Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-02-04
HILLS PASSED.
HOUSE OF

HOUSE OF DELEGATES.
- TUESDAY,, Jan. %. 1899.
A message was received fiom tbs Sena,s, STATING
that they have passed the bill entitled ian act allow,
ing further lime To William Crump to erect u dam
a over the Appomattox River"
lhcv have agreed 10 The resolution fot proceeding.
on Thursday next 10 the election Of a mainbcr ofths
Executive Council.
Aud 10 the resolution FOR the election of n Seu,tos
IN Congress of the United States, with m amend.
lncni. Z. =.
This amendment, proposes Friday. tho 18th Of
februafy, Az the day for the elcctiou-in which a.
mendment tho House conquered.
On motion OF Mr.. Mcconnell Resolrea, THAT ~
Committee OF Schools and Colleges inquire into the
cApedlcney OF d,ssipissing tile suit OF the President
aud Directors ofihe Literary Fund versus the North
western hank Of Virg inia, now depending In tho
circuit Superior Court OF Law and Chancery (os
The County Of llenrico.
On motion Of Mr.. Pendleion, Eesoircd, That ,tX
committee oi Scools aud Colleges inquire into the
expedienoy OF authorizing the School Commission.
ers OF Rappshannock County TO pay oul Of any sur
plus IN their hands the CLAIMS OF John S. Hnglcsr
and others, which are due for services rendered du.
ing the year iS3--
On motion of Mr.. Watkins, Resoired, Thu, the
COMMITTEE OF Finance inquire into the cxpediency.
OF 80 amending the act entitled ian aci providing for
the negotiation Of Loans for purposes Of internal Jm.
p~tovcment," passed April 3, 1888, rs 10 invest tho
board OF OF Public Works with competent, powerS
Tor the negotiation Of Loncs abroad on the most Hd-
vantag'ous terms TO the State.
State Bank.
Mr.. Kinney said he wished TO call tho attention Of
the House Tor II few moments at this time to a sub.
jet which had already occupied n portion of its time.
and which doubtless would occupy a still further
portion OF it--a subject, second in importance, lie
conceived, to none which would come before this
Lcgislainrc-he alluaed to the Bank,nr Oues.
ton.
Mr.. X. said it seems To be conceded generally, by
constituents and representatives, that an increase Vi
the Banking Capital Of Virginia is both necessary
ana eapcdieni, but the best means Of efierting thai.
increase, was u question on which there was great
diversity Of opinion. One party (hc spoke not oi po-
IticaI pafties) was in favor OF an increase Of The capi.
AIS o mo present Banks-an0lher, Of an inc re aso by
independent Banks-a third, of the Free BANKING
System-and u fourth, for what is called .the One
Bank System" From the best reflection he had
been able to bcstow upon the subject, Mr.. X. was n
present IN iavor oithc latter, and lie knew there were
many members who coneuned with him. With .
view OF bringing the attention of the House to what
was his favoriie scheme, he begged leave to submit for
their consideration n series Of resolutions be had
prepared. and asked leave To read them, and for tic
present 10 lay them on the table-intendinp in \ few
days to call them up for consideration aud The 40
ton Of the House.
Resotred, That the Committee on Banks be In.
s'ructed TO report a bill incorporating a State Bsuk
with the usual Banking privilege, upon the following
princi piles:
]. The capital Of said BANK shall be ten millions Of
dollars, founded upon the money, stocks and credit
OF the Commonwealth ereiusireiy, with lit er,y TO the
Legislature to increase from time to time the capilar
Of said Bank.
.. That the mother Bank be located at Richmond
and branches established at such points as the Com
mittec deem expedient.
3. The faith Of the Safe shall be plcdsed for ,he
redemption Of all the notes issued by said Bank.
4. The profits or dividends Of said Bank shall,
constitute a fund lorthe payment Of he interest, and
a sinking fund for the repayment of a, debt TO be-
created Tor works OF Internal improvement aud Ed.
ucation, and after the discharge Of said debt, to do
fraylng the expenses of the Government, or such
other purposes as the Legislature shall see proper, To-
appropriate them.
o. The said Bank and its Branches shall be the
depositary of all the funds Of The Commonwealth.
Petitions. &c.
by Mr.. Dorch, from sundry citizens Of the upper
end OF Mechlenbnrg, praying the division .oC that.
county, and asking the location of The court no nsa in
the town of ClarksvIlle-By Mr.. Peyton, fom the
citizens Of Fincastle and its vicinity. praying thata
law may BIZ passed, authorizing the Farmers Bank.
of Virginia, or the Exchange Bank, 10 establish a
Branch Bank at the town of Fincastle, with such
capital as they may deem expedient-all which werc
referred.
On motion Of MIR. Venable, the House took IN
the bill to provide for furhef subscriptions on Tho
part Of the State to the Exchange Bank and the
North Western Bank Of Virginia,
Mr.. Smith OIL. Of w. moved the following !.
mendment
Strike out fiom the words North Western Bank
IN the i1th line, to the proviso, and insert
" The President and Directors of each of the said
Banks shall be, and and are hereby a,horixed, 10 SELL.
from time 10 time, as they may direct, so much Of
The stock ofthe said Banks belonging 10 The Com
'nonwealth as may be sufficient TO pay the amount
Of the subscriptions now unpaid, or which may here
alter be unpaid, to the stock subscribed on tho Psrt.
OF the Commonwealth provided that no sale Of such.
stock shall be made for less than its par value and"-
MIR. Dorman said this was an important subject
upon which there should be eAsomc time foi refee-
tion. lie therefore moved that it be laid on the ia
Bile Tor the prcsent-which motion was agreed IT,.
On motion Of Mr.. Cos. the amendment or Mr.
Smith was ordered TO be printed.
The Public Lands.
On motion OF Mr. Dorman, the House resumed
the consideration Of The Report Of tbeSslcct COM
mit-ie on this subject.
The amendment Of Mr.. Bayly to the substitute Of
the. committee. was as gain stated.
The debate was Kept UP by Messrs. Chopper.
Langhorne,' Wood, Watkins. Hodges, Bolts. Shef-
rard, Edmnnds OF II Stuart, Bayy. May. Witehsr.
Hoode. Venabie aud Tyler until ) O'Clock.
The ttst iuancli ~ tfts rouun,tffcx's xttsiiIlfta .aS