Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1856-03-26
Bin. Passed by en-. L,risiat.re.

The Legislature adjourned at noon on Wednes-
day last. after session of one hundred and ten
days. The entire session appears to have boon
characterized by courteous and gentlemanly de-
pertinent on the part of members, in their inter-
course with each other, and degree of industry
never, perhaps, equalled before Four hundred and
sixiy-one acts were passed during the session, but
large majority, as matter of course, were local and
Of no general interest The subject of Internal i'm
provements occupied considerable part the time
devoted to the session sowing to the unfortunate con-
diton of the finances of the State however, very lit
tie was done to aid the important works now in pro-
gress. At a late day in the session, bill appro-
priating 100000 to the Coviugton and Ohio
Ra ilroad, was passed; and also bill authorizing
a subscription of the same amount to the Virginia
and Tennessee Railroad For the latter, six per
cent preferred stock is to be issued, one half to be
called for the present year and the other half in
the year 1857. The bills authorizing subscrip-
tons to the Central and other Railroads, were lost
in the House of Delegates, in consequence of the
provision of the constitution which requires ma
jority of the whole body to pass any bill appropr-
ating money. The Central Railroad bill came
within three votes of being carried, aud every ex-
ertion was made by its friends to obtain the requ-
site number-special messengers were sent to re-
call members who were on their return home but
all in vain.
The Bank question was discussed in all its
length and breadth by both houses, and then vir
tually postponed the old Banks being re chartered
for six years. with very few changes in the sys-
tenn. The Banks are prohibited from giving any
certificate of deposit, draft or other evidence of
debt, which is not payable in specie; and they
may not issue or pay out any note for circulation,
except of the denomination Of five dollars, ten
dollars, or some multiple Of ten.
An important and very desirable law connected
with this subject, was, however, passsd-that
authorizing tho Auditor of Public Accounts TO sell
the stock held by the State in the Banks, and
apply the proceeds 10 the redemption of the public
debt. The sales are to be made from time 10 time,
as they can Sc effected at fair prices none Of the
stock 70 be sold at less than par value, and the
Banks are to have the privilege of becoming the
purchasers When one-fourth of the States nte-
rest in any Bank shall he sold, the Executive shall
appoint three directors in the mother Bank, and
two in each.of the branches; when half, two
and one respectively; when three fourths, one in
the mother bank, and nolIe in the branches; when
all snail be sold, no directors to be appointed
BY the State, but the Governor may appoint com
mi.sioners to enquire. whether the Banks have
observed the laws applicable to them.
On the dag before the adjournment, bill was
passed authorizing the isau. of Treasury notes
These notes will constitute new feature in our cur
rency. They are to DO made payable to the ordsr
of the person TO whom they are given, ia owl
dence of money borrowed, not more than one
year after their respective dates, for which
time and no longer they will bear intarsst-the
rate ofinterect to be fixed by the Governor. They
are to be transferred BY delivery and assignment
endorsed thereon BY the person to whose order they
sre made payable and after the 90th Of September
next are to be received in liquidation Of taxes and
debts due TO the State. The amount of such notes
outstanding at any ono time until the OF Of Octo-
Dor, 1857, is not to exceed 81 100000; during
the fiscal year ending September 80, 1858, it is
not to exceed $780, 900, after which no more shall
be issued. Gov. Floyd, Mr.. imboden and other
members Of the House opposed the act on tho
ground that it conflicts with tho clause of the
United States Constitution which declares that
Ill 10 IS ~
Several bills were passed for the protection of
slave property, which have heretofore been sufi-
GENTLY noticed by US. As reported by the Com
mittee these bills were very stringent, but they
underwent so many notifications before their final
passage, as, in the opinions Of their prominent
advocates to deprive them of nearly all efficiency.
The Tax bill WIS passed at a late hour in the
session, and serious fears were entertained that,
owing to the disagreement OF the two houses, It
would entirely fail and the Commonwealth be
lett to fall into bankruptcy The Appropriation
bill was only saved by the Senate's, at the last
moment, receding from its amendments. The
rate of taxation is increased one hundred per cent.
that is, instead of twenty cents in hundred
dollars. as last year, forty cents will be required
A bill was passed in reference to the opening
and repairing of public roads in this county, which
we will publish as soon as We can procure copy.
A large amount of business was left unfinished,
owinn to a want of timo to attend to 1t, and by
general consent the plan of biennial sessions is
declared failure 1t is confidently believed that
an extra session will be called next winter.