The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-06-24
HON. NATHAN SMILE.

of Pokonk.
NO. 2.

"
duced into the Legislature this year, andl-5@ MR.
SMILE MADETllE FIRST FORMAL PROPO-
SITION EVER MADE IN THE STATE TO
MAKE THE PRIVATE PROPERTY OF THE
STOCKHOLDERS LIABLE FOR THE RE-
DEMPTION OF THEIR BILLS.eG.
We make the following extracts from the Jour
mails to give the amendment at length and in the
words of the mover,
"The House resumed the consideration of the
bill entitled, AN act TO incorporate the president,
directors and company oflhe bank of Benning-
ton," and the question, pending at the adjourn
ment in the forenoon, viz Shall the bill be read,
second time was again stated from the chair-when
MIR Smile moved to amend the bill by adding an
additional section, as follows viz
SEC. 81. 1t is hereby further enacted, That
the private property of the president, directors and
stockholders of said corporation, shall be holden to
redeem their bills notes. by them issued land be
subject to mesne process, whenever said corpora
lion shall suspend, or refuse payment, in gold OIL
silver coin, for any Of It's notes, bills or obiga-
tons"
Mr. Smile had always been opposed to the prac-
tice that had prevailed IN the Legislature of ex-
empting, ytorerer, from taxation, certain amount
of property in acts of Incorporation. The friends
of that system, in 1929 failed in their attempts 10
continue it longer, Mr. Smile was one of the lea
ding opPosers of the system.
To make this subject clear we will give an ex-
tract from the Journa of 1885,
The engrossed bill entitled " an &C, establishing
an academy at Manchester, in the county of Ben
ninson was called up
Mr. Brown of Swanton, moved that said bill be
committed TO member, for the purpose of amend
ing the same, by erasing the following words in the
sixth section thereof, viz
"All such estate, whether real, personal, or
"mxed, as is, or hereafter shall be, sequesrered
"to, and for, the use of said institution, or for the
promotion of education therein shall forever be
" free and exempted from all tayes.''--
And inserting in lieu thereof the following words
viz
IAN the necessary buildings of the institution,
philosophical apparatus, and library now belong
ing to, or which shall hereafter belong TO said in
E" stilu,lon, shall forever be exempt from taxa
ton"
Page lOl. The proposed amendment, passed by
the unanimous consent of the House. The bill
as amended was sent to the Gov and Council
and returned to the House with amendments non
concurred in, but proposals to amend to certain
extent
Page 1903. The House took up the engrosscd bill
entitled, 4" An act establishing al academy at Mau-
chester, in the county of Bennington" which had
been returned by the Governor and Council con-
CURED with proposals of amendment. The said
amendments, and reasons assigned were read; and
the FIRST amendment proposed was concurrcd H.
The second amendment proposed by the Governor
and Council was then read as follows viz:
"Aitcr the word institution in the third line
"of the sixth section, insert the words, and such
A" sum or sums of money as are, or hereafter may
" be, sequcstered TO- and for the use of said ins-
" ton as shall produce an annual rent or interest
Of six hundred dollars"
The vote stood SO in the aiTrative, l3S in the
negative. So it was determined in the negative,
and Mr. Smile appointed to assign the reasons of
the House, &c.
In 1889, the bill was brough, forward for the re-
charter of the Bank of Windsor. Another extract
from the Journals will perhaps best show the part,
taken by Mr. Smile
Wednesday, Nov. 3D., 9 o'clock, A. NJ.
| The bill entitled "an act extending the time,
and continuing in force for limited PERIOD an act
to incorporate the president, directors and compa-
ny of the Bank of Windsor" was called up.
Mr. Galusha moved TO amend the bill, by adding
at the end of The third section, MS amended on mo-
ton of Mr. Collamer on the LIST inst tho following
words, viz on all stock owned within this State,
and 10 per cent of said profits on all stock without
this State-and the question beng taken, was de-
cded in the affirmative.
Mr. Smile moved TO amend the same by adding
an additional section, rs follows:
SEC. 8. IT is hereby further enacted, that the
private property of the stockholders shall be holden
at all times and places for the payments ofthe bills
issued by said corporation.
Mr. Brown. Of Worcester, moved that said bill
lie on the table.
And the question being put was decided in the
negative; and the question REQUIRED on the motion
of Mr. Smile to amend said bill, and on the qucs-
tion shall the bill be amended as proposed It
passed in the affirmative.
The question was then stated, shall the bill be
read a second time '-when motion was made by
Mr. Follelt that said bill lie on the table; and tho
question being put was decided in the negative
hnd the qdesion REQUIRED shall the bill be read
second iime' and being taken, was determine, IN
the ailirmative and it was read the second time.
Ordered that il be engrossed and read third time
Thursday, Nov 4, o'clock, A, NJ,
Mr. Steele moved 10 reconsider the vote taken
yesterday on motion of Mr. Smile amending the bill
entitled act for extending the time, and contin-
ung in force for limited period. an act to ncor-
pora,e the PRESIDENT directors and company Of the
Bank Of Windsor, as stated on the Journal of yes
terday; and the question stated will the House
reconsider their said vote
Upon which question debate arose, and before
the question was taken the Governor and Council
and House Of Representatives met, &c,
2o'clock, p. NJ,
The House resumed the consideration Of the
motion of Mr. Steele TO reconsider the vote taken
yesterday, on motion Of Mr. Smile, amending the
bill entitled an act extending the time and continu-
ing in force for limited period, an act to ncorpo-
rate the president, directors and company OF the
Bank of Windsor, as stated on the Journal of yes