Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-03-26


plas ers ~hieh will food the Commonwealth from
sher Slste-. the people will be Indebted TO TINS
cs-m0hng Senate, which in is elevation above
la. lost ali sympalh, lor the su1cfln,s OF the com
.snh he'd belo" II. Wig.
ANACT
To dBtnd the sererai Acis concerning he Banks.
ra.stp MARCH 18TH, let0.]
Be IL enaeted ~ The General Astmtty, Tint so
moth OF any eel may subject the Banks Of this
State ncorpor,i.dby law, 10 the forfeiture oI then
thafle'si"r faare on refusing 10 pay their OF
debts IN specie aud the payn'-n, oil any damages or
tstie'te exceeding six per cent per mum for such
failurr shall be. aud the sane is hereby suspended
until The cnd ii the next session OF the General As
,en'b,i aud SO much as may p,ohibIi them from IS
Sung ""tes TOT suns OF live aud ten dollars, slla be-
and The sane Is hereby suspended until the !, day
oil Aprd one thousand eight hund ed and forty one;
aud II any saeh Bauk shall have forfeited its chaue,
by ai'lng OF refusing to pay lis notes debts spe
eie, The ioIlenre thereby Incurred shall be- and The
ssme Is hereby suspended; aud The charter I, The |
Bank, with all the rlghis and powers therein con- |
Tered, shall be, aud The same hereby declared
10 be ~ iu oiee aud effect Ia all ibtens aud purpo-
srs unul tie snd OF tie next session OF the Assembly,
ffouded. That The amount OF any note or debt due
hom any Bank, with legal Interest thereon, may be
feeov'iei IA any Of the modes authorized l.,
law
2. And be IL further enacted, That the notes Of the
Banks when are nov receivable aymeut Of debts
ana taAes Que 10 the Commonwealth, shall Jnnue
10 be received uUi,i otherwise provided by Law; aud
TIE deposues OF the public rev uuc shall continue 10
, be made IN the Banh OF Virginia aud Farmers Bank
ii Vagina, unless tie LNctutno shall otherwise
dhret 10 respect 10 such receipts deposirs both
~ the mode nov prescribed by law IN winch case
shall be Lawful Tor the Treasurer witt, the sanction
81 the Executive 10 provide Tor the safe keeping OF
the pubic revenues AID MONIES IN the Treasury of
Inc state; and ihetcupon all such monios shall h.
pad into aud Out VI tue Treasury by an Auditors
warrant, requiring the Treasurer 10 receive q, ia ma.
, the same, without making any deposit. tb,,onf =,
. any Bank, or drawing check ON any Bank a. ~
now u CURED by law.
:. j. And DC II Juher enacted, That tyrty Rank
winch sh" asa, itself otthe provisions Of this ACT
;. shall make no dividend exceeding per cent, pc,
ahnum, unless II shall. Tor one month p,cy,ou.ly
thereto. have bona fde resumed specie pn,me,,..
" and moreover every such Bank shall so rrruI,,.
4 us leans and discounts as that the amount Of II,
outstanding debt on the fist day oil January, .,.b-
l., teen hundred aud io'ty'one, unles shall have so
resumed specie yments shall the amoun,
- thereof rs IT existed en- the first dsy of J,nn,,y
:" eighteen hundred and and fo,ly.
- 4. And be II Further enacted, That hereafter III.
y annual meeting III the stockholders OF the Farmers,
:" Bank OF Virginia shs be held Oh III. Wednesdays,
alter the first Tuesdays IN January IN every wear
5. And be Il further enacted, That hereafter m,
oath which Is required to be taken by the Directors
81 of the several Banks not TO engage in the purchase
IA oi any note or b, which has been rejected bv the
he
n Director shall swear or soleunly affirm, that he will
not directly nor indirectly discount or pure nj
rate oil interest exeet ding that which the Bank nia HI
. demand, any note or bill OF which the disco un, ha
IN oeenrJected by The Bank OF Brunch of winch he
~ IS a Director; and upon taking such oath the N,
= rector shall he aud lie 10 hereby absolycd 10 ali :,
= tents aud purposes, from the obligations Of his for
;" mer oath.
q g. And be IL further enacted That no bills, d,a(ls
notes. or other evidence III debt pay able the Bank
IA In pF mn t,t,,n., H..
shall be discounted OF negotiated unless the same be
a, actually submitted to. aud passed by the Board
o. oil Directors. constituted according to law.
=, T. he Il further enacted I Ia, ii shall not be law
fu Tor any Bank To discount any uoe ur bill mad, o
:, drawn by any Director thereof and endorsed o.
accepted by any other Director, at the , IN,
Board and "h,,h may have been made To be J,,
" counted Tor the accommodation OF enher of them
or Tor any other person whatever; but every su,l
bill or note, II disc ountci shall nevertheless be bind
:" ing on the paf,es.
-, And mhcreas. the remedy by mo ion uron en- day ,
notice against the Banks OF this State. for fading |,
al pay specie. Is cumulative merely, and Designed |,
- operate upon the Banks rs cnipabie denqueuts am
not rs deiinqurpis IN cons. quence Of unlocked fo
y exigencies: therefore,
i. BE further enacted. That the remedy agains
the Banks OF this Stare by upon ter DAYS no
tlcc, shall be, aud is hereby suspended untii III. =
day OF January next, any thing Tins or IN any OH
er at to the contrary notwithsia ding; or;.i,3
however, that Tins sec ION shall not be construed .,
~ as 10 apply TO any pending motion, to any cas-
IT, M which adrmand OF payment has been herctof n
oil made and refused.
'e- y. Be further enacted, That the Banks of I'M
Commonwealth shall not receive in payment. or q,
ng dePos'Ie, from and AFR the ,t day ~ April next IN
ID bank notes 81 any Bank loo s;ed mnhou TIM, Stare
OF oil dsnohioaon below dollars.
ire I'D. B: Il further enacted, That no Buk ,ahin
re- The ben'h nj this act, shall OF put into rircu
-" a.'on any bpnd note bill drs f. or other cyidene
10 OF debt which is no, payable ON demand and # a.,
'se oincer OF either OF the SAID Banks shall violate III
ltil sum of one bnnd,eJ ALL. c. -, ~ ""e pay w
"" recovered Tor the usc Of the Literary Fund, BY an
10 person ~ho will sue Tor he same
a. AHd ,thereas IL appears that some of the Bank
eir their own NOES ,,,d., ,h. Is''"'' tissue
no iafs an act prohibited BY their cl,arer therefore
a.. ne 'tJafher enacted. That any officer of am
PC Dask Of tins Conn ouwealih, w,iiuilv and know
'"sy violating the charter thereof in this par,icula,