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


that per cent would be very liberal grauity for the
extension If their charter, under existing circum,
stances III we compare the presen mt state OF the Bank,
with its condition when the charter was renewed la
isi4 will be iound. that per cent. il reasonable
consideration row. "a the bonus paid in lSii was
that time. Up 20 that period, comprising ten years
snce tn" date OF sehar'er the Bank had experienced
III common with thScounry III general the most unex
ampied properi,y-For, It until after the tran
>i'ion iiom war to peace in Europe and America and
'ne resumption OF specie payment, that our CONNER.
cia embarrassn mt. commenced. We accordinrlv find
hatdar ng hose ter yeas(nclung period AZ the com.
encement OF the operations Of the Bunk when no ii.
videnis were declared there paid to the stock
holders $50 per share. making average, dividend
o. per cent PER annum that the stock then cor
sierably above par. UHder such favourable circum.
Stances the Stockholders not appreheudng the violent
convuision' which have since agated the whole com.
mereal world, nor anticipating the powerful compe.
huon 1t has encountered, by the subsequent establish
m-n Of the U. 5. Bank, with it's immense deposits and
other superior advantages, agreed to terms which il
would have been madness in them accept, could they
have looked into tuturity What were those term..-
In consideration OF renewal Of the ir charter and the
augmentation Of their capital there have been paid by
the Old Stockholders nv semi annual reservations
OF their dividends, $50 per share, amounting 10 $40
ooo 10 constitute fund for two thousand four hu.
dred shares, while the new Stockholders have
paid IN like manner S25 share, amounting 20 5000.
600 as fund 10 pay for 1900 other shares for the
OF the Commonwealth The state also retained oil the
premium obtained on the sale OF the 5000 of the
new stock, which was invested in five hundred and
for;y-sevan additional shares at par, thus making
in all 4,947 shares for which the Commonwealth
has not paid one cent Daring all this time Gwen
before rs stock was paid for) the State his been
ceising full dividends, while those of the othe
ers have nee Materially cuttA.i hy III seman,uoI
reserva ions Tor the benefit Of the State For examYl
there nave been paid to the old sto klolers since tn
renewal oil their charter in 1914, EN- bracing period of
about fifteen and half years, SS4 75IOO pr share
IN liking an average OF about l2 per centum per an
mum, ana % the new stockholders $40 7J-I00 per
share, making an average OF about III per cenun H.
| pcrin he st,ta
csived upon her 9l7 shares SIei 75-IOO per share
making an average of about "a per centun per an
mum In short, the state will have received from the
Bank, by the time its charter will have expired in
took aud dividends tn reon, considerably more than
million Of dollars Does not tits ssive rate sf
taxation alone, independent OF other Causes readily ac
coun for the present reduced value Of the stock ard
the diminished amount OF dividends received nv the
stockholders since 1912 And does il not furnish co.
gent r-aSon why the Commonwealth should be very
moderate in her demands, in the event OF another re.
newai oil their charter If il he obvious that
we have already received more from the stock
hoiders, than thy could ah)rd 10 pay. we sure
iy ought now Tor that alone, TO he con-
tent with more reasonable bonus Fire dollars per
share at present, considering the state of The times
the Reduced vilue Of tho stock, and the small div
bends received since 1914, should he regarded in all
respects, 10 be fully liberal az the term. AR ed on
THE last renewal, derng the thsn high value OF
the stock, the heavy dviden which had be en- recev
Ell ana the tsnrishing condition of the country. H."
