Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-02-07

uuty W SVshu 70 the safety OF nfopcty OF lie
Stockholders, and Ia he prepared any icgi,i-
mate demand Upon them. The bank has gone thru
tiis une ximrtl ctisis has preserved ca edit vi-
oa,e, AMI has been always teasly 10 sasf, any cia,s
upon " u IA true, that u has IN couanuu with otirr
nUnied Institutions, aud with all classes OF our cit,-
zens, sustnned losses i,y the failure az its GUS
iou,crs. but, has h~ro adopting n,easu,cs to pro-
vde tor ihes- dbs and resiure the inrs,i,y OF the
stock aud !, - heliesed, that II the commerce OF
the rop",ry should improve they will IT, few yeats
La able TO- o and afford also tue r:eau in,-
vnehdS To The Stockholders. II j. believed, the de-
preston which some time took place in the ice
q! this stock, was pro,iucrd by the sales made by
some Large Stockholders, who wished 10 make other
nves'i'urs al their money, long credit, aud at u
nsh rate, 'op-'so"s, WIN, from, their necessiious
situation, were frequently compelled to sell for cash,
o" any terms they could ge, anu further, Ivy the
near approach of the time fixed by the charter for It's
termination. These large stocshuicIs, having sold
io many iii,Srwt prrsons, the stock became more
equally distributed, aud is manfrsiing evidence
ut gradual ,isr Ia any possible calculation of had
d.bls due 10 This institution, there & an he no question
thai the noa,in-i or market vaue uf the stock Of this
bank Is yet considerably below what IL is actually
aud Enthusiastically worth. The State holds Of the
stock OF this bank, the following amounts
or original shares, 1884 90
Board vi Public Works, 70 90
In all, 4,49s 90
or these, the original shares nte approuriaied nv
ACT OF tie Legislature pun poses Of public improve
meni, ash ipgeiher with the stock which the Com
monm -nl,h has ia the Virginia Bank, constitute the
most ri'irieni part Of The funds Of the Board OF Pub
c Works. as will he seen 10y their annual report TO
the Geaerai Assembly. The State then has an a.
mount IN tins bank appropriated To the most inter-
esng oil all public purposes OF i49 200 dollars con-
sidering the shares of their original value The
course, which is obviously the of the pub
nc I" pursue, Is 10 enteavor to the value Of
ms stock tits value has heen. impaired, i, has
hren 10y causes which no human pi udence could
guard against 10y unexamplrd disasters in the COM
mrrciai world ny an unprecedented, and most ra-
pid TALL in the value OF property Nor have the banks
alone been injured every Individual has felt more or
less the depression Of property, and the loss of debts
what does wisdom dictate under such circun,sian-
ces 10 make the best Of the situation in which we
are placed, and TO restore the valnc Of the property
IN question, I'M soon as practicable One great OBJ
siacic 10 rise ~ the value Of Stock the idea that
the charter will shortly expire Let that idea be re-
moved, anu most suspicious effect will immed-
aieiy he produced. The bank can 20 on laying up n
surplus each year, to restore the value of the sat
u has already commenced that operation and its
surplus, including that Of the present year. will a.
mount To about 81 500 dollars.
u has aiso pu, chased shares which were IN The
market, so Tar AS the limits affixed by the charter
VIII permit, viz 800: the difference between the
ifire gwen Tor these shares, and their par value
VIII ala IA swelling The contingent fund, and rebound
10 The benefit oi The stockholders. The danger of
forming new debts which will prove bad, il preatIy
diminished. Business has assumed u much more
regular iorm speculation is repressed, aud the banks
IS well as indiv iuais, hpve lean mt more pudencr
aud caution Ia their dealings.
u ne Legislature by refusing an extension of the
charter compel the bank to wind up, and losses
should he sustained in the capital of the shares, no,
o"y VIII individuals suffer, some Of whom are depen-
denton their stocks Tor support, bat vital stab
w''' he gwen TO the great public institutions TO whose
he"ehl these stocks are devoted. Nor is this all If
the Charter is To expire in June, 1927, The bank
must commence by rapid and incessant cur,a lments
I" can In IFS debts. IL must expose sale all the
real csfaic pledged To secure debIs This will pro.
badly produce loss The debts, and the sacrificing
Ot be
Iheir ruin. The same effect NAV be pro,uced no q.
rapid call on persons IN debt 10 the bank where The
security is merely personal In order 10 ascertain
tue danger 10 the bank hy prrripiaie call for debts
and the destruction Of iny ,uaI fortunes YOUR neti-
iio"rrs will advert to The extent OF those debts due
the Farmers Bank. On the first day of January,
1874, the outstanding debt due the Farmers Bank
was ) 1881 ,2i6 72.