Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-02-10
MONEY OF THE STATE.
SPEAKER CsRDwELIs BILL TO PRE-
SCRIBE WHERE IT SHALL BIZ KEPT.
A Plan which IL Adopted Will Cause
Large Investments to be Made
in Riddlebergers."

ga bill to prescribe in what banks the
money of the State may be kept. intro
duced by Mr.. Cardwell, has been fayora-
bly, reported from the House Committee
on Banks. Currency, and Commerce, and
is as follows:
l. BE it enacted by the General As
sembW Of Virginia, That whenever any
bank of circulation, as we'll AS of deposit
and discount, and loan and trust COM
panies doing banking business, doing
business in this state, shall have de-
posted with the Treasurer of the Com
monwealth, as security for the payment
of the funds of the State, that such bank
may receive on deposit, under the pro-
visions OF this act, at least SIS, 900, face
value of the bonds Of the Commonwealth,
issued under the act OF Assembly ap-
proved February II, 1889, known as the
Riddleberger bonds" such bank shalt
be deemed n depository OF the State s
money to the amount of the markt t
value of such bonds, bnt in no case to
exceed 20 per cent. of the face value
thereof, and it shall be the duty of the
Treasurer OF the Commonwealth, as far
as the same may be done conveniently
to so deposit the funds of the state as
to do equal justice to oil the banks that
may become entitled to receive on de-
pOsit funds of the State under the pro-
visions of this act. All such bonds de-
posted with the Treasurer under the
provisions of this act shall be hold ex-
clusively rs security for the payment Of
the money deposited to the credit of the
COmmOnw wealth in such bank. and for
the faithful discharge of the duties and
obligations pertaining to it as such de-
pository.
?. Whenever any bank, baving on de-
post money Of the State under this act,
shall mt anv time fail or refuse to pay
the checks OF the Treasurer upon the
warrant of the proper auditor, or fail or
refuse to pay the interest upon the pub
lie deposit as hereinafter acquired, or to
discharge any other duty or meet any
other obligation pertaining to it as such
depository, no further deposit OF public
money shall he made therein, and the
Treasurer shall proceed, after advertise
ment IN at least two of the daily news
papers published in the State for ten
days, to make sale 10y public outcry the
bonds of said bank o deposit with him,
or so many thereof as may be necessary
to pay all sums of money that mpy be
due from such bank to the Common
wealth, and all interest accrued thereon.
and the costs attending the sale of said
bonds and if there be any residue from
such sale the same shall be paid over to
the said bank.
3. In consideration of the deposit, au-
thorized by this act to be made in the
banks that may become entitled thereto,
such banks are hereby required each to
make a report on the first day OF every
month to the AuditOrof Public Accounts,
showing the amount Of money on tie
posit therein to the credit Of tue Com
monwealth, and to pay thereon. in ex-
cess of twenty-five thousand dollars, in-
tereSt Mt the rate per centum per 0nnum
provided, that until sufficient number
Of the banks IN the Commonwealth have
complied with the provisions Of this
act to afford repositories sufficient
for the money OF the State de-
posts thereof, in excess OF the amount
or amounts deposited in banks or with
loan and trust companies having quail
fed themselves to receive public money
under this act, shall be made and be Sc
cured in the manner now prescribed by
law but when sufficient bonds have been
purchased and SO deposited with the State
Treasurer by the banks and loan and
trust companies aforesaid to cover the
amount Of State funds on deposit, then
the banks and loan and trust companies
so holding and depositing said bonds
shall alone be repositories for State
f1tnlo