Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1839-02-07
GENERAL ASSEMBLY, OF VIRGINIA,
JANUARY 26. Is3s
House OF DELEGATES.

HOUSE or DELEGATES.
MIR. Raymond presented a memorial OF
the Baltimore aud Ohio Rail Road Com
pany. praying change in the law Of the
last session. prescribing the point at which
1t shall enter the territory Of Virginia.
The memofiali'ts pray The Legislature
Tor an immediate payment Of The sub
scnp'ion OF the Commonwealth, and TO
be excused from certain conditions annex
ed 10 the subscription.
FREE BANKING.
Mr.. May subnitu d The following reso-
lutions. which he stated he should call up
at proper time -
Banks be instructed 10 report bill to au.
ihonze the formation Of Banking Asso.
Citations. having The usual banking pow.
er'. upon the following conditions:
]. Their duration shall be limited 10
twenty years, and their capitals TO be
not less than 500, 900, aud not more
than oOO.O 900 each aud The aggregate
amount Of all such capitals shall not ex-
coed five millions o( dollars. until the lie
gislature shall permit an increase thereof,
or Of the number Of such associations.
=. The said Associations shall not issue
any notes below the sum Of five dollars.
and may be hereafter restricted to notes
OF ten dollars: and shall not issue any
note, Unless the same shall have been
secured, In the ~ amer hereafter meniion-
ed and all notes so secured and issued.
shall have stamped on their face tue
words" Seeped6y pledge of public stocks
and real estate as an evidence of which
security, every note issued, shall be coun.
iers'gned by some officer OF Government.
TO be designated Tor that purpose.
y, For the purpose OF securing the due
payment Of all notes so TO be issued The
SAID AssociaiIOn shall be require 10 trans
Ter 10 The Governor Of the Commonwealth.
bonds, payable in a reasonable time. bear
ing interest from The date. and secured
by mortgages upon real estate ofthe value
OF al least twice the sum mentioned IN
the bonds and by certificates Of the pub
lic debt OF this State. or of the United
States. 10 the full amount Of al the notes
so to be coOnieTsigned Tor the Association
and issued hy II DroUicisd, that ofihe sum
80 secured. not more that one bali shall:
be secured by such bonds.
4 The bonds and mortgages and the
certificates Of public debt % 10 be pledg.
ed, shall be held by the State 20 trust TO
secure the due pay menl Of al notes issued
oy such Association aud shall be liable
TO be sold Tor that purpose whenever de.
fault shall be made "a tie pay ment q the
said notes 10 specis.
D The Legislature isto have the power
OF amending Or repeating The act and Of
passing any other act for the better 90.
,vefoment Of any Association which nay
have been formeo under it-aving a.
ways The rights Of the Association 10 ils
moneys and estate. after paying Ell debts
which msy be doe from Il.
And lastly. such other provisions 80 IN
The opinion u tho said Committee may
be sHpedieni Tor the proper regulation
and government Of such Assoeiaiions.
MI Eenable. from The Selec, Commit
tee on Banks. returned he bill 70 repeal
and amend oersin acts respecting the
Banks Of this Commonwealth, With
The original bill repesls the act Of
March 3lst, ls3S. entitled "aa act TO sue.
Pend the act increasing the Baking Ca.
Piisl OF this Commonwealth. The ID
section 'usPends Tor 6Ys yeas The provi-