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Alexandria Gazette & Advertiser
Alexandria, Virginia
What is this article about?
On February 25, the Virginia Senate passed an amended Farmers' Bank bill extending the charter by 15 years in exchange for a $300,000 bonus to the University, with 16 ayes and 8 nays. The bill was sent back to the House of Delegates for concurrence.
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Richmond, Feb 26.—Yesterday the Senate acted upon the Farmers' Bank bill—and adopted various amendments reported by the select committee. The bill, as amended, passed—and is of course sent back to the house of delegates for concurrence in the amendments.
The bill now proposes to extend the charter fifteen years (instead of six) from the expiration of the present charter:—as a compensation for which extension, the private stockholders are to pay a bonus of $300,000 by the month of May—the said bonus to be appropriated to the use of the University, or purchase of library apparatus, &c. A short time is allowed to the stockholders to meet and signify their assent to these terms. The bill in this shape passed the Senate, ayes 16. nays 8.
Perhaps it may be taken up this morning for final disposition in the house of delegates.
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Where did it happen?
Domestic News Details
Primary Location
Richmond
Event Date
Feb 25
Outcome
bill passed senate 16-8; sent to house for concurrence; stockholders to pay $300,000 bonus by may for 15-year charter extension.
Event Details
The Senate adopted amendments to the Farmers' Bank bill reported by the select committee, extending the charter fifteen years from expiration in exchange for a $300,000 bonus from private stockholders to the University or for library apparatus; stockholders have time to assent.