Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-04

q thingis not likely 10 happen The greater part Of the
receipts must be from the transfers Of money This i'm.
medstcly paid over 10 the proper officers and by them
speedily Dispersed and tho chief benefit the Bank has In
this operation, Is that Of paying out s own notes. for
the money II thus receives The annual receipts from
the above stated will probably not much ex-
coed two hundred thousand dollars aud as this sum
10 me payment Of The wsrsnts Of the Tres.
surer OF the United States the of tho
department. h Is not probable that the amount In bank
will at any time exceed half that u IL true that
Prooso nae authorizing the Secretary OF the Treasu-
~ To demand collateral security IL he tsha. any time,
aeem necessary when the deposite shall equal
half Of the capital Whatever motive OF may
have induced the Secretary Of the Treasury insert hi'
Proviso cannot reasonably be supposed that the Bank
Of Virginia. with all The safe guards the part Of the
Commonwealth. and with capital OF 27i000O, will be
required TO give security Tor the safe ping aud disbrs-
ment OF two hundred thousand dollars. Should
such demand be made, under the would
imply such want Of confidence Ia the ability or fde.
ty oil the institution that the Secretary would owe |, to
,he public interest," forth with Withdraw the money of
the United States, and seespect would propt the
OF directors to retire from the agency Of the Treasury De-
pariment Under this aspect OF the case the bank does
not think there is any abilty to be imposed OH this
Commonwealth ON the score OF securiyshp.
o. ne shares Of STOCK held ny the commonwealth, tho
noAra OIL pubic works aud the literary fund bank OF
virginia, are lO,lS6 One half tho revenue OF the
s'ae from all sourco' Deposited in this bank, and tho
committee respectfully referred to tho Treasurer Of the
commonwealth Tor the best information to the extent
OF "the usual average depo.ie."
6. While the bank will with pleasure respond TO any
specific enquiries the committee may be pleased make
relative aore agreement for6ears to offer ex.
plantations which might be wholly irrelevant The OBJ
jects Of the committee. II may be remarked, that the
Bank Is at loss 20 conceive any objections the agree
men as pecunidry matter II pays nothing the use
Of the derostes II the operation be one OF any profit
the gains its due proportion IT, and
the deposites miy be OF value Is fairly inferred from
the claim Tor conre saiion made by the bank OF the Uni
ted States Congress tor the withdrawal Of them
there he profit tho Bank Of Virginia. officers
and clerks will have additional abour TO no purpose
On the political bearing OF this measure, probably
not become the bank TO express an opinion.
have the honour to be, sir,
Resp ctiuly, your most obedient,
JOHN bROCKESBROUGH, President.
BANK OF VIRGINIA, Dec 2sth, 1888.
SIR-Having ef the bank yesterday evening before
20 letter OF that date came hher, have this moment
received II.
which the board OF directors acted relation receiving
the deposites oil the public money Of the United States
The first innaon of this bank being selected of the
repositories OF the public money, rous the
papers i am, very respectfully your most obedien,,
JOHN BkOCKENBROUGH. President.
To JOHN 5. BARBOUR, Esq, Chairman, &c.
DECEMBER 23J, 1888.
JOHN 8. BARBOUR, Esq,
Chairman IF the Committee on the u s. Deposites.
Sir:-AgreeabIy to the request the committee, made
through you Saturday evening, have obtained from
Dr. Brockenb, ough, the enclosed copies, No aud 3,
being the correspondence between the Secretary of
Treasury OF the United States, and tho President OF the
Bank oil Virginia. relative to the United States deposites
Very respectfully,
Your obedient servant.
l. BURFOOr.
Treasurer Commonwealth.