Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-31

Letter from tia President Of the Bank Of Firsinis.
BANK OF VIRGINIA, Dec 10, lsii.
To JOEL HoLLEMAs, ESQ.
Chairman OF the Committee on Banks.
Sir-I do not know that can better respond 10
the enquiries contained in your letter Of the 18th
instant than 10y furnishing the committee with a
cony of my letter TO the acting Governor of the
Common wealth, in answer TO one received from him
on the % of September last. In truth have but
little TO add TO the contents OF my letter TO Mr..
Rulherf,orJ Early IN the summer large masses
Of the paper orthe Banks Of Wheeling were remit
ted hhcr from Baltimore, deposited in the Banks Of
Richmond and our notes drawn out IN lieu OF that
paper. 1t then became necessary 10 ascertain IN
what manner /: would be redeemed, but no arrange
nnent could be made by which we should not suS-
,,in considern bic loss in the exchange. We had
no unfriondly feeling towards the Banks OF Wheel
Ing and had question oil Their ability to meet
their rs well ms we could meet our own,
I'm, il was entirely an affair Of exchanges neither
were paying specie. From the greater distance of
location their paper was greater depreciation in
Baltimore Than ours of course IL came here so long
rs VIC would receive It and pay out our paper for IL
Had we paid II out again, IT would soon nave De-
come the general currency IN Tins quarter, ana IN
creased the unfavorabe rates of exchange with the
Northern cities which wished 10 avoid. Under
such circumstances, we could Cny receive II or spe-
cial depostc, to be paid out IN KIND, and TINS We
were always willing to do. Our polity would have
been unaysiling had we received It on general de-
nil have taken that direction, and nearly the who
of the public revenue of the State been paid IN that
p,per We are now receiving II from the sheriffs
on special de posite and II will be for the Legisla
ture TO decide how 1t is TO be disposed OF.
beg leave TO avail myself OF this occasion, most
respecfully 10 invite the prompt attention of the
COMMITTEE on Banks to another subject OF grave
import 20 the public and private stockholders, and
u the dealers OF this Bank. Before the annual meet
ing OF stockholders takes place Ton the 4th OF
January ncxO the law Of the 18th March, lS4l,
9th section) will 90 into operation. Rather than
incur the severe penalties Of that law the directors
Of the Blnk in all its departments, will iee It in
cunlbent on them u resume specie payments under
the mos unto ward circumstances. They must aban-
don all thoughts Of making any dividend, and mus
reduc. the bus ness % the Bank as rapidly as pos
sbs 10 he great delriment OF al, concerned. ltwi
be n, season when more money Is temporarily re-
qu,.cl iln at any other OF the year, and such must
be ne pressure rs TO leopard very many OF the Gus
TONERS who MIGHT otherwise meet their engage
me.;7 without difficulty. The balance OF trade,
toe IS nov a-a.nst Virginia, and claims from the
Nouner- -3'~v will probably pour ~ so copIously
on 4 G Backs rs TO oycrwheln them, when the
pvaI's Of -sr COPS, together with economy on the
part Of iuuyrihais. and more restricted business
on ne par; 9, tna Banks, may counerOalance those
claims ~ jL- course of some months. For these
reasons iJ.lc lnc liberty suggest, Tor the consd
Grafton OF Tire Committee, the policy OF suspencIng
the operation Of that law, until such general meas
ures shall Ice taken IN regard TO the resumption oi
specie payments, as the General Assembly may, IN
their wisdom, think proper 10 adopt. | take leave
TO add tina: The directors Of this Bank have no eE
elusive interest IN this matter They are small
debtors as well as small stockholders. and have no
other wish on the subject than to be enabled conscl-
entOusy TO perform their Guty TO their constituents
and to the public.
am sir with the highest respect,