Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1851-12-11
Legislature of South Carolina.
WEDNESDAY, Dec. 3, 1851.

In the orders of the day, the bill
amend the constitution, so as to chang
the name of Saxa Gotha to Lexington
(Which had previously passed the House,
and for other purposes, was read a secon
time, and passed by a vote of two-thirds
by yeas and nays.
The bill fixing the fourth Monday il
April for the meeting Of the State Con
vention was next on the calendar.
The question on the second reading
was taken by yeas and nays, and resulted
yeas 80, nays 9. SO the bill was or
dercd to the House Of Representative!
for concurrence.
The balance of the sitting was devoted
to subjects which will appear at the pro
per time.
In the House the morning hour was
occupied by the presentation Of petitions.
memorials, &c.
The Speaker announced the following
papers OH his desk, viz: bill from the
Senate to abolish Brigade Encampments;
also, bill to afford aid to the Kings
Mountain Railroad; which bills had been
read in the Senate twice and ordered to
the House. Read a first time and refer
red
Mr.. Leitner was granted leave to record
his vote on the report of the committee
Of the whole, on a bill to give the election
of Presidential electors to the people, and
voted nay on the report.
Mr.. Preston, from the committee on
federal relations, to whom had been re-
ferred a bill to suspend the election of
members Of Congress from this State un-
til the representation of the State should
be ascertained, reported the bill without
amendment, and recommended that the
bill do pass.
The special order, being a bill to define
the principles on which joint stock banks
should be hereafter incorporated, and
bill to re-charter the Bank of the State,
was called up by M. John Middleton.
The House resolved itself into com.
mittee Of the whole, Mr.. Chesnut in the
1t ; ~
toned bill.
The principal features of this bill, and
which Mr. Middleton ably advocated in
his remarks, are
l. That the capital stock Of any bank
shall not exceed Sl,000,000, nor less than
100000,
2. That the stockholders of every bank
shall be individually liable for sum not
exceeding treble the amount of his share
or shares.
3. That no bank shall hold any lands
or estate other than that necessary for its
business, or that which is bona fdc mort
gagged to it as security, or purchased at
sales upon judgments previously obtained.
4. Restricting banks to dealing in
notes, bonds, bills of exchange, coin, bull
lion, and limiting interest to & per cent.
5. Restricting bank issues to the de-
nomination of five dollars.
Is. Suspension of specie payments to
work Il forfeiture of charter.
T. 4 full statement of the condition OF
each bank to be made six timcsa year to
the Comptroller General and published.
s. No bank to go into operation until
half the capital stock be paid in.
Q. No bonus to be required, but all
bank property to be subject to taxation.
10. Restricting liabilities to three times
the amount of capital stock, and if excess
should occur in thatrcspcct, the directors
under whose administration it occurred
shall be liable in their private capacities,
and any loss or deficiency Of the capital
stock the stockholders shall be liable to
make good the same.
IL. Shares to be S25. Banking com.
panics now seeking charter may avail
themselves of the benefits of this act by
complying with its provisions.
Considerable discussion was elected in
the committee on the provisions of the
bill, especially on that which provides a
forfeiture of charter on suspension. An
amendment of Mr.. Tore, making the
bank suspending liable to forfeit its char
ter and giving the Governor some discre-
ton in the mode of applying the penalty,
was finally adopted.
At this stage of the proceedings Mr.;
Owens moved that the committee rise and
report progress, and ask leave to sit again
on Friday at one o'clock, which was
granted.- A.,
Scabrook offered the following resolu'
tions, which were ordered to be printed,
and made the special order OF the day to-
morrow at l o'clock:
Resolucd, That the State of South
Carolina considers the past aggresslons OF
the General Government sufficient cause
for dissolution of the Union, aud it is
her conviction that it should now take
place.
Rcsolrcd, That she holds the right Of
secession to be fundamental, and is pre-
pared, and would herself be now willing
to exercise that right, but forbears to do
so in Difference to the convictions of her
sister States of the South, andin the trust
that they are true to our common instltu-
tons, and that in the action they have
taken, they believed themselves 70 have