Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-12-12

mum for such failure or refusal, or which n. an
nibit the receiving of the notes Of such Rail o-
pay ment Of the public taxes or debts, or tha a. ~
tie of he public revenue as heretofore. shan l. ~Pos.
the same is b hereby suspended, until the frs, dsa"s
- next; and if any Bank shall have fotfe;,ajjo VI
charter by so falling OF refusing TO pay specie, Il.
forfeiture thereby incurred shall be remii,.a 'ne
the charter with all the rights and pc sers conf.. aoa
by it, except such portions as are hereby susnaaI's
shall continue in full force and effect until T. s",
above mentioned saving TO all persons the ,;ab, =
recover in any Of the modes now provided H. ~
the amount Of any note OF other debt due fro,, ~
Banks. with interest at the rate Of six per cent. n.,
annum.
This act shall BIO in force from the passing ,ber.
The bill having been read the FIRST and secora
times,
Mr.. SmITs of !. of W, moved the following "a.
substitute To the bill -
BE IL enacted by he General Assemble. Thai.
much Of any act or acts, as may subject any b.rL
or banking company, which has been heteio lore i.
corporated by law and IN actual operation as a bank
to a forfeiture Gifts charter for failing to paw or ~
deem its notes or debts in specie, shall be. and ~.
same is hereby suspended, until the last day Of ill.,
present session OF the General Assembly: PToy;ded
That the operations of any such bank shall be con-
fined TO the renewal and 10 the receiving of III.
counts and cuItailments on the securities which; h,
now holds, an he discount Of SO much Lu,inas.
paper, not having more than sixty days to run. =.
shall not exceed fifty per cent. of its receipts per
week for the discounts and cuTtailments aforessid.
And Ero0sded, also, that such bank shall make M
dividends on he stock, unless at least ten DAYS :
vious thereto, ii shall have bono fae resumed and
continued the payment Of its notes and debts in she.
Gle on demard.
ind be IL further enacted, That the General
Assembly reserves TO itself the power of arpullipv
the charter of fanny bank or banking company, which
has been OF may be forfeited by virtue Of The PROV.
sions of any act or acts hereby suspended, anil Of
directing that the funds and effects Of such bank
shall be disposed Of ia the manner therein desert.
bed.
This act shall commence and be in force from ard
after the passage thereof.
Mr.. May opposed the substitute and entered into
q variety of views 10 show why it should not be a.
dopted.
MIR. SMITH replied and defended the provision.
Of his substitute, and went at some length into mai.
tefs connected with Barking and Currency. He
would perfer TO lay the bill and amendments on tbs
table, to get information, but would not make that
motion himself.
Mr.. FoNTAIYE expressed surprise at the haste
exhibited on the subject, and ~fter some remarks in
reply to Mr. May. moved TO lay the bill and amend.
ments on the table but withdrew the motion, al.
The suggestion of Mr.. ROBERTSON.
Mr.. RoBrRrsos then replied to the objection ur.
ged against The bill, and TO the complaints of want
ot infoi nation, &c. When he concluded, be moved
TO lay the bull and amendments on the table, accor.
ding to his promise to do so, but should vote egains,
the motion.
Itemaik ks were made by Messrs. Burwell ofC.,
Crutchield, May, Mciiae, Goodson, Gregory, and
Taylor of Halifax, and the question on laying on
he table was decided in the negative, Ayes SIS,
Noes go.
Al. T.yy .f HIM.. .t-l
on the question of adopting the subsilute-which
were ordered, and taken as follows Ayes, IS,
Noes, 39:
The substitute being rejected, Mr.. SMITH of Isle
of Wight, moved the following as a piovisa:
Procidcd, That no bank which shall avail itself
of the provision ofthis oct, shall make any dividends
on its stock unless il shall at least ten days preyi.
ously thereto, have resumed, and bona Gde coniinu-
ed the payment of notes and debts in specie.
Mr.. TAYLOR of NJ & NJ. asked the ayes and NOES
on this proviso, but Withdrew the call.
MIR. MAY was willing TO accept the appointment,
though he saw no necessity for it.
Mr.. ROBERTSON referred to the Inconvenience
the proviso would produce, and the evil to innocent
persons, widows AID children, who had no agency
in the suspension by the Banks.
The question being taken, Mr.. Smiths proyiso
was agreed TO.
Mr.. SMITH then proposed the following as a new
section
Be il further enacted, That the Legislature re.
serve to Itself the power of annulling or modifying
the charter of any hank which has been or may DO
forfeited by virtue OF The provisions Of any act or
acts hereby suspended, and of directing that the
funds and effects Of such bank shall be dispostdo
in the manner therein prescribed.
The question being taken, after some remaiksin
opposition by Mr.. May, the amendment was nega.
tiyed-Ayes Sd, Mes 65.
The bill was then ordered TO DO engrossed and
read a thild time.
We have been obliged to abreviate our notice
as the debate would occupy several columns.
On motion OF Mr.. VENABLE, IA committee was
appointed to enquire into the expedlency OF further
alteration in The Hall.
Ga motion of Mr.. CRoPrER, 1000 copies OF th'
Governors Message were ordered to be printed
instead of the number heretofore directed.
On motion of MIR. CLARK of Ssrry, the House ad-
journed.
WEDNESDAY, Dec. a.
The engrossed Bin for the " temporary relief OF
Banks of this Commonw ealth" was read a third
time and passed. In consequence Of some objec.
tons taken By Mr.. Byrd Ct Frederick, a ryder was
offered by Mr.. May, which, with an amendment
suggested by Mr.. Smith of Isle of Wight, reads
thus:
And rovided also that nothing herein contain
ed shall be construed 10 prevent the Legislature
from passing any act annuliing or modifying the
charters Of the several Banks which it might DO
competent to enact, if this Act had never been pas
sed.
On Mr.. Mays motion, the blank in the bill was
filed with " the 1st day of March next" (by which
time, MIR. May hoped, some law might be passed
for the permanent organization OF the Banks:
The bill was then put upon its passage. IL was
opposed by Mr.. Gregory, and supported by Messrs'
Robertson and Venable; and finally passed BY the
following vote Ayes 80, Noes 40.
Mr.. Chapman submitted a resolution for going
into the election of a Senator of the United States
on Monday next.-Mr. Dorman objected, that se9.
eral members, whom he specified, were absent, ana
might not be in their seats by Monday.-And on
MIR. Crutctfeld's motion, the resolution was iad
on the table.-Ayes &c, Noes 81.