Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-11
Add to this the State stock, of the market for
which know nothing,

~
Add to this the State stock, of the market for
which know nothing, looooo
And the whole available funds amount TO 1926
In addition to what may be derived from the outstand-
ing debt before mentioned, the probable condition OF
which, the House may judge Let II oe borne W mhu'
too that the Bank has to make good to the old stock
holders for profits up to the time OF the new charter
the sum Of 47 900, which, according 10 the Cashier
report seems TO be due from the office in this city.
Let US now look al the unavailable means oil TINS m
sttution, whose capital here IS - ,lao,ouo. ~
Bills and notes protested, and bonds, S.su,OIo
Dahrov's defauit 5:,9,5
Old balances. according to late statement, CULTS
Variations in the books S,2S,S25-say one
half, ii'4i%
Amount lost and unavailable, mostly from
'' ms1Iect is. &c. ' 1,334,sl9
To which add James River and other
stocks, hoo''o1
And we have n total fund of LOO, l73
Exceeding the capital by about $50 goo, to winch may
be added about 600 for real estate here However,
we have been told for comfort. that one-third OF the
capital Of the Bank has been twice lost previously;
and more than recovered by superior skl and manage
mcnt.
Ii was with reluctance that he presented these views
Of the Bank lie would rather that the very accurate
Reporter whom he taking notes, would omit these
statements although IL probably due to the House
that lie should make thenl vet until the course oil ar.
1umen, on the other side had driven him 10 IL he had
not finally determined to do 50. Such was the condi-
ton of the Bank for the past II months. When It IS
recollec,ed that the Bank had been endeavorng ny
rigorous curtailment OF its accommodation and dis
counts to reduce the amount Of lis circulation and o'
its outstanding debt; when they found that this course
had proceeded with much rgor that The bank liad
become unpopular, and lis dealers disconnected; and
that this hard operation had been going on Tor some
time before Dabncy default known: as IS stated
tho IN Stockholders.
would leave il to the House 10 estimate how much
Of the 81 100000 Of regular discounted notes, &c,
could be relied upon Tor an emergency, or could be
called in in time 10 meet the resumption Of spec" pay
ments how much Of this unsupported debt OF Sl2o1,-
900 could by the rigorous cura!ment, be brought
aid the Bank. This was the proper view to take Of
the matter when parties spoke OF the great excellence
Of a financer-herc could be iarcr test than exam
hing the general result of his skill and capacity tie
did not say that DIR. B. 10 blame because there
were 500 900 taken in the James River Company; lie
would not wish disparagr the stock Of that company:
his worthy and enlightened friend at lis head) had
no doubt that it destined to be, 10 Poseriy,
la most valuable property All tins might be true;
vet for all the purposes Of banking II was Just as
dead a, the suspended debt-thcy could not get any
thing from il any more than they could upon their pro"
tested bills notes, overdraits 10 pay notes IN err
culation and to find the first fnancier and banker OF
the are sitting at the head OF an institution, and cal
culatlnr as part of the To resume specie pay
ments these 800 900 of James River stock which, on
the showing Of his own friends could only he produc-
tive To pospcrity, was singular exhibition The
complaint was, that with such larger amount OF I'M
available funds the outstanding debt should be so much
He thought under all these circumstances, ne wos war
ranied in saying that this preemlnent skull had been
dormant long that the neglect which omitted 10
look 10 the Cashiers accounts which omitted 10
supervise the accounts, &c, Of any officer 81 the
Bank the vigilance, that shuts lis eyes to the large
lcmbezzemcnt that was going onwhen It was apparent
|, hat nil 10
amount of going out which allowed this state
of things to continue, without any enquiry Tor period
of Is months; no longer deserved, could command
the confidence of the country. He thought that pro-
per regard for the interests Of the institution would for
bid this want Of attention and vigilance from being fur
ther conhded in.
John Irockenbrough ut the head Of the Bank of Vir
ginia had, in the of that debate been compared
Nicholas BIdd!e, and while his institution was called
the Great Monster, the Virginia BANK had been spo
ken of as the Little Monster. II very rarely that
monsters resembled each other their condition and
features closely and srikngy they did on this
OCCASION The Great Monster under the manage
mcnt Of who, until the gentleman from liarri
son Mr. Leg decided against his pretcnslons yeser
day. was considered to be Of the first and most
pert inancIers living, was III tue very worst condition
Of all similar institutions, unless, indeed, the Little
Monster, who might, perhaps, be a little worse Oft
than the Great Monster lie should have said, had
il not been for the discovery Of the gentleman from
Harrison, that the two occurring about the same
time furnished the strongest evidence 10 his mind that
great hnanciers, OF such amazing experience, OF
towering financial talents and abilities, were not
aclly the kind Of to make presidents of banking
institutions He supposed they could not bring down
their minds to the contemplation of subjects go low
the details and ordinary business of banking establish
ments; and he began think that it might possibly be
better for the country if men Of somewhat inferior Ia
Tents placed nj The head Of ihem considering, per-
haps that there institutions at the present
ans,p c,r,a ti,a Man
ster and the Little Monster The gentleman from llar
rson however, had told him thai y Bddle no inan
great the opinion entertained Of him
all mis.ake-that, in fact, to Use his words,
I" he neither more nor less than humbug" As
the gentleman from Harrison had told him this he was
bound, matter Of faith, TO believe him. although al
most every other authority in the land persisted in
teraining different opinion. He submitted 10 the
House. wheherin truth, the state OF the Virginia Bank
under the Management Of gentleman described as one
d! the first fnancers not rather calculated to
shake their faith in the belief that great financial or
banking talents best calculated promote the
per,y and safety Of their banking institutions Per
haps II might be found that humber could do bet
ter rs humber men certainly had done bettcr-at all
events, they could not we'll do worse.
Another Argument urged on tins subject was that
the whole time Of The President had been always dedl.
Gated 20 this institution He begged leave unceceve
the House on that point Dr. B s whole time might
have been dedicated to his nsttuton-bnt if he did not
say HIMSELF he begged leave to doubt the fact The
bylaws of the Bank regulating the duties OF officers,
and the charter of the Bank also, prohbi, the Cashier
from entering into any other employment, and he ac-
cordingy devotes his whole time 10 the Bank But
there such requsItion to the President. The
President of the Bank might do any thing he pleased
The present and the last President of the Farmer 8
Bank, and the President ofihe Exchange Bank, were
practising lawyers. lie did moi know what might be
the the gentleman a, the head of the Bank
o! the Valley hut it was his impression that he
practising lawyer too.
He had weared himself, and as he was afraid he had
exhausted the attention Of The House. he would not 20