Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1823-11-14
RICHMOND. NOVEMBER "a, i8s3.
THE FdRNERS' B.3N,R


frs, day of June, 1927 And il is certainly time tina,
the Stockholders had taken into consideration. The
question, whether their ineres, will he promoted Nv
MS renewal.
considerable part Of The stock Of this Banl, he
lungs TO the Board Of Public Works. to the Literary
r und and 10 other public bodies Incorporated for
pS y W purposes. lis notes with those Of the Bank
oil virginia, constitute the circulating medium OF the
country, and are receivable, whatever may he the
condition Of the Banks, in discharge OF The revenue
VIII therefore at once be thai every question
III regard to the hanks, OF the first importance as
wen to The public as TO the Stockholders.
w'ii not 80 this essay into any disc ussiop as
TO the policy Of establishing Banks or of the cool
" es resulting from them Established they are ady
are, anu their administrations, incorpoi a,rd, i'm =
greater or less degree, with the hest interests of
The country. And should the wisdom OF thai lo.
dy, 10 whom the decision of all questions of poll
cy belongs determine that the banks were unw;selv
estahlished and that there ought to he none-it sill
remains TO he decided, at what time the operations
q, those already IN existence shall he brought To -
CLOSE. Is TINS The time think 1t is not. We have
lms' past through period OF deuson and madness.
ihe peeuniary situation Of the country, since the
beginning Of the year 1885, has no parallel in its his
,o.y. !, ~ this stale Of things, in any state of
lungs nke'y To exist between this time aud the first
day OF June, 1897 the Farmers Bank should he rnm
PEELED To Wind up its concerns many If lis debtors
will he crushed, and the dsis TO an immense amount
whoiy ios' BY continuing IT'S operations, aud calling
w 'ne ueo's Ivy moderate cutaimcnS, the debts n,ny
he collected, and the debtors saved from ruin
ne Stockholders nianifrs, considerable d.ss,iis-
faction nj the deprecated price OF the stock nd dis
cover ON that account, (some of ihem) isuositou
10 bring the concerns Of The hank In a closc =, -
true the price of stock has depr-cated hut il should
not he forgotten, that bank stock like ever, uihr,
description oil properly, IN The age which has just
passed by, had advanced price greatly heyond IL,
intrinsic value--and like every other description of
property, u has now perhaps fallen much below il,
he question with the Stockholders should he, what
eject VIII the TEL nnaIinn of the charter have ,,on
The already deprecated price of the stock Bui
thnk II will he ionnd upon examination, that the de-
preciaiion IN the value of bank stock las mo-, be.r
greater than the depreciation in the value Of every
oher description o properly. II is only the NOR
perce'vabie. Bank stock has always current
pr'ce, at which IL daily quoted and sold in the mar
kef. It's depreciation is therefore constantly before
the eye, whilst the depreciation of other proper,y !,
not so oLvions. BUT let the holder OF bank stock
calculate the depreciation in his Other properly : lr
MN ior example, compare the piice which he r"n!d
nolo Obtain Tor has land, wit the price he could have
once gotten Tor H. aud he will very probably find
that all property has deprecated upon a like scale
There Is another source Of discomfort amongst the
siockhoitirrs. II ~ as Ia the diminished profits tand
what profits have not diminished y of their stock
lhis seems TO be attributed by SOME To The nnneres-
snry expenses in administering the hunks an, ma,
snthc'eny acquainted with the internal affair, az the
Dunk, 10 investigate this part of the subjrci-uriIher
was u my purpose when began this essay io do so
~ tins evil exist al ALL susceptible Of pain nd
easy remedy. The Stockholders ar even The hoard of
directors can correct IL will barely remark IN pass
ing, Tint Office in the hank is AN office of yer,
efrh responsibility, and ~ asCertaniug The proper
salary, Ne should havea view we'll to the SERVICES
TO he rendered, the responsibility incurred Think
very probahle if thessaares of The officers he ex-
ahmed upon these principles, that they will not be
