, and Of course IRE unable to
give a correct synopsis Of ~
t On the same day, tho modification ball which
had been laid on tho table previously, was, on
motion Of Mr.. Milroy, taken from the table, whea
Mr. Owen moved to strike il out from the enact
ing clause and insert q substitute which he pro-
posed, containing, with ono or two excePt,oos tne
views of the modification committee. Upon eh1s
bill, and upon motions in reference to il, dsselio'
~ debate took place which occupied the Pssoe.'
nal part of the time Of the House until the ID.
} journment yesterday (Thursday) Tho discus
sion was in reference both TO fss merits and 70 ne
presen, disposition Of it. Various motions were
made 10 refer il back to the mod .6catiou commit.
tee, to refer it to the committee on canals and N
,ernal improv ements, and 10 lay 1t on the ssoIe
md print il, Before any disposition was made The
House adjourned. This bill PROVIDES. among otn-
Or things, for . reorganization Of the Board =
} commence tho first Of March nett, the Board q
,e tina, time eonssuof three members TO b
elected by joint ballot Of both Houses to b chosen
without any reference to location and to bold the"
offic. for three years-th.t Jess: L. william
shall be Chief Engineer and shall have toe power
o1 nomination 10 the Board Of all assistsnts-thas
the Board shall have tho whole control OF the let
,inps-,hat the Board may expend one and . hall
million in 1899, and not more than one million -
any after year-,has they shall concensFatc oPss-
atoms and eonfine them to those works and Pefts
o Of works which will be most advantageous TO the
9 S,.,e-making the ten millions originally sPPro-
. pr'a,ed . general appropriation, providing nov. ~.
). ever that no more than tho amount orig,n.hy ~
apar. for any work, shall be applied to that Won
withou, further special appropriation by the L.
d gislature, and providing also that all the worHs
the original bill shall be completed as soon a. .ne
interest Of the state shall require. These are s0
= few Of the mos, prominent feature: galnsfso
y from hearing the bill once read oocn nas
q the demand for the bill since its introducti"o III
70 re have not been able TO sec IL.
Or On this morning, Friday, Mr. M'lroy, ens ~,
reported