Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-01-27

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oppression tn which they were subjected by the oil
bonus, they admit in the next, THAI Notwithstanding
the deduction it effected from their profits, and tn
| unfavorable operation of the war on their nstitu
ton, they still continued to reap ga very respecta
table interest"
But it is urged, that the largest stocl hol ier
the State is deeply interested in the extension of tin
charter. Many contend, however, and aaont. tina
number some of the largest individual stockholder
themselves, that the interest OF those who s,ocl
would be best promoted by permitting the charter to
expire at the period the act of Incorporation directs
They say that their stock is unproftable, and tha
the prospect of its becoming valuable is founded or
very improbable contnigencies-that the Bank is
barely competent with judicious management, and
with moderate indulgence to its debtors, refund
the capital stock-and that. they prefer receiving
that back, and re-investing it in more profitable
employ, to permitting it to lie dead aud un-
profitable capital, and subject withal to all the ha.
yards and possible losses which the Farmers Bank
may have to encounter. If this reasoning be tr nc
IN relation to the interests of individuals be
equally true in relation the interests of the State
The memorialists found all their arguments in ia
vor of extension upon the hope, that the institution
they administer Is hereafter to become more pro-
ductive than it has heretofore proved. They have
however, furnished data establish the correct
ness of this theory. Having two powerful and
nourlshIng establishments to compete with /; chasins
IN its own capital to be supplied by leves on the
profits of the stock; its funds tied up beyond the
power of its controul; all the disadvantage, of an
inadequate specie capital encounter; the respons-
Utility of the classes deal with banks somuch re-
uced as to furnish little mo business for one
and, lastly, with impa ed or dit, it is impossible
that extension of the charte. would greatly eh-
nance the price of stock, remunerate the stock
holders for the contemplate dividends of the last
five or six years. By refusing to extend the char
f,r c..
time for winding up the affairs of the bank recover
the par value of their stock. By re-chartering it,
they put all to sea again-and without any COM
pensation for the hazard, the rsque of loosing
all. The situation of the debtors would not be
improved by extension of the charter. Ruined
already, every new indulgence but serves to make
their ruin the wider and deeper. But even If the
Legislature refuse to extend the charter there is
need of instant coercion of payment. Every in
diligence can be given without a renewal CT the
charter, that could be expected from that event.
If ten years be required by the managers of the
Farmers Bank to wind up their concefns, to cola
lect the debts that due them, and to refund the
capital stock, both the nteres and the lberaty of
the Legislature would induce them to accede to the
demand.
The chasm that the friends of the measure of
extension foretell in the circulation of the country,
the apprehendcd sacrifice of property and the de-
excellent arguments, if they were true. But in
fact neither the the other is TO be feared.
The paper of the Bank of Virginia and of the U.
States is more than adequate to all the demands
of circuatioh-property need not be sa crifced, be-
cause every indulgence would be naturally afford
ed to the Bank and its debtors-and the expira-
ton of the ten years of legislative indulgence the
Farmers Bank might wind up its affairs, to the en-
tire Satisfaction of ALL The petitioners very mod
estly confine their demand TO an extension of six
years. They say that at that time, to wit III
1888, the charter of the Bank of Virginia becomes
vacant, and that it is desirable they both should
expire at the time Whilst | acknowledge
the ingenuity OF this limitation, | cannot acqui-
esce in the justice of the conclusion. The provi-
sion is admirable one, to ensure at that time
the extension of both charters bu; if the friends
of extension insist, an explosion is to ensue npol
the extinction of either Bank, that explosion mus
be violent if both are extinguished at thu
same time. -
Gentlemen, you will be. shortly required to give
a more important vote, than you have yet bee,
called to record in the councils of your country
Great principles and great interests are at stake
The distinct interests of few individuals, (and ever
that is problematical) may demand renewal o
thu charter but the interests of the people of Vir
ginia, the spirit of free and simple institutions
md the feelings of that old and honorable party
which you profess to be members, opposed to it
Choose we with discretion, for your decision is not
only of moment to the country, but to yourselves.