The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-02-12

the eye Of such companies, by. which
means the usual high taxation On
such business is evaded. Yet, whilst tnese'
as we'll as most other human Institutions
are liable to be used improperly 10 ao-
vance the interests of selfish and designing
parties, yet it is believed that the wanlo
and circumstances of our age demand inc
use of w~ell-regulated and properly man,
aged sauinqs banks, whereby the small
earnings of the frugal and industrious may
be saved and augmented, and at the same
time these small sums be aggregatedand
made to exercise q happy influence on the
trade and business of the country, when
could not soon be effected by each lndl-
yidual folding his talent Tor mite) IN 9
napkin and buryipg it in the earth.
eft is believed that the first savings
bank establishment in the United States
was the philadelphia Savings Fund So
ciety," organized in 1916 by a NUMBER OF
pbilanthropic citizens of that community
with a view to promote habits OF ioreslgnt
and saving among the laboring poor OF their
vicinity. This society had a long ana
prosperous career, and after the year 1888
had received deposits amounting to largely
upwards Of six millions of dollars. q
association has not only been the means
of doing much good, but has been the
model after which the better class OF SINH
lar institutions has been formed in the va
rious cities of the United States. 1t seems
also to your committee peculiarly deslra-
BILE that these habits Of foresight and eco
nomy should be fostered amongst those
who have SO recently been endowed, not
only with the blessing Of liberty, but also
with the responsibility of providing for the
material welfare Of themselves and tnelr
posterity. Whether any action will be ne
cessary on the part of the committee 10
foster future legislation in this direction
it will be for your body to decide.
"Your committee, in considering the
subject Of insurance, think it desirable
that such legislation should be encouraged
as will be best calculated to promote IN
our State we'll organized insurance COM
panies, and at the same time not impose
such heavy burthens on the best instltu-
tions of other States as will prevent our
people from having the benefit OF their
| services should our State corporations be
unable to do all the business desired OF
them. It is believed, from ell the lights
before your committee, that these lnstltu-
lions would be more successful and useful
if each company devoted itself to one par
ticular branch Of the business Of insu-
rance that life insurance should consti-
tute one business and the sole occupation
of one company and so likewise with ire
and marine insurance. From the expe-
rience of past years, SO far as your. COM
mittee can learn, it is shown that very few,
if any, insurance companies of this State
have failed, and caused loss to their policy
holders. Your committee are of the
opinion, therefore, that this subject may
safely be left to be regulated by the fu-
ture legislation of the State.
ain conclusion, your committee at this
time beg leave to submit the foregoing
views on these several subjects, reSeruing
to themselves the privilege of recommend
ing to the Convention any action that a
further investigation and a fuller reflection
on these very important matters may cause
them to think proper and desirable"
A supplementary report from the same
committee was also taken up, and the fol-
lowing sections recommended to be adopt
ed, taken into consideration separately:
81. The General Assembly shall not
grant a charter of incorporation to any
bank, insurance company, trust company,
or any other banking institution, with
privileges to negotiate loans, buy and sell
stocks, bonds, coin, or other securities, or to
do the business of a broker, or to discount
paper, bills of domestic or foreign ex-
change, at d greater rate of interest than
that ike by law.
"2. No person who is q broker, or who
deals in stocks, coin, bills of foreign or do
nestle exchange, or any other securities,
or discounts paper, or loans money at a
greater rate Of interest than that fixed by
law, in any manner whatever, or who is a
State officer, or who receives a salary from
the public treasury, literary or other funds
of the State of Virginia, shall be allowed
to hold any office, dictatorship, or clerk
ship whatever in any bank, trust and loan
company, insurance company, or banking
institution of any kind, in the State of Vir-
ginia."
On the first section considerable discus
sion ensued. 1t was defeated-ayes, 7;
noes, &C.
The second section was then taken up,
and also lost by a decisive vote.
A motion, at 2 O'Clock, to take recess un-
til 4 was lost-ayes, l6 noes, 81.
HOUR FOR MEETING AND ADJOURNMENT.
Mr.. ALLAN called up the folio wing reso-
luton and amendment offered yesterday
BY Mr.. ALLAN:
".Resolved, That on and after Tuesday,
February IL, 1868, the Convention will
assemble at 10 o'clock A. M, and that the
evening session be dispensed with from
this date.
go. Resolved, That the regular order OF
the day shall be taken up at IL O'Clock
A. NJ"
By Mr.. WILLIAMS:
"Resolved, That the Convention on and
after February 18th hold but one session
a day, commencing at 10 in the morning
and adjourning at 8 O'Clock P. NJ"
1t was finally decided to meet after to-
day at IL O'Clock, take a recess at half-past
2 o'clock, and meet again at 4.
The Convention then adjourned until II
tomorrow.