The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-16


have had his name I'm connection with u
matter for weeks since the election.
stated upon the floor OF the House a VIII
ago that he offered the resolution simr
because OF the fact that II concerned hi
self I got up here 10 ask the adopts
OF this resolution. not as friend
General Lee. for whom / voted. but as
senator"
Senator Morris: II did not wish TO
put in the attitude Of saying that tn
resolution originated in the demand
General Lees friends. because I do M
believe IL did. simply desire 10 corre'
the senator from Alexandria OF his mil
understanding
Senator Mushbach: 1T was not mis-
understanding. My information was ina
the resolution had been offered by MI
DeJarrette. did not know that 1t ha
been offered by Mr.. Withrow."
They Favor u.
Tn the adoption Of the House resolu
! ton providing for the investigation into
! the political methods employed in the re-
\ cent election. the Lieutenant-GOvern APP
! pointed Senator's Mushbach, Green. and
Tredway. on the part of the Senate. To
serve with the four members of the House.
This committee will meet at the Exchange
Hotel tomorrow morning and VIII, al
10 o'clock, organize and be ready TO re-
ceive and consider any and all statements
that may be made 10 them. These meet
ings will be continued until Tuesday,
when a report will be made asking, If
necessary further time. and requesting,
IL nothing Is produced, that IL shall be
disc haTged The request for the inVesti-
cation was adopted unanimously in both
houses. and there has been the fullest
expression OF desire to have every
thing fully ventilated that could posi-
bly, attach any opprobrium to the party
management or individual successes IN the
State.
The Legislative Committee, TO formally
notify Colonel O'Ferrall OF his election
as Governor Of Virginia, have commune
Gated with him by wire, and will proba-
bly, leave here on Sunday night for Wash
lngtoD TO perform their duty. Colonel
OFerrall leaves Washington on Monday
for Harrisonburg and it is barely posi-
BILE that the committee may wait ana
visit him there. The members OF the COM
mittee are Senators LOvenstein and Harms
berger. and Delegates Blakemore, Shefey,
al Russell.
The Banking Bill.
A bill was introduced by Senator
I,ovenstein. of Richmond, by request OF
authorizes the issue OF circulating notes
bv the banks Of the State, to provide
for the security of the same, TO regu-
late the conduct and management of
banks issuing such circulating notes, and
other purposes. as follows:
There shall be elected by the General
Assembly a comptroller of the currency.
who shall hold Office for three years
with a salary of $1,000 per annum, with
such assistants as the business may re-
luire. the appointment OF these to be
made by a commission TO be created and
Of the Governor, the Treas
lrer. and the Comptroller of the Currency.
All the acts Of the Comptroller shall
De under the supervision and direction
If this commission, and they are TO have
and printed in the manner best
calculated to prevent counterfeiting, such
number Of circulating notes, in denomina-
ions Of five dollars, ten dollars, and
me hundred dollars, as they may from
ime TO time deem necessary TO carry
,ut the provisions Of the act. and Of
such form as they may prescribe.
Two-thirds Of the face of said notes
If such denomination shall be uniform
n all respects, except as TO number and |
etter to distinguish one from the other |
md one-thrd shall have engraved or |
printed distinctly thereon the name Of |
he bank TO which ii may be issued !
with the location Of such bank and the |
actual paid up capital and surplus Of !
same and a promise to pay the same !
On demand and a blank line for the !
signature Of the cashier Of said bank |
and on the back Of said note there shall |
De a certificate to be signed by the |
Of the currency I'm the Sol- |
owing form and words
Form and Words.
This note is issued in conformity of |
aw. and the bank to which IL is is
ued has deposited with the State Of
'irgnia bonds or securities. having a
market value in excess Of the amount
f notes issued which bonds or securi-
les are pledged for the redemption Of
II OF the notes so issued. and as adj
itional security said notes are made
first lien on all the assets of said
ank to be paid before any other credi-
or Of said bank, and the stockholders
{ said bank are each responsible for
n amount equal TO their paid up stock
4 addition TO the amount so paid up
................ Comptroller OF the
Currency
When any bank desires to issue such
REGULATING notes. it shall file with the
comptroller a written application set
ing the compliance Of said bank with
he requirements of the act The Comp
roller may require further information
nder oath.
The capital stock of such bank must
OF be less than $4,000 bona fide paid up
nd unimpaired.
No loans shall be made by such bank
n pledge of such stock.
Said bank shall maintain n reserve
qual 10 10 per cent. of all its deposits
nd circulating notes. and If reserve be
ONES impaired shall cease TO lend money |
r discount notes. The cashier shall |
notify the Comptroller when
eserve is impaired.
No debts shall be paid until the circullt-
x notes are paid or provided for When
le-half of its capital is unpaid for thir-
days the Comptroller shall close such
INK and distribute the assets. paying
st in circulating notes Such bank may
nder as security Understanding bonds
the United States, Of Virginia. or OF
~ city or town IN this State. the debt
which does not exceed 20 per centum of
e assessed value of the property thereof
I'd is othe- wise solvent
IL said bonds are satisfactory TO the
they shall be deposited in
e vault or safe of the Treasurer. and
rcuating notes shall be issued to such
INK equal TO 30 per centum of said bonds
The Comptroller may require additional
posts to cover any decline in value or
e bonds put up.
Shall be Promptly Redeemed.
The circulating notes thus issued and
Il in circulation shall be promptly re-
emed on presentation and demand, and
Id in lawful money Of the United States
the office Of the bank issuing the same,
d each bank outside of Richmond shall
tablish and maintain where It's notes
all be redeemed.