Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-03-24

lie
Newman, and Thompson-l5.
THE HOUSE.
The House Tuesday, passed the bill establish
ing system of Common Schools. We hope and
trust this measure will give a new impulse to the
cause of education. 1t originated with Mr.. Rves,
and through all its stages, it was ably sustained
by him.
The Bank bill was then taken up, and con.
sumed the rest of the day.
TUESDAY, MARcuI5
COMMON SCHOOL BILL.
The engrossed bill establishing Common
Schools, was read third time; thsrcupon Mr..
Crutchfeld moved that the further consideration
thereof be indefinitely postponed
Ihls motion was supported by Messrs. Crutch-
field and Mcpherson, and opposed by Messrs.
Kinney, Thomas, ANA Rives-after which, the
motion was negatived-ayes 81, noes 80.
The discussion was then continued by Messrs.
Rives, Mcllhaney, and Taylor of n. b., in sup
port of the bill, and Messrs. Holleman and
Crutchfeld, in opposition. The bill was passed
ayes 70, noes AZ.
The bill concerning the Staunton and Parkers-
burg road was taken up. Messrs. jackson and
kinney supported, and Mr. Crutchfed opposed
the bill. On motion of Mr.. Hopkins, the bill was
indefinitely postponed. Ayes so, noes 35.
"Wednesday evening, the Bank Bill still before the
House. Various amendments were proposed, and
some adopted.-Among the other amendments
was one proposed by Mr. Harvie, that the Treas
nrer should sell the stock Of the Commonwealth
IN the Banks, so as to pay the debts which the
Commonwealth owes them. Mr. Crutchfeld pro-
posed to amend the amendment by providing that
the stock shall not sell under par This amend
ment was adopted /; and then the whole propos-
ticn rejected.
Mr. Brooke moved to amend the 9Th section so
as TO read, shat the several Banks of this Com
monweath, with II 'ir several branches, on or be-
fore the first day of November, or ayifhin siriy
Gays Yfer resumption, on the part OF the principal
Banks in Baltimore and Philadelphia, in case
said banks shall resume before the said LIST day
OIL NOVEMBER, shall, III good faith resume specie
payments. Mr.. Drooke's amendment is in Italics.
1t was adopted by the House.
i ne last amendment was proposed BY Mr.. Tho
mas OF Fairfax, directing an Offering book to be
hept In each Bank ofall notes, and drafts. offered
weekly for negotiation. discount. &C.. which book
Is TO be Kept On the counter of the Bank, and opcn
Tor public inspection; and the same book is to
show the notes actually discounted, &c. Car
rled by ayes and messages 73, noes 40.
The bill was then ordered to it's engrossment.
Mr. jackson OF Wood, calling the Previous Ques-
ton.
The House then adjourned.
~ The Bank bill passed the House of Dele
gates on Thursday-by "A vote of 10 to AZ. tire
sures the Banks to resume absolutely on the LIST
OF November-or (according to an amendment Of
tered by one of our delegates Mr.. Brooke,) sixty
days after the principal Banks of Maryland and
Pennsylvania have resumed--the effect of which
will be to cause their resumption on the LIST of
July, if the Banks in those States are able to
comply with the acts recently passed by their re-
spective Legislatures.
Substance of tie BGnk Bill as ii PASSED the House.
LIST Section suspends o per cent. damages and
10 per cent. interest for non-paylEentS of spec;e
until the lst day of November.
.. Permits Banks to receive and paw ont notes
OF Banks In other States, of the determination of
So and upwards.
3. Allows the issue Of 81 and So notcs-to
the amount of per cent on the capital-until Jam
uaTy neXt--payabie In specie where issued, under
the penalty of % per cent damages, recoverable
by warrant before Justice of the Peace
10 resume within sixty days after the prHci-
pal banks in Baltimore and Philadelphia shall i'm
good faith resume and maintain specie payments
and on faiiure-to be put i'm the hands of Trus-
tees. But in Case the Philadelphia and Baltimore
Banks again suspend, then the penalties not TO at
tach before the st of November.
5. That the Banks proceed forthwith to curtail
their business, so as to place themselves i'm pro-
per condition TO meet and satisfy all their debts
In specie on demand.
The number Of Directors to be 5-3 appoint.
ed by Stockholders and 2by EXecutivc--to be al
lowed such compensation as the Stockh olders
may deem reasonable-not to become indebted To
me Bank OF which they Directors, nor the
Sary to be stockhoIders-But no President, Drec-
tor of any Railroad, Canal, Manufacturing Com
pany, or Savings Bank shall be olegbe as Di-
Iector-to take effect after the next annual Inc, t.
ing Of Stockholders.
7. No officer or Director shall vote By proxy in
any election nor shall proxy BIZ valid, if exccu-
ted more than sixty days.
8. The Governor to appoint Commissioner to
visit all the banks and branches-to examine
their books and papers, and officers on oath, and
make report 20 Executive before LIST Of NoveGlbtr.
Q. Said Commissioner to receive $1,000 for his
services.
10. In addition to the regular quarterly state
neDts, comparative statement oil their condition.
or the corresponding quarter of preceding year
IL. meeGng of Stockholders Of Bank Of Vir-
Iinia, tie End Monday in jan ary, instead Of LIST
Ionday.
IL. That the Banks shall not sell drafts, or bills
exchange for their own notes, or notes Of sus-
ended banks, at a pren.iCn, exceeding one half
one per cent.
10. journal to BE kept Of ali notes, drafts, ac-
ptauces, &C., loaned, discounted or purchased !
the amount Of each, with names Of payers,
lwers, enJor5ers, &c.--open to public inspec-
n during business hours--under penalty Of
90 to Cashier and President each.
II. Reseryiag to Legislature right to alter or
zeal charters.
H., corca from, Ite p1es1oe-JfTio,