Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1858-03-01
MAssACHUSErTs LEGIsLATURE.
FRIDAY, Feb 26,
SENATE

1
The bill TO increase the amount and the cir
culation of specie in the Common wealth was
discussed by Messrs. Ellis Of Plymouth, Par
ker Of Suffolk, Greene of Franklin, Walker
of Hampton, Frost of Suffolk, Earle Of Wor-
cester, Porter of Suffolk, and Adams Of Mid
dlesex.
The amendment Of Mr.. Ellis was rejected.
This amendment was to provide that the bill
should not take effect till similar laws were
passed by New York and the other New Eng
land States.
The question REQUIRED on passing the bill
to third reading. 1t was put to vote, Sec
ton by section. The first section was
SECTION l. No bank within this Common
wealth shall issue or pay out any notes Of a
less denomination than So, under penalty
of 800 for eaeh offence
Mr.. Porter of Suffolk moved to amend the
section so as to limit the Boston banks 10 bills
of not less than $40.
This was opposed by Mr.. Usher of Medford
and rejected, only six members voting for it.
Mr.. Adams of Middlesex wished to cup
press the great overwhelming bank loans
which were prevalent. He therefore moved
to strike out the first section and substitute
therefor the following:
" No bank in the Commonwealth shall
any unincorporated company, an amount ex-
ceeding ten per cent. of Its capital or to any
incorporated company to an amount exceed
ing twenty five per cent. of its capital under
penalty Of $1,000 for each offence for every
hundred thousand dollars OF the capital stock
of tie bank so offending"
AT the suggestion of the Chair, Mr.. Adams
withdrew the amendment to offer it ASA sep
arate section at the proper time.
The question being taken on the first sec
ton it was refused passage by the following
votes
Yeas-Euis, F bens, Felton,, Frost, Hooper, Parker,
Phelps Porter, Sawyer, Turn r-l0.
Nays-Adams, Allen. Bsga, Bailey, Bliss. Bonnsy,
Cornell, Crane, Davis, Field Greene, Ingalls, Jenkins
ker-2O.
The second section, which was as follows,
was rejected without a cunt:
SEC. 2 No person Of persons shall tender
in payment, or pass, or circulate within this
Commonwealth any bank note OF less denom-
ination than So, under penalty of S25 for
each offence, to be recovered in any court of
competent jurisdiction, one.haf to the use of
the complainant, and one-half to the use of
the Commonwealth"
The third section requires, * brief, " that
every bank within this Commonwealth shall
be required to keep an amount of specie
equal to one-f fifth of its aggregate liability for
circulation and deposits"
Mr. Walker OF Hampden moved to strike
out the word " one fifth" and insert fifteen
per cent" This was rejected, 8 to 90.
Mr.. Knight moved to substitute g ten per
cent" Lost.
The third section was adopted by vote of
l6 to 10, as follows
Yeas-Alen, Bailey, Boyden, Cornell, Crane, Ellis,
Feltoa, Field Hooper, Parker Phelps, Porter Prince
Sawyer Turner, Waker-16
Rdys-Messfs Adams, Bagy, Bliss, b lnney, Davis
bobens, ingalls,, Jenkins, knights, Merrcs, Metcalf
The section offered by Mr.. Adams above
was adopted as an additional section
The fourth section was then rejected, as
unnecessary.
The further discussion of the bill was then
postponed. Adjourned,
HOUSE.
The Committee on Education reported re-.
solve approprietilg out Of the school fund for
the Wesleyan Academy, $4,000 annually for
four successive years.
The bill repeating the act of 1866, concern
ing the duties and rights Of jurors, was taken
up at three o'clock according to assignment,
and discussed till the adjournment.
Mr.. Ptman Of New Bedford, who intro
uuceu tue Dilli nhue the opening speech in
IFS favor aud was followed by Mr.. Wells OIL
Greenfield in an able and elaborate speech
against the bill, and for the jury law as il
stands.
Mr. Young Of Boston spoke for tho repeal
deeming juries incompetent even to discrimi.
nate as TO facts.
Mr.. Tillotson followed in speech against
the repeal.
Mr. Cushing Of Newburyport next spoke,
at length, favoring the repeal on the ground
that tho law of 1886 was merely truism.
and enacts only what was previously law ev.
erywhere.
Mr., Churchill OF Milton favored the repeal.
SATURDAY, Feb. ~.
SENATE.
Met at ten o'clock, A, M.
The bill to increase the circulation of sne-
Gle in the Common wealth came up.
Mr.. Davis Of Plymouth moved a reoonsid
Grafton Of the vote by which the third section
was adopted. The rules were suspended. md
after an animated debate between Messrs' De'
Wis, Hooper, Greene, Knight and Parker, tbe