Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-19
VIRGINIA LEGISLATURE.
UOTcE OF DELEGATES.


The Committees made variety of reports, which
will be noticed at subsequent stages of legislation.
On motion of Mr.. TAYLoE of King George, the
Committee Of Privileges and Elections we're instructed
to inquire into the cxpcdcncy OF so amending the 4th
section Of tbs act entitled Gan act to amend act
entitled IAN act concerning general elections IN this
Common wealth. passed oath Feb lc3i, as to provide
for the appointment OF Supcrntcndens OF Election al
the Court Houses of those counties in which no Sc
paratc elections are held in like as is now pro-
ydcd in counties where there are separate elections.
Mr. GREGORY submitted the following preamble and
resolutions:
That whereas the Banks of this State have twice in
few years suspended specie payments and thereby
caused great mischief and distress to all classes OF the
citizens of this Commonwealth and whereas IT be-
comes the boundcn duty of this Legislature TO inquire
into the causes which have led to such frequent sus
pensions of specie payments by the Banks as well as
10 inquire into the proprcty OF changing the laws IN
relation The existing Banks, by making such amend
mcnts and alterations in the will be likely to
prevent another suspension if that be possible, under
the existing banking system Of this State-or to adopt
n system which would be calculated to insure the peo-
ul of this State against loss in the event OF sispcn.
sion of specie payments by the Banks or total failure
and breaking Of them:
PssoIrrd That the Committee on Banks inquire, what
alteration in the existing laws is necessary to place
Banks on a permanent footing under the present
SYSTEM than they have heretofore been and that SAID
Committee also inquire into the cNpcdency OF charter.
isscs on The following basis The stock to be owned
entirely by individuals in such amounts as may, by the
Legislature, be deemed Proper-Ihe stockholders TO
issue notes as the Banks now issue them to any amount
they may choose provided they do not exceed the capt.
tai of the Bank and the notcholdcr TO have right 10
demand sppcic for the note whenever he may choose
the pavmcn of all the notes OF the Bank to be guaran-
iced to be paid in specie by the State-lhe stock
holders 10 indemnify the State against loss or INJURY,
by giving her full and ample security either of real
Cat tn fhp n o. a.
rote stockholders share of stock in the said Bank
that upon failure of the Bank TO pay specie for ITS
notes. when demanded so to do, the holder OF the
same nav said Bank TO be protested and the note
from that time shall bear an interest of per cent
per annnm-And upon the holder of such protested
note giving notice of snch protest TO the Governor or
whatever person the Legislature may appoint for the
purpose, he shall within days from his receiving
said notice. cause much of the property or stock rs
NAV have been conveyed to indemnify the State against
loss TO be sold for specie, and the protested note
notes to be paid off and dschargedOr, that the holder
Of such protested Bank shall be required to sue tor
the same in the that suit MAY nc now brought
for promssory notes, and recover the same, with ME-
rest and COST from the date Of the protest. tor the pay
ment of which Judgment the State shall be bound; but
TO relieve ITSELF shall have the right to sell much OF
the property conveyed by the stockholders may be
necessary to pay the said judgment and indemnify her
against loss and damage; and that the State shall have
the right sell the property Of any one or more stock
holders her officer may think proper and the stock
holder or stockholders, whose property shall have
been SO sold, shall have speedy legal remedy against
his co-s:ockholders, for indemnity and reimbursement
&c. &c
MIR McRAE reminded the House, that resolutions
embracing the whole subject of Banking were already
before the House. .
Mr. VESABLE thought the resolution might as well
be referred and he would then call up the resolution
offered some days since by the gentleman from Henrco
The question being taken on Mr. GREeoRYs reso!u'
ton, it was adopted.
Mr.. VEsAsLE then moved to take up MIR McRae $
resolution, which was agreed to- and the resolution was
adopted in the following words:
Rssolpsd, That the Committee on Banks inquire into