Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-09-13


4 Town Meeting Of the cnlzens generally, IS 10
be Immediately held fof the sine purpose.
From The PhiiadcpI,a L. 5. Gase1e' Sept. G.
L. s. BANK ASSIGNMENT.
On Saturday, the Dueo'ars 81 the Bunk oil The
/ UuIted States made an assignment oil most IL the
valuable assets of hat inslitui 10 The following
AIMED oentlemrn - ames Robinson, President
/ s. Nerbold, Director; Richard Bayarj oi
ID Iuuare ; Thomas s. Taylor, Cashier, Herman
Cope, Assistant ASHER.
The preferences, If they can be so drnomnated,
are one or two small demands next, those indi-
yiduas are to be secured who have made themselves
responsible for amy hablnles OF The Bank parlicu-
latly those who have entered security on judgments
recently obtalocd ag 4insi the Bