Page:Journal of the Sixth Legislative Council of the Territory of Michigan.djvu/114

102 Add to section 8:—"And five hundred shares of the said capital stock, the president, directors and company of the Farmers and Mechanics' Bank, shall permit the inhabitants of the Territory of Michigan, residing west of the meridian line to subscribe; and for that purpose books shall be opened at within  days after the passing of this act, by commissioners appointed by the said president and directors; and  days thereafter (during which time the said books shall be kept open,) the said commissioners shall proceed to distribute the said stock among the subscribers thereto, according to the charter of the said Farmers and Mechanics' Bank."

Mr. Millington moved to amend the same by substituting the following:

"And the said stockholders and directors of each of the said banks shall permit and allow the inhabitants residing west of the meridian to subscribe three-fourths of the additional capital stock of said banks; and shall also appoint three commissioners to open books for that purpose, at the place where said banks are located, within thirty days after the passage of this act, and six months shall be allowed to said inhabitants to subscribe for said stock, from and after the books are opened as aforesaid; ten per cent, shall be paid to said commissioners at the time of subscribing, and the balance of said subscriptions shall be paid in the same manner as is provided by the acts chartering said banks; said branches shall not commence business until one-half of said additional stock is subscribed and the per cent, paid in as aforesaid."

The question on the said amendment being taken by yeas and nays, it was decided in the negative, as follows:

Yeas: Messrs. Millington, Renwick, Satterlee, Stockton, M'Donell, president—5.

Nays: Messrs. Bacon, Britain, Doty, Durocher, Farnsworth, Hascall, Martin, Moran—8.

Mr. Renwick moved, that the Council do adjourn; and the yeas and nays being demanded on the motion, it was decided in the negative, as follows:

Yeas: Messrs. Millington, Renwick, Satterlee, Stockton—4.

Nays: Messrs. Bacon, Britain, Doty, Durocher, Farnsworth, Hascall, Martin, Moran, M'Donell, president—9.

The question recurring on the third amendment made in committee of the whole,

On motion of Mr. Bacon,

The Council adjourned.

, February 27, 1834.

The president laid before the Council an official communication from the honorable Lucius Lyon, the delegate from this territory in Congress, stating the improbability, for reasons set forth in the letter,