Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-31
GENERAL ASSEMBLY OF VIRGINIA.
HOUSE OF DELEGATES.
Jassday, Der. 81, 1910.
n

Jassday, Der. 81, $40.
RESOLUTIONS.
Mr. T,YLoE, OF King George-That the Commit
tee on Militia Laws enquire into the c1pedlency o
authorizing the Governor TO make application TO I'll,
President Of the l. S. TO eXpend certain portion o
the appropriation for arming the Militia Of the U. S.
to which the State of Virginia shall be entitled tn,
purchase of Colts Repeating Rifles; provided that the
cost of said rifles with all equipments necessary Il
heir use, shall not exceed forty dollars each.
| MIR. r. L. ScorT-That the Committee Of Courts o
Justice be instructed TO report Bill No 80, concerning
attachments in Chancery; which passed this House a
the last session
Mr.. BAyLr-That hereafter, when documents are
ordered TO be printed, copy of each documen,
shall be furnished the reporter or reporters, Of the diff
irrcnt newspapers of this city.
Mr.. SrErnESsos of Tyler, proposed the following
resolution, in lieu Of the yesterday laid upon the
table That the Committee on Banks be instructed 10
report bull amending the charter Of the Virginia
Bank to authorize dividends nut of the profits now
made, hereafter 10 accrue, the actual capital Of
said Bank, TO be declared semi .annually.
Mr. STEPHENSON would beg leave Ia make few OBJ
servations the propreiy Of adopting the resolution
before the House. There two considerations
which had induced him to submit the present matter To
the House; FIRST regard for the interests OF the State;
and secondly, commseaton for the fate ot many OF the
individual stockholders With regard TO the State, he
would remark that she held thirteen thousand shares,
and that these shares divided between the Board
of Public Works, the Literary Fund, and the Common
weallh-the Commonwealth holding aboni I'll. ;oil-
sand shares. BY reference 10 the message Of the Co.
vernon, also from the Auditors report, 1t would be
seen that there would be considerable deficiency IN The
revenue, and that means would have 10 be adopted
the nccrung expenses of the Government Next
month they would have to pay $4,000 interest on
internal improvements deht-Tlat money must be-
raised by some means either NY borrowing begging,
or in some other way-He was disposed that the Bank
of Virginia should be permitted TO make dividends on
the capital reduced by the late unfortunate Affair
If the Bank of Virginia were allowed 10 make divi-
dend on fivesixts of her capital, having lost about
one.s,xln, it would produce to the Commonwealth
"A the usual Of six per cent. per annum, about
so 0OO.-Uness this plan adopted, their taxes
! would have to be very greatly ncreased-With re-
spec the second part Of this subject he had been
, informed that some widows and orphans were driven
to the greatest necessity and Distress from the fact
that their whole subsistence depended upon the d..
vidends Of The Bank, which were now entirely with
held. This matter referred not merely to parties
residing within the city, but applicable to residents
in all parts Of the State. If they TO examine the
books of the bank they would find large portion Of
the stock owned by widows, orphans, executors and
trusees-partlcs who not capable OF taking care
of their affairs and who had invested their little
capitals in this institution, which was propped and sus-
tanned by the credit Of the State very small part of
the stock held by capitalists. They had come there
legislators much 10 legsate for the rich,
protect the poor; they the proper guardians of
those who could not project themselves, manage their
own The parties in question had, on the
faith of the State, invested their little capitals in this
stock, and were almost deprived of the means Of
existencethe Legislature therefore bound to take
steps TO give to them what they looked to for their
daily support. He heard that few of the wealthy
stockholders Of the Bank opposed to Ibis
they wanted the dividehds TO accumulate until the
amount of distracted Iital had been replaced and
these parties would, PROBABLY, from their influence,
control the action of the shareholders, unless some
steps taken by that bdy to give their sanction to
the course that may be adopted in favor of the de-
House would take these circumstances into their
rous consideration andin the few remarks that he
had made contained the reasons which had in
duced him to offer a resolution upon the subject
On motion of MIR. RoIERTsoS, the resolution of the
Committee for Courts ofJustice reporting it nexpedIent
to appoint Commissioners to take acknowledgment of
deeds of the State taken up and ordered to be
recommtted.
On motion of Mr.. ROBERTSON, the communication