The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1822-10-09


II proper to advise, that the president and
directors of the parent bank keep steadi. |
ly in view the absolute necessity of en-
forcing Its own orders through all the
various departments OF the institution
without which, neither harmony can be ex-
pected in It's administration, nor security
TO the interests Of Its stockholders.
Your committee feel much grati6ca.
ton in being able TO state that the current
expenses Oft the bank have been essen
TALLY reduced since the year 1919, and
while it might be supposed that the pre-
sent embarrassed state OF the commerce
ct the country, and the limited amount
ofinterest heretofore divided upon the
capital OF the bank, are strong admoni-
tons TO your agents to observe the most
rigid economy yet inasmuch as the
splendid edihce in which you are assem-
bled is now so nearly completed, they
cannot but recommend that il be finished
provided the expense shall not exceed
25 900 dollars.
In taking into view the business OF
HE bank as connected with its different
offices, the committee think it right to
recommend to the continued attention OF
the president and directors the necessity
OF Withdrawing those branches which are
found to be Improbable, and transferring
their funds TO those Offices which shall
seem to require additional capital.
Your committee take great pleasure
IN unanimously declaring that the cir
cumstances OF the bank fully realize the
anuclpatIons of the stockholders as ex-
pressed at their last meeting, in regard TO
the president, who, by his talents, disin-
terestedness' and assiduiy, has placed
! Its affairs IN an attitude % .sfs, and ryros-
| porous, as that the burthen of duty de-
volving upon his successo will be COM
paratively light. THOS. ELLICOTT,
Chairman OF the committee OF inspec-
ton and investigation.
Sank U. States, Oct. lst, 1929
Erh osnion ofthe President oFthe Bank
TO TIE Stockholders.
| The Stockholders generally have ne.
yer had any view Of the progress of the
bank submitted to them. Attn triennial
meeting in 1919, it was my intention to
have given them such view. was,
however, advised that it would be more
eXpedient to reserve the communication
for committee and my opinion was
cheerfuliy surrendered. But as it is nv
determination in few months 10 quit the
station with which you have honoured me,
and as my silence on former occasion
has kept you, as we'll as the public, in
great measure ignorant of the difficulties
in which FUND The bank, and has
subjected the adminIstrations of which
J have been a member, TO Ccnsures which
were unfonnded, and which have fallen
IN many instances, from the lips of the
very persons who were the authors OF the
errors and mismaDagementss 10 use no
harsher language, by which this institu-
ton was brought TO the verge of bank
ruptcy and ruin, will now present 10 you
a short view of the progress and present
state OF the bank. You will probably
raise committee of inspection and in
vestigatlon, and as far as any facts or cir
cumstances, which shall present, may
be deemed material. their accuracy CIR err
ror may be asceualned
The institution commenced acige
| banking operations about the LIST Of Jan.
1917, and in INC course of that year es-
tablshed eighteen branches, icing ali
that have been established, One was
projected at Augusta, but on reconslde-
! ration was abandoned The report of
The committee of congress, made in De.
| cember, 1913, has made you fully ac-
quainrcd with so many of the leading de-
tails OF the previous management, and
the lapse Of tine has made them so much
less Interesting than they would have
| been at an earlier day, that mean 10 do
little more in relation TO the period which
preceded 1919, than present the results
as they will be exhibited in the stale of
he bank, when | came into it.
The bank, immediately on its com.
mencement, did a very extensive busl-
Dess-import d vast sums of specie
paid its notes, and those of the Offices
without reference to the places where
they were payable, at the bank, and all
the principal Offices north Of the Poto
sac, while they were, under the char
ter, necessarily received every where in
payment of debts to the government of
The U. s.; aDddra{ts were gwen without
limils on the prent bank and northern
Offices by the western Offices, at par, or
at premium merely nominal As SOON
as the notes of the southern and western
Offices were pad or received by The bank
and northern Offices, they were returned
to them and re issued IN perpetual SUE
I L.