Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-02-07
VIRGINIA LEGISLATURE.
''"e"IU'UeT" " Wt TWTW
Bunk Of Ylrpi,,io

Bunk IF pWgini0.
To the honorable thu Speakers aud Members of the Sc.
Virginia. ~ "
The reIiuon Of The .,orkhnd-rs Of the Farmers
Bank al Vwginin, respectfully represents;
That tir Charter al The Farmers Bank ex hires in
the month oi June, 1877. IL therefore beiuyes The
s'ockholders, aud the Legislature, Ia consider what
measures the public good, aud the interests of the
pr"prieiors al The Stock as proper To he
hdop'ed. if calm examinations ur these s,ouJ To- AL
10 conviction thai the ci,arier Dug t to he prolony
eu, No"r peii'Oaers enerian doubt bni that such
WIZ ie the course pursued IT, nn the other hand il
pe determined 10 permn the charter To exui,e with
ou' revival, II will he The duty of those who n,,naae
'e institution, 10 take Immediate measures ierara-
rory 10 winding up the concerns of the hank. Your
P"o"efs neg leave, respectfully state TO the Lee.
gisiaiure OF their country the cousi,ipr,oos ., brb
nave Impressed on Iheii minds Ih1, conviction that
we commonwealth, the siockhnlders of the bank,
ana a great number of citizens, other tLan sto,k,
holders, are deeply Interested 10 the extension of the
chaier IN order 10 estimate tie truth al these pn.
so"s, !" Is not neress"y TO inquire into the princi-
pies of pinkihg nor la examine how iaI IL is drsir,-
bie, or otherwise, ,hli banks should exist I, may
lie sufficient oreoak, that the ablesi political eco
h'm'ss nave been oil opinion, that banking instiiu-
unns, under proper resIricuon-, and faithfully and
u'Sc''eliy managed, are cminenly calculated 10 aid
tlr commerce aud industry of a nation and Ina, i,
% "" '"'rrc' 10 argue against amy public ns;iIu-
IONS from their abuse. But, the period ia PONG bv
"hen ~ ~ ~ orr power CONSIDER banking as an in
su'ateu "r abstract question. Experience nroyes
ha' "hether we preserve the Sia'e institutions al
tuis SURF, or not we shall IeHi The stirct nf
r"C'i"tio"j either Iron Other States did be.
lore we had hanks Of uur o.m or from the Bank of
ihe on''ed States, aud is branches. The proper
enquiry, 'herefore, ~ whether II hr hest 10 have All
'he disadvantages Oh banks, over whrh-we can have
no co"'ro', aud on wh'ci, we Impose resrIic-
iIon, or iimt'don, hv,e such establishments Of
our own, ~ ,ae profits Of wn,ch Saie can parii-
ciIai' WHICH il fruder -nIscrvent in ASSISTING
oceaSnn'iy, us hnsnci'i operations, 10 aiding iis
plans OF public Improvement /; aud which, above all
u On" s"'Jec, To such Jules and regulations will
ensure "no'esnme and undeprecated circulating
mrdium. would ~ then he wise pn.it,c in the
Legislature 10 permit bank established las it.eiC
ana wh'ch has iuhied, "a 1t il believed, the great
oyec's 81 us creation, 10 he pu' down. h,i other, and
ioreign h'nks, may extend tHelr circulou aud be
ag9randszed nut III The spos OF our Owa institutions
and ~ the expense of cuizens Before This
question ca" he answered afirniaIyely, il will he
proper Z" ascertain, what the teruls ON \, ch
the charter was granted wh,i interests the Stale
a"h 'nd'sd ais, have ia u and what will he tile
prnjdbie effects Of ia abolition
lie rG-'-' BInk was incorporated on the 18Th
on ebrnny, i'i@, and commenced its operations on
ihe 6n "l Oci"hei, ~ The same year. The capital
so' ~ ny me cbnr'rr, w'S To be Two millions 0f dol
lars, AMI u hc divided went, thousand shares
oi ono hundred dollars each Or these shares, three
Thousand Three huDL 81 and Thirty were ret,-
Pd by, ana appropriated tn The use of the STATE The
remaining sn""s were iu be disposed Of tn suscrI-
nefs, WHO "sff 10 pay for the sane, one hundred
dot,> Tor each share, gold and silver coin " The.
