Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1839-11-15
VOL. XHT..No. 64T

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advocated the principle that Banks should
not have a Fictitious capital. purpor,lng 10
have $3.50 900, when they had but so 600,
Mr. Harvey made some cuqnlrers whether
bills Of specie. paying banks might no, be
received as capital stock with equal safety
as gold and silver Mr. P,erpo,nt replied
that all the section proposed to be strlck.
en- out, was. that Banks should not be
chartered with capital Of $3.50 600, when
only a capital of $50 600 was all that was
needed, or desired. He was for plain
common sense legislation, giving what was
asked, or needed for the public accomoda-
ton, " no more and calling that by its
right name. As to keeping specie on
hand that question was settled by the law,
requiring the specie to be paid out. from
time to time, for the redemption of The bills
Of this bank. as it might be demanded by
the bills holders. Mr. Tracy SAID his OBJ
jecr was to keep the capital, always good,
| If paid ont, replace 1t. II need not
remain ldle,it might be in constant circu'a-
| ton, and bearing banking interest, Mr.
| Townsley said his inquiry had been satis-
! factorIly answered-he desired nothing but
ample security to the public, aud that upon
such terms as would give banking instilu-
| tons reasonable profit, permanence Of
character. and consequent confidence in
he public mind. The debate was further
continued by Messrs Robinson and Tracy.
when Mr. Edgerton called for the readiog
Of the bill. When the question was put
upon erasng the section. and negatlved bv
large vote. Mr. Pierpont then moved
so to amend the chapter that no stockhol-
der be permitted to receive, on loan, q
greater sum than two thousand dollars.
Mr. Lawrence moved go to amend the
amendment, as to allow no more than five
per. cent of the amount of capital paid IN,
to be received, on loan, by a stock holder.
THIS motion was debated by Messrs Law
renee Townsley, Cobb, Robinson, Jenness
and Adams, and on motion of Mr. Tracy,
laid upon the table.
The House sent up the bill. repeating
the act incorporating the village of Wood.
stock, adhering 10 their noDconcutrence.
Mr. Pierpolut moved that the Senate insist
upon the amendment, carried, yeas Is, nays
II. Adjourned.
Mr. Partridge proposed to suspend for
this afternoon the rule Of the House, devo-
ting the afternoon sessions to the revised
statues; agreed 70.
Resolutions. Requiring the assent OF
ten members to second call for the yeas
and pays-rejecled. Excluding debate on
motion to lay upon the tabe-wl,hdrawn
Providing for evening sessions hereafter.
to consider the revised statutes-adopted
BiHs-bv Mr. Hodges. from com. of
Ways and Means, making appropriations
raising a tax of 3 cents 90 the dollar for
support of government, and authorizing the
treasurer to borrow a certain sum: sevs.
rally read twice and LAID on The table
The House resumed consideration Of the
militia bill, and the discussion was reuew-
ed on the amendment offered BY Mr. Ken.
dali to the amendment of Mr. Fisk of Wa
tervlIle.- Messrs Partridge and Rice sup>
porting and Mr. Fisk of Watervlle oppn.
sing it-ayes lO7. noes "a; so the amend
ment was adopted, and the remaining Sec
ton proposed by Mr. Fisk Of w. was with
drawn. The amendment as amended, was
rejected, when Mr. Miner moved to amend
by releasing certain exemp,s from the pay.
ment of an equivalent (S3j in money-sup.
ported by Messrs Miner and Bridgman. op.
posed by Mr. Partridge. Needham, Bard g.
Kendall, and rejected, III to II. Mr
Waite moved to strike out SO and insert
S2-rejected Mr. Bard moved to amend.
SO az to make the money paid into The
town treasury by exempls, subject TO the
order ofihe Quarter Master of The repi.
! ment-Mr Thomas moved to add, to ba
disposed Of in the same manner as is provi.
ded IN the act for the dIspos ton of money
raised by fines accepted and the amend.
| ment adopted. MIR Richardson OF w.
u moved an amendment to exempt members
u of cavalry companies which were dsban.
ded by the act of 81. and are not organ
lzed-rejected. Mr. R. also moved to
strike out the section for annual regi.
mental reviews hereafter; withdrawn, when
Mr K. moved to substitute "once in ten
t years" for annually. Supported by Messrs
r Richardson Of W. Dillingham;. Wheeler of
: Mont peller, opposed by Messrs Partridge
t aud Thomas, aud adopted.
y Adjourned to half past 6 p. M.
= HOUSE.
Thursday Evening, Nov. 7.
Mr.. Fairbanks asked leave Of absence
>, after Tomorrow morning. granted,
h Militia .4ct-Mr Richardson Of WATTS
y" field moved to amend, SO as to provide for
officers drills once IN two years instead of
annually, supported by Messrs DiIlngham
Miner, Fairbanks and Eames. opposed by
D. Messrs, Brown. Partridge. Sanborn Ken
IF dali and rejected, yeas 81 nays 90. Mr.
e Sanderson then moved to dismiss the bill.
which was lost by large majority. An
3, amendment reducing the adjulant generals
10 salary from $3.50 to Sl50-per year, was
a then tried and rjecled sc to 81. Mr. Wa.
terman offered the following amendment
ID to the bill to be added after the 9th Sec
'e which was rejected That the Quarter
a masters and Quarter master Seargents Of
the several regiments who may be pres.
I, ecu'ed for the Levy aud Collection