found too Hight The Diminish ed profits of ,!e STOCK
cannot therefore, IN my opinion he owing in any con-
siderable degree h AZ all 10 the expenses unneces-
sary incurred IN managing the hanks hui to The ex-
Faordinary revolution ~ the commerce of the coun
'ry occasioned toy the general peace in Europe In,
commerce oil The country is in a state Of in,
provemeni, ana with Ills improvement the sockhod
erS may calculate upon increased profits
Banking institutions have heroine unpopuJar and
u WIN not wholly depend upon the pleasure Of The
sockholders whether the charter is he renewed ar
not. The legislature mus, be consulted and tho
sooner this rs done the better Thar the banks have
been loo freely used must he admitted and that great
mischief has been thereby produced mt he
admitted hnt are those mschiefs attributable to the
banks, or 10 the dealers in the banks PERTAINS thev
nre attributable 10 both Perhaps the banks in his
particular have not been wisely managed hut this
rs an evil not likely TO he Observation-Disclosures will
's"ch ienuers anu borrowers wisdom 10 future Let
us not, however, when complaining of the evils which
we have suffered bv the banks wholly forret The ne
nefi's received What, will ask would have been
the condition of this country in The late war hut for
the hid received from the banks
IL the charter Of The Farmers Bank he renewed
Tor zen years without "a bonus the bank can Ir res
tored To IT'S original strength and tho Stockholders
receive their capital with reasonable profit upon
". bit VIII the legislature renew the charter will
out bonus think they ought II mnst be adj
mued hy all that the bonus originally exnrted of The
Stockholders was too high We have asccrtained by
actual experiment. that il was greatly more Than they
co"'d afford 10 pay for the privilege Of banking IL
would therefore he but an act Of Justice 10 then, In
renew lie charter wiihout bonns. And IN The per-
iormance OF this ACT Of justice The stockholders
the public good will be promoted
" The sIockhodeIs petition for renewal Of the
CHARTER OF The Farmers Bank-and indeed wbci,.r
ibey do or not IT is Of great inporlance IN order 10
us perfect restoration, that IL he pni under the esi
possible management. And with this view I will
Qufiu .flz Ill., 49, r
poiniing tie directors the par: of The stac is moi
me best which might he devised-On this I
Judge only from the manner IN which tie power Of
appointing, has heen heretofore exercised II will
he admitted by all that the prosperity of The bank
wiIi depend ~ great degiee upon tho Directory "
we directors have little no interest in the bank
neN cannot lie expected 10 give much attention TO IT,
4fowJ u ~ well known fact. thar a cnusitle ralde
nnm'cr Of The directors appoin'ed bv The Executive
speak upy in reference IN the ancl, IL the vieiu-
,'y nt which live) have Ite or no interest in the
D'u" many "i them own hut single share, and
mar transferred 10 them merely for the purpose Of
p"ahiNing them for seat al the Board. Indeed,
some OF Them sad To he arfi owners of the
stock standing in their name
trust that these remarks will not he misunder-
5000. " IS not ms purpose 10 impute unworthy mo-
'Nes 10 me body making The appointment, Inipro-
per Conduct 10 the persons appninfed. wish mere.
" 10 present This subject fniry the public view
Ani 10 do so, must be permitted IA ask what seTvi-
ces can reasonably be expected from the managers Of
~ institution, having INTEREST in IT, who il should
go'io destruction, would lose aofhing hy IT, IN order
TO ensure The prosperity of the bank let lice managc-
neni he put into he hands of rs oicpers. Let tie
"prontmeni OF Directors, 10y way Of experiment. be
is'i "r our or two years 10 lhe stockholders There
~ no d"r'l hut this NAV be done without any change
M the charter. The Legislature have reserved the
IPb OF "pnoning Ivy joint ballot of both houses, or
ny shy hoty 10 whom iiey may hink proper 10 trans
Yer he powef. Let fie gearral Meeting of the stock
holders, such part of them the legislature shall
hHk proper, constitute hoard OF commissioners for
TIC nmfpoe Of making this appointment.
The Interest " The stockholders will he the hes,
q