Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-02-20

its de6tors This is trading corporation essentially
and no instance is known where trading company
in prosperous circumstances, las adopted such
course.
Again it is said, another effect, Of refusing to
renew the charter at this time that it will produce
sensation in the market, that prices viii decline.
Sir do gen'lemcn wish to dragoon us into this mea-
sure, by disclosing the power, Of this corporation
over the land and labor of the country! And If not
70. this purpose, arc they aware, that an unsound
state of the Bank would go much further, TO sup
port their argument, aud Justify this measure, thau
what they asser: to be It's actual condition?
If the Dank has managed its concerns well, let it
go under its present organization, and WHOM the
charter expires. if time be necessary to settleits ut
fairs, doubt can be entertained, but that time viii
be allowed for that purpose. This is the practice
throughout the country, whenever charters have eN
pred aud there not, aud cannot be any objection
20 il here.
But the funds are to be ruined, greatly impaired,
unless we renew the Chatter noco. This 10 but the
old argument of "reducing it's discounts" in differ
ent dress. IL the Bank has been we'll managed, and
is now in prosperous condition, the only possible
loss that coud be sustained would be the loss of in
tcrest, during the interval Of paying TO the
Treasurer, or the President and Directors of the
Fund of Internal Improvement and tie Literary
Fund the amount of stock held by those Funds, and
The REIMBURSEMENT Of the capital thus restored in 9th
err stocks. This might require u week, perhaps
month, certainly not six months. When man
lends his money his ncighbor. and takes his bond
for it, it rarely happens when tits returned, that he
is If any difficulty in making beneficial disposition
oft. And the time necessary TO do SO, is the least
important consideration.
But sir, If the payment is demanded, and the deb
tor is unable TO pay, nay sir is insovent, it is much
less important TO estimate the time necessary write
and seal anohe. bond
Is no, this probably the situation of this Bank,
and hence the apprehension for the value Of the
stocks9 unhesitatngly express my deliberate con-
yicton that it is This conviction ia founded upon
the exhibits furnished lis by the Bank, ond shall be
excused for referring the debate some days since,
he tn y,act hon
shewn that the whole account of debt including
stock at par, and deposits, was S5,IG7.ls5. The
debts due TO tie Bank, including all available funds,
si,B3262 Balance against the bank at this time.
$685., 070: and consequently loss upon the stock of
Is per cent This admitted loss will be increased by
the failure to collect any portion of the outstanding
debt of S3,S39,5i9. Divide that debt into three
classes of good doubtful and bad; and allow the first
million to be paid at sight, and the second by install
hmenis i'll two and three years, if you please
I in any shorter period, and allow saving of 81 per
cent of the balance. to be collected IoeI ii car, and
this stock would undergo further reduction Of ano-
ther i2 per cent. This would reduce il to rs. Now
sir, appeal to the candor of gentlemen, say, from
their own knowledge of the condition of extensive
dealers, whether merchant lawyer, farmer stock
obber, editor sheriff or clerk, if it would not be
garded prudent, nay wse TO strike of The whole of
his bonds, bills and notes, subscriptions tickets
- per cent discount. say nothing of the difference
between the estimated value OF their securities upon
real estate, held by mortgage deed of trust, or in
fee simple, and what that property would bring if sold
at auction for cesh.
There is another of suspicion, SO strong as
10 justify conclusion, upon every theory of probabi-
ity and it arises from the provisions of tho charter
Gy the charter, the Bank authorised to commence
Its operations when fifty per cent of Its capital stock
was paid in gold or silver and the stockholders were
n allowed to borrow the other hafat interest eX-
eee69g. 6ncr cent, and to be paid by instalments
paid five hundred dollars in gold or silver. lie brings
ms ten hogsheads of tobacco ten bales of cotton
10 market here, sells 1t for FIVE hundred dollars and
!. NJ
OF Virginia He goes TO the Bank pay the balance
OF his subscription for the ten shares ,Phe officers
! refuse to take It, insisting that he shall comply with
the charter and pay for his stock in gold or silver
lie then requires that they give him gold or silver
for the Bank notes. They must do il or expode :
This conclusion i no. avoided, by suppos!nn the Bank
i TO have received valuable consideration for the
notes which are offered in payment. They uipht
and probably were issued upon deposits, that were
withdrawn before the notes returned to paw fo- the
stock. Is 1t to be supposed therefore that INV
stockhoder would agree to give per cent for gold
silver. in preference paying for his stool; in ,bo
notes of the Bank If he understood his interest ne
these per cent usually do, he surely would mt
1t appears 10 therefore, that tho Bank did not c
ceVe TOR each share of its stock from the subscribers
an equal amount in gold silver; and if they did not
1t is not probable they have, or ever Will re-
ceive it.
do not wish to be understood as intinatpr this to
nave Ofcn the case with each share, with each
Gtochho'der even If it had, instead of loss of 70
per cent the stock ought TO be estimated at fortv-
four instead of eghy-eight to the hundred. But if
tins did occur IN any instance, and it seems to me
probable that It did, the Bank ought not to be expec
ted TO return the stock entire This is the argument
adduced then. hope it will be borne in mind
viii now resume the argument, upon the supposi,ion
/ oi the entire sovency OF the Bank which as eiu-
ccrcly desire may be true, as any advocate Of Tho
bill And If the Bank is the condition il is said 70
tc 1t must be apparent that the alleged necessity for
renewing Tie charter noto, TO preserve the public
iunds' is without foundation There are no subsst-
ing contracts for public Improvement unproyded for
and while It continues TO make dividends Of six per
cent rs may now do, by dividing what ought TO be
sOvA, instead Of profit, tie system Of vublc educa
ton Will progress as it has done. II has an unex
pred term OF more than three years Let it continue
prosperousy during that period, and If necessary TO
renew II then Or 70 charter another of which have
heard no doubt expressed from any quarter n enter
tam none) those who succeed US can better deter
mine than we can now.
! shah now Mr. Speaker, attempt 90 show that il
is inpoiiEc to pass this bill nj his time Sir do
not Ike The manner in which this application has been