The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1839-11-16

nv; facts stated by Mr.. Lawrence of the COM
nitee on Military Affairs, and after debate by
Messrs. Bowen, Pierpoint, Curtis, Burgess, Towns
ev and Converse, the bill, on motion of Mr.. Bow.
n 9ss laid upon the table; for the relief of
hsr-es and Edward Beamy reported by Mr..
Pierpoint without amendment, who stated the
facts in the case, when the bill was amended, read
a third time and passed; incorporating the Bur-
lington Volunteer Engine Company, reported by
Mr.. Lawrence, read a third time and passed ex-
tending the charter of the Bank of Rutland,
called up by Mr.. Pierpoint, the question being up
on the addiction of the amendment proposed by
Mr.. Cobb, requiring the banks to pay into the
State Treasury semi annually, one half OF one
per cent Of the amount of capital paid IN. mr.
Perpoint objected to the amendment unless
the mover would consent to dispense WIN 'ne
ten per cent, of profits the Bank was already, by
the existing charter, required topay 10 thlS MI
G. consented, and the bill was amended ACCORDING
w, when Mr. McMaln moved to amend the bill
bv eracinq all the sections of the bill providing
for an increase of the capital stock, Mr.. Cobb, OPP
posed this amendment, as calculating to confirm
the privilege of holding stock to the present stock
holders-others ought to desire to hold stock, and
should not, the principle of equal rights, be de-
MED the privilege. Mr.. Pierpoint stated the OBJ
ject of increasing the capital was to provide for
cases suggested by Mr. Cobb. The amendment
PROPOSED by Mr.. Mcmillan was adopted when
Mr. Cobb moved further to amend the bill by e.
raising the 18th section of the substitute. Oppos-
ed by Mr.. Mcmillan, supported by Mr.. Pierpoint,
and carried. Mr.. Converse moved to Grace the
18th section-rnoton sustained. Mr.. Mcmillan
moved so to amend the Sth section that the issdes
at no time exceeded twice the amount Of the cap
ital stock paid in and OF the full amount of the de-
posts Adopted when Mr.. Swift moved further
to amend the Sth section by erasing the section re-
curing so per cent of the capital stock paid in be-
fore any benefit to be derived from the act, the
whole amount as stated by Mr. Swift, having al
ready been paid in. Messrs Curtis 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 requir-
ing bonds, and retaining the provision for mort
cages, on improved land Opposed by Mr.. Eyer
ton, supported by Mr.. Foster, who said bondsmen
might be good to day and good 70 nothing at fu
ture day-securty on improved lands is always
good. He preferred certain to imaginary security
Mr. Converse also supported the amendment, and
illustrated the insecurity Of bonds, as introduced
into the bill by the substitute Of Mr. Mcmillan,
Referring to the settlement of an estate, Mr. G..
no failure of the bank, no failure of its charter
has occurred-the estate is settled al the Probate
Office, according to the provisions of law the prop
erty rightfully divided among the heirs; now
comes the failure of the bank.-What are your
bonds in that case worth? Not fraction. The
heirs would not be holden, and they would con-
slider themselves as doing God service in resist
ing all liabilities upon the bonds Mr.. G. spoke
at length, in presenting his views ofthe insecure
ny OF bonds. Mr.. Mcmillan replied to Mr.. c.,
and said, the insecurity of bonds was provided for
in other sections the bill The sections were
read by the chair, when Mr.. Converse finished
his remarks, and the amendment, offered by Mr..
Foster was adopted. Mr.. Swift then proposed
an amendment relating to the bonds of directors
requiring the execution of bonds, secured by res
idents of this state not stockholders, or by mort
gage Mr.. Perpont said he had no objection to
the proposed amendments, and it was adopted
unanimously Adj,