Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-05-25
10 THE STOCKHOLDERS OF THE
BANK OF VIRGINIA

The Board Of Directors OF this Bank have
adopted tho foregoing proceedings. II is
neeuiess 10 express the reluctance with which
'ne board have assumed this heavy respon-
sioiiity-No thing short Of what they deem.
co an imperative duty to you, could have
Inauced them to hazard such a measure
lhey have acted with Geliberatiun, under
<ne painful circumstances IN which they are
placed. They feel justified, at least, in the
no'fes oy which they are actuated, and en-
"re confidence that their proceedings will
meet your appreciation, and he sustained bv
you anu by :he General Assembly Of this
Commonwealth.
ee,ore 'hey resorted 10 a measure, that can
on'y 10 defended on the ground of necessity
.ney USED all the means in their power 10
strengthen the Bank, and 20 maiotain the
nigh credit has sustained for SO MANY wears
ihey have called in about two millions Of
dollars OF the outstanding debt of tho Bank.
whioh would have been still moro reduced
our for tho mercantile endorsements that
prevail They have reduced the amount of
tho circulation of the Institution. which was
widely extended, frsm the high credi, of the
Bank about one million Of dollars. They
nave drawn specie from the less to the more
Vulnerable points, m order 10 iortify the In
stitut!on against the assaults 10 which il was
most exposed, and 10 show it's willingness
and ability promptly TO meet it's engage
mentS. After having incurred heavy ex-
penses, reduced the liabilities of the Bank,
and put II in an attitude of security-and
when 1t had become a creditor Of other In
ststutions, and was about to reclaim a por-
Sion at the specie that had heen taken from
u, they are met by the decision OF other
Banks to suspend their cash payments. S,an>
ding IN this position, and ihus debarred from
the means Of rerlenishing their vaults, they
are subject to'tho demands Of all who may
choose TO hoard their COIN, and 70 The exac-
'iona oil brokers and money changers, who
make profit in selling il for experiation.
Beiieving that they would soon be COM
pe!eu, nrcer ouch circumstances, from the
exhaustion OF their vaults, to decline the
payment of specie, they could conceive no
adequate reason 10 postpone the suspension
OF payments 10 later period, sspecialIy
when it was obvious that il had heen the poi.
ICY OF otheE Banks 10 obtain all the coin
within their reach before they suspended,
IN order that they may the more readily re-.
sumo payments at future day.
The Board considered there would we more
vaIoE than discretion in keeping up this un-
equal struggle to the last dollar, when there
Was no hope ofvictory left
They cannot imagine that any benefit can
result to iha people from the expert sf the
specie fromthe State, while. if it be retained
al nome, II will serve as the, basis of an ear
aieI resumption Of payments hereafter.
theJ have no design in the course they
nave pursued of extending tho business of
tho B"nk-They will proceed steadily, hut
less hastily, to contract their operations. For
hhs greater security Of the Bank, more time
'Shi be allowed for theliquida.ion ofengsge-
HeHtS' that m:ght'net otherwise he fulfilled
an accurate end minute detail of the condi-
tion, on this day. of the whole Institution
Wi! be prepared; which, when compared
win i,5 condition at the end Of the year, will
snow 10 the Stockholders and TO the Gener-
al Assembly, that The Board will not have
snHsed The trust confided to them. They
WHI,be.ready 20 resume the payment Of spe-
cie(as WAS thS Back on a !ormsf occasion)
tne moment that the other Banking Inslitu.
llons shall be prepared 70 adopt similar
measure.
JOHN BROCK ENBROUGH
BANK OF VIRGINIA, President.
10Th May, 1887.