The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-07-03


The present capital of the Bank is less than the
denc,nG IT is employed to considerable profit
(thc present half years dividend is ) per cent }
anil to establish other ne branches, would be
on', to add 10 the eXpences without adding to
the profits By the 18th Sec. of the charter,
tine Directors were bound TO institute branches
Mt Norfolk, fredericksburg and Petersburg,
only and they were, OF course, permitted TO
institute any others, their own interest or
the superior claims of other towns, might pre-
scribeto them.-An extension of the capital
would remove all objections, increase the funds
of the Treasury, promote the general convent
ence, and please all parties
THE DOUBLE BARREL'GUN:
.a4 Or Two Strings to the Boqu.
4 Petition SuiI be Presented to the neat General As
srnbiy of Virginia PRAYING that ka7r may be
past nnhOriSing the Establishment of an hide
pendent Bank in Lynchburg.
This subject requires explanation.
F. ON the period of the establishment of the
Bank OF North America in 1871, until the year
1904, when the Legislature of Virginia, after
muy debate, delay, & difficulty, passed a law,
establishing the Bank of Virginia, this common
wealth paid considerable annual premium, to the
B mixing Institutions of the surrounding states,
10y giving countenance, encouragement, and cir
cuia' ION to their Noics, in all cases as a mat
ter OF preference, but on account of the emf
ente IN making distant paymen ts, safe carriage,
&c &c whIct were more easily effected by
meaas of Bank 'tes, than by either gold or sill
yer But many c'un people who yet smarted
under the losses, md appointments of revolu
fionaFy paper MON 1t all times since refused,
ard still refuse to accept in payment paper mo.
Dey of any description, instance of which &C.
Cured at this place not long ago ina Franklin
planter, who preferred selling his crop of Tobac-
co on credit of IL months, to be then paid in
specie, rather than take Virginia Bank Notes
told down. This is not solitary case-distrust
and dissatisfaction, still in numerous instances
ATTEND the circulation OF Bank paper in the up
per country, drained as it is of specie, and
Were 1T not for the industrious persuasion of the
commercial men of this place, Bank Notes would
tall into utter discredit
On the 18Th of December 1870, the then Sec.
rotary of tie Treasury made report to the house
OF Representatives that National Bank, would
be an institution of Primary Importance to the
prosperous administration OF the finances o; the
United States and would be Of the greatest u
silIty IN the operations connected with the sup
port # public credit On the 25th of February
following law was passed to establish SUCH :,
bank.
During the whole period from the establish
mem of tho United States Bank in 1890 until the
year 1904, Notes Of the Unicd States b .nk, al.
Tho always executed in slovenly disgraceful
manner, and on inferior paper, aud hence fire
Circulation in Virginia To men ofreaectton and
Kinder standing. especially to commercial men,
VINO are habituaI calculators it vas a matter
OF surprise that the Legislature of Virginia had
thns long overlooked the advantages md accom-
modauon OF ? Bank, peculiarly ben ficial and
convenient IN ali prosperous commercial g. untries,
where the principle is thoroughly understood, and
honr SLY practised
During the sessions of the Virginia IegrsIa
ture ~ 1900 and 9, the subject of Bank was
talked of; IN 1903 Bill in due form was brought
before the House. discussed, and lcst--iDr the
principle was not then rig tiy understood nor i'm
d ed is it yet, by one in thousand
The following year, the suhjsct was again re
Dewedi and on more mature reflection, when
Inen found and were convinced Ihat, United
Bank paper, and the notes Of the ne gbborlne-
states, TO The forth, and South of Virginia had
acquired considerable currency thro' the land
and what IS woEse, had swept off a large portion
OF the Circulating medium, tie solid stufT-the
Boiu and SILVER vi the country, they were then
aud not till then, convinced that, Bank must
be established and accordingly ON the 3Oth of
January 1904, the act was passed, Incorporating
the present Bank OF Virginia TO the no incon
siderable satisfaction OF every intelligent man, i'm
the community
BY this sel # Incorporation, on the first Mon
day IN May following, subscription books were
opened IN Richmond, Norfolk, PETERSBURG, Free
der'cksburg, Winchester, Staunton and Lynch.
shares were subscribed for and soon after the
Blinking business commenced ut Rich
mond with branches at Norfolk, Petersburg, and
Fredericksburg, only.
At first IT was supposed that, Branches would be
Established At all the towns named in the act bu
II was afterwards determined that the commerce
o' he ) last, to wit Winchester, Staunton. and
LynchhurB, was not, then, Insufficient magnitude
to require, or TO sustain establishment of This
nslure~-But by the adopted ii does no,
follow 40 snatter of right, OF expedlency, or Of
ocignt'on that branches, or Banks should not be
established, not only in all The places mentioned.
when their magnitude and commerce might re
qnre II bu, in all other towns throughout u,e
state, now established or to be esiablisbsd
whose growth, prosperity, and population nigh,
NJ any time, during the con Of The present char
ter deDand such an sccOiDmodation-tjtan if
would be TO continue, either Of the presen, tl,ree
established brsnCh Banks, at the places y,ber,
they now ATE, at incc sssnt ineyitsEle lose. ~
rsngemen {, mismanage ment--y v hen their ,,er,.
h'"s bvi contributed to individual profi,siop O,
i'rohPacy, instead Of promoting agriculture. and
commerce, ihe svowed honorable &. Is,,,lable OH.
5ee's Of the original institution.