Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1839-11-19


q s charter has nccarfed-iho estate j. reilled AZ
t'c pruhsio Office. according 60 ihU provisions %
law tic property nEhtiu'iY divided arnonr nc heirs
nqn comes TIC failure 50 ic hsnk--syii1i arc your
bonds ia lllai case worth Not fraction. The
heirs would noi be holden. and they would consider
themselves ~ doing God sersilo IA resisting al la
t,liy upon Tic tcpds. mr.. {. spoke al length IN
fIrcsrm-inr us views Of the insecurity Of bonds --
mf Mcmillan replied 10 mr.. G. end said The insccu-
MY ~ bonds was provided for ia other SECTIONS Of
SIC TIL. The sections read by the chair, when
mr.. Converse finished his reAnGhs, and tie amend
meni offered by mr.. Poster was adopted. mr. Swift
then proposed au amendment, relating to tho bonds
Of directors, requiring tie execution Cd bonds sccur
q by resi- cnis of ibis state not stock holders or by
mortgage mr.. Pierpoi1' said ho had no objection
10 the proposed amendment, but II was adopted
unanimously. Adj
HOUSE Engyo,se9 BRs incorporating tho
bank II poul'ney-mr. rcnncy moved an amend
mon limiting loans TO directors and STOCKHOLDERS
which was supported by mr. Chandler, and opposed
10y mr. Dillingham; and rejected, l2l 10 81 mr. san
born moved 1n amendment. requiring a tax Of one
hall per cent Of the capital stock lo paid into the
state treasury, which Was opposed by mussrs Ful-
lam and Butler and rojet,cd mn. Cieayclaud NOV
Cd 70 require the stock 30 be taken up within one
year, or the charter 10 be forfeited which was re-
Jecied and The question REQUIRED on the passage Of
the bill.
Mr. Fisk Of Watcryille opposed tic passage ofihe
banking capital under the prcscnt circumstances of
the currency 1t was true, he had yesterday voted
ioI rechaiier the bank OF CALEDONIA but it was
not, that he was disposed favor one part of the
state more than another he voted for the extension
OF that charter, for tic reason that bank was need
en- in that portion of the state and also for tho adj
dional reason that the scheme Of banking now pro-
posed was an experiment, which he was willing
should be ,re /. lie did no, deem il safe however,
TO go iuriheEun this experiment was fairly tested.
None were entirely confident of the success of this
experiment; there was reasonable grounds TO fear
that stock would be thrown into irresponsible hands
or placed under the control of but very few capi.
talsl. But whatever might bc the result prudence
dictated that the House should wait and sec by
whom the stock IS taken, and whether the scheme
worked benehcially for the stockholders and the
public.
Mr. Warner took similar view and protested a.
gains adding to the paper circulation in that part
of the state.
Mr. Needham sustained tho bill; three banks in
Rutland county were much needed as two in
Addison.
Mr. Sanbom opposed the bill. Much had been
said the past year upon bank REFORM" and his con
siituonts believed that of the first measures to-
wards reform was 10 grant no more bank facilities
where there were enough, and more than enough
already.
Mr. Brown supported the BILL when mr. Chandler
renewed substantially the motion of mr. Cleavelanh
to awend-suppored by messrs Chandler Warner
and Highly, opposed by messrs Brown, Butler Clark
and kinsman and rejected, 1871 to SO. The bill was
then passed-I33 to as
Mr. Stark called up the bill securing bill-holders
on the closing of banks, and it was referred to COM
on banks
Mr. Fullam called up the bill incorporating the
Freehold bank at Felchvlle; sundry amendments
were adopted, when mr. Sanborn moved TO Law the
bill upon the table and make it the order for omor-
row morning, he believed bank at Fclchville I'M
no caI h.,
ham and ncgatived. The bill was ordered to Sd
reading. Adj
O'Clock p. NJ
SENATE.-BWs.-From the House making
sundry alterations in the militia laws, twice read
and referred 10 com. on military affairs: to incor-
poraie the bank of Pouney, twice read and referred
10 com. on banks extending the charter of bank of
Rutland, called up, and the amendment proposed
by com. on banks erasing the whole bill and offer
ing new ono being under consideration, mr. Pier
point asked for the reasons which had induced the
com on banks TO propose new bill mr. McMil-
Ian stated those reasons in short, when mr.. Pier
poiu, addressed the Senate at length in favor of the
original bill and against the offered by the
com especially It's private property clause.
Messrs Mcmillan and Curtis spoke in favor ofthe
amendment, when mr.. Pierpoint replied TO each and
the question was taken upon the amendment pro-
posed by the com. and rejected. mr. Swift renew
ed his amendment, upon which, in the forenoon, he
submitted tho following remarks The capital stock
Of the bank being all paid in there is no reason TO
apprchend failure, if the directors re honest and
manage the affairs Of the bank well. Who over
heard of bank failing when tic capital was all
paid IN and the directors faithful and prudent
In managing It's concerns
lie was for not only securing the bill-holder but
tho homes, stakeholder In many, indeed in most
cases where banks failed, the stockholders al large
were as innocent as the bill-holder 1t is not I'M
common for females, guardians of minors or other
trustees TO invest their money in bank stock, that
they nigh, be relieved from the care oft This
class and the honest farmer should be protected from
The wrongful act OF directors as well as the bill ho
cer and TO protect this class, he introduced the
amendment and hoped it would be adopted Adj.
HOUSE.
The bill for the geological survey Of the state was
taken up, and mr.. Butler moved to dismiss IT, mr.
Baxter addressed the House in support of the bin
mr Brown expressed himself friendly to the meas
ure as soon the Of the treasury would admit
and proposed 10 lay the bin upon the table. with the
understanding that It should 60 over TO the next scs
sion. messrs Sprague and Warner Of Newhayen
supported ihe bill. mr.. Gowdy in behafof the com.
sad Thai 40 objection would be made 70 the course
proposed by TIE gentleman from ST. Adams and
VIC OH was Ia1d on The table. Adj.
e,-... wednesday, Nov. -.
sENATE.-Reyised Statutes considered.
B0iksl-hT Pierpoint called up tho bin eNtend