Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1839-11-22


aud rel 'oied lei 10 81 a.. Mr. Sanbotn
moved an Amendment requiring = toS Of
one hat per con-. o. The capital stock 10
bc paid INTO the state treasury. winch was
opposed br Mcss-s Fulam and Butter and
RI 'c'ed Mr. Cleveland moved to require
the stock lo b. taken ~ within one year.
or the chatter 10 be forfeited, which was
,jccted and the question required on
the passage ofthe bill.
Mr. Eek of Waictvie, opposed the
passage of the bill. lie said he was op
posed to any increase Of banking cannsI
under the present circumstance of the cur
rency II was true. he had Yesterday vo.
ted tor a recharrer Of the Bank of Cacdo-
MIA ; bot IT, was not. that he was disposed
10 favor ono nart of the state more than
another he voted fpr the extension ~
that charter, for the reason that n bank
was ncudcd N that section Of the state:
ana also for the adJIlloaRl reason that the
scheme Of banking now proposed was an
experiment, which b" was wiling should
be- tried He dId not deem it safe how
ever to 60 farther until this experiment
was fairly tested None were eni,teIy
hpliiuFHh w 'ht cuCttNS VI WIS tN pN''biE
there was reasonable ground to fear that
stock would be either thrown in irrespon'
sblc hands, or placed under the control Of
but n very few capitalists But whatever
night be the reault prudence dictated ihot
the House should wait and see by whom
The stock is ,akcn and whether the scheme
work boniclaly for the stockholders and
thu pubic.
| Mr. Warner took n similar view. and
protested against adding to the paper cir
cuation in Ibnl section Of the state
Mr. Needham sustained the bill : three
bank in Rutland were as much needed q;
two in Addison.
Mr. Sanborn opposed the bill. Much
| had been said the past year upon "banE
reform" and his constituents believed that
one of the first measures towards reform
was, to grant no more bank fncil't,e;
where there were enough, and more thar
enough, already.
| Mr. Brown supported the bill, when Nj
Chandler renewed substantially the mo
ton Of Mr. Cleveland TO amend support
ed by Messrs Chandler. Warner and Hig
Icy, opposed by Mcssrs Brown Botler
Clark and Klnsman. and rejected. l3l t.
So The bill was then passed--ayes 1873
noes As
Mr. Stark called up the bill securing ~
holders on the closing of banks, and i
was referred to The COMMITTEES on banks
Mr. Ful'am called NJ The bill lncorporat
ing the Freehold Bank at Felchvllc
sundrv amendments were adapted wheI
Mr. Sanhorn moved to lay he bill on ,ht
raDle and make i, the order for to morrow
morning he believed bank at Felchvlll
unnecessary opposed by Mcssrs Fulnn
and Ncedham md negatlvod, The 6ll
was ordered to a third reading.
Adjourned.
SENATE.
9 o'clock. P. NJ.
M Townscy had leave of absence frou
and after Thursday morning next.
Bills. .-from the house. making sundr
alterations in the the militia laws. twlc
read and referred to the committee o
military affairs ; to incorporate the Ban
Of Poultoey, twice read and referred I
committee on Banks extending the char
ter OF the Bank OF Rutland, called TIP ant
the amendment proposed by the Commit
tee on Banks, erasling the whole bill. an
Offering new one being under cons dcr
! alton. Mr. Plcrpon, asked for the reason
; which had induced the com. on banks I
propose a new bill. Mr. Mcmillan state
those reasons, IN short, when Mr. Plerpoin
addressed the Senate at length, in favo
OF the original bill and against the ne,
one offered by the committee, especial
its private property clause.
: We hope to be enabled rto give tb
remarks OF .Nr p. in future paper
.Nessrs NC MILAN and Curtis spoke i
favor Ct the amendment when Mr. Pier
] point replied to each. and question wa
taken upon The amendment proposed
f the committee and rejected. Mr. Sw,
J renewed his amendment. upon which. !
the forenoon he submitted the follow IN
. remarks: The capital stock of the Ban
} being all paid in, there is no reason t
\ npprehend failure. if the directors ar
c honest and manage the affairs of the ban
n well. Who ever heard of bank IA I'm
I when the capital was all paid in and ,h
Y directors were faithful and prudent
managing all its concerns
y He was for not only securing the bi
holder, but the honest stakeholder.
!, many, indeed IN most cases where bank
+ failed The stockholders at large were a
!, innocent os tho bill holder. It's no, IN
common for females, guardians Of minor
4 or other trustees to invest their none
: in bank stock, that they might be relic,
cd from the care Of il. This class and th
honest farmer should be protected fror
, the wrongful act OF directors as well q
r the bill holder, ard to protect this clas
, he introduced the amendment, and hope
, it would be adopted,
$ Revised Statutes-C Chapters Passed SO {
fence and fence viewers. % of suprem
5 and county courts, 30 of jurors, los ,
: fines, costs and recognlsances, II of CO
lection Of taxes l04 Of state prison, II
' of production of silk, SO of limitation
= rcol md nprsOnnI nctinns 40 IN nf /,