The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-01-30
Making as above, a total Of
S 92S,50O
100000

With this result let that of another system be
pared. system, agreeing, indeed, with the form
er, In the extent To which it augments the banking
capital of the commonwealth; the time of its ope-
stock; and in the rate of divdends but differing,
most essentially from the former, in the actual pro-
III which it yields to the state.
1t is proposed to create at Richmond, new bank,
with branches, at Lynchburg, Winchester and Nor
folk, Independent of each other in their government
or to create at each of those towus independent
bank, with capital capitals amounting to milli-
on and half of dollars and charter, or separate
charters, to expire On the first of May 1897.
1t is required that the state shall hold in each of
those banks interest of sixth of the capital
stock thereof tn be paid for by sale of the residue,
or OF the remaining vesixths at 90 per cent. above
par.
Dating the commencement of the new banks, from
the lst of May, 1872 the will on that day, be-
come possessed of $500 shares of stock, eqpiva
lent to s 100000
On which the dividends down
to 1927 win he 100000
Supposing the new banks to
have their charters, then renew
Ell; and a similar premium, with
the above, to be paid for such re-
newai; the new bonus will he 250,009
To which, add the dividends
Which will have accrued on $500
shares, between the ist OF May,
1927. and the lst of May, 1888,
the sum of 10000
And without neladingany pro-
fit or ipterest on the SECOND boz
nus, there arises to the state, on
tie new banks, within the period
to which the calculation is limit
ed, proit OF 920,o00----920,0 $50
But the charter Of the present bank Of Virginia,
will expire on the lst Of May, 1878; aud it is but
just to infer, that the anxiety o the stockholders to
renew that charter in the moment ut which it is a.
bout TO EXPIRE will not be less urgent than at present
when six years Of that charter are yet to run. A
calculation may, therefore, be safely ha1arded thai
as large premium viii be obtained for the renewal
OF tl,t charter in the year 1913, can be hal.
la granting such renewal, let the charter of the
bank be extended to duration of fifteen years and
It's capital stock, be augmented by the addition Of half
million Of dollars
Then, from profit IF not less
than % per cent accrung to the
state, n sale of the 1900
shares of stock held by the stock.
holders, the state vii be enabled
to retain, and to pay for 2i0o
new shares of that bank, equiya-
lent TO 8 Q40,sss
And in the sale, at the same
advance Of the other 5000 shares
Of additional stoc., the state will
realize further profit Of 52,s0s
II TO these suins bc added, the
dividend OF 3 per cent annually
accirting on the 900 shares OF
new stock, until tho LIST of May,
1888, when the renewed charter
win expire, amounting IN all to oSS00S
There win result to the state,
between tl,e years 1918 * $50,
from The renewal of the charter
Of the pre- sent bank Of Virginia,
II profit of ,000--~-jS0,0)0
Let there be added to this sUm,
the pratt arising within TIE same period,
from the new banks wlich it has been,
viii amount to $4,000
AMI the total profit of the state from
the system here recommended, for aug-
ncnting the banking capital of she COM
tn Emitted amount, within
SIC limited period Of q years, viii be 10000
Exclusive OF the interest for wears,
,pon an unapplied 6Dans OF 3 2sJ0o0,
tie prjce Of the renewal Of the charter
&c t!,s new banks, IN the year 1871