The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-11-12

of that com, who thought the public would be SAFE
with ono half Of the amount of capital paid in
Mr. Plsrponl repli cd to Mr. &. and insisted upon
thorough reform, and ample, undoubted security TO
the public. Mr. Tracy opposed the proposition 10
erase Mr. PierPolnt, addI essed the Senate in some
general remarks upon tho subject Of banks. The
debate was contin ued, for some time, by Messrs
Pierpont, Tracy and Converse, in opposition 10
the proposiuon To erase, and by Messrs Curtis,
Cobb, Egerton and Robinson, in favour and before
the question was taken, the Senate adj
HOUSE. Reports Of COmmitecS.--By com. on
Banks, bill recharterng Bank Of Caledonia, (secu.
rliy on bond and mortgage required on 60 days
suspension OF specie payment, in junction to be is.
sued, and receiver OF assets to be appointed to
collect avails thereof and apply the same to re-
dempuon Of bills, the bonds Of mortgages to be
holden to make good any deficiency debts Of the
bank never TO exceed double the amount Of capital
stock one half of the capital 20 be paid in gold
and silver before going INTO operation, and moi to
be withdrawn fraudulent transactions punishable
by Imprisonment no fractional bills TO be issued );
future legislatures To have control the chnrter)
The bill was read a Cd time, when Mr. Partridge
arose, as he SAID, TO enter his protest against
lerng or recharterng any bank at the present ses-
SION laid on the table until tomorrow morning,
7G To 60 by same com nittee, bill churtering the
Freehold Bank ut Fclchville, laid on The table and
300 copies ordered to be printed also bill charter
ing Rutland Co. Bank AT Pou!tney, laid on the Ia
bic till tomorrow morning.
The House resumed consideration of the mill
iary bill, the first question being upon amend
ment offered by Mr. Fisk of WatervilIe, providing
first, that no person shall be required to go beyond
the limits of his own town 10 do military duty Eek
cept to regmental reviews y aud I'd, that inhabi
tants of towns containing less than % persons liza
Bile to do military duty, on beng enrolled and o.
quirped, shall be exempt from doing duty IN time
Of peace.
MIR Kendall moved IAN amendment to tho amend
mcnl, providing that where inhabitants OF TWO
towns are joined in one company, the persons IN
each town may meet by themselves within their
for nv
Kendall, Partridge and Brown supported the amend
ment to the amendment, opposed by m9ssrs rlSS S
ufW., Walker of Whiting, Fisk oil Eden ana
Enmes MIR Bard suggested modification by re.
curing n request of II majority of the members OF
any one town--and also excepting meetings OF the
company for election Of officers which were ac-
cepted.
SENATE Repised Statulcs Chap, 20, 81 and
30, reported by MIR Goodwin, all relating to roads
and bridges, were severally rend n third ume and
passed.
The motion pending AT the Adjournment, TO
erase from the bill relating To banks the provision
requiring all the capital, IN gold and silver, 10 DC
paid in before the issuing of bills, was resumed
when Mr. Towusley made the inquiry whether any
Senator expected or desired the whole o. Inc cap'-
tai stock paid in, in gold and SILVER to remain SAT-,
ed down in the vaults of the bank MIR CobO SAID
som debate had been had upon the question, bu'
for himself he could dance the entire loco foco
to that tune. Mr. Tracy explained and said he ad-
! vocaied the principle that Banks should not nave
Il fictitious capital, purporlnS W nave C''o3oou;
when they had but $50 900 MIR Harvey made
some enquiries whether bills, of specie paying
banks night not be received as capital stock, w'th
equal safety gold and silver ? Mr. Pierpent re-
piled that all the section proposed to be stricken
out, required was, that Banks should not be CHAR
tered with capital of $l50,OO0, when only ii
capital of $50 900 all that was needed, or de-
sired. He foI plain common sense legislation,
giving what was asked, or needed for the public
aecomm odaton and no more and calling that by
its right name. As to Keeping specie on hand that
question was settled by the law requiring the spe-
Gle hand that question was settled by the law
req nj ring she specie 10 be paid ont, from Tune "a
time, for the redemption OF the bills ct The bank
as it might be demanded by the bill holders MI
Tracy said his obj ct was TO keep the capital, al
ways good, If paid out, replace It, 1t need not
remain idle, nor would it-lwice the amount, IN
bills, might be in constant circulation, and bearing
banking interest Mr. Townsley SAID his inquiry
had been satisfactorily answereG-he desired moth
ing bu: ample security tn the public, and that upon
such terms would give banking institutions
reasonable profit, permanence OF character, nno
consequent confidence in the public NINA. me
question was put upon erasing the section, aho
negaved by large vote. Mr. Pierpoint then NOV
ed so amend the chapter that no stakeholder be
permitted TO receive on loan, a greater sum tHui
two thousand dollars MIR Lawrence moved SO to
amend the amendment, as to allow no more than
five per cent of the amount OF capital pad IN, 10 be
received on loan, by stock holder This motion
was debated.
HOUSE. BMs.-By Mr. Hodges, from com, of
Ways AMI Means, making DEMONSTRATING
tax of 3 cents the dollar for support OF govern
ment and dulhorisng the treasurer to borrow a
certain sum severalIy read twice and laid on the
table.
The House resumed consideration of the militia
bill and the discussion was renewed on the amend
ment offered by Mr. Kendall to the amendment Of
Mr. Fisk of Waterville, -Messrs Partridge and
Rice supporting and Mr. Fisk of Watervlle oppos-
ing it-ayes 1O7, noes 90 so the amendment was
adopted, and the remaining section proposed by
Mr. Fisk of w. was withdrawn. The amendment
as amended, was rejected, when MIR Miner moved
tc amend by releasing certain exempts from the
payment Of an equivalent ($3) in money-support-
ed by Mcssrs Miner aud Brdgman, opposed 10y Mr.
Partridge, Needham, Bard and Kendall and rejoc
ted, III to IL. Mr. Waite moved to strike out So,
and insert $2-rejec Mr. Bard moved TO a.
mend, so to make the money paid into the town
treasury by exempts, subject to the order of the
Quarter Master Of this regment-Mr Thomas
moved to add, ito be disposed of in the same man .
ner as is provided in the act of the disposition of
money raised by fnes-accepted, and the amend
ment adopted. Mr. Richardson, moved to strike
out the section-for annual regimenta reviews
hereafter withdrawn, when Mr. r. moved to sub