The Daily Dispatch: February 18, 1861., [Electronic resource]

General Assembly of Virginia.
[extra session.]
Senate.

Called to order at the usual hour, and opened with prayer by the Rev. Mr. Saul.

Bills Reported.--The following bills were reported: Amending and re-enacting the 8th section of the act passed December 19,1794, establishing the town of Middleton, in the county of Frederick; to amend the third and fourth section of an act passed March 15, 1850, to provide for the inspection of guano and plaster of Paris in the city of Richmond and town of Petersburg; to limit the right to make an entry or bring an action to recover lands or the possession thereof, west of the Alleghany mountains; chartering the Coleraine Company; to amend the 23d section of the 61st chapter of the Code, entitled ‘"of works of internal improvement,"’ to amend the charter of the city of Alexandria; incorporating the Maryland and Virginia Coal Oil Company, in Taylor county; for the relief of the Orange and Alexandria Railroad Company; to incorporate the Little Kanawha Mining and Manufacturing Company; to refund to the Preston Coal and Iron Company money improperly paid by it into the Treasury; to amend the charter of the Danville Bank, and authorize the establishment of branches; to incorporate the Industrial Society of Wood county; to enable the Monticello Bank, or the Bank of the Commonwealth, to establish an office of discount and deposit in the county of Lancaster.

Resolutions of Inquiry Adopted.--By Mr. Armstrong, of amending section 4th of chapter 186 of the Code, so as to authorize the docketing of a judgment of a Justice of the Peace, and to give the same the same lien as judgments by a Court of Record; by Mr. Isbell, of compensating Edward McCabe for loss and injury sustained in consequence of a wound received in an attack on John Brown and his band of conspirators, at Harper's Ferry, in 1859.

Petition Presented.--Mr. Lynch presented the petition of E. N. Eubank, asking to be allowed a portion or his compensation as Commissioner of the Revenue for the city of Lynchburg, withheld from him by the Auditor of Public Accounts. Referred to Committee on Finance.

Order of the Day.--On motion of Mr. Isbell, the Senate then proceeded to the execution of the order of the day, the bill for the relief of the Banks of the Commonwealth, when Mr. Armstrong withdrew the amendment proposed by him yesterday, and offered the following:

‘ "On the payment of every note, bill or draft, payable at the cities of Baltimore, Philadelphia, New York or 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.

’ The amendment occasional a spirited debate between Messrs. Armstrong, Anoust, Thomas of Fairfax, Isbell and others.

The amendment was aed by the following vote:

‘ Yeas.--Messrs. Armstrong Caldwell, Carson, Carter, Claiborne, Day. Dickinson of Prince Edward, Early, Gatewood, Greever, Isbell, Logan, Marshall, Neal, Newman, Paxton, Richmond, Smith, Thomas of Henry--19

’ Nays.--Messrs. August, Brannen, Carraway, Jr., Coghill, Finney, Johnson, Lynch, Pennybacker, Thomas of Fairfax, Townes--10.

Mr. Isbell offered the following, which was also adopted:

‘ "The 33d section of chapter 58 of the Code of Virginia shall be amended and re-enacted so as to read as follows: 'Sec. 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, together with what it may have paid for stock of this State and bonds guaranteed by this State, 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 — dollars.'"

’ Mr. Isbell, also, proposed the following, which was adopted:

‘ "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 Banks of the city of Petersburg."

’ On motion, the bill and amendments were laid on the table, and ordered to be printed.

Bills Passed.--Senate bill authorizing the issue of registered certificates of State stock to Franklin Torrey, in lien of two bonds lost by the burning of the steamer Austria; Senate bill authorizing the payment of a sum of money to Scott & Adams, for work done on the Southwestern turnpike; House bill to amend an act to increase the capital stock of the Richmond and Danville Railroad Company, and for other purposes.

On motion, the Senate adjourned.