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

other items-Should the two Banks, when united, do
the same amount o, business transacted anterior
TO their amslg amation there could probably be bu'
little IL any reduction in the number OF clerks, while
the increased duties aud responsibilities OF the Presi
dents ,nd Cashiers who might be retained, would give
them fair ciai 10 an augmen alton OF their sala
RES All other i"cilen Al cxpsn.es, such the
graNGg and printing Of Bank notes stationary, postage
transportation OF specie, LAWYERS fees, an
wouil o. course beer tair ratio, no (, tn mum
her Of Binks, but to the amoun, of buness done. H.
trlt assured, therefore, that The calculations 20 tn
economy OF amagamating these institutions would on
experiment la.l far short OF the reality BIT, ever
admitting That they are well founded, the whole
amount which might be thus saved, would hear com
10 the advantage which both thu Stock holders
AMI the community would derive from salu,ary com
petition between these institutions propsr degree
OF rivalry between them, would make each more cir.
cuDspect in the conduct of its affairs, and solici
tous TO presen COOL exhibits the Stockholders and the
state, than il no such competition existed. Each might
operate az check to prevent hazardous spec, laton or
over-ading by the other And occasions might occur
when one would be enabled 10 give those facilities Ia
the public, which the other, from temporary causes
might be unable or unwilling TO afford The mall ad
mnisraon OF the affairs OF these Banks would more
over, ii united, prove much more preiudciaI to the
public interests than kept and niepend OF
each other. 1t would be much more easy TO wind up
the affairs of one than of both these Bank at the same
'ime-indeed the expectancy of closing the transac-
tons OF either, might resder necessary the indie
pendent existence oil the other FER Other purpose
than to Tighten the shock and alleviate the coavusion.
ty. closing the NAL admni. alton of so expn.iye
an institution as either OF those Banks IL appears
therefore, that the interests of the Stockholders and
of the Comnonw salth are on many accounts opnose
to any such ANAL amation.
Mr. r. said, that the facilities OF borrowing and the
consequent temptations TO hazardous sp. cua,ion and
over-trading, which he had frequently heard urged
an argument against The es,ab hnen of Ba, ks, 10
much, ii not the whole of its force. when app led to the
rene,cdi Of charters already granted. In the latter
cases. II no augmentation oil capital be desired an
none IL asked for in the present casel the mi.chi,
any. has already ben done. The capital having been
loaned out and appropriated by the borrowers. the
newa oi barter would have other effect than Ia
keep things in a great measure in statu quo For &C.
comnodation loans Gas they are called or discount
granted with the understanding tha, they may he indie
bnit-ly renewed, constitute large portion OF the bust
ness Of mode TN bank.
Upon every question OF the renewal of charter he
though should enquire only int, the con liiior
OF the Bank aud The adnni@ra ion OF its aff rs-bu
into the State ~ The times, 10 enable 10 determine
whether under all the circumstances il would be exre
dent to grant reject the application He feltver,
confident that the condition of the Bank OF Vryni,
Justly entities il 10 public confidence. Admitting how
ever, that 1T nigh be advisable to wind up its affairs
would II he expehient IN times like these to force int
market the large amount OF real estate owned by tn
Bank, and upon which il has taken liens Tor the secnr
~ Of lis debs? would it he polite to commence at Thu
unavourAb!e period the opera i'm of corrcns
the payment of its debts? Such a course could not fai
to produce unparalleled distress. IL the present de
pressed state oil real ponerty, especially in the towns
the immense sacrifices which would he required won't,
be attended with general rain and binkrnu'cy. Tn
effects would he fe rot only ny the Stockholders an,
the debtors TO the Bank but 10 certain extern bv t
whole community. All who have money {, nav debt
TO collect properly to SELL whether c;ed will
the Bunk or not could fail TO he mos sen hly al
iected ny state OF things, in which all would bt
"nN'ons to sell and none willing 10 buy while the de
probation oil property would he TO keep pare wi
me Apnret alton OF the circulating medium e the coun
try Under such circumstances. he tr".ted. tia, tn,
worthy gentleman from Spotsylvania @ Minor) VIII
mas expressed such strong desire To Bank roun,
up, would consent suspend his curiosity until more
favourable period should be afforded of witnessing AZ
experiment in which he appears 10 feel 20 intense Al
interest lie thought ion fayourably Of the amiable die
position oi That gentleman, 10 suppose for poment
mat he could wish any harm he bank or to any hu
nan being. And, inasmuch az he has acknowledge
tha he considers the Bank tn no in much better con
clon man he expected 10 find it, and has lesrrihe il
affairs a. being qui'c prosperous III. claims which tn
Bank now has 10 the confidence Of that gentleman
ought, IN these times of pecuniay distress rather TO al
,SV man excite his curiosity this subject. IL tho
commonwealth had immediate intcre At in the m T.
Ter, me adverse times which the bank has been com
pshed TO encounter since the late war give il sr,ns
GAINS 10 the iher"liy well IN" Justice OF the Lee
g..'"ture! What. he asked would have been the con
don at the u s Bank had the affairs of that in sti
tuition been wound up Immediately alter the NAL adj
lnnstraton OF its fir President Had legal measure
neen taken TO enforce the forfeiture Of i,s ch rer
.nr ""i-pratnc"s which were committed, the fna
settlement al its concerns would have rvcn,ua,e,
In heavy loss 10 The Stockholders ard serious nilr,
10 the Country. But no such course was pu.sued
us opeIauOns were permitted to proceed ~,
how NM, that under able adj mini.,r, alton of H.
af''r', the Bank has acquired the confidence of thu
c"uhrNs while ia stock has advanced conside rahiv
hovH par. That equal success has not cnded ,h
Bank o, virginia dnriHg the period NAV he fair
" attributable 10 the great advantage po.se.sed by ih
United States Bank in the immense depo,it Of the ma
tona iund', and the extensive circul on Of lite note
rom one extremity Of the Union 10 the other EsiaL
sheh also some time after The termina ion of the LAT
war, the United States Bank was eypmp from The con
vul-ons experienced by all the State Buks ihrouybo,
I'VE Obon' upon the resumption Of specie naymen's.-
lie commended, however. that the af,ir Of the Bank
virginia have been conducted will, ability and circum
specuon WIS better proof Of the fact roud be afford
e"' man That Will very large portion of our mo;
wealthy cautious, and enlightened merchants, bav
h"en unable to withstand the pressure of the n,es IN
bnk OF Virginia in the midst Of all this commercis
embarrassment and disiress oppressed co by the O.
rormous bonus has paid 10 the Commonwealth shoul
be enabled TO make good an exhibit nj ita affair.
has been presented for examination? If then the char
ie be renewed, on reasonable terms, NAV we not "a
tonaiy calculate with the exrerience il has Acouire
both IN prosperity and advrrsity, thai lie af,irs win if
due time. be greatly anelieaiedi Gradual sales OF II
real estate as favourable opportunities may offer and
regular reduction Of it's outstanding accommodate
debt, as circumstances shall dictate NAV enable tn
Bank uy 10 realize lie estimates should the pre
sent depressed state of things continue much longer
Il however, (as we may reasonably anticpate) bette
times shall ere long arrive, il fair 10 presume tina h.
the expiration Of another term of s charter the stock
alter making fair dividends will have attained s psr va
lue, while the pecuniary condition Of the country will
have greatly improved. But. should the charter NOT HI
renew ed he entertained serious approximations that Of
winding IN the afars of the Bank in such time