Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1823-12-06

Ia declare what he thought of the decisions
of the Allied Powers.
THE ENQUIRER.
To tie Stockholders Of The Bank of Virginia
lhe period Is approaching when general meeting
at the stockholders al the Bank Of Virginia will take
place in The ciiy of Richmond, Tor the purpose of
eiecng directors for the ensuing year IL is of The
utmost importance 10 the prosperity o thus instiu-
ton, 'iat the meeiing should he full possible -
judicous selection of persons to direct the opera
lions of The hank IS indispemsaby necessary re-
duciion oi us expenses within reasonable bounds not
less
We have been nfoi med, upon authority apparent
" respectable, that The whole expenditures of tue
IL 'rk of Washington are : $3.50 per those Of
the Patriotic Bank of Washington 1850 per aunum !;
ana those oi the Bank OF the Metropolis 4l25 per
annum ,mak'ng aggregate OF = 625 tO, The lOhOie
dJtnnpfi expenses Of these three institutions.
The whole onnusi expenses of be Bank of Virginia
are about i6 O00 aud the average expense oi each
Sepdrdte establishment, including the mother bank IN
Rchmond, more han 5000 per anpum.
The capital Of each oi the three banks IN the dis let
o' columbia above mentioned is greater than the
capital of any OF the branch banks NJ Virginia Yet
'he aggregate annual expenses Of u,e three FIRST lnst
trionS aH taken together exceed y abum 1900 onl,
tie annual average expense Of euch OF the i,e
establishments of the Bank If VTginia.
Are there any good reasons Tor this proGuse ex-
pend'ure Is the stale of the institution very
prosperous and Your profits such, renher all
reg rti To economy unnecessary Let The meIgre
dividends OF the last three four years the
question.
he nuniter OF officers Ia the mother bank, and in
all Ms branches is too great aud the salaries of
oi them professionally high. The president of the
mother bank alone gets s 5000 per ,nnUni, and The
presidents of the branch banks s 1000 each. These
salaries were fixed at time, when money album
dan when the prices of all e comforts of life were
h':h when the bank was prosperous, aud divided
ir"m IO IA IL per cent per annum. IL Tie compenss
ton was s"fhcieni tken II Is 10y much too high
All classes OF sOriey, (the stockholders M less Than
oibers) Ia consequence OF The embarrassed OF
comurice the bai dness of the times, and The gre VI
Jiminution of their revenues, have teen under the
Necessity Tor some years past, OF procuring fewer oil
the comforts OF lie Than formerly, aod of bringing
down Their exIs ises within The limits Ola rigid
economy Willie these officers experiencing DIM
nu'nu al salary, and profiing by the low price al
winch every thing now sells, enabled TO com
ni'nd mote OF The conveDiences. and more Of the
'uF"'ie~ ni lie than ever. IN time Of prosperity
they partook hbsroHy Of The prosperity Of ne blnk ~
tas az cdrersiy, thsg ereDpi from as 1 ittors
't"n such stne ut lungs as MfS be right JUS
TetfihGuuU tor services rendered is cunn,endabe agt
proper all beyond, censOr,bIe aud improper.
tS"ry aiicmp al arr0nCiion of expense has hher
'"I"iled THIS has proceeded party from the uesIi-
gence oi the Stockholders, parly tom comlrsreIN
oi NiPWs "nd OF opinion among diem, but m,iuly rou
belio!, that The greatest possible Teduriuu o ex.
ponse, Wound not make diffe,en IN the profit
wurihN The attention of the Stockholders. Tins miN
indeed he true respects the reGhhy stockholders
and such bolt reTy fen shares n.re, for pur
pose OF brcomipg directors. BIZ, when, acting upoI
thus principle, they become The advocates oC cxirava
ea" expenditure, are they JHSt 10 the eOpdrtfiers p?
do they act with due regard To the interests Of Ia
widow, the orphan, aud the many needy persons
Tor whose support and II ,inlsn4nce provision has
been made in the profits OC This institution DO the,
reflect, that the saving ofa few dollars, howevc
tr,hing TO themselves, may be very important those
who have been less favoured the distribution OF III,
gifts of fortune
repeat then that FOR the correction of the evil
here complained Of the meeting of le stakeholder
M January next should I've as fall possible. Thos
WI" cannnt attend should select some person for ,leI
vroNl VIII" can he relied on. Let them arOid Hie Off
GERS Of me bunk prorieS No reflection hete ~
teuded 70 he conveyed upon any Of ihese gentle
me" 80 tar as The writer of IhI, address knows
they are all honest aud honOurale men. But how
eve' nice their sense OF hunoI, however strict thei
integrity, they are but men, aud may be expected {,
he influenced 10y ihe motives which ordinarily Operate
"rou ihe human mind in similur rirrumslances-
u Hh eood directors o1d system of strict scOIoB,
Perrad'ng me institution az dL IFS departments, diri
dends soDsrhaf better moy tri certainty be erpected
and me stock ioW Us certainly rise in the market
not the attainment of these objects worthy the aiten
ton Of every stakeholder
Az opinion has bren generally entertained that a
The elections OF directors, &c. &c IL is in op
pose the vote of the treasurer Of The state This - III
error which has produced much mischief TO the inst
iuiion aud will be productive Of still more lf can
not he corrected. The stockholders cannot be ex
peeled u pay much iteDton TO the general n,ecfnp.
long IL shall prevail To prove that IL IL III WA
with just reasoning upon the subject, aud that IL
unsupported by actual experience, | beg leave .
l"oie the following exua' ola leuer addressed =
ihe wrii"r OF this communication Immediately ate
the close ofihe election IN January last.
The election Of directors commenced on ~
htsi day, WAS interrupted by oIher business, amc
elos'd on he second. An examination Of the POI
eNhi'nied the following facts, some of d,em snfii
c't"iY romaEkabie 20 arrest the attention of thns
concerned, m the most particular manner. Til
" VOTES gwen we're, ~ follows
stockholders ofRichmOnd and esewhere
1861 rares, and gave SBt vote
Proxy from Fred'g 1910 shares, and gave 81 vote
Proxy rom Norfolk, 1904 shares, and gave 355 vote
1853
The Treasurer when scaled gave 422 vote
446
q Thus the STOCKHOLDERS and proxies, had the
acted IN concert, and the treasurer thought props
" 10 oppose them, would have beaten him nv AZ
" votes, more than twice The number required 2"
lie facts contained in the above exiract come fro
ne most respectable authority, AID may be relied
lNai they are impOrignt.to The stockholders, no on
wfl deny. fhey prove, that their rofe cannot BE- "a
S'sed, ind hut 10 cGrry DEEMED Hecsssn,
10 ne prosperity Of me Institution snergy NJ action an
HH01'iDIuy a1n0Hg themselves ere alone req0ired
a STOcRHoLDER or THF BAEK
OF VIRGIsfA.
See 80 short serious addres. the stockholders
NE Bank of Virginia aud Farmefy Bank' in the Enqur
OF thc l4ih December 1922
me'sts. Way and Gdcou II Washiugton have pnbIish
=" p new work, emitted NEW VIEWS Of f6e Cons fitpsi
fhe estate BY John Teyios II Cafotins. 10"