Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-01-12
FOR THE ENQUIRER.
THE BANK OF VIRGINIA.


perceive from the newspapers tb the condition OF
THIS Bank is now undergoing alton, by the
Lrs.ia,ure; and understand i. the intention Of the
stockholders, to apply to that body il. present
sion. Tor rsn;wai OF the oh after.
great portion OF the stock Of This INK belong. to
the Board OF Public Works to the Literary Fund.- the
Mutual Assurance Ssciety, aud to other corporate DO.
dies OF like character Its notes, with those Of the
Farmers Bank, constitute III, principal circua ing me
dunn OF The country and receivable in Subtraction
oil the public revenue. lis, therefore, apparent that
every question In gwd q the Bank, is important a.
Like 10 The community and to the stockholders.
do not propose in The lite have to say upon the
subject, 10 enter at all no the policy Of estabi,hng
Banks They have BEEN in operation Tor more than
twenty i've years, and have incorporated themselves
W be allowed so to express rnyse,) with OF the
most valuable public institution. OF the couatry The
policy. therefore, which led toeir in the
first Instance may be one thing whilst tba which reg ards
The di.po- lou oil them may he another. am that
plausble arguneut may be adducc against tn renew.
al OF the charter oil the Bank Cannot help think.
ng that there is ehng in the char .cier of the
times. Calculated TO give those arguments, when All.
dressed TO our euiices think they most ,nnon-
" are, undue weight. design to appeal to the ref
Ing Part oil the community TO the wisdom OF the state
col ected together in egsative couuciis lit will
add any force to what have TO say, will rema.k, tina,
am neither a stakeholder officer, debtor
to tbs Bank. have no interest in the question: save
that which belongs to ms ci,iZ IN OF The CJi,i0n-
| wealth.
Ii has been binted in the public newspapers no doubt
with view to iniuence the question of rene ing the
charter. that the Bank of Virginia is insolven Ii by
insolvency, /. intended to convey charge, that the
Bank is unable to pay the which IN circula
lions. believe the charge TO be void of any foundation
That the Bank is OF ample ability redeem all its moi
cannot enert"in the slightest doubt. But If by in.
soveney, Is nisned ouy to say, that the Bank af-
ter redesming al it, aotcs, would be unable 10 ret rr
10 every stakeholder his capital with its interest," il
be true Indeed. 1 We; much Inclined 10 bel. We
that II the Bank at THIS time required TO redec
all is nstes with specie, that there wOui he lett in
its vaults, sum equal to its origiuai capital. Thi.
condition Of the Bank, if such really BIO con lon
may be accounted for without sny charge of n,isma
dSement. We have only to advert 10 the de. an re
nieni oil commerce produced by the general psace
| IN Europe, and the consequent pecuniary eInbar
rassments amongst our merchants. enting state
| OF things, perhaps, without a parallel in The h.s
tory Of the world But suppose the Bank 10 be n.oi
vent, in the IN which apply the term to III /.
that reason whereupon its charter should not be
| neweR humbiy think not. The stockholders paid
rx'ravsgani price Tor u0tried scheme of Banking
Tor such was at the time; and il they have Lost no.
icy by the purchase would 1t not be just and right 70
afford THIN All opportunity TO repair their losses, by
continuation OF fair dea ing! This, asit me
would not only lie oil justice as il regards the in
sivdua Stockholders. but measure Of sound policy a.
nre2ards the interest OF the Sta.e. II is nothing more
lile The merchant, thu fr,ner, repair the losses o.
one year,by Increased care and diligence ia succeed
i ing years.
This calls FOR, aud doubt not will! receive the
most deliberate consdsfsiion, wbich the wisdom oil
the legislature can besow upon IL. IT IL subject oil
| great Importance. They called upon at once 10
susfu ~ OF the stare, ana 10 perform
Of justice 10 the individual Stockholders. therefore
take The liberty OF reinn'ins them that the nere.t
which the slate has in this Bunk, az Stakeholder,
not the only interest which they called upon to pro-
tect The notes Of this Back, are receivable IN dis
charge Of the public revenue; and IL from any cause
whatever, the paper Of ths Bank should depreciate
viii soon all ali out into the Treasury To state by
way OF example, this proposition, ia other words: Sup
pose the Bank OF Virgins, in point OF fact should be.
come insolyeD the State il still bound to receive IL.
notes In payment OF the public revenues; the collection
OF which, ia the short period Of fur or i've wars
most would 5fing all The notes into the public box 4,
therefore quite clear that in guarding aud
The Bank you are advancing and protecting the inter-
est Of the ComiDonweat
Ii IL tact perfectly well known, thu the Bank oftbr
United States, under the administration Of it, first Pre-.
hent and about the time he went OF Office wa, In
a runou~ II no, in iusolvent con tion. have II
no. IN my power al this 10 refer 10 the charter
Of that Bank. But take II for granted, that certain
provisions, the violation Of which, amounts to forfeit.
nre Of s charter; and that many Of It's acts, under
bret COMMUNICATION were OF that rharaelcr-Suppose the
public, avsiliOg itself OF these Of mai sininisPa
ton, had pToceSd against u nix, and had procur
ed, ny The judgment Of court OF Justice, surrender
| OF us Charter Ibis 'asure, w0ui MT only have
produced great loss 10 the United Stas. a. Sfok.
holder, but would have led in the ruin Of ma
ny ofour citizens who had vested their money in the
capital Of The Bank This course wa not puTsued:-
The Bank was permitted 10 fontnus is Operations and
uIder judieious management its losses were Ia yer,
few years repaired aud its Stock has risen in the
kef, to sun greatly exceeding it, par value Thu
same causes, (excep az TO its mat bief
operated upon The Bank Of the United Safes, and re
duced 10 the depressed and ruinous condition ia which
Il Ne LAT