Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-21
RICHMOND, hIAKCH u, 1870.

cstin- dOcument.-At a period like this,
when the pecnnlary enubarraSsmenis OF
The community are universal. aud almost
unexampied in the annals of The country.
the attention OF every rejecting indivi-
dual, mast be drawn 10 the causes bv
which this state VI Things has been pro-
duced, and The measures by which, IL
practicable, saiu,ary change may be
effected. This report not only furnishes
lile most important facts cOnnectrd with
thc circulation OF the United States bul
enters into minute examination OF the
subiect.-it is made in compliance with
a resolution OF the house OF representa-
,ves, requiring OF the Secretary Of the
Treasury,
/. General statements exhibiting the actual
condition of the Bauk of the u States aud its
s'ranrhes--and ofthe different chartered banks
Al tile several states and territories.
z. report of such measures AS, ia his opin-
ion. may be expedient 10 procure aud retain a
anhscient quantity OF gold aud silver CON in
2he Stited States. Or,
8. report OF such measures as will supply
circulating fHedIuu, in place Of specie,
adapted 10 the exigencies of the country, and
wiihin the power OF the government.
IL Is not our iuieHtioD 10 enter INTO a
detailed eXaminaiIon,of the varieus facts.
argamenis, deHuc,Ioiis and propositions,
Contained in this document. Some of
tii III, hOwe.cr, ,iniu particular attention.
]. Tie situation at the National Bank,
p IA II regards us ability 10 meet It's en-.
Sa8cmenis, Is such IA, to pidce The credit
vi lis holeS above susp,ciOn.-Includin.
lie bfaSchss, IL has only S3,Si0,iH in
cTcnld,ion-and Is liable, on account of
deposits, for 3 49f.4l7 OF which =, SG2 963
~ on account ut the public. To meet
tlIIs amount D! Q. 3H0. 52S-il possesses i'm
q a "a,
ana noies o., state banks, tie sum of
$40, 800. We say nothin. OF upwards
O! mi!liols OF u. States iunded debt.
ana oil The amounl-of foreign bills OF ex
change which, IL hollis. In this respect.
me sltua',Gu ot the bank is flattrriuu
epou.b. II would be welt Tor tle stock.
hotders, II The same could be said of il as
:, respects l51r Interests. But this side O.
lac picture presents indeed 4 rielAncholy
pTo~reCl. .
The interest Oh tie following items
constitutes ihs fund which is TO deifav
tue expenses OF the institution, and af>
ford dividend 10 Tie Stockholders, viz
Loans or bills discoumted--
On personal security II 226 1928
On funded debt 229OZi
va nahk STOCK 937 ,5l5
Y.a 20,392, G67
descriptions, aud CARRYING differ
cut interests 1852 sol
30 6i5 los
There may be means other than the above n,
the possession OF the bank; bat all put together
VIII yiesd an interest noe erceeding per cent
The capital
Onthe lst Oct. lasr the bank had N The
Srsait OF It's prof, aud loss account I,IOi9s2
Hiscoaus' @c fo5 .cS4
Making i57O,e20
From this sum deduct expenses paid 500 g2S
AND The nett balance at that time
will be : 7o, oso
lie cash deficiencies which have oc
cured at some at the branches, and The
heavy losses whicli the whole ins,itution
has sustained on account of bad debts.
oHsht first 20 be made up, before a diyi.
dead can be declared The estimate OF
IN" losses made by The stockholders vas
re'y large. AZ however only embraced an
account OF partial losses. So thai we NAV
inier that Tie aggregate amount of losses
sustained throughout The Is hole Institution
- such As MOI only TO absorb The above
balance but the Whole OF the profits for
al least 10 months 10 come. The resiora-
ttion OF the capialIo It's original integrity.
rs what we consider il The duty ofthe fiIrec
tors TO fleet, before they declare diy,-
dend-ior il they do moi do this. they will
divide the cap tut.
We had intended TO take a similar view
.ot HE state banks but tia report OF their
tsiluation IL 1ncOmplcte-ony a part OF
1.-The banks IN some OF the sIates beng en-.
Draeed by li.-FTOm The examination of
sieir aggregate situation az reported.
eney seem to possess the means OF re.
ueemlngAiheT notes. Their ability TO
make a dividend appears TO be greater
than that of the u. States. But on This |
particular we arcuni furnished with ali he
means OF judgiDg-as the amount of bad
debts, or cash Deficiencies is not rrcori-
ell. There is, however, great. DISPARITY
IN their silualioBs.-We are g.atified In |
tlnd that the Virginia Baaks are mas
good condition, both as il regards their
ability TO meet their engagements. and
To give dividend to their Stockholders.
az most OF ne Stale banks in the Union. |
The capital OF the banks IN North Ca |
To'na amounts 10 1904 ,0O0-noics i'm |
clreuiaton3 05i Notwithstanding &, 355 900 |
specie Eva, OOO-irom which their abb |
ny 10 make a dividend is apparent
They do not appear TO be in deli IN oib
or banks, and Tor our part, we cannot see
upon What prciext their late sJsnension
ut specie payments vas founded ercepf
aHdsed, HWas an uHUiihHgHeSsfo cuytaiI f6S;, !
customers, and 10 give mp a part oftheenor. |
mons prGits which Mey Dcye rcceipiHg
Banks managed with 80 littlelappare,i re-.
gard to The demands OF justice aud pro-
prieiy, cannot expect to retain the con-
Jlae"ce Of the public, notwithstanding
iheir ability 10 meet their engagement s.
me experiments which have been
maie ~ the United States Of PAPER
CREDIT, slew the desperate lrugihsj TO
winch sanguine and visionary tlieo-
ISIS VIII pursue favorile system -