Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-03-08

/ county, was taken up When the bull was last
under consideration. amendment was ending
which proposed 10 take the sense ct the voters
within the limits of the new county, as to the
location Of the county seat
The amendment proposed and also other
amendments subsequently submitted by Mr..
Martin were rejected, and the bill after being
re-engross ed passed-ayes 80, noes D.
DIVORCE or STATE AND BANK
On motion of Mr.. Garnett the engrossed bill
to senarate the State from the Banks by sale
of its stock therein and the application of the
proceeds to the public debt was taken up
Mr. Powell opposed the passage of the bill
lie contended that there was neither political
necessity or financial expedency to justify the
severance of the State from the Banks. The
connection had been regarded the best policy OF
the State for the last half century. and was IN
augurated under the auspices Of such prominent
members Of the Democratic party as Broken
brough and Nicholas 1t had been urged that
the interest held by the State in the Banks
has such controlling influence upon the Legs
latnre that they will not correct abuses which
may exist He could not believe that the repre-
sentaiives of Virginia could be recreant to the
duties confided to them, as to shrink from the
performance of those duties for any such paltry
consideration. 1t would be a stigma upon the
State to admit it. Another reason assigned for
the pa sage of the bill was that the dominant par
ty might make the Banks political machines. He
bad too much confidence in his Democratic
friends to apprehend such result. Mr.. p read
u statement showing that for the past six years
the State had derived an annual dividend, aver
aging about Ga per cent and amounting in the
aggregate to nearly one half of her investment in
the Banks This was the "golden goose which
the bill under consideration proposed to rip
open" for the avowed purpose of redeeming a
stock not yet 10 be had.
Mr.. Garrett sad that the returns of the Banks
showed that the dividends received by the State
have amounted to very little over six per
cent. Some years ago, tho State lost 33 per
cent. Of her Investment in the Bank of Virginia
aud war with England, or any similar convul-
sion would soon put an end to six per cent divi-
dends Pass this hill. and he would pledge his
word that State stocks would be at par before Ju-
~ next Dispose o. the bank stocks held by the
States and the result will be tina, the public debt
instead of being $25,O00,000, will not exceed
SIG 800, 900.
Mr.. Edmunds stated that the bonds of the State,
al this time, ar. from "a %, and the deprccia-
tion is owing to the fact that the supply is great
or than the demand. 1t was therefore mpor-
tant that the State should enter the market n
competitor for the purchase Of those bonds, which
! she would be enabled to do if this bill passed,
to the amount of &4,0OD,OO0 Unjust be obvious
that this amount thrown into the market will cl-
] eyate the price of State bo~ds. Mr.. L. continued
to pursue this line of argdmcnt and for some time
! in advocacy of the bill
The bill was finally passed by the following
vote:
| YEAs.-s7.
! NoES.-l3.