Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-02-23
LATEST NEWS.


Tie bill re-chartering the Bank IF Virginia for
the term of sirtttn years, on thu conditions
specified below. passed the lower House of the
Legislature. Thursday, by u vote of ayes lis,
nays 10:
1 bill 10 rs-eharfer the Bank Of pirginid.
i itenActed by the General Assemhl, of Viz
ginia. That the charter of the Bunk of Virgin !
be and is hereby extended from the first day ii
April, eighteen hundred and fifty seven. for siN
teen years and the Bank is hereby invested
with all the rights, powers, and privileges con
ferred and made subject to all the rules. regula-
tions and restrictions imposed by the 5tith, 9th
aud SSH chapters of the Code of Virginia. and
the act entitled net TO amend the 10Th section
If chapter 57th of the Code of Virginia, passed
April D. 1888, so far the same may be appli-
cable to Banks of circulation.
The notes of the several banks of this State
received in payment of tho Public Revenue ex-
eept the notes of this bank, the Farmers Bank
of Virginia aud the Exchange bank of Virginia
and the branches of said banks shall not be re-
deemed by the deposite banks in specie before
the expiration of fifteen days after such depos-
ite
Should either of the deposite banks refuse to
receive on deposiie the notes of any specie pay
ing bank. the Governor Of the Commonwealth,
upon written notice thereof from the Treasurer
of the State shall direct the removal of the de-
posites from such bank, and have them deposited
/ IN another bank.
The loans and discounts of each branch shall
be SO regulated that they shall not ut any branch
exceed twice the capital of the branch
The total amount of the paper circulation OF
branch of this bank shall never exceed five
Times the amount of the coin in possession OF
such branch, and actually the property of the
bank.
The bank shall give no certificate of deposte,
Al 4 4 L
able in specie.
1t shnll be the duty of every branch of the
| bank which is may hereafter be author
! lied by ltw. to redeem or demand ell circulating
| notes issued by said branches, payable by
| such branch, which may be presented for pay
| ment at the office of the bank in the city of
! Richmond at rate of discount not exceeding
/ quarter OF one per cent and for failure to re-
| deem the shmr, the holder thereof may recover
! the same damages and in the same way now pro-
vided by law for failure to pay in specie nj the
Office or tank where payable; provided that the
mother bank at Richmond, shall not pay.hy way
! OF loan or discount any note which IL not paya-
| bic and redeemablo in specie ut par, at It's own
counter.
Every quarterly statement Of the bank, shall
! in addition TO the information which the code OF
! Virginia requires 10 be made. also. exhibit the
aggregate debt due by such bank; the outstand.
{
| land and foreign bills of exchange; its loan. to
| directors; its specie circulation and deposites
! OH the first day of each month of the quarter it
! embraces.
1t shall be the duty of the cashier of the bank
AT Richmond and of the cashiers of each ot the
/ branches to cause abstract To be made on the
| Monday forenoon OF every week, which shall e&-
hibit the aggregate amount of loans and DIS
counts, circulation, specie and depostes ot the
| bank on the proceeding Saturday; the abstract
shall be properly written in book to be kept for
| the purpose, which book shall be kept upon the
counter, open to general inspect ion and may be
copied from by any individual.
The bank shall not issue or pay out any note
for circulation except OF the denomination of i've
dollars. ten dollars. or of some multiple of ten
This act shall commence and he IN force from
and after the tone when its provisions shall have
been approved by the stockholders in the sad
bank ned in general meeting at any time
before the first day of February next, aud such
approval shall have been made and certified by
the President and Cashier of said bank under its
corporate seal to the Governor of this Common
wealth.