Indictments for issuing small notes.
--The Circuit Court of this city,
Judge John A. Meredith presiding, commenced its fall term yesterday, at the State Court House.
The main point of interest was the institution of proceedings against some of the parties, including the corporation of
Richmond, who have been issuing small notes, in violation of the laws of the
Commonwealth.
The following named gentlemen, composing the
Grand Jury, were sworn:
Archibald Pleasants, (foreman,)
L. W. Glazebrook.
Charles C. Ellett,
Charles T. Wortham,
Wm. Beers,
Wm. F. Gray,
Alfred T. Harris,
Thos. M. Jones,
James E. Lipscomb,
Fleming Grirth,
Robert Harver,
Wm. H. Haxall, Mark Downcy,
Thos. Boudar,
Geo. W. Smith,
Jas. T. Butler,
Ambrose Cariton,
Wm. A. Armistead,
Charles Gennett,
Garrett F. Watson,
George T. Booker,
Thos. R. Price, and Wm. K,
Watts; and, having received their charge, retired from the court room, and after some time returned and presented--
- An indictment against the City of Richmond for a misdemeanor — a true bill.
- An indictment against Wm. L. Maule for a misdemeanor — a true bill.
- An indictment against the Old Dominion Savings Bank for a misdemeanor — a true bill.
- An indictment against David J. Saunders for a misdemeanor — a true bill.
- An indictment against Thos. Lawson for a misdemeanor — a true bill.
- An indictment against Francis T. Isbell for a misdemeanor — a true bill.
- An indictment against Thos. J. Starke for a misdemeanor — a true bill.
The Grand Jury were adjourned over until Thursday next, the 7th inst., at twelve M. The foregoing indictments are for unlawfully issuing, as money, notes of a less denomination than five dollars, against the peace and dignity of the
Commonwealth of
Virginia — In addition to the prosecution for a criminal offence, the Code of
Virginia, chapter 60, section 1st, provides that "no association or company, other than a bank or banking company governed by the 58th chapter, shall issue, with intent that the same be circulated as currency, any note, bill, or other paper or thing; or otherwise deal, trade, or carry on business as a bank of circulation; and the third section of the same chapter says: ‘ "The capital stock of every such association or company, whether paid up or merely subscribed, shall belong to the
Commonwealth; and the
Attorney General, when ever informed of the existence of any such association or company, shall institute a suit in a court of equity, holden in the city of
Richmond, for the purpose of recovering the said capital stock."’ Therefore, if the proceedings are carried out to the full extent of the law, the city is liable to forfeit its property or capital stock to the
Commonwealth, like any other association or company issuing small notes.
How far it may affect the charter is a question to be derided by the administrators of the law, in the event that the
Attorney General shall institute proceedings under the chapter of the Code from which we have quoted.
