Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-07
Condition Of the gaak CT Virginia

We lar hui":r our readers very interesting iritcf
Gon the P.csdrn; o.: the Bank, which presented
=, IN. Nn.,Sc OF Delegates on Tuesday hast. Tins dc"
yui.cn along with tic official fNpos', "t lc affairs oi
III, Institution dad before the House Thursday last
and Incorporated with our Report of The proceedings
-. Ina, ayl presents very clear ycr ct the iranaac
lions and condition Of the oldest banking institution
i, the Commonwealth II is calculated to WIN a'iG
onal confidence III the stability OF the Bank Ii shows
that the Institution stronger than Ii was III January
>.-tl.a, lis outstanding debt has been reduced NOR"
an one million, not"ith standing The augmentation Of
IL capita h. near 100, G!that lis notes IN c'rcnaicn
ptv. been reduced Ssi3,;i1-wic ~ specie and spc
cic funds have been increased.
The Presidents Letter, however, opens iaoTc M
pa-talt ven Of reflection upon 1t touches upon
"r TIL great defects which pcrvadcs the present o.
raa2ation and management nt our Banking lnstu-
ions |, shows how their credit system has been Gb"Scd
IL .cir and extensive loans X insists upon The great
prmrp!r ct banknr credit that, 9TH" great design OF
c.ahshns banks is 10 promote agriculture, commerce
and manufactures, b. temporary md mod'FGic adj
vancrS Of their credit in aid Of individual capital anC
enterprise Credit, indeed, may BE- considered as a
ul drawn By the present time upon tuturtv
hank supplies lis own credit, capital, III lea 81
tie cycdi, or unavailable funds OF Individuals for
II" purpose OF putting productive labor into motion
Eat tbs draft on futurity ought not 10 be drawn at too
distant day: and the enterprises, IN which Il = en-
harkcd ought to b. ld,c;uS in their selection IN order
,e h. profitable IN their results. The advances Of tn"
bank ought 10 b. .rElpcrarv and moderate, and 'a
af II iHd'r'a@c! capital and enterprise large por-
ton u the abuses OF tie bank has aris, rom an eS
c"SS'vr use Of Gc"omi"06"i'9" piper INC i'a'HS %
tr L S:lcs had adopted Of til" rules pursued By
Of The Scotch Banks, to call upon each customer 10
sand ny his II hc course OF TN: year. It would
1na" 3'" arrested much "i the speculation ana extra
'a'nn winch extensive credit Is 100 well caica-
@c@ - c"EcnGcr
"' VITA these precautions larger proportion {" il'
'i'-ia1i capital TO " PAD III spccca larger s'P"Ia
ta "p'Fu"n OF rs coin 10 rs c'rcuiatoh-ai icf''Scu
iauv 81 the stockholders, IN 1heir PFVat' io,
and ch"v" al, perhaps, The PROHIBITION OF al Siail notes,
IL least below S2O, and We introduce new ana aoih-
rabbi" reforms inio the banking sySteni-and nec"SSa
~ restrictions upon its abuses These provisions are
well calculated 10 prevent Orer-banh"S and us attend
AIT evil orSr-:radin".-Thc Legislature IS about to
gran thom temporary reftei-but let rs then nitro
d'" permanent r.ior"'S, to b" introduced by gfaaoa'
'''&t"n:, 81 ;iat the community may learn 10 ac
cInImrc.tr itself hy degrees 10 N" alterations
Il, n. Gcacrai .l$<. 3,b!g ot' Tirg;nia
Bi>K OF EIg"I>IA. Dec. 3, 1880
The President and Directors of THIS institution har
M snly.d On III. i1tfr OF October last that at
f.atrnt 10 suspend specie payments for the present,
r 10 be- c,r du,v briefly to assign their rcascns for
TIL, preceding 10 the General Assembly 10 whom th,
Hana owes lis corporate existence and 10 whom il is
am, nab!, for lis acts
On the 2Gth day Of MAY last, general meeting of
Inc stockholders was held for the purpose Of consider
~ and deciding the acceptance of Tie new charter
by he, At that meeting, the Indl-