nope" mat III" Stae would not attempt extirt from
The stockholders, what they could moi afford to pay
but tadt shs would b. lbsr A. AMI at lie ,s afford the
an opportunity OF Rising their stock once more its
par value lie believed they would he able do this,
should their Charter be renewed on reasonable term
in rcirrred TO documents, which had been furnished
ny the ID nk' TO rrobora,e ,his OPP Mon II would APP
par IRON these documa that the debt. due from
ihe Bunk, xclusive of il, capaI stock) amount To
Sz'42I,o96 33-l00; Of which sum- there are due for
no e'n circulate 81 $50 S4l 81. 100 and far deros
mo"py, $50 Sol 81 100. To d'charge this amount,
The Bahk has in specie, foreign notes debts due from
oher Is nks, and other fnod immediately convertible
81 lIo oil 031O0 leaving The sum of $3.50 6s5 30 100
ne provided Tor out OF the on-stan ling debt, due
rom INDIVIDUALS. and the sales OF it, re, os,te. The
lnd,vidhai outstanding debit amoun's 10 81 339 5I9
~ wv, ana ne real estate TO 1898 Ice OI 100 AZ
uenue'.ng from Tie arnor1 Of ne two LAG, mentioned
'te"ls the sun OF 1920 566 100 "a the estimated
ano,n, OF had and dou'tful deb, ard the sum Of
Sz'oz9 I3-lOO, the ima" to pr,, ,hie 10 &c
nn re"' estate. and the sum o $l252s 1900. ing
asnrpl"s fund included in the amount q, deposit mo.
ney, ,ner, VIII remain to the Bank in debts due by
individuals, con'idr ed to be good and in cal estate
e 80 ma a, rs present reduced value the sum OF
- GIG 79-10O, TO pay the debts OF The Bank and
he capital of the stakeholder. After dedu ting from
ne ia mentioned sum, abova stated balance OF 1892
oo' 90. 100 due by the Bank, thsre will remain to the
stockholders IN" sum Of S2.404 93I 40 100 beng a
deficiency OF $33506s 5l.IOo. about IL per cent
IN we canal stock, o. 2,1lO 900. Accord ne I, tn
rA"'n' I"h,ch con aims no estimate of the gain 10
the Bank by the very large amount of noes
"ch must nave been d's'rOvPd since il first went
~ opera'i1n the va ne Of the stock is about
80 per snare or IL par cent under par, decien
""ch' hP trusted, the Bank would he enabled to make
goon ana Tor which they have strong claims pon the
Iihetality OF the State. II his been urged however
that ,hrr- u something mysterious in this exhibit Of
,he Bank-'ht these foreign notes may be worthless:
that large portion of its debts. NAV never he collect,
ed and that the real properly Of the Bank is s,ima,
ed AZ more than II is worth AZ 10 tie foreign no, es
he thought no better evidence couId be furnished ri
their value, than that the Bank Che hest Judge in such
cases should havs thought prope- 10 receive them as
iund' Immediately convertible. The exhibit which
mas been furnished, makes very large allowance for
bad and doubtful drbts; and, surely he Opinions of
those, whose duty aud interest has been 10 examine
into this subject shoull be entu.i 10 more weigh,
than our vague conf As 10 The estimated value
OF the real properly, IL /. well known that much The
larger portion oil l., has been OBI aimed al
low rates. and at very heavy sacrifices 10 its former
owners Nearly the whole of il il situated i'm the
towns and SHOULD iimosInprovp, will most
b. '@urce of profit, rather than Of loss to IN Bank
But, what use, what propiety, there be- in calling
Oh the Bank Oic.rs for statement OF il. if no
credit il to be attached toi;?
Surely may be content with the same inflammation
which has satisfied the individual stockholders who
ace so Immediately interested in ascrrsinins lie COR
recnes' Unless fraud he suspected (and no ono IA.
intimated such an idea) the documents El,ui.h.j
onsh 70 ia taken as true, until the contrary he proved
ne eShibn OF the Bank under all crcutnstsuc.s il
Iuy ~ favourable a. could thly have bsen an.
icpa Ell, AM gives II strong claims TO the confidence
o IN" pubic. lie, therefore, hoped, f)r the sake of
The community "a well az the Stockholders tina fine
House would reject the motion to postpone indie
", TN iurth'r consideration OF the ect, ant TIA
the prayer OF the mortal would be con lereJ reaon
able.
NJ. r. remarked, that in eonsequ nee of the time At