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The Convention, in its wisdom, having deemed it proper to constitute a committee to take into consideration what action, if any, should be had in framing. a constitution for the State of Virginia, in reference to banking, insurance and kindred subjects, after due consideration, your committee beg leave to submit the following: .

So far as relates to banks of circulation, your committee might refer to the past history of such institutions in Virginia, and point with just pride to their good management and the high credit the old institutions of our State had attained; and how barely, if ever, our people had been deluded by the worthless circulation of a broken bank amongst us! ... -

But the disasters of the past seven years have not only broken down, but swept away almost every vestige of these time-honored institutions; and as under the new order of things the Congress of the United States has inaugurated a system of national banks of circulation, discount and deposit, based upon Federal securities, the circulation of which has a uniform value in every part of the Union, and which system allows, by its very terms, no rival institutions of State formation, and no interference with the present system of State authority, therefore your committee deem any recommendation of action, in reference to this branch'of the subject referred to them, unnecessary, unless, indeed, so far as the subject of taxation is concerned, as to which, no doubt, the proper committee, in charge of that subject, will give the desired attention.

With regard to the numerous institutions of recent origin; existing in our State, known either as banks of discount and deposit, savings banks or trust companies, it is argued by some that many of these so-called banks are merely broker-shops in disguise; that they absorb the loose funds of the Country, at legal rates, to be loaned out on usurious terms, which funds, in the old-fashioned way, would have been loaned out to the merchant or farmer, direct by the owners, at the lower rate at which it is taken up by these institutions; and it is also thought by some that the business of brokerage is frequently carried on under the eve of such companies, by which means the usual high taxation on such business is evaded. Yet whilst these, as well as most other human institutions, are liable to be used improperly to advance the interests of selfish and designing parties, yet it is believed that the wants and circumstances of our age demand the use of well-regulated and properly-managed savings banks,


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That all persons residing in this State, and born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States, a ind of this State.

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That the right to vote, to hold office, and act as a juror, shall never be denied to any of the male inhabitants of this State, being twenty-one years of age, and citizens of the Uuited States, or in any way abridged, except for participation in rebellion, or other crime, or for mental unsoundness; and that any other civil or political right which was enjoyed by any class of the people of this State previous to the year 1861, shall never be denied to any of the people, or in any way abridged, except for the causes above stated.

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