Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-04

bank Was the Union Bank. II was iornie
under the au-pices of wealthy gentle
man -! Virginia, who prevailed Gu man,
I capitalists here 10 ,nbsrtiue To II, and
| WHO all paid ior iheir stock IN cash. OF in
something beiter--in s"ii.i ,biis of ex-
, change OF London for the proceeds nf
iheIs tobacco crops. II any part OF its
capital consisted OF stock notes and sham
cheques, ,Re country Stockholders in Nir.
| Snta know nothing III, aud have reason
| 20 rope that ,lls was not the case. This
bank has been uianaged with great econ
omy and prudence, and well deserves TO
be tas,errd D.. Congress. as il Too has
| enioTcd the confidence at tie Federal
Government. LIS chatter. however, is
detective IN the uude oi voting. This
mode gives great advan'. ~ to The town
over The counir, sio, h!oi,itcs, and ought
! ~ be made similar 60 that OF The Bank of
Alexandria, OF Columbia, and of Wash.
ingion. The capital ia AL nvally paid in
! that ISIS Az 800.
The neat self created bank in George
town, is tue Farmers aud Mechanics
b snh. This was chitti oI the late war.
lia' bten managed With great safety and
profit to the sio, kilnlder>. II is so uni
yersaiy well spoken OF, ,ha, no obiec
tom, IL Is presumed, eau be made 10 lis
alliance with The Uuion Bank OF George
tnwn In this CASE, according 10 TIE
"seniores pri"res," the latter ought
10 fake precedence. The capiialof Ibis
Bank, as ] have understood, consisted
elm fly OF Treasury aotes and funded
debt, aud Is, therefore. sound. Via. p0r
ton OF II ha- been paid Ia, know not
as the annuai statement from The treasury
has not Aei appeavedfor 1920
In the city of Washington the first self
created bank was the Bark OF Washing.
ton. This was formed by The associa-
ton OF a icw gentlemen OF ,hc first res
probability and OF the largest fortunes III
Mary land. Ii Was subs, ribrd 10 by one
or two sen,lcmeu of Virginia also pos
sessing considerable property in land and
labor, and is, probably, il It's strength be
estimated by The wealth If lis proprie-
| tors, one ot the strongest banks in Tie u.
States. Ii has been managed with great
| ltbera!iiy, With cUusummaie skill and pru.
dence, has consulted The true interests of
the Stockholders. their pratt aud sgfety.
| and has been always frank and open
III communicating lis situation and cir
cums,ances 20 inquiring stot kholders
"A sure proof of conscious rectiiHde II
has been particularly rontided in By eve
! ry successive administration, has been a
general iavarIt.' with The naval department
and with the members of Congress, whose
compensation accounts have been often,
if MOI always, paid there. lis capital is
al nearly paid in-that IS 10 >ay-47S $50
| dollars.
The next self-creaied bank in this city
was the Patriotic Bank. lis origins no;
exactly known. But lis founders and fau
| tors lave all borne thr character of hun-
/ II faI "A I'm, 4, Il
servedly, high IN the public estimation,
and therefore The presumption is, that its
! capital was all paul in cash. What plo-
| portion, however, has been paid, have
no official means OF knowing iii The irea
sury statement appears.
! The next settler, a;ed bank WAS the Cen
trdt Bank. But whether il appCTiains 10
Washington or TO GeOrgciow Is doubt.
ful. IL, like the Union Bark in George
town, was also brought into existence by
| the patronage at Il gentleman from Vir.
| ginia Of vast fortune, abs', il, therefore,
supposed 10 have been fairly managed.
! Bul of this il will be the business Of
Congress 10 inquire, and 10 guard against
abuses in i, as well as in all others, should
any exist. AS only $50 out uf SiO0, or
the fifth Of lis capital MAS paid in az sub
scribiug, and as il is hardly supposasiIe
|
act OF Congress passed March 1870, could
well and truly coMpiy with IL, il ~ .air To
conclude iiIaI MS bona tide" capital can.
not have been paid in.
For the same reason, IL is probable,
that tie Bank ni ite Metropolis, the las,
sri. created bank ~ Washington. I be-
l!cve, cannot have hal any thing like IFS
capital paid up IN cash This capital
was intended tn he one million, pagahle
ia nine years. But on The payment or HE
first six instalmeu.s, amounting 10 one
fourth OF zen dollars, OIL u share OF $40, the
remainder was lpfl 10 be paid by the
stockholders al their Own discretion, sub
leCt, however, 10 a diTectOriat rctO. This
veto, though, seemingly, nothing more
than lite iTiciSm, deferred several saga
cious country capitalists from subsrrIb,
ing. BY The before mentioned act of con
gress, in which This bank and some other
recent ones were specified, IL was enacted
-" that II the whole amount Of the cap.
ital Of the said banks shall not have been
paid in on or before the first day of Jan.
1919 then The capital stock shall be-
limited 10 ibe SUN, which shall, al that
time, be paid in" The presumption, there.
fore, il that the whole of the capital oi
this bank cannot have been paid INN
cash. IL any part consist in stock notes
aud sham cheques, congress- viii, no doub
Correct The procedure" This bank was
esia Hlisbed in Nov. 1919. but did not 60
into operation TIL 1914. ifs patrons wcre
large city loi holders, whose great res
ability Undue, 8 belief that il has
solid foundation. Bur as this is not Ger.
taibly known, and as this bank Is not ik,
that Of Alexandria and Of Columbia, orr
giualIy chartered by their RESPECTIVE,
states, il ought 10 undergo ,iie same scru
tiuy as all tie rest. Why il should TAXI
| nrprsdeucP of lire Rank nf EVo.5jyglou