Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-13

To be met by active discounts, 'oo,ooo
She ing an excess OF S52i,ooo
of Immediate resources over immediate liabilities the
1st January INST ~
| Some of these items require TO be explained. The
Domestic Bills to an amount exceeding $500 ,000 are
held on New York and Baltimore, and may, by ar
rangements entered into with certain OF the Banks IN
those cities, be drawn cash, if deemed e1pedent
by the Bank here. A further amount of them Is held
OH Charleston, spece-pnying point Inc debts due
to and from other Banks are proper TO De included IN
an estimate looking to general resumption 1t may
be said, know, that the outstanding debt OF Sou,Uo
could not be called i'll Instantaneousy. That IS true
1t is also true that large portion OF the circulation,
wider in its range than probably that oil any State Bank
could not, like manner be speedily returned upon the
Bank-and it may be assumed, safely, that the one
might be collected wthou. difficulty in time to meet
! the other.
submit therefore, that the condition Of the Bank at
this place, whether viewed in regard to It's general
ability TO meet its engagements or its ability TO resume
and maintain specie payments, III common with the
other banks of the country, far from being such as
has been represented by the gentleman from Peters
burg is such as TO entte it to entire confidence
From the paramount Importance OF these questions to
all the great interests of the country, have purposely
kept ofvew, far, the Presidents connection with
them 10 impicaie whom, they have been introduced
into the discussion. In exhibiting however, The soil.
dity of the Bank, have at the same time defended
/ that officer from so much Of the dsparagng animal
version of the gentleman from Petersburg as was
founded on its alleged weak and crippled condition
and that head have only further to say that To the
extent of loss the Bank may be supposed to have sui
fercd from lis subscription TO the James and kanawha
improvements DIR. b. is not TO be held liable, certainly
by the Legislature, that subscription having been made
by the order Of this body Excluding that item OF loss,
and the capital Of the institution is at this moment
greatly than whole, notwithstanding the great
| loss sustained through Green.
| As respects the large amount Of suspended debt,
which the gentleman states at S72O,0O0-lts magnI-
tude admits only Of such defence furnished by the
fact that cvey institution, every man, doing an ex-
tensivc business few years since finds himself win
an extraordinary amount of debt that he cannot i'm
mediately call in. 1t is conceded that credits were
too much extended The error universal, and a
fault common to all does not seem to warrant very Sc
we're apprehension. But understood the gentleman
TO say, that between the date Of the Commissioner $
report and now, the suspended debt had greatly aug
ned viz: from S601 000 then reported TO S72000O,
its present amount, and to denounce strong censure
against the management Of the institution, and against
DR.. Brockenbrough in particular, for allowing it SO TO
| increase.
fudge May explained He was understood to say
lie did not charge to have augmented. lie knew II all
existed at the former period. IL had only been subsc
qucntly brought into the account Of suspended debt.
The fact was the accounts IN such confusion at
the former date the officers did not know what the
amount was of that debt He had not cared TO expose
these disorders He had complained OF their not beng
able to ascertain the amount There suspended
debt account, no account of debt in suit &c.l
Then, Sir, continued MIR. r., you arc entirely mis-
taken. There was suspended debt account The
amount of it, according TO my understanding, was
ascertaned There is time always afforded 10 per-
under protest, TO take up, or paying charges, to
renew their notes before they are charged 70 that
account. This done here After lapse OF time
had shown this would not be DONE they were charg-
ed accordngly-and this is the solution Of the appa
rent increase. As to there being "debt in suit
account" it will be time enough to answer that
charge when the gentleman shall show the Bank is
required 10 open one, or, at least, that such one is
usual But | certainly understood the gentleman TO
charge the augmentation have taken place between
the periods mentoned-to have urged it in agsrava-
| ton Of the alleged mismanagement of the Bank, and
to say, but for that he might have had some hope OF
its affairs being better conducted But however ne
(Mr. R) might be mistaken in that, it was admit
ted, the fact was, that there was such augmen-
i taton The whole addition to that debt in the inter
val referred TO- he informed, fell short Of 81 900
instead Of Sl20000 he had understood TO be alleged
There was, therefore, no ground to charge msmannge-
men in that respect since the Commissioners report.
But the gentleman from Petersburg not content
to confne his charges ofmisconduc to recent period
lie must rake up out Of the ashes, where they had
smouldered for five and twenty years, matter mpeach
ment against Dr. Brockenbrough. DR.. b. was charged
with having, about that period, been connected with
the purchase of stock in the U. S. Bank account Of
the Bank of Virginia Was this reasonable or generous:
Had the fact Just come the knowledge Of the gentle
man. Was he not at that period, himself President
Of the Branch of the Virginia Bank at Petersburg Had
he not since given his confidence and support 10 DIR
Brockenbrough' AT least, had he, as n member Of
this body at different times since that date ever taken
measures to inquire into this abuse he ought tc
have done, if he deemed it grave matter il
was now represented? But apart from this, said Mr.
r., think time itself might be allowed to drop
veil over transactions SO remote; and, at least,
think that the State which participated in the profits
the speculation stakeholder in the Bank, not Al
liberty, while she retains them, to bring charges in
respect TO it, Matter of d;sparagement against the
President of the Bank drawn, too, from anony
nous paragraph in the columns Of newspaper to the
effect that he had made for the Bank 90 per cent
on 100000. The version of the gentleman from Pc
ersburg is, that he only saved loss of 20 per cent
which might have been suffered if certain securities
had not been sold when they were know nothing Sir
said MIR. r., about the transaction, but respectfully
submit if, next TO making profit, is not the skill where
by loss is avoded-and, as bearing the question o.
financial skill and sagacty, beg to know if the success
of the other operation referred to he purchase Of
s. Bank stock) did not 60 likewise TO prove the posses
sion of them in very eminent degree by the gentle
man whose merits in that respect, had during this de-
bate, been greatly disparaged. | now appeal &c
the House. if all the grounds on which that officer
abilities, banker, had been assaled-the general
condition of the Bank-its ability TO resume-the sus
pended debt, and the two operations just referred TO
whether all these grounds had not been successfully
dsproved. do not mean 10 say that in course Of
found, justly obnoxious to criticism know nothing
about it, but it can hardly be otherwise. But dc
mean to say, that those instances have not been adj
duced and that the attempt to do it has sgnally failed
Had such instances bee adduced ought they 10 aiec
the reputation for skill and efficiency enjoyed by DR.
b., founded on long of successful admnisra-
ton of the Bank-a character indicated by the UNA
yng support of the stockholders for 30 years. and by
the confidence he enjoys every where banker, not
only at home, bur abroad The attempt to disparage
that character onlhs floor, will be vain. ofIsett the
opinion of the gentleman from Petersburg, by that Of
whose great abilities nancer and capacity 10
judge, he will not deny, and all admt-the Pres
dent of the Farmers Bank. l ofisett the opinion Of
the gentleman from Tyler by that of the disn.
guished President of the Exchange Bank here.
osett the opinion Of other members by of the
holders-the mercantile community and the public a,
arge and beg to ask where is the weight of evidence
which scale will kick the beam' have never said that
no man in the Commonwealth could supply Dr. Brock
enbrough's place-that the Bank must stop or 90 to
Il I L,yo al. L.