Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-12-09


renewal and to The receiving u discounts aud cur
,siletenls The securities which holds aud
10 The discount of SO much business paper. mol inv
ing more Than sixty days 10 ,nu, shall not ex
coed hy per cent OF IFS receipts per week from the
discounts and ounsments aforesaid. And provided
also. that such Bank shall make dsidenJs It's
stocks, unless al least ten days previous thereto
II shall have bona fdc resumed aud eoutnned
the payment 81 its notes aud DEUS 10 specie on de-
iand
Aud be II fuihsrenacied, thai The General Assem-
bly, reserves ITSELF the power of annulling mo
lying the charter Of any Bank OF banking company,
which has been may be forfeited by sifiue Of the
provisions OF any acts being he.b, suspended.
and OF directing that the funds and effects OF such
Bank shall be disposed Of IA The manner therein pre-
scnhed.
Mr.. May opposed tho substitute, pointing out the
difference between it IL The bill Of Tie Committee.
Tho substitute dad not relieve the Banks from the
penalties Of suspension, they would be still liable for
Zen per cent damages and fifteen per cent. interest
upon every dollar Of their circulation which they re-
fused 10 redeem IN specie. II would compel the
Banks 10 limit Ihrir discounts the re0eisat ot pa
per direddY diSecuntcd, except The ptw paper might
be discounted 10 the amount OF halt The curtaiipehis
or receipts, on accouu, of ourtailments each wrek.
Mr.. May urged upon the House The necessity Of i'm
mediate reltef 10 The Baks.
Mr. Smith replied 10 Mr.. May. and debate arose
ia which Mcssis. Fortune, Robertson and Gregory
participated.
Mr.. Fontaino n owed that the bill aud substitute
be lald on the tabIo-negativrd "a TO Gl
Aud the question recurring upon The substitute II
was neg1tised as follows:
Previous 10 the calling Of he roll, Mcssrs Good
son, Cir cory aud Ilner declared their intention TO
against the bill and substitnte-nUt being viii
ling 10 act IN the matter, until Information relative TO
condition Of the Banks was laid before tie LegIsa-
/ ture.
Arrs-Mosss. Carpenter. Hannah, Meredith,
Thornbutg, Powell, Ba. er King, Carroll Of g.,
Taylcr Of H. Clarke. Lee. Smith Of W. Wright.
FouiAine lawson Lpscomb Taylor of NJ. u NJ. .,
! Clayton, Chapman, Wade OF NJ. q p. lIudnal
Aleshire Carroll Of r.. Heath, Radcliffe. Stun,
Snyder, Bare. Conn, Gficver, Ridley, Clarke tt s..
! Price, Srangcr.-35
Nors-Messrs. G,lmer (Speakcr) Bayly, Crop
per, Wood. Cabe, M'Cue. Stuart, Lockfidge, Bur
well ofB, Mitchell Myers ofB., Jackson of b. 4
L. MM,Ilan, Kyle. Flood. Toler, Fox, Corbin
4 Coleman, Cardue, Cox Butwell Of e.. q w.
Broadas, Wilson, WhItw orb, Roane, Marshall
Scott, Anderson, Payne, Hale, Byrd, Butts, Gibson
/ Allen OF H., White. Seymour Armstrong, McRae
1 Hamlet, Gtegory Wonhngton. Kennedy, Reynolds
| fayoe OF X g.. Tayoe OF h. & r., Beard. Ramey
! Harrison, Organ, Banks, Scot, Smith Of NJ. Il j..
/ baskerville. Evans, Myers Of NJ. Hodges, Massie
Allyn Of N. Watts, Eihridge VERIFY, Mcconnell
Staples, iiincr, May, Tunstall, Keen, Talman
! Venable, Walden. Roberts, Robertson, Leyburn
! Dorman Smith Of Rockingham, Shpnan, Crutch
| heli Hunter Southa, Fi,zhugh, Spots, Ste
phenson, Goodson, Walker, jackson OF W.-96.
MI Smith OF l. Of w. offered the foloning pro
viso to the b PROVIDED that no bank which shal
avail lsell OF the provisions Of This act sall maxi
any dividends on lis stock unless il shall NJ least tel
! days previously thereto lave resumed end bona
fde continued The payment Of It's notes and debts il
specie.
! This amendment was assened TO by Mr. May, an,
opposed by Nj. Robertson. The question pu
upon It's adoption, and carried without division.
Nj. Smith OF l. OF w. offered to amend the bill! b.
an additional section rs follows;
BE ii further enacted, that The Legislature re
serves TO itself the ighi Of arnullng or modilyn,
the charter ofany Bank which has been or may b.
forfeited by virtue OF the provisions OF any act act
| hereby suspended, and Of directing that the fund
! and effects OF such Banks shall be disposed ofn tn
manner therein prescribed.
After few remarks from Mr.. May in opposi
| tioD and Mr.. Smith IN support Of the amendment
j, was negaved by vote OF SIS Ayes TO more thai
60 Noes.
The bill was then ordered 10 be engrossed.
! The Speaker laid before the House a communi
cation from the President Of the Bank OF Virginia
also report Of the first Auditor relative to a reyi
SION OF the revenue Laws, which were. on mo ton
laid on the table and ordered to be printed.
PETITIONS.
Petitions presented
/ by MI. Crulchfeid, from the President an
Directors of the Rappalia mock Company, askin
for further aid for the completion of I'll er improve
meut.
by Mr. Mcconnell, OF Ebert II. Caldwell
complaining OF the undue election aud return G
John Scott, as delegate from the County of Mar
shall.
| by Nh Jackson of Wood, Of citizens Of Wood
Lewis, aud Harrison, for now County out of part
Of SAID counties.
BY Mr. Tayloe Of X. G.. ef A. b. Hooc. pray
ing the dIsrontinuance of the Ferry over iii
Potomac River, from his land TO Cedar Point, 1
| Maryland.
BY Mr. Watts. Of William Cunningham, com
planning OF the undue election of Joseph T. AL
lyn, the returned member l,om tho Borough Of Nor
| folk