Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1812-03-06

8 the deficiency is not paid up in gold or sill
g YER. such share or shares are to be forfeited
Is to the Bank. And if any subscriber or as
{. signee snail, at any time, be delinquent tor
e the share OF 10 days, in the payment of any
" instaIment (being part of the SlOO required
. as abovel his or her share or shares with
:. any dividend that may be due thereon shall
. also be forfeited to the Bank" Subscrip-
ton books for disposing of 5000 shares of tae
stock are to be opened on the first Monday OF
April next, under the direction of certain
gentlemen named in the law at the following
places, viz: at Richmond for 4,l66 shares
at Norfolk for a like number-at Petersburg
for 2.OS3 shares-at Stanton for | ,253 shares
and at fredericksburg, Winchester & Lynch
burg fer 1865 shares each. 1t is provided
that Branches shall be established, and the
capital stock divided among them as follows,
viz at Richmond and Norfolk $4,000 each,
and at Petersburg, Frec ericksburg, Lynch
burg and Winchester S250,00o each.
For the government of said corporation,
" there shall be Is directors for the Bank at
" Richmond, and IS for each of the branch
" Banks-9 of those of the mother bank, and
" s in the branches, to be elected BY JOINT
. ballot of the Legislature, or By such com
I" mittee of their own body, officer or Oil
" GERS of the government, or such eommis
" sioners as the Legislature may from time to
" time appoint"
Such is the outline of the new Bank, and
altho' men are for the most part SUN ienlly
acute in money matters, and altho too. the
result may ~disappolnt our calculations and
our expectations, we viii presume to offer
some remarks upon it.
AS the state hes reserved to itself 10th part
- 49, a IL r. So D,.I ed racn..as 4ho 4,
Their stockholders 10 pay for its shares under
the penalty of for %eiture, it is obvious that
each share which MAJ be subscribed and paid
for is mortgaged for the payment Of $50 in
| addition, aud that, over and above this, | 9th
part of any dividend on a share, SO subscrib-
| ed and paid is to be taken from the pocket of
its owner and paid into the public treasury
But this $50 in addition is nothing at ali-the
subscriber is allowed 8 years for the payment
of it in semi-annual insta'ments of 81 25
cents each and this too is TO be deducted from
the profits verv well-let US see what this
will come to-From a slight attention to the
result OF Banking operations it is believed that
well regulated and we'll conducted Banks
rarely divide more than . per cent. per ann.
upon their capital stock. Instances it is true
may be found in very favourable situations in
some of our sister states, of dividends of 10
and in one or two cases of l2 per cent. But
the commercial, agricultural and manufac.
turing enterprise of Virginia are not such as
to jastlfY a belief that the annual profits of
this new Bank can possibly exceed s per cent.
upon its stock actually paid in. Indeed the
Bank Of Virginia, with the exclusive posses
sion of the W lole field, did not, we are well
assured, for a considerable time divide more
than z per cent. and rarely as we have I'M
derstood have the dividends of that Bank ex-
ceeded s per cent Let it be supposed then
that this new institute on will be enabled to do
business as successfully as its rival the pre-
sent Bank of Virginia What interest may
tie subscriber who vests his money in it, rGa-
sonabiy expect? From his dividends for s
years, is to be deducted 2 and l-2 per cent.
per an. TO pay his share of the. stock reserved
by the state. This at once reduces his inte-
resi- 10 3 and 2 per cent. But this is not
aii-the dividend of s per cent, upon 1866
shares, must be extended to 3,33t shares in
aadition-thus subtracting | 9th part of 8 per
cent. iroin the profits of the Bank, for the be-
nett of the state. This reduces the S ana l-2
per cent, TO 4 and l-oth-hat is, the person
VINO pays 500 for a share in this new Bank
may reasonably expect to receive an interest
OF no more than = 4 10 23 cents III
Another part of this law we would fain be-
licve the Enquirer has not accurately sketch
ed" But if such dividend be insufficient TO
" pay tne instailment on any share or shares.
the President Of the Bank at Richmond
I" is TO give notice thereof in the public prints,
and if, witAin one month after such notice,
$ the deficiency is not paid mp IN gold or sik-
|" yer, such share or shares are to be forfeited
To the Bank.'-They are not to be sold, and
the proceeds, after diseharging the install
ments, deposited in Bank for the benefit of
the owner-there is no allowance for irregu-
larity in the mails, none for death or other
casualties-the snare is forfeited-there is no
! equity of redemntion-the m0rfg1ge is at an