Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-26
1'fratilta LcHioiaturc.
HOUSE. OF DELEGATES.


1HenspAr, Jar. 10, 1878.
bin to provide r The payment Of the interest on the
! guaranteed bonds OF the James River and kanawha
Company aud the snnuiiy, were read t'ird time and
passed.
IN, Sneaker rrceeutel communication finn The
President a the banked lT1ins. proposing an 'Nrange
ofJas. River and kanawla stock 9f BANK siock-and
$4,000 in muney To toli.
RESOLUTIONS.
by Mr.. Powell. ola. That the Committee On Roads
inquire the eApedene, o permitting Geo. W. Pet
iyjohn 10 erect turnpike from the toll bridge opp se
Lynahburg. ho igh his own Ian 10 iniefseet with the
I I.vnehbnrg aud Bulaloe Springs Turnpike road
I Bv Mr.. 1ayor. That the Committee ON banks in
anird into espdsney ol requiring Directors Of varon,
Banks of the Commonwealth 10 psse larger interest
in the stock Of the hanks Than now provided by law
Also into the expectancy ul ~ amending The law PISS
ed at the last session, exclude from the limitation
Of the Indebtedness ly DIRECTORS loans made pledges
Of stock Of the hlnk and what pledges Of stock
may lie received security Tor such Iua0s, &c.
A-o as the eNpedcncy Of providing by law that
bonds Sc which may te filtered collateral security
for oans by the banks. sa be- vested in the Banks,
10 enable them Ia ulafre rIymcn, thereof.
FINANCE REPORT
The Report of tie Finance Committee came upas the
orlor oi the day The qu 81 o. pendIng was Mr.. Yer
hy's motion strike rum the resolution of the
Committee all thai related 10 the creation OF sinking
fund.
Mr. Crnichfed adycrtcd To the means by whic! the
existing liabilities ct the STATE had been incurred. lie
noticed the iunna'ien thrown out yesterday By Mr..
Ieakc iha, the Wings had created the public debt
lie donird that pafy had entered nj all into the creation
al this 'd IL w, created for internal Improvements
and Wbig and Dem eeral voted together for aud a
rains, appr,pfs,ions Inc luen.al Improvement par.
~ was mol confined either OF The political parties
Both parties, portions o both pafos were Fesponsioe
Ter the debt
Mr. c. then replied ,osomo If the positions of Nj
II a., a,Ir 4a
State Bonds H. did not think such result likely to
lie realized. Confidence might 10 some extent be IN.
creased. but with the example Of nihtr States before
them. foreign capitalists would not be 50 canldlng as
some gentleman supposed. lie thought It would be- we'll
50 10 regulate lanes, Ia pay our niang debt III
three or four years-and when had tested the work
ing OF The system, then We might provide for the
funded debt. lie was As anxious rs any gentleman 10
get rid of The d,hl. but much o II was not yet due Tor
three four years. Every day admonIshcd us against
hasy legislation this work in advance. Mr. c. refer
red 10 the fact that ihc charters ofthc Banks would
pre nj distant day. II these institutions were then
wound up. the capital ui the State in them (abuu
nions) might be usrd-bu, supposed this
would be the case. bat the dividends might be ncfcas
ed.
Mr.. Byrd, Of +. though capprovcd the general prin
cpos OF the Report, WAS mol prepared 10 commit hun
self 20 them without some quahati1n. lie suggested
IdIflcullies such IS throwing double burden ON The
people. He approved OF the idea Of sinking fund.- but
he was luf gnin4 step ny Slep-UiSt PfuNiuc
floating debt, and then 20 for sinking fund which would
not be burhens'mc. Mr. y. proposed the following
mendmcht To Mr. VERIFY motion: 10 strike out only
part OF the words in the first resolution aud insert 9th
lcrs. ~ 10 make II rel That n revenue be raised
sufficient to meet all The expenses Of government
namlcally adminlsleTd-to pay pnncinaly aud certain
" the interest the public debt, and create sink
ing fund adequate Ia the redemp inlst, uGlhc principal
OF the Commonwealth 5 t'oang debt IN years; and
2ndly. Gl It's funded debt years thereafter
Nj Yerty asLcd and obtained conscn, 10 add to his
amendment thrse words ''tn pay the debt due TO the
Banks of this Commonwealth IN years
Mr.. Byrd enlarged upon his proposition, and further
remarks wcrc made hy hl,ssrs ltrhy aud Cutcbfed
to the hearing of hescyeral amendments
Mr. Stovall thought The discussion had been long
nough con,inued-le called the rreyious qneson-but
at the instance Of Mr.. Randolph, Withdrew II.
Mr. Randolph aud Mr. Williams warmly supported
the Resolution Of the Committee mud urged the impur
lance OF establishing sinking fund ior the relief Of the
people aud the credit oitho STATE.
Mr.. Hopkins also advocated tho same views lie
was opposed Il, Mr. Byrd's amendment as banp in sub
stance the same with that Of Mr. VERIFY
! Mr.. Moore of C., addressed the House rs follows:
| Mr.. Speaker. rs This tragedy has been well played.
and as am one Of the company aud am paid for it and
for fear that my wages may be locked, will play the
farce.
! Mr.. Speaker wish To return my thanks to the gen
enan from AIbcmarle for explaning the word "rcpudl
atlon,' Tor hardly could sleep for nights for be
gan TO hnk II hanging matter; for, # II was the PEG
pie IN my section OF the country would be hung every
day-and rs for sinking fund to raise money, when il
was not needed. am ready To repudatc. We are not
as well of rs the gentleman from Shenandoah (Mr.
Nlams) who says his constituents advance 50 per
cent; for. before left home was offered to take us ma
ny fat hogs out OF a noighbo's pen would pay the
small sum of two dollars tax; therefore, shall vote lr
the resolution Of the gentleman from f. if the gentleman
tum A. will only wait until we pass valuation law.
SO that property will brug ,s Of lis value aud have
large pen built here thai the people be able 10
pay. As for sinking fund. can tu in ito
sink the people deeper. and for another that will
not vote for sinking it is prophesed by MIR Miller that
the world is shortly TO end and unless the
gentleman guarantee that they and myself will have
the handling OF this fund, i think 1t useless raise it
Mr.. VERIFY, tho nreerrirg his proposition, would
accept Mr. Byrd's amendment
hlessrs Leake, OF A., TAYLOR, Gallaher, Keen and
Hopkins. participated in the debate.
MIR. Cooies called the previous question. Susained
MIR. by rds amendment was rejected: ayes 3d. noe.
IS.
! Mr.. VERIFY renewed his amendment
Mr.. Goodsun would vote agains, the amendment be-
cause he believed the Object of il prevent taxing
capital, stocks, SC. The land and negroes had borne tn,
burden long enough-f The law was to be resisted lc
iitbc.
| Mr.. Keen would vote for the amendment because hi,
people able bear the additional taxation
which will be required by the proposed Sinking Fund.
The House disagreed TO the amendment by tho fol
toNyu yntp.