House of Delegates.
Thursday, Feb. 28, 1861.Speaker Critchfield called the House to order at 11 o'clock.
Prayer by the Rev. J. A. Duncan, of the Methodist Church.
Senate bill for the relief of Daniel S. Dickinson was referred to the Committee on Finance, after two readings; Senate bill establishing a Bank in Jeffersonville, Tazewell co., was read twice, and referred to the Committee on Banks.
Resolutions.--The following resolutions of inquiry into expediency were offered: By Mr. Keen, of refunding to Daniel Dugger, of the town of Danville, $140 taxes, improperly assessed and paid; by Mr. Allen, of reporting a bill for the relief of Benj. Wray and Joseph Boon, of Franklin co., for a certain amount of taxes improperly paid; by Mr. Mong, of releasing the Commonwealth's title to certain lands in Berkeley county to C. D. Stewart's heirs; by Mr. Pritchard, of amending the law exempting certain specific property from levy, so as to allow $300 worth in value to be selected: by Mr. Harrison, of reporting last session's bill for the relief of Jesse Carrier, of Rockingham; by Mr. Rutherford, of reporting a bill providing against the discontinuance of motions in behalf of the Commonwealth, to make it unnecessary to continue them from day to day, and putting, when docketed, with suits at law or in equity; by Mr. Jett, of amending the law so as to prevent fraudulent conveyances; by Mr. Caperton, of appropriating a sum of money, not exceeding ten thousand dollars, with a view of testing the utility of a new cannon, the invention of Lorenzo Sibert, of Augusta county; by Mr. Christian, of authorizing the Banks to issue, during the present financial difficulties, notes of a less denomination than five dollars.
Petition.--Mr. Kaufman presented a petition in regard to the repeal of the militia law in Virginia. Referred to the Committee on Military Affairs.
Bills Reported.--The following House bills were reported: Authorizing the sale of real estate belonging to Ebenezer Academy; authorizing the trustees of West Fork Meeting House to sell the same, and purchase and build on another site. Mr. Haymond, from Finance Committee, reported, without amendment, Senate bills for the relief of Samuel E. Lybrock, Sheriff of Giles, and for the relief of Hopkins and Campbell, of Rockbridge.
Adverse Reports.--The Committee on Finance, through Mr. Haymond, reported adversely to the petition of Joseph Hagan, of Scott county, in relation to releasing him from taxes improperly charged. Mr. Yerby, from the Committee on Lunatic Asylums, presented an adverse report to a resolution inquiring into the expediency of increasing the salaries of any of the officers of the Lunatic Asylums of the State.
Bank Relief.--No. 77, an engrossed bill for the relief of the Banks of the Commonwealth, with the amendments proposed thereto by the Senate, with the amendment submitted by Mr. Keen to the amendments of the Senate, was taken up on motion of Mr. Martin, of Henry, and the vote being taken on agreeing to the amendment submitted by Mr. Keen, which was in effect to limit the contribution of specie funds by the Banks to the Commonwealth by their capital, rather than their capital, circulation and deposits, was put and decided in the negative.
Mr. Haymond submitted an amendment, to the effect that the contribution of specie funds should be in proportion to the amount of the notes on each Bank or Branch Bank which may be received by the Treasurer in payment of public revenue.
The amendment was variously discussed, and finally withdrawn, with the leave of the House.
Mr. Robertson, of R., submitted an amendment to the 5th section of the bill. It directs the Auditor to endorse on all warrants for interest on the public debt, if due non-residents, the fact, and the Treasurer to endorse his checks in a similar way, and the same shall be paid in specie by the deposit Banks —— the latter to be credited for any premium or discount a compliance may subject them to during the suspension.
The vote being taken, resulted in its rejection — ayes 20, nays 80.
The 5th, 6th, 7th and 8th sections were then adopted, after vigorous and determined opposition and the offering of sundry amendments, all of which were discussed.
The following are the amendments proposed by the Senate to House bill No. 77, entitled an ‘"Act for the Relief of the Banks of this Commonwealth,"’ and agreed to by the House:
Strike out 4th section of the bill. Add the following sections:
5. It shall be the duty of the several banks and branch banks of the State, whenever required by the Governor, to redeem, in specie or specie funds, such an amount of their notes as may be necessary to meet the specie demands upon the treasury of the Commonwealth; and to this end the contribution shall be ratable, and according to a uniform percentage upon the aggregate amount of the capital, circulation and deposits, of all the banks of this Commonwealth on the first day of October next preceding the requisition.
6. On the payment of every note, bill, or draft, payable at the cities of Baltimore, Philadelphia, New York, and Boston, heretofore discounted by, and which is now unpaid and the property of, any bank or branch, or which may be hereafter discounted by any bank or branch during the suspension of specie payment by it, such bank or branch shall pay to the party for whom such paper was discounted the excess of exchange at the time of such payment, over and above the rate between the point where such bank or branch is located and the point where such paper is payable, at the time such bank or branch suspended specie payment; and on failure of such bank or branch to pay such excess on paper hereafter discounted, the party entitled thereto may recover the same, by warrant, before any justice of the peace, or when the amount is over fifty dollars, by motion, on ten days notice, before any court of the county or corporation where such bank or branch is located; and on the failure of any bank or branch to pay such excess on paper heretofore discounted and unpaid as aforesaid, such bank or branch shall not have the benefit of the provisions of this act releasing any penalty or forfeiture incurred by it by the non-payment of specie.
7. The 16th section of chapter 58 of the Code of Virginia, of 1849, shall be amended and re-enacted so as to read as follows:
‘ ½ 16. "Any bank authorized to carry on business as a bank of circulation, deposit and discount, may loan money for a period not exceeding six months, and discount any bill of exchange, promissory note, or other negotiable paper, for the payment of money which will be payable within six months from the time of discounting the same. A bank may take interest on its loans and discounts at the rate of one-half of one per centum for thirty days, and the interest may be received in advance. Each bank or branch shall so regulate its loans and discounts that the same shall not exceed twice the amount of capital actually paid into such bank or allotted to such branch. Any President, Director, or Cashier, who may be instrumental in violating this section, shall be fined five hundred dollars."
’ 8. No bank or branch of a bank which may have been heretofore incorporated, or authorized to be established by the General Assembly, and which shall not, at the time that this act takes effect, have actually gone into, legal operation, according to the terms of its charter, shall be permitted to do so during the suspension of specie payments by the banks of this Commonwealth. But this section shall not be construed to apply to amended charters of banks now in operation: Provided, that this section shall not apply to the Bank of the city of Petersburg, or the Bank of Pittsylvania.
On motion, the House adjourned.
