The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-11-05
Friday, Nov. /, 1899 .

Friday Nov. /, 1899
SENATE. RcuiSed StatuteS,-Chapter 30, Of
repleyin, at the close of Yesterdays proceedings,
was discussed, on proposed amendment, and the
amendment being negauved, the chapter was the
third time and passed.
HOUSE. ResOiution.-By Mr. Bard, reviving
the rule relative to the revised statutes-ndopted.
Reports Of Committecs.-By Select Committee,
bill taxng LamoilIe county, ordered To third rea-
ding BY select com against bll removing Orleans
Co. buildings, and it was dismissed ,
The House resumed confederation Oh lhe last
resolution reported by the minority OF the commit
tee on banks viz
"'That no director or stakeholder shall, either
directly or indirectly, he suffered TO receive any
discount at tho bank or banks of which they are
severay direc tors stockholders
Mr. Closson moved to add the words-'' for n
greater sum than 10 per cent OF his stock actually
paid in and in case shall such discount exceed
Is 900 at any one lime, the aggregate Of his in
debtcdncs5 to such bank at any Time exceed $4,000;
nor shall any other person, either as principal or
surety be indebted to such bank Tor discount to Il
greater sum than five thousand dollars"
Mr. Partridge moved 20 amend the amendment,
by striking out Zone thousand and inserting five
hundred
Mr. p. supported the amendment, followed by
Messrs Brown and Sprague, against The original
resolution and all the amendments.
Mr. Jackson moved 10 dismiss The whole sub ect.
Mr. Partridge opposed this motion, and TOOK occa-
sion TO hint thai the party with whom he had usual.
Nv acted seemed entirely TO have forgotten their
pledges TO the people on 'bank reform Mr.
Needham sustained the motion to dismiss Mr.
Fairbanks sustained the principle OF restricting
loans to directors and Stockholders, but assented
the rel econ Of the resolution on The ground that
this measure Of ''reform" already incorporated
into the general banking law, passed at the last,
session.
The chair here decided that the question, on the
amendment to the amendment, was first in order +;
the amendment 10 the amendment was then reject.
ed and Mr. Jackson moved 10 dismiss the origI-
nal resolution. Mr. hlinCr opposed the motion and
took the general ground that the security on bond
and mortgage, which was the one now adopted by
the House, was insufficient it had failed in Mich
gan, and would probably here, of accomplishing
the intended purpose. That provision did not
the monopolizing of tho loans of the banks by a
few directors or stockholders--the very thing
which had been the cause of every bank failure IN
New England for the last ten years.
Mr. Butler replied that the principle of this
amendment was already incorporated into the gen
eral banking law.
Mr. Miner cxplaincd-this provision indeed IN
the in addition tho safety fund act but it was
now proposed to release banks, hereafter charter
ed, from that act
The question then put; ayes $780, noes %,
81 the resolution dismissed.
MIR Hay ward of Addison requested the liberty
hero to state to the House that he understood that
the minority report just disposed of, was assented
to but by OF the minority.
Mr. Smith ofP said there must be II misunder-
standing in this matter, he understood that both
tho minority assented to the general principles oil
the report.
The Governor by message, informed the House
of sundry vacancies to he filled, occasioued by the
resignation of Major General +. L. Phelps and
Brig Generals Jacob Washburn and p. Il. KIM
ball.