specified perind. Besbie~. eac, snbsc r,bnr WAS 10
ne charged with his prup0riioa OF tho value of The
-.
proT"r'nn q" three hundred aud th,r,y three thou.
sA"d four hundred dpli,r-, paid mo the hank
~ sixteen sem''annud in-ialnienfs after il went in
uper":or. lhi~, apr RS. the Safe acoui; ed :,
hnmper 81 Ah'reS wuifii trce huudf ed AID tbiriy-
three thousand iOuf hundi Ell dollars "a a i,onus lor
e'c u"4'', "inpHf hf'dntnE o. paJiBg any iIting
ior ~" -"ni" Nor Wa ii's ~. The Stat al,o'
"e' si'ff's we're NOT 20 ifc prd ipr, l u.til eph
years should expire after Inc Lsnt con,ni. need ,,e
operations, drew dividends frpr he lis, u,nn,ent
,nry were declared nnd, iur"g ila Continuance Of
tue honns, rec"'ved w1 aud hail eT cenn, a., lis
shares mare tina" The ord niry stn, khoiders. This
was Elected bs pursuing direruoms nf the char
Ter, ." AE'ng tie b"m,s TO be pad towards tin cnpi-
tat oi the Sjues stuck On he indyi,Iu s,nrL ,,i,I
ers exclusively. Whpeycr wrl consider thyse f. rm.
Brsi Do sensible, ihat h. compensation u4d 10 The
State Tor lie charter Of tic Firn-,s' Bank y,s AN
tSceeding 'ngh one AID experience h1s demon.
sIf'"r, tbd " exposed the rank To- au eXcPss,vs
W es-iic pni'l the nme Zoe p4sirg t.,e bonus Was
Completed, And WIS one gieat mean uf Prev aim,
NC -'orkhoders from gc ny adequate diS idc ads
- iar irnm tae tnteUlon % iour ppninnr,s 10 men
non ihis f'll gigen ~ lie S.te, SIC spirit OF com
plant u "a ~ e largin mId. Us the sOckbullets
aud HEY were bOuad yi ~ nientionpd. as prn,-
ing ilDs, IN heir soitci 'id 0lain = cl,nier ihr,
reilly gave more ft.f dies rOi,a afT,sd more tl,,f
wis consistent wnb Tet,p.,d ~, fits 10 he exurcf,d
~ Tive htHk, and ~ PR sfnilpg fo.ciid ap,rni ~
ibe liberal feelings, aud enlarged p,icy Of The le-
eis!aure Oi ifetr cOuu ~, dug un the terms
winch tbr dufati0a oi 10 h.tgk snai he pi,,lonp
ed Nnh a cbTici, ORGANISED ui tho principles and
terp's already siaFU tie DAut went nip npet lion :
~" Dth1u2H q fuHltrn '"u just bcf IRE tie aud
c1n'Uhed during prrOd 90. yery auspfrinus TO he
sucCeFs ~ SUI u so instfaiOH, i'ufirHrd 100, se ~
was, with lie pay mems had nak, tp ,l,e S,sfc
II coanOued 10 realize 10 ii" sDckhohefs 6f setc.
ral yeus, wba ought 10 lie dremed respectable ~
tercsi.
Subsequeo, 10 The peace, q new and hi-a,fron.
s'nic ni things arosc 10 ibiS couniry, nv wbcn tfe
commercial nod ppcnn'nfy slluli,ou ind iha Of ~
citizens was essentially cuangcd. The v,loc ~ eve
" kwioi pfoDory hccaiHe deeply depfeciaied ard
m'ny bnh'np'c'es am"nsT ihe commercial nrn,
yho were ibe p'inrpsi d. ,lsrs ~ hanks, took place
I've balance OF trade was much aganst this state (;
ahp ~ hero WAS scrcity nj specie IN the cOntffq
Tue northern banks, and the brokers' sad dealers ,i
n'npcy, ni'bs Ince.saui drmsn,l- on oar hanks and
co . mem 20 entail heir discouat, sud rnll
~ nc d"c froa' fhe.r .crsfomcrs THIS. state of
n'gf @r'rh 's $50 "rL anr"a ~ ths slightest ol,-
Saver o. pabGo e.rns, ,.oded mueri,lly 10 d,miu.
iah the profits 6 iie banks. Faey eek it TO b. der