Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-02-09

tile capital, ruined towns and the embarrassed coun.
try Some twenty years past, or less. wild spirit o.
speculation and 5elus connected with Banks spread
ever this land L, bore down all the bounds and mum
mems OF caution and prudence. Banks We're go
up; fictitious capital created; loans ready 20 all
who could give security. Money--paper money
wa" most abundant II was used in every variety oil
employment. Forests were cleAred-barren land was
to be te tze-and nature forced in her disponsatons
No where did this deiusion operate stronger than in
our towns WOODEN houses disappcared-hls wers
cut dc~n-val irs were l.vellrd-and as by magic
streets OF line biick houses arose, showing sper,our
"lhout, but covering misery and debt within. my
sell YVES under this deuson and discovered too late
70 save myself like many OF my friends, Hom EN-
oarri'sment and ruin. Sir this is no fiction All the
towns IN This SAFE, aud the country around uem,wcre
better off before the establishment OF Bank, than
present There then more substantial capital
more real rediH, more sound and confiing trade
This deusion prevailed even here in this house Some
twenty three Banks, in different parts OF this S,a'e
were chartered here. The Senate s,ihed them. For
this most prudent act OF prevention, they deserve the
thanks nay gratitude OF every man, woman aud child
in the State.
should Ike to see one Of ,hese Banks wound up
mean, pound up by lao. Many in This Union, some
IN our own State, have been wound up, but with ruin
to the dealers and stockholders. The old Bank OF the
Y. States, clos,di,s concerns with credit and gave its
stockholders an addition TO their original fund.
| have examined, with care and attention, the state.
nens made by hsse three Banks of their present stu
a'ion Their exhibits are fair and 10 Inc quite salts
factory. have no doubt of their correc tness; and
they bear strong evidence OF the faithful integrity OF
their conductors. First as TO the Bank of Virginia,
This Bank has now been ,wenty-sx years in operation
II has passed much trial and tribua'on Ii has been
Violently asailed, aud in series OF letters published
III The newspapers here, charged 10 he nearly in
state Of insolvency. Their exhibit completely dissi-
pates this charge; and 1iscloes state of soundness
which is highly creditabe. In the upright int gritty
OF he officers of this Institution have the big he
confidence; and their Report has confirmed this conf
| dence.
will not go into detailed statement of this Bank
ia wi Ne Nv he tlemA from reIe
tMr Mason and with whom, this part OF the sub
ject, do not differ. This Bank from its she wing
rs doing well. ] do not for my part know why it
should b. anxious 10 its Charter. IL has three
| and halt years to run: and say, sufficient for the
day, is the good or evil thereof II is doing WE'LL
| and would not interrupt it, career. Considering as
DO these Banks, positive evil in themselves, and that
all good governments ought to get clear of them in
the best possible way. think the Bank Of Virginia
can wind up with safety its creditors, :b'ors, and
stockholders
per cent In this is not included the lost notes. which
may BE- safely calculated at 10 per The
old Bank OF the U. States cleared, as have been in
formed, about 10 per cent Its circulation OF notes
WIDER but its continuance was MT long "a tia,
of the Bank OF Virginia. The statement ct l and 81
uUt,s, Issued by the Bank OF Virginia, ,hewsa clear
gain Of thirteen per cenum, and comparing great
hngs with small, do not think | at all
unreasonable III this calculation Add these
tor cash notes TO the availa,l, funds OF the Bank
and 1t can have within per cent. OF paying oil It's
BILE state for any hank. Few can shew well. When
any hank mes 30 near equality, think it may safely
wind upus concerns, and none will grumbIe
plain
In such case, think il incumbent on every good
government to close any institution which ha. exclr-
sve ghs privileges, and il il can be done without
much Immediate injury to the parties, Tor one, will
make the effort.
ain told by those who know these matters better
than DO that there is capital in this city, and
in the towns where branches Ct the Virginia Bank
located than he used to advantage prof and that
the closing OF the Bank of Virginia will not at all
lessen the means of obtaining capital for reasonable
and correct Trade and investment. This being the
case, II is only ssary provide for The convc-
nence OF the creditors aud debtors ot the Bank The
cash, notes at other banks, and other available funds
OF the NIX, will at once enable il to pay it, notes and
olh.r essng demands. Mny OF the deposits will rot
speedily called for. The large amount OF goo
debts due TO the bank may be indulge on The annual
or hali-annual payment OF interest. The payment OF
this interest would give the stockholders annual d.
v'end The expences SAG, 900, might be Iessencd:
time might be allowed to the debtors, and thus the
Bank might end its concerns. | willing 10 give
every indulgence ard facility in this easne will
give 3, 1, or years. This will BIO enough. rhos,
who owe must pay some day Other and il this in.
diligence is not enough, the debtors be unrea-
sonabe, indeed. II, however, the Bank is TO be
chartered, aud TO be allowed exclusive rights and pri
veees by law, thnk the Safe ought be well paid
Tor H. These privileges ought not 10 BE- given away.
They are pledged 10 The fund OF Internal Improve
ment, which stands really in naed of repenishipg.
do moi Ike his KIM oil taxation, but tor such an obec'
as improving State, cannot consent to forego it,
The offer made by the Bank is not enough. On the
last charter $50 pershare given. now only SIS
are offered. Ibis payable in sock will hardly be any
addition to the nearly exhausted fund of Internal i'm
proyement. So much for the Bank O. Virginia
The Bank Of the Valley.
Their statements seem lair. | wish they were in a
more detailed and ineligible form. The meinbpr from
Frederick, (Mr. Mason) who is taking notes,
sangune than / am He will shew, or attempt to
shew, that after rcdeeming all its notes debts, and
stock there will be surplus. wish it may be true.
Ii il H. IL highly creditahle the managers of the
bank, Sit will be truly gratifying 70 he parties concern
ell This most ent state ia strong motive with me
TO wind up the Bank. There will no loss; the stock
holders have received duriog their charter upwards
OF per cent, and surplus will remain to b. divided
Nov, what more can reasonably he a,ked? This fan.
ced real prosperous slate does not TO have open
ed their hearts 10 any liberaly The offer is $50 900
| equal 10 SO 33 on each share. am not willing Ia
sell exclusive privilege for such patry sum as thi :
and especially TO those who, by their own sLew
ing, so able to pay for them.
| The y. w. Bank.
| Their statements appear fair, and indicate stability
and fidelity Of management. As far "a am informed
| Tits cannot be grant, d-upon the whole think the
mc' s. circumstances OF these three Banks will Justify
h, house in winding them up. | am willing 10 give
every aid and ds much time may suit the reasonable
convenience OF the Banks and their debtors.
n motion TO postpone indefinitely the question Of re-
chdrtering the Bank Of VTginia, being ,1der cOnsi
| deTatiOn--
! Mr.. kUrHEEFooRD expressed his regret that in
| the then exhausted state OF the House, he fell
| co strained 10 ask their indulgence
h.. .ftc'r,