Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1828-12-08


AT Nh adjourned meeting OF the Stockholders held
this day, Dir Browne, from the Committee appointed
Oh the st nst 10 investigate the account aud en-
4nirr into the situation of tn, Bank made tho follow
ing Report:
Tbatin the discharge ofthe duty confdo to it. your
committee has examined the general statement OF the
Affairs OF the Institution & the particular Of
those ot the principal Bank and finds them TO aprco
with the books of the Principal Bank and tho state
mcnts from the Branches.
Your committee find that the reH lro6,s accr,linq
to the Bank have diminished so much TINT those of tho
'ast ha year barely suiced for dividend of two and
haii per cent. without making any reservation to
meet bad debts or other casualties And ns the cbnr
Ter expires IN SIX years, II would in the opinion of
your Committee, be hazardous and un,ysc To- crdra-
Your to increase those profits by increasing tho loans
mat dividend therefore, instead of bcnir Increased
must probably be diminished that there apprars TO
Dc no prospect whatever that tho Stockholders can
ever hereafter, obtain legal interest for their mo-
ney.
Your Committee next turned its attention ,o,vor,s
the Capital Stock, for the purpose of ascer,aining
Whether II WAS secure. 1t appears that upwards of
one hundred and fifty thousand dollars have been re-
tanned out Of the General Profits of the institution
Tor the purpose of meeting losses arising from bad
debts ana The sale of real estate. The amount of
THESE losses cannot be accurately ascertaned until the
real estate is sold, and a careful examination uadc
INTO the situation of every debt due to the Institution
III INC principal oank or any of tho branches Such
an examination only be made with effect at tho
place where the debt Is contracted, and where the ST.
'"aon ana circumstances of those liable for s puy-
mcn, arc known. Nevertheless your committee CONT
IDENTIFY hope, that if The affairs ofthc bank are now voun
up with as much expedition due regard to its own
interest, and the situation of its debtors will rcrn;,
the sum retained, as above stated together with tho
gam accrulng TO the Institution from, the loss of its
notes. III the course OF mnny years. with such TN
extensive circulation, will be sufficient TO cover nil
losses and enable the hank pay every debt for which
Is ablc niid return to the stockholders one hundred
dollars for every share The situation of debtors is
thatf
cannot be- considered as pledged for the accuracy of
tins opinion, fthc winding up the Affairs ofthe Insttn
ION Is de0ycdtor length oftime
There Is another considerations which in the opiu-
ION o your committee, deserves great weight Itthc
bank begins now to wind UP, the debts can be collect
eel gradually, 10y receiving part, and by riyinr some
niu2cuc2 tor The balance; whereas ifthst opcraton
IS pm OF III the end, nearly the end of the charter
ne Nolc q every debt must be collected az once
Er!ch Would occasion so much property being expos
cd 20 sale at the time. that the price would be-
come nearly nominal, end the debtors would be ruined
without the icbt being paid.
or committee, therefore. or the fullest consde
r1ion Which 1t has been able TO rive tho subect - f
opinion, that is for the interest Of the stockholders
10 Withdraw their money from the bank and take il
hcr thelr own management soon as the same can
win proPrlaty be done. Unless tliis is DONE the
Stockholders will BE- much injured and many of the
debtors completely ruined. But os there nre r,eny
stockholders who neither present nor ropresonted
al ms Meeting aud who We're aware that cues
ton OF such Importance would be aCitated at it. yonr
committee Of opinion that il would he imnronor n
decide 1t Immediately The following RESOLUTION, oro
therefore recommended:
!. Tint when this meeting adou1os !, shcIl nd
Journ to meet here ting first Monday of june nrx.
:. That at such adjourned meeting the question
" neither the bank shol then proceed to wind up its
affairs rs expeditions due regard TO its own inter
est and the situation of its debtors will pcrmit-sbau
then be discussed and decided.
,. That committee be now cnpointcd whose du
" shoh De to prepare and lay before soid adjourned
meeting, full and detailed account Of the situnt;on
and affairs OF the whole institution.
All which is respectfully submitted.
j. BROWNE, Chairman.
The meeting OF Stockholders taking the above re-
port INTO consideration,
Resolved, Thut they do concur herewith and that
the following Stockholders compose the committee
mentioned in the last resolution VIZ: Judge Ruffn.
,'cn' Caincron, Col. Polk, mr. Browne and Nh Bow
Ian.
Resolved, That the Secretary Of this meeting cause
a. copy OF this report, with the proceedings of the
Hockhod2rs thereon. to be published III the newspa.
prI OF ths city and that he furnish copy thereof to
his E%ceiency the Governor ofthe State.
WILL. POLK, Chm.
Mr.. Boylan has resigned the Presidency of the
State Bank, & Judge Ruffin was unanimously elected
his successor, with an increased salary of % 5ooo
gal talents being thought necessary from the intricate
condition of the Institution.
QTe''c''--Dothc Virginia Banks pay per centunl
to Stockholders Il it to the interest of the latter
continue them any longer Do they set apart my
portion Of their profits, to supply the loss Of capto
occasoned by bad debts? Whit IL the amount Of
this loss fcapitol Could they pay 500 OH The shnrc
If they were to wind up, or three f,urtbs Of IL, T.
not the commonwc' lth acting very unhriftly part in
ueStng so large portion Of it's funds in stock which
may possibly in the long rum lose to the State in pri
cipal. What is intermediary paid in interest,
We throw out these hints for the wise. For o,r
own part, we own 10 stock, arc not able to own anv
and the banks and their Affairs are no moro 10 us m
i1T as personal interest Is concerned, than to the
nan ~ the moon. We arc against all banks ne in
eiitutions which have inflicted, nov inct, and viii
forever continue 70 inact dreadful calaTn;ties ,on
our country. Wherever sturtcd, they have "ferce
y driven the plougIisharo" Of debt ard baukru,,cv