Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1853-12-01


Bills initoisced ami refcrred.-By Mr.. Stevens
Of Caledonia altering the name Of sally Buck
lin; to the committee on MilItiry Affairs. BY
Mr. Denson, To- piy David ). church the sum
therein mentioned; TO the committee on Claims.
By Mr. liale, to authorize the Rutland and Bur
Aneiou Railroad to issue new stock to the
committee on Roads From the House, relating
to the County buildings in Wndham County; to
select Committee.
Engr0ssei BHs.-ln amendment Of chap. 80
C.. s., relating to thc Grand L,st; passed To
incorporate the Northern Educational Union +;
read the 3i time Mr. Coolidge SAID that he
was n favor Of the bin, with the exception Of
power granted in the biil, hat of couferrng de-
groes. The power to confer degrees was the
peculiar distinction Of colleges, and while the 3
colleges already IN ihis State were yet strug-
g ding to maintain an existence, il was exceed
ingly bad polio, as well as unjust to existing
Institutions, to advance another school TO take
rink with them ca motion Of Mr. Jones, the
bill was ordsred to lie.
The bin 10 increase the capital stock Of the
Woodstock Bank was taken up The question
bcing opon The order 10 engross and read third
time, Air. Coli called upon the committee for
the facts shown before them. Mr. Jones, for the
committee, sand that there was not much proof
before them ON the hearing. The business Of
" oodstock demlndei greater banking facilities,
aud there was no resistance to the application.
Legal notice Of the application was given.
Mr. Carpenter, the chairman of the Commiltee
on Banks. stated his reasons for dissenting from
the opinion Of the majorliy of the committee
The application, he sad, was unlike most other
opphcntons, coming as 1t Gid from the Pre- ideut
and Directors OF the corporation, without any
provision for a distribution Of the stock, and in
tended tor the sole benefit of the officers Of
the Bank 1t was an act of special Legislation
for the benefit OF moned corporation. without
their rendering any equivalent
Mr. Oh said that he was ready at all times 10
grant increased banking facilities when the wants
of community demanded IT, but these grants
should be Jellously guarded that they do not run
mo an abuse lie wanied banks to be kept on
their present sound basis, enjoying the confidence
of the public, but that this confidence might not
be endangered, such gran S as the one asked in
tins application should not be made al hjitum
1t vas evidently speculation, mere brokers
operation and he should vote against the bill
Mr. Coolidge said that all the arguments, and
the series OF objections urged by the Senator
Colt were only of force against the Free
Biukng law. lie should not regard these rea-
sons nor attempt to answer them, not consider
ing them pertinent to the question before the
Senate. 4 be objections TO the bill seemed
wholly dependent upon principle, and to have
no solid foundation IN fact, and a. he could not
discover the dangerous tendency Of the prnci-
Pile, or whi, fatal dangers urk unseen beneath
il, he could not feel the force OF that objection
The application was made by the bauk IN It's
corporate capacity, and if allowed would give
the bank no greater advantage than they might
ENJOY under the Free Banking system; and GER
taIny 1t could rot be more dangerous to grant,
by special act privilege more limited IN It's
advantages than that granted by general law
yet IN force. He hoped that no odlum would
attach 10 this application by the charge Of spe
cial legislation but that the Senate should con.
uuae q DO they had done thus far this ses
sion, and increase banking facilities wherever
there was demand iorthom.
Mr. Stevens Of Franklin said that private
persons wished TO organize under the General
Law, they should have the privilege, but he was
not able TO see the advantage in permitting
bank TO issue 100000 in bulls, secured by stock. /
while the balance of the bills of the bank were
made redeeuable at the counter He should
vote against the bill.
Mr.. lloyl said that The free banking system
had not, as YET. had fair trial. lie could not
see the force Of the objections urged by the
senator last up, as the stockholders Of Wood
stock Bank might do, under another name, with
out any further Legislation, Just what Is proposed
to be done by this bill. The bill holders we're
made perfectly secure, and the Bank should be |
allowed TO increase their stock in this way
Mr. Jones spoke in favor of the bill, and said
that under II the bill holders were made perfect
ly secure.
Mr. Colt said that the Free Banking system I
was a glorious deception. The genius of.man
could not devise, nor the art of man construct a
.ystem better calculated 10 defeat the object
proposed in its creation. II was a stupendous |