Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-11-22
state Legislature.
From wal,oo's Daily Iournsl

MONDAY ENENlNOt NOV. IL.
House.-BiHs Pasmd--In additiou to
militia net Of 1887, chapter Ga OF husband
and wife, 81 oil societies for the support oil
The gospel and literary and other assccia-
lions. t O. f@
TUESDAY, Nov IL
Senate Bl-eMendine The charter OF
the Bank of Rutland, called up BY Mr. Pier
point, the question being upon the adoption
Of the amendment proposed by Mr. Cobb. re-
curing the banks 10 pay into the State
Treasury. semi annually, one half of one per
cent ofthe amount OF capital paid in. Mr.
Pierpoint objected TO the amendment. unless
the mover would consent to dispense with
ten per cent. OF profits the Bank was already.
by the existing charter. required 10 pay. To
this M G. consented, and the bill was
amended accordingly, when Mr. Mcmillan
moved to amend the bill by erasing all The
sections oflhc bill providing for an increase
Of the capital stock. Mr. Cobb, opposed this
amendment, as calculated TO confirm the
privilege OF holding stock 10 the present
stock holders-others might desire TO hold
stock, and should not, on The principle of
equal rights, be denied the privilege Mr.
Pietpoint stated the object Of increasing the
capital was 10 provide for cases suggested
by Mr. Cobb. The amendment proposed by
Mr. Mcmillan was adopted. when MIR Cobb
moved further 20 amend the bill by erasing
the 18th section Of the substitute. Opposed
by Mr. ! cMillan, supported by Mr. Pier
point. and carried Mr. Converse moved to
erase the ! lth secion-moion sustained
Mr. Mcmillan moved so TO amend the s,h
section that The issue al no time exceed twice
the amount Of the capital stock paid in and
Of the full amount Of the deposiles. Adopt.
ed, when Mr. Swift moved further TO amend
the 9Th section by erasing the section requir-
ing so per cent Of The capital stock paid in
before any benefit TO be derived from the act,
The whole amount as stated by MIR Swift,
having already been paidsin. Messrs Cur
us and Egerton objected TO the amendment
when the question was taken and carried in
the affirmative. Mr. Foster moved to amend,
by erasing the provision requiring bonds.
and retaining the provision for mortgages on
improved land. Opposed by Mr. Egerton.
supported by Mr. Foster. who said bondsmen
might be good 10 day and good for nothing
at future day-securily on improved lands
was always good He preferred certain, TO
imaginary security. MIR Converse also
supported the amendment, aud illustrated
the insecurity Of bonds, as introduced into
the bill by the substitute of Mr. Mcmillan
Referring 10 the settlement Of an estate, Mr.
c. said a bondsman. worth his tens OF thou
sands dies--no failure OF the bank. no failure
OF its charter has occurred--the estate is
settled at the Probate office. according TO the
provisions Of law the property rightIully d.
vlded among the heirs: now comes the fail
ure OF the bank--What are your bonds in
that case worth ? Not fraction The
heirs would not be holden, and they would
consider themselves as doing God service in
resisting all liability upon the bonds. Mr.
G. spoke al length, in presenting his views
OF the insecurity OF bonds MIR Mcmillan
replied to MIR c. and said the insecurity of
bonds was provided for in other sections Of.
the bill. The sections were read by the
chair, when MIR Converse finished his re-
marks, and the amendment, Offered by Mr.
Foster, was adopted MIR Swift then pro-
posed an amendment, relating TO the bonds,
of directors requiring the execution Of
bonds, secured by residents ofihis state not
stockholders. or by mortgage. Mr. Pier
point said he had no objection to the propos-
ed amendment. and il was adopted unani-
mously. adjourned.
House. BMs-From the Senute, incor-
porating Savings Bank at Bratlleboro, re-
ferred 10 com. on Banks. BY Mr. Needham,
in addition TO the listing acts, referred to
the Judiciary Committee BY MI Chand-
Ter. in additional 10 several acts for the sup
port of The gospel, referred 10 the Judiciary
Committee
Engrossed Bills Incorporating the Bank
of Poultney-Mr Tenney moved an amend
ment limiting loans 10 directors and stock
holders, which wos supported By Mr. Chand-
Ter, opposed by Messrs Dillingham;. and re-
jected, l2l TO "a Mr. Sanborn moved an
amendment requiring tax Of one half per
cent of the capital stock 10 be paid into the
state treasury, which was opposed BY Messrs
Fullam and Butler and rejected MIR Cleve-
land moved 10 require The stock 10 be la ken
up within one year, or the charter TO be for
feited, which was rejected; and the question
REQUIRED ON the passage oilhe bill
Mr. Fisk Of Waterville, opposed the pass.
age ithe bill. He said be was opposed 10
any increase Of banking capital under the
P'NSei' sitSnihS'ahSss " Tue currency. Ii
was true. he had yesterday voted for rechar-
ter Of The Bank Of Caledonia but twas not,
that he was disposed 10 favor one part OF the
state more Than anoiher he voted 70! the ex.
tension OF that charter, for the reason that
bank was needed in that section oilhe state !;
and also Tor the additional reason that The
scheme OF banking now proposed was an ex-
pertinent. which be was willing should be