The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-04-26

KrNs, and supported by Messrs. A. J.
CLARK, and WILSON.
On motion Of Mr.. UERNDoN, the bill was
dismissed-aycs u to "a.
Mr.. STRAUGHAS moved to reconsider the
vote dismissing the bill; which motion pre-
vailed.
On motion Of Mr.. CLARKE, the bill was
referred to the Committee of Courts of
Justice with instructions to report upon
the constitutional power of the Lcgisla-
ture to authorize subscriptions to railroad
stock by railroad companies in which the
State has an interest. This point being
chiefly in discussion during the considcra-
tion of the BILL
! BILLS PASSED.
! The following Senate bills were read
third time and passed:
! A bill to authorize the corporation of
Fredericksburg to issue bonds for the pur-
pose of removing distractions from Kappa
hammock river;
| A bill concerning fluciarics who quail
fled out of their counties or corporations
during the late war;
| A bill to incorporate the Portsmouth
and Lake Drummond and Marine Water
| Company;
| A bill to incorporate the German Build
ing Fund Association, No. ], OF the city
of Richmond and
| A bill to amend the act to provide
| for the regulation Of railroads and canals,
passed March 7, 1867.
The following House bills were read a
, third time and passed
| A bill for the relief of Severn +. Will
kins, of Portsmouth
A bill to provide for the reduction OF
the public debt.
| This bill makes the Governor, Auditor,
and Treasurer board Of commissioners to
, advertise for proposals to exchange either
publicly or privately all the internal inn
provemcnt stocks owned by the State,
| (save those otherwise provided for) for the
bonds of the State, on such terms as may
be agreed upon. The bonds thus received
in exchange to be cancelled;
4 bill to revise and amend the crimi-
nal procedures and
A bill amending and rcenacting section
7. chapter 165, as heretofore amended
concerning compensation Of Common
wealth's attorneys.
The House having disposed Of the en-
crossed bills, proceeded to consider bills
in their early stages, several of which were
ordered to engroSSment.
TIE STATE REPOSITORIES.
The bill making certain banks Of the
city of Richmond repositories OF the pub
lie money, came up i'll order.
Mr.. BALDWIN moved to amend by re-
curing each bank to deposit with the Urea
surer State bonds having the market value
of at least double the amount at any time
deposited with said bank.
This amendment was supported by
Messrs. BALDWIN and uERNDoN, and OPP
posed by Mr.. CRUMP. Ga one side it was
contendcd that the insecurity Of the bank
| ing system Of the times rendered it proper
that the security for the public moneys de-
posted with them should be ample-and
that since the use of those moneys We're
very profitable, the banks could well at-
ford to give the additional security. On
the other hand, Mr.. CRCMP argued that if
such security were eXactcd no bank would
receive the deposits OF the State. To re-
quirc them to place so large an amount in
the hands of the State for security, would
make the public deposits Of no value what
ever to them-indeed it would be losing
business: for the amount on deposit
would be ever changing, and the matter
of keeping up the required balance of
security with deposits would become diff
cult and annoying. 1t would be, more
over. full of danger to the depoSitarics, for
they would be required to keep on hand a
large amount OF bonds that, as we have
seen, are constantly tluctuating, within
month having varied from twcnty-eight to
forty dollars. The amount of public funds
on deposit with all the banks was now
about 5000, 900. Ina little while it would
be increased to over 100000; but within
about thirty days thereafter the payment
of the July interest would reduce it to
| SlOO. 900. Again, in November the revc-
nue. paid would restore the maximum,
which would in December be reduced
TO $50, 900 by the payment of the semi
annual interest. The banks would have
the largest amount only about thirty days.
| Mr.. CRCMP pressed the consideration Of
the difficulty Of keeping the securities de-
posted to conform with an account SO
| huctuating. The mode Of giving personal
security well known, solid, and reliable,
was the best system Tor the State and the
depositaries. The plan proposed was i'm
practicable, and would render the bill use
less. No bank would take the public mo-
ney on such terms.
Mr.. BALDWIN modified his amendment
so as to make the amount of security in
State bonds "cqual TO" the amount de-
posted.
On motion of Mr.. BALDWIN, the bill was
passed by for the present.
On motion of Mr.. BRAXToN, the House
ad jour- ed.