The daily Green Mountain freeman. [volume] (Montpelier, Vt.) 1861-1865, 1862-11-21

REPORn.
BY Mr.. Fisher for Select Committee, fayornbly
to chapter Co." Of Probate bond, and the prose.
cution of them," with amendment; tbrd reading.
BY My. Pratt for General Commute, l4vorably
TO Senate amendment of section IL of cbantpr
%, "Of land taxes y; concurred IN.
BY Mr. Cushman for Committee on Banks Ga,
vorably to chapter 50, OF Bank with amend
ments; the amendments were adot,.rd.
Mr.. Balch lhen moved to amend 40 AZ so nro-
vide for redistribution OF Stock in case OF r..
charterlng banks.
This proposition renewed the deba.s on the
question OF re-chaperlnS banks. Mr.. Chandler
opposed the proposed amendment, and believed
that each case OF re-onaIter should stan4 upon its
own mers, and matters liz that with reference
To which the amendment was offered, should be
let TO the discretion OF the community wEeye the
bah!I is located. II han1 stock wa, already IN
right hands It was exSsdlcut TO allow it to Y4nlsin
there lie argued a. length his position and
pointed ont what he deemed inconsistencies in the
proposed amendment.
1be amendment was Ls;.
Mr.. HGbbelI moved that section SO which Dgo-
Wdes for The repeal Of the General Banking Aw
enacted ~ 1888 be stricken ont.
Mr. Eaenry spoke briefly 10 support of ,he
a ! endmeA, and stated this posilion upon the
general Question was similar TO that Of the penre-
man tr NJ Ludlow. He had long been in favor
OF the principles OF the general oankiag law, aad
hoped the House would no9 Judge 1t OesL to re-
peal ii at tbs time.
Mr.. Cushnan Of Rochestes, hoped the amend
ment would not be made, ana reviewed at length
and replied TO, arguments IN favor of the 2 neral
banking law.
Mr. HuboeII said in supper. of his motion, that
the thorough examination oil abe question would
convince any huanc er that the general banki3y
law was muGt the safest. 1t was of course Dry ,
ferred by capitalists to tank under the cha tsr
slStem, because this system was less stringent than
the general law. The Restrictions, however Of
The general law, were needed tor the slety efI
community. III support OF thu, statement, he re
viewed the history of banking 10 the Western
aud in the New England States. Where State
made It's own stocNs the bass of banking, und.,
general law, the currency he'd ever been fol. d |
he best in The world. The history of BANKING
n the State OF New York established th;spo,linn
lie concluded thai 1t would lie bitter to retain
ms generil law upon the statute book.
Mr.. Fletcher, OF CAvendi,h, though not familiar
with the subject OF banking, believed some f,c,s
regard TO t,so apparent to- s,ery one, as to- per
mt each one TO form rational opinion. He
>new there bad been efforts made to repeas thi,
law IN 'ormes years, but they h d not succred4d
md he hoped They would nW now succeed. He
lad hored tie motion tdr distribution OF stock
would not have been rejected, but as il haa been.
le now hoped this would no. be- He Je>ired |
nat the banking business should be- open to all.
md not guarded ana made sure to certain class
Ini\, as by the the ch4rtey system
Inc Hoase adopted the amendment
Mr.. Snaw, moved that as the genera! law was
o be retained, the bill be re.committed to Bank
committee with Instructions to report said Gene
al Banshg law, with such amendment as they
nay deem desirable agreed to, and bill recon.
nilted.
AIR. Red called up Senate bill providing for
extension OF the charter OF the Vermont Bank. |
md th= question was upon ordering the bill to |
bird reading.
Mr. b1lch rose to a question Of order. He
Questioned whether IA sufficient nntce f the An |
'Ncttlon Tor re'chlrter lad been given, to comnlv
'ith House rule % which requires such nollc. |
% he given.
Inc chair ruled that the question was one that |
lunSp WnnlI I.eiI do.