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

and was payable on the 5th of July last.
One million thereof has been continued
at FIVE per cent interest, and the other has
been paid off at profit which would
delray the charge of remitung the re-
naming million, even at the present ad-
verse rate of exchange.
During the present administration OF
the bank, considerable sums have been
drawn from the capital in erecting ne
ccssary buildings for The use of the insti-
tuition, considerable burthens, which were
previously created, have been discharged,
one million dollars have been paid on &C
count of thu bonus 10 the government for
the charter, six millions of funded debt
have been purchased, and are now held
by the bank, three millions FIVE hundred
and Eiiy thousand dollars have been ac-
cumulated for the purpose of repairing
the losses which had been previously sus-
tanned, and there now stands TO the credit
of profit and loss, the sum of S945 ,796
cents; and there is due 10 the bank
l,279, $50 dollars "a cents, for interest
which accrued before the LIST of July last,
on suspended debts, and which has not
been received.
The losses of the institution were esti.
mated at the last meeting of the stock
holders al three millions Of dollars They
have been found to exceed that sum. The
estimates Of the dividend committee,
July last, made the aggregate Of the
losses S5,74S, 500. This Includes all
losses to that time from Whatever cause
A very small portion Of these losses, yoG,
will discover, has resulted from the bu.
siness or management posteTior toMarch,
1919. II is hoped, from the lapse OF
time, and the trying circumstances which
have interviewed, that the losses have
reached their Utmost amount. The great
est pans have been taken TO probe the
state of all the Offices to the bottom, as
the accompanying documents will shew.
90
The western debts, by which are meant
those due in the states of Ohio and Ken
lucky, have been subject of peculiar
anxiety and attention. To ascertain the
exact state Of them, the board were not
satsEed TO rely on The ordinary means, but
dispatched the cashier of the bank, who
was understood to be well acquainted
with these states, TO look into the situa-
ton of the Offices in Kentucky and Ohio,
and TO furnish an estimate of the proba-
bic loss which would be sustained upon
them. His reports which accompany
this communication, will exhibit these
results. His estimates, very far exceed
those of the committees of the Offices /;
and the parent board and the commit.
tees of that board have been governed
by his estimates, in forming their OPT
Mons of the amount of these losses. A
number of Investigations of particular
cases have, in the course of the current
transactions OF the bank, taken place, and,
on all such occasions, his estimates of
loss have appeared beyond the probable
loss, with the exception of the cases OF
some local banks al Cincinnati Doubts,
| however, OF the sufficiency OF these es
Inmates, founded on the fear of The frau
dulent disposition of some Of the debtors
and the unjus, laws OF those states in re-
! alton 10 creditors, were excited--the
| board, therefore, ia July, 1921, set apart,
as All auxiliary fund, in addition to the
contingent fund OF S,5jO.OO0 dollars, all
! excess over the par value of certain stock
/ pledged and transfe erred to the bank, and
| al ntel est due e to grow due on the sus
| pended debts al the Offices In Kentucky
and Ohio, to be with the said "contingent
| fund" inviolab!y appropriated to The ex>
rlnguiShment of the losses Of the bank,
/ unless otherwise ordered OF advised by
/ the stockholders al trieDDiaI meeting or
at regular meeting which should be
called for that purpose.
| The course OF policy pursued by the
BOARD In relation 10 suspended debts and
particularly the debts due in the Western
States, was not to press the debtors rig
orousIy where they were willing to give
the best security in their power, and In
deed never TO press them except with a
view to security. The most liberal in
diligence therefore has invariably been
granted where satisfactory security or the
oest in the power of The debtor has been
gwen. On the lst April 1919, the sum
due to the Bank in Ohio and Kentucky,
Including balances due by local banks was
,55lI20 dollars so cents-oD the SOth
Aug 1922, the sum due, including also
real estate taken in payment, was $780,
AT ,l8, dollars being reduction of 961,-
655 collars 90 cents, (o) but in the debt
now due, is considerable sum Of contin-
gent interest which has been liquidated
and notes taken for it, SO that the reduc-