Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-06

SON, Beard, Kinney, Harrison, Baskerville, Hodges,
Masse, Watts, VERIFY, iliner, May, Keen, Talman,
Michaux, tenable, Roberts, Walden, Robertson, Dor
man, Stephenson, and Jackson of Woods.
MIR. SMITH Of |. of W., moved to amend the Sd sec
tion which is as follows: Sand he it further enacted
that every Bank which shall avail itself of the prov
sions of this act shall make dividend efceed,ng stE
per cent per annu unless it SHALL for month pre-
yiously thereto have bona idc resumed specie pay
ments, &c. Mr. Smith moved TO strike out the words
in italics order to prevent the declaration OF any d.
vidend during suspension. The question upon agree
ing this amendment, was decided in the affirmative
Ayes 5i-Noes AZ.
Mr. RopERrsos moved TO insert in lieu of the words
stricken out the words "cxceeding d per cent per
num-" Mr. R. adyerted TO a decision of the House at
the present session. against motion TO prohibit the
Banks from declaring dividends-he had not antcipa
ted different decision in the present case or he would
not have permitted silent vote upon it. lie then
tered into an argument against the Propfety OF proh
biting dividends. He said the amend ment would not
affect the condition of the Banks, but would bear on
erorsy upon the individual stockholders and the State
which a stakeholder to the amount OF $4,0Oo,O0
and upwards. lie depicted the embarrassment and
suffering which might ensue to individuals VINO had no
part in the causes of the suspension. The provision
would operate as hardship upon many VINO should
rather be protected by the Legislature investments
in Bank stock, was means of providing support Tor
persons OF tender years, large numbers Of who were
dependent upon their dividends for the means OF Nv
ing Unless the Banks stopped business, dividends
must accumulate; and he submitted TO the ltousc the
question whether it were proper and just to allow such
accumulation of dividends, and thus TO Cypress IN
dvdua stockholders and the State who looked TO her
dividends important aid in meeting her engage
ments
Mr. MAY was opposed to allowing the Banks TO de-
clare dividends during the suspension. He took the
ground that the Withholding of the sem-annun divi-
dend would strengthen the Banks and curta their out
standing debt, nasmuch the money paid out IN that
way would nsomuch increase that debt.
Mr. VESABLE replied to Mr. May-that the outstand
ing debt would not be reduced by the omission to pay
dividends because the Bank would only be enabled 10
discount to their dealers increase TO the amount OF
the dividends withheld.
Mr. May in answer called attention to the section
proposed to be amended wherein the Banks requir
ed 80 to regulate their discounts that their ortstand
ny debt shall not exceed, the Let January, lS4 the
amount Of their outstanding debt the lst Of Janua
~, 1870 He intimated his willingness to move re-
consideration Of the vote on MIR. Smiths motion, IT
dividend was TO be allowed, he did not about
fraction; and MIR. Robertson withdrawing his motion,
Mr. May moved the reconsideration accordingly.
Mr. RoBERTsoS replied to Mr. MAYS argument, that
the outstanding debt would be reduced by omission TO
pay dividends The amount of dividends would not
affect that outstanding debt seriously to prevent
n resumption of specie payments whenever the Banks
were in a condition to resume.
The motion tn reconsider assented to.
The discussion was further continued by Messrs.
CRurcurIELD and GREGORY in opposition to the amend
mcut prohibiting dividends, and by Mr.. SMITH Of l. of
W. in favor, and the amendment lost ayes IS and
noes So "a tie votc) as follows
4ucs-Messrs Gilmer, (SpeakerD Bayly, Chopper,
Carpenter, Wood, Hannah, Jackson Of B. & l., Mere.
dith, IIaskns, Kyle Thornburg, Corbin, Burwcll of
c. & W., Whitworth, Roanc, Powell, Howell, King,
Guerrant, Clarke of f., Allen Of Hampshire, White,
Lee, Armstrong, Smith of |. of W., Wright, Fontane
Lawson, Lipscomb, Organ, Banks, Taylor of IL NJ,
Goode, Clayton, Chapman, Wade Of NJ. * r, VERIFY,
Heath, Ratcliffe Sturn, Snyder, Smith of Rocking
ham, Shpman, CULLEN, Conn, Bare, Ridley, Prince,
Stephenson, Evans, Goodson and StanGer.-3e.
Noes-Messrs Soutlall, Cabe, M'Cue, Stuart,
Loclridge, Burwcll Of b., Mitchell, Myers Of b.,
NJ MILAN. Flood, Tolcr, Fox, Cardwell, Cox, Broadus,
Wilson, Crat'nrd Marshall, Scott, Anderson, Payne,
Hale. Wade of F., Byrd, Carroll Of e., Erskne, Glib
son. Seymour, iIcRac, Hamlctt Gregory, Worthing-
ton, Reynolds, Tayloe Of l.. &; r., Beard, Ramey,
Harrison, Caldwell Baskerville, Hodges, Masse, Watts,
Mcconnell Tunsta Keen, Tallman, Fenable, Ro.
berts Walden Robertson, Leyburn, Dorman, Smith OF
Russell, Crntchfed, Fitzhugh, Spots, Walker and
Jackson Of VS..
Mr.. SMITH OIL Of W., moved TO strike out the 9TH
section as follows Sind be further enacted That 50
much of any act or acts prohibits the Northwestern
Bank Of Va from issuing notes of the denomination OF
five dollars shall be and the is hereby repealed:
Prorided, Tha: the Legislature may at any time here
after modify cancel the power herein gwen, to issue
notes Of The denomination of five dollar" but before
anv question was taken the amendment, the bill was
laid on the table on motion of Mr.. Jackson OF Wood
Mcssrs FoSr.lxE and May presented certain papers
connected with the removal of the Seat OF Justice IN
King William County
On Mr. vESApLE's motion, the II ouse adjourned