The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-02-12
The Wrgi9pi0 Convention
ORDERED BY CONGRESS TO
FRAME A STATE CONSTITUTION.
FORTY-NINTH DAY.

FRAME A STATE CONSTITUTION
FoRTY-NINTH DAY.
TUESDAY, February II, 1868.
The Convention met at the usual hour
Prayer by the chaplain.
MEMORIAL R 0 GEORGIA.
The PRESIDENT announced the receipt
from the Convention Of Georgia Of a me.
mortal to Congress asking the loan of $780,
600, 900 for the impoverished planters Of
the southern States, which had been com
mupicated to the Convention Of Vir-
ginia.
The document was read, and referred to
q special committee Of ive-viz., Wilson,
Curtiss, Hine, Williams, and Bland.
MINORITY REPORT ON ELECTIONS.
Mr.. WALTON, on behalf Of the minority
| of the Committee on Privileges and Elec-
tons, submitted a report concerning the
eligibility of Mr.. MAUZY to his seat ;
which was laid on the table and ordered
to be printed.
EXPENSES OF q CONVENTION.
Mr.. MCLAUGHLIN offered 2 resolution
| calling for a report from the Auditor OF
the amount expended, and how expended,
in paying the expenses of the Convention.
Adopted.
CARTER offered aresolution referring the
accounts for reporting the debates of the
Convention to the Committee on Contin-
gent Expenses for auditing according to
the ordinance of the Convention. Adopted.
FINANCE.
Mr.. CURT1ss offered the following, to
come in as sections Of the report on
finance and taxation; which were laid on
the table and ordered to be printed:
Gall property used exclusively for State,
county, municipal, scientific, benevolent,
and charitable purposes, and personal
property to the amount OF $500 for each
family, shall be exempted from taxation"
"The produce Of this State, and all arti-
| cles manufactured from such produce,
shall bear no greater tax b shall be
necessary to pay the expense of the in
spection of the same"
VETO PowER
The morning hour having expired, the
motion of Mr.. PLATTE to reconsider the
yoto by which the eighth section Of the re-
port on the Executive Department was
adopted, was taken up.
The previous question being called and
sustained, the motion to reconsider was
lost-ayes, 80; noes, 81.
TOBACCO TAX.
Mr.. NASH called up the report Of the
Committee on Agriculture on the tobacco
tax; which was laid on the table last week.
The report, which is based or a resolu-
ton of MIR. NJ. F. ROBERTSON, embodies a
memorial to Congress asking the removal
of the tobacco tax.
Mr.. CuRr1ss offered the following as q
| substitute for the report:
"Resolued, That a special committee of
| five be appointed to memorialize Congress
| for such modification of the tax on tobacco
as shall be just and proper, having in view
the relief Of the producer, manufacturer,
and consumer and that said memorial be
submitted to the Convention for its con-
sideration."
The previous question was called and
sustained. Mr.. CURTIss's substitute was
lost. The original report was adopted
ayes, II; noes, s.
The Secretary was instructed to forward
q certified copy to the President of the
Senate and one to the Speaker of the
House Of Representatives.
BANKS.
The following report Of the Committee
on Banking, etc., etc., was taken up and
adopted:
"The Convention, in its wisdom, having
deemed it proper to constitute a commit
tee to take into consideration what action,
if any, should be had, in framing a Consti
tuition for the State of Virginia, in refer.
ence to banking, Insurance, and Kindred
subjects, after due consideration your
committee beg leave to submit the follow
ing:
SO far as relates to banks of circula-
ton. your committee might refer to the
past history of such institutions in Vir-
ginia, and point with just pride to their
good management and the high credit the
Old institutions of our State had attained,
and how barely, if ever, our people had
been deluded by the worthless circulation
of a broken bank amongst us!
"But the disasters of the past seven
years have not only broken down, but
swept away almost every vestige of these
time-honored institutions and as, under
the new order of things, the Congress OF
the United States have inaugurated a sys-
tenn of national banks of circulation, dis
count, and deposit, based upon Federal
securities, the circulation Of which has a
uniform value in every part of the Union,
and which system allows by its very terms
no rival institutions of State formation, and
no interference with the present system of
State authority, therefore your commit
tee deem any recommendation Of action
in reference to this branch of the subject
referred to them unnecessary, unless, in.
deed, so far as the subject of taxation is
concerned; as to which, no doubt, the
proper committee in charge of that subject
will give the desired attention.
"With regard to the numerous institu-
lions of recent origin existing in our State
known either as banks of discount and de-
post, savings banks, or trust companies, it
is argued by some that many of these So
called banks are merely broker-shops in
disguise that they absorb the loose finds
OF the country at legal rates to be loaned
out on usurious terms which funds, in the
old fashioned anay, would have been loaned
out to the merchant or farmer direct by
the owners ut the lower rate at which it