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mittee consisting of the Senators from the county of Chittenden.

A joint resolution from the House of Representatives:

Resolved by the Senate and House of Representatives, That a Committee of two Senators and three representatives be appointed by the presiding officer of each House respectively, to fix on the earliest day possible, consistent with the business of the session, for the final adjournment of the General Assembly, and report as soon as practicable ; Was read and adopted in concurrence.

On motion of Mr. Hutchinson of Orange, the Senate adjourned at three o'clock and five minutes.

TUESDAY, NOVEMBER 2, 1869.

Prayer by the Chaplain.

Journal of Monday was read and approved.

Mr. Dewey of Washington introduced a bill entitled

S. 45. An act in amendment of an act to enable the towns therein named to aid in the construction of the Montpelier and St. Johnsbury and Essex Railroad, approved March 28, 1867;

Which was read the first and second time, and referred to the Committee on Railroads.

Mr. Benedict introduced a bill entitled

S. 46. An act to incorporate the Union Trust Company; Which was read the first and second time, and referred to the Committee on Banks.

Mr. Merrill introduced a bill entitled

S. 47. An act in addition to an act to establish Rutland graded schools, approved March 28, 1867;

Which was read the first and second time, and referred to the Committee on Education.

Mr. Green, from the Committee on Printing to whom was referred a bill entitled

S. 44. An act relating to the rate of interest;

Reported, recommending the printing of three hundred and fifty copies; thereupon the bill was

Ordered to lie and be printed.

Mr. Merrill introduced a bill entitled

S. 48. An act to amend an act entitled "An act to amend an act entitled 'An act to incorporate the village of Rutland, approved November 15, 1847,'" approved November 19, 1865;

Which was read the first and second time, and referred to the General Committee.

A message from his Excellency, the Governor, by Mr. Marsh, Secretary of Civil and Military Affairs, as follows:

MR. PRESIDENT: I am directed by the Governor to return herewith to the Senate, Senate bill No. 15, entitled "An act to incorporate the Alburgh, Highgate and Plattsburgh Steam Ferry Company," without his approval and with his objections thereto in writing..

The President laid before the Senate a communication from his Excellency, the Governor, as follows:

STATE OF VERMONT,

Executive Chamber, November 2, 1869. To the President of the Senate:

SIR: I return herewith to the Senate, without my approval, Senate bill No. 15, entitled "An act to incorporate the Alburgh, Highgate and Plattsburgh Steam Ferry Company."

This bill contains the usual clause limiting the right of the company to contract debts to the extent of three-fourths of the capital stock actually paid in, and making the directors personally liable for all debts in excess of that amount; but it does not contain any prohibition of the withdrawal or diversion from the business of the corporation, during its existence, of any part of the capital actually paid in. The express provision, prohibiting such withdrawal, inserted in section forty-three of chapter eighty-six of the General Statutes, and applicable to all private corporations formed by voluntary association, indicates very clearly that this has become the settled policy of the State. The same prohibition has been inserted in a majority of the special acts incorporating private corporations, enacted since the enactment of. the General Statutes; and its omission in any has been probably the result rather of inadvertence than of intention. It is a provision essential for the proper protection of the cred

itors of the company. Without it, although the debts may not exceed three-fourths of the capital paid in, yet, by using the capital to pay dividends, which is not infrequently done by corporations when their business fails to be profitable, the amount of the actual capital may be reduced below the amount of the debts, and thus a portion of the creditors be left without security or the means of obtaining payment of their claims.

And this objection to the bill is not relieved by the provision in section six, making it subject to the provisions of chapter eighty-six of the General Statutes. It is thereby made subject to the general provisions of that chapter, which are applicable to all private corporations, but not to sections twenty-four to forty inclusive, which by their terms are made applicable only to savings banks and moneyed corporations, nor to section forty-three, which by its terms is made applicable only to corporations organized by voluntary association.

I therefore respectfully return the bill for the further consideration of the Senate.

PETER T. WASHBURN.

Whereupon the Senate proceeded to reconsider the bill so returned with his objections thereto, and being stated by the President, Shall the bill pass notwithstanding the objections of the Governor? it was decided in the negative-yeas 0, nays 20.

Those senators who voted in the negative are Messrs.

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So the Senate refused to pass the bill notwithstanding the objections of the Governor.

Mr. Merrill introduced a bill entitled

S. 49.

An act fixing the length of time for holding teachers' institutes;

Which was read the first and second time and referred to the Committee on Printing.

Mr. Nash presented the petition of D. H. Clark and twenty-five other teachers in Addison county, praying for an extension of the time for holding teachers' institutes.

Mr. Orvis presented the petition of Eliza M. Clark and

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fifty-five other teachers in Bennington county, praying for an extension of time for holding teachers' institutes.

Mr. Dale presented the petition of H. C. Woodard and fifty-four other teachers in Essex county, praying for an extension of time for holding teachers' institutes.

Mr. Hall presented the petition of Julia H. Barley and fifty-seven other teachers of Caledonia county, praying for an extension of the time for holding teachers' institutes.

Mr. Benedict presented the petition of A. F. Chapin and sixty other teachers in Chittenden county, praying for an extension of time for holding teachers' institutes.

Mr. Ladd presented the petition of Hiram E. Manning and nineteen other teachers in Grand Isle county, praying for an extension of the time for holding teachers' institutes.

Mr. Dickerman presented the petition of Oscar Atwood and fifty-eight other teachers in Lamoille county, praying for an extension of time for holding teachers' institutes.

Mr. Dickerman presented the petition of Rev. S. R. Hall and sixty-nine other teachers in Orleans county, praying for an extention of the time for holding teachers' institutes.

Mr. Dewey of Washington presented the petition of J. S. Spaulding and fifty-four teachers, praying for an extension of the time for holding teachers' institutes.

Mr. Ladd introduced a bill entitled

S. 50. An act to incorporate the Alburgh, Plattsburgh and Highgate Steamboat Company;

Which was read the first and second time, and referred to the General Committee.

Mr. Merrill introduced a bill entitled

S. 51. An act to entitle school districts to send scholars to higher schools;

Which was read the first and second time, and referred to the Committee on Printing.

Engrossed bill entitled

S. 18. An act relating to drains and common sewers;
Was read a third time and passed.

Mr. Dale introduced the following resolution, which was read and adopted:

Resolved, That the Committee on the Judiciary be instructed to inquire into the necessity and expediency of a

change in the judiciary system or of an increase of the number of judges of the supreme court, and report by bill or otherwise.

The report of Commissioners of River Fisheries and accompanying bill, having been printed, was taken up, and referred to the General Committee.

On motion of Mr. Wheeler, the Senate adjourned at eleven o'clock and five minutes.

AFTERNOON.

Mr. Dewey of Washington introduced a bill entitled

S. 52. An act for the incorporation of the Trustees of the Parochial Fund of the Protestant Episcopal Church in Diocese of Vermont;

Which was read the first and second time, and referred to the Committee on the Judiciary.

Mr. Heath introduced a bill entitled

S. 53. An act to pay Emory H. Clark the sum therein mentioned.

Which was read the first and second time, and referred to the Committee on Claims.

Mr. Royce, from the Committee on Roads to whom was referred a bill entitled

S. 42. An act to amend an act entitled "An act to establish the incorporation of the Tehuantepec Railway Company," approved November 10, 1868;

Reported in favor of its passage; thereupon the bill was Ordered to be engrossed, and read the third time.

Mr. Dale introduced a bill entitled

S. 54. An act laying a tax on the Grand List of the towns of Ferdinand and Lewis;

Which was read the first and second time, and referred to the Committee on Land Taxes.

Mr. Royce, from the Committee on Railroads to whom was referred House bill entitled

H. 52. An act to incorporate the Barre Railroad Company;

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