Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1823-07-08

have, on the Policy which has heretofore been
pursued by this great National institution
recent events Indicate Il favorable change of
PUBLIC Opinion as tu the management of the
Bank IN The cncreased value ofihe Stock, and
IN the encreased good will which we are hap
py TO learn is Eel, towards it, not only in our
Atlantic Cities, but also west The mountains
Instructions hare been received al The Branch
SANG here, dtto'oing Tie Transfer Of Bank
ofoe6 at boston This is very judicious
measure, and is proof OF attention ON the
part ofthe Executive Officers of the Parent
Bank, to the best interests of the Bank for
surely It must be very desirable to gain friends
To the Institution, and no course is more con-
ducive To this desirable event than granting
every facility IN their power to distant Stock
holders To transfer their Stock with The least
possible delay and expense, and thereby in
creasinS the number of Stockholders, for we
know that very many small capitalists have
been deferred, from investing in this Stock by
me delay, risk and expense heretofore attend
ING transfers, and every measure which grants
facilities To purchasers and makes the dstriba-
ton easier, Is certainly TO be approved and
commended, and We cannot hnt hope that
similar measures will be adopted in regard To
New York, Baltimore aud Charleston.
NOW weare on the subject OF the Bank we
cannot iorbear stating with appreciation, that
we have heard of some operations of the
Bank which seem judicious in themselves
and VIII benefit the institutions while they ac-
| commodate the public INN. Y for instance.
The State Banks had long hren in the habit Of
trading on the Capital Of the Branch 10 an
Immense amount T.; this was impotic as re-
lates To the Branch and since every little call
from caprice or otherwise, ON the part of the
Branch for payment from the State Banks,
caused an unusual curtail first at one Bank and
tnen M another, the money market was kept
IN constant agitation and uncertainty. In Jan
uary last when The dividends on the Bank
and Public Stock was paid off, thereby reduc
ing those Balancrs, orders il is said were given
from the Parent Bank to the New York Branch
to keep down said Balances, and to grant
every accommodation to the Public. One
million OF Dollars ofaddilional Capital WAS
transferred TO said Branch and they were
urged TO discount on their INCREASING irpasur,
deposit as far as prudent, and ii is also said
tins Branch in some good measure has met
| the views of The parent Institution. We learn
also with satisfaction that the Parent Bank
early IN tins year took decisive measures Ia
bring about wholesome State ofcurrency in
South Carolina, where much irregularity had
crept into their Banking operations by the
Branch lending itself 10 the receipt and crcn.
la'ion of State Bank paper, which was not
o'"'S'tioiC iilto specie. no sooner ulu the
Parent Bank order proper and legitimate
course to be pursued, than we find the State
/ Banks asserting and the Exchange beticeen
Charleston and The Eastern Cities brought Ia
ABOUT par, differing only about the Expenses Of
Transmitting Specie from one City to another ;
tins IS as IT should lie, and we hope the same
Jnalcious measures will be pursued as To Gcur-
| gIa, where the same desirabI. results may
confidently be expected. We are clad To find
| also that the Bank by literally parting with
their Specie when lawfully called upon for il
have broke up the system ofBrokprs purcbas-
Ing all the Spanish Dollars in circulation thus
virtually draining the country of Specie Ii
Is well know however that wlrn our Mer-
! chants are fitting cut India Ships il is not in
the power of the Banks tn prevent them from
obtaining any amount they want if in the
country, through The instrumentality of Broh
ers, the great profit being to that class of pru.
pie against whom we certainly have 40 obiec-
non but when the Bank can at a less FIX
pc Sc anG W h far ess pressure on the publ a
furnish The money, II is sur ly better. We
have hut one word more 10 say and that j.
| that we learn, Withno small de sree Of pleasure,
| That the losses heretofore anticipated in Ohju
there is well grounded reason To believe will
iot come up to the old Estimate and that the
iide OF Public Opinion is now strongly setting
~ favor o the Bank. We have tn apulogisc
for the length of this Communication, but Ihr
| Importance of the subject aud the no, city ni
praise rather than ceDsure, we hope will plead
| our excuse.
| Boston, June %, 1923.