Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-02-03
VIRGINIA LE.HSLAT IRE.
HOUSE OF DELEGATES.
- v " ~ S"''' Vt F77FV'
nlE hanks.

THE BANKS.
| Mr.. Smith of |. Of w. said that the Commute
| on Banks had reported series Of resolutions, I,
winch he dissenied, and he offered the following
ns embedynr his views which were his motion
LAID the table aud ordered To be printed.
"Resafalioas 10 be altered substitute for The re
solutions reported bg NE Committee on hunks,
|. Resolved, That the sev.ia Banks OF thu
Commonwealth. which suspended SPREE payments
in October last. adopted That measure under tht
influence ii mosl utjustidabie panic. and without
making any effort 10 meet then engagements.
?. Resolved, That IN tho opinion OF tins Com
nitee. The solyeney OF the SAID Banks is Tree from
any rational doubt, nor IL there amy reason 10 lie
heve thai the value ol their stock il materially in
paired.
g. Resolved. That on tho immediate resumption
Of specie payments by the SAID Banks. provision
Ought Ia he nude by law Tor relieving them i,om
tho penalties aud Iorl.iiufes heretofore incurred
under such conditions aud restrictions as may IN
iniute conhne their operations IN narrower hmits,
Ne.
Mr. Ncnnblc moved 10 take mp the bill "concern-
ing Ihe Banks" reported some day since from tho
Committes Banks, Tor tho purpose Of making
It HE ordef OF the day lof subsequent day
which motion bcinl agreed TO, MI. V moved
that II be made the order Al The day Tor Tuesday
next.
Mr.. Smith of |. Of w. suggested that The bill
would mol probably be disposed Of IN one day, and
/ he Senatorial Election coming On "Wednesday, he
thought II best TO deiei 1t To snno day further oil
lie moved Friday neN. 10 which the House assen-
ted
Mr. Smith thcn submitted the following ,esolu-
lions which, on his motion were laid upon tho table
and ordered 10 be- p,ini,d. As the Bank Bill
made the order OF The day lor Friday, lie desired TO
hing these resolutions beloe the notice of The
House.
Rcsotrea That IL is expedient TO modify the
chatter ofihe Banks ofthis Common nv eahh, which
have or may hetealtr, forfeit them, by suspen-
sion of specie payments IN the iollosng particulars
TO W.T.
l. No Bank shall issue put INFO circulation, any
bond note. draft other evidence of debt, whchis
no, payable on demand,
Q. Whenever the cash liabilities OF Bauk lin
GLIDING bonds, notes other evidence, oil debt IN
circulation and deposltos) shall exceed three times
The amount Of their specie on hand, held 10 pay
the demands gaiust i, there shall be regular and
eradu. reduction ofiis liabilities by cu,lalncnt or
oIhcrwi se until lis specie aforesaid shall bear lis
SAID cash liabilities Il greater proportion than one
thiid.
3. Al.er the - day Of -. no new note or
hill shall be dscounledby nl}ank, for Il loan made
to an individual or company, who shall have been
no,o than one year preceding continually indebted
10 it,
d. report IF the amount ofihc cash Liabilities Of
a Bank, aud OF It's specie hand shall be published
once in every two months IN ut least Two papers
II so many be printed IN tho county in which the
pfscipnl Bank, OF that having the great amount oil
capital Is located
B. No dividends shall be made by Bank which
has suspended specie payments until seven months
after ii shall have resumed.
o. Bank notes III circulation on being presented
aud pa neni thereof refused, shall be endorsed b
so me officer of the Bank and thereafter shall carry
interest at the rate Of six per cent, per anoum, until
paid.
7. In the event Of a suspension NJ specie payments
by q bank and resumption thereof within 30 DAYS
aud u buna fidc continuance Of the sanie Tor SIX
months thereafter, forfeiture Of lis chatter shall
be Incurred.
3. In lie event Of the suspension ofsneeic pay
menls hs any ltncipa bank any branch bank
thrrcol that the bank OF branch only which shall
have suspended shall be liable 10 forfeiture Of lis
charter, aud the principal Bank II it shall have
suspended, shall be transferred 10 INST branch has
iug the greatest amounted capital, which shall
have continued to pay its debts ~ specie on de-
uand.
9. Thai no bill Of exchange, note draft or other
evidence of debt shall he discounted BY Bank un-
less the payer be resident Of tins STATE carving on
business within the limit Of the same.
10. That ~ notc the amount Of hich Is not a
multiple Of the lowest sum for whicha bank may
lawfully issue IT'S noles shah be issued by Banks I'M
der tie sum or denomination OF fifty dollals
On motion Of Mr. lIuDtcr the House adjourned.