Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-02-17
THE BANKS.


IN Act 10 dmcnd The Scrcrat acts concerning The
Bdnks passed by The House Of DeicgateS.
|. BE II enacted by The General Assembip That
so much OF any act ~ may subject the banks Of
fns State Incorporated by law, 10 The forfeiture Of
their charters for failing refusing to pay their
notes aud debts In specie, aud to the payment of
any damages or interest exceeding six per cent per
aunum tnr such failure, shall be aud the same Is
hereby repealed, and so much may prah bft
them from issuing notes Tor sums of five and ten hnl-
lars. shall be and The Is hereby suspended
un the first day OF April, one thousand eight hun
dred aud lnrly one; aud If any such bank shall
have forfeited IT'S charter by failing or refusing 10
pay its notes or debts 10 specie The forfeiture there
by incurred shall be and the is hereby remit
ted and the chatter 81 the bank with all the riphi
aud powers therein conferred, shall he and the same
IS hereby declared to be IN full force and effect 10
all ntenls and purposes Prordcd, THAI the pow
~ to repeal or modify the charter Of any bank
which shall after the FIRST day of January, eighteen
hundred aud iorly-one fail refuse 10 pay lis
notes debts specie, when duly demanded is
hereby expressly reserved 10 the General Assem-
bly,: And prorded, That the amount of any note
or debt due from amy bank, with legal miefes
i thereon, may be removed IN any of the modes now
/ authorized by law.
=. And be 1t Further enacted That the notes Of the
backs which ate now receivable IN payment of debts
and taxes due to the Common ealh Shall continue
to be received until otherwise provided BY law and
the deposdes oil The public revenue shall continue To
be made IN the Bank of Virginia, and Farmers Bank
II Virginia. unless the Executive shall u,herw fse
Direct IN respect TO such receipts depostes o, both
IN The mode now prescribed by law, IN which case
II shall be lawful ir the treasurer with the sanction
at the Executive To provide for the safe keepinp OF
the public revenues aud mone,s IN The treasury 81 the
State aud llenupon all such money shall he pad
into and oul OF the treasury by an anduor's war
rant reqniug the treasury receive or to nav The
same, without making any deposl thereof IN any
bank, or drawing a check Gu any tank, as is nov
trqulrrdby law.
! 3. ind be IL Guier enacted, Tht every lnk
winch shall avail ltseli OF the Provisions OF this act
shall make no dividend exceeding SIX per cent pc,
< annunI' unless II shall Tor Que mouth previous y
thereto have bona6de lcsumed specie payments; and
moreover, every such bank shall 50 regulate MS
loans and discounts as that The amount OF MS our.
standing dcbton The first day al January eight cen
handed aud iohy one, unless IL shall have so re-
sumcd specie payments, shall not exceed The A.
mount thereof as II existed the first day Ut Jam
uaty, eighteen hundred and io,ty.
1 d Ind be H|Rriter enacted That hereafter The
annual mecisns ol the stock holders ofthe Farmers
Bank Of Virginia, shall be- held ou the Wednesdays
1 aver I've INST tuesdays IN January, IN every
wear.
! 3. And be ulUtlcr enacted That ii, shall be law.
mi tor the banks to pay IN any legal gnld com
any note which they may now be qu,red 10 pay
IN Amen an gold cBus aud hcretniure the oatlr
winch rs required 10 be taken by tie directors u
~ SV'N'"' "'hhs hut ~ engage IN lhe,nufchase u
any note OF bill which has been, rejected b, the
bank, SHAH he modified and changed as thai the
INJECTOR snail swear or soleinnly affirm that he will
uot ''t"etlS nor indirectly, discount or pure base Al
Il 'aie OF interest, exceeding that which The bank
d'Isht demand, any note OF bill Of which the dis
count has been rJecIrd by the bank or branch OF
"heh he Is a director and upon taking such oath
Tie director shall be aud hereby absolvpd To all
hents aud purposes, from the obi gatou of MS for
amer oath.
6. And be IL Jaric enacted. Tha, no bills or
nraits pa.ahle at any place rtlln the Uniled States