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Richmond Enquirer
Richmond, Richmond County, Virginia
What is this article about?
Report from Frankfort on Kentucky Legislature activities on Dec. 18: sixty-day-stop-law passed both houses despite acting governor's veto; Senate passed bill suspending state stock subscription in Bank of Kentucky; discussions on suspending specie payments; Mr. Worthington's bill on stockholder liability unlikely to pass; Convention bill rejected. Includes table of independent banks' balances.
Merged-components note: The table provides bank balance data directly related to the Kentucky legislature news on banking issues; merged for completeness.
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FROM A GENTLEMAN AT FRANKFORT.
"Saturday, Dec. 18.
"During the week much business has been presented to the consideration of the house, but as yet little has been done. Enclosed you will find the sixty-day-stop-law bill, which having passed both houses, Mr. Slaughter returned with his objections. It will again pass, I believe, notwithstanding the acting governor's veto.
"The Senate has passed a bill to suspend the subscription of stock, on the part of the state, in the Bank of Kentucky. It is unwise in my opinion, to destroy the state fund in this bank.
The subject of a suspension of specie payments, has been for some days before the Senate; various and incoherent projects have been suggested, but I have no idea that the measure will succeed in any shape.
"Mr. Worthington (of Mason) has obtained leave to bring in a bill to make the Stockholders in the bank of Kentucky liable for all notes issued and to be issued. It is hardly probable, that this measure will pass—The legislature itself, not the stockholders, manages this bank: therefore the stockholders should not be responsible."
N. B. The sixty-day-stop-law has passed both houses; in the house of representatives 57-33, and in the Senate a small majority—20 or 3 only. The Senate has rejected the Convention bill, 19-13.
[Lexington Reporter.
From the statements presented to the Legislature by the several independent banks, the following appears to be their situation; for particulars we refer to the items above. But as we before remarked, these data are not sufficient to enable the public to judge of their solvency or insolvency. For example, the Farmers' and Mechanics bank of Lexington, is not only solvent, but we believe it is the richest institution in the country—nor is it probable, that any bank in the United States is managed with greater ability; the Bardstown and Versailles banks have always been regarded as safe institutions, and we have yet to learn that they are not so.
NOTE.—We cannot vouch for the correctness of the foregoing abstract.—The calculations we believe are correct, but the original statements were not accessible to us, and having received only a part of the Journal of the house we were obliged to copy from the newspapers.
| Southern Bank | Cr. | $3,870 | 72 |
| Harrodsburg | Cr. | 21,263 | 23 |
| Somerset | Cr. | 24,713 | 43 |
| Lancaster | Cr. | 93 | 98 |
| Versailles | Dr. | 512 | |
| Millersburgh | Cr. | 1,579 | 03 |
| Flemingsburg | Cr. | 4,356 | |
| Greenville | Dr. | 901 | |
| Carlisle | Cr. | 4,422 | |
| Bardstown | Dr. | 7,762 | |
| Elizabethtown | Cr. | 1,045 | |
| Newcastle | Cr. | 1,031 | |
| Cynthiana | Cr. | 1,577 | |
| Lexington | Dr. | 1,107 | 56 |
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Domestic News Details
Primary Location
Frankfort
Event Date
Saturday, Dec. 18.
Key Persons
Outcome
sixty-day-stop-law passed both houses (house 57-33, senate small majority 20 or 3); senate rejected convention bill 19-13; senate passed bill suspending state stock subscription in bank of kentucky; mr. worthington's bill on stockholder liability unlikely to pass; suspension of specie payments measure not expected to succeed.
Event Details
During the week, much business presented to the house but little done. Sixty-day-stop-law bill passed both houses, returned by Mr. Slaughter with objections as acting governor's veto, expected to pass again. Senate passed bill to suspend state subscription of stock in Bank of Kentucky. Subject of suspension of specie payments discussed in Senate with various projects suggested but unlikely to succeed. Mr. Worthington obtained leave to bring in bill making Bank of Kentucky stockholders liable for notes issued. Statements presented to Legislature by independent banks showing their situations, with table of balances; Farmers' and Mechanics bank of Lexington regarded as solvent and richest; Bardstown and Versailles banks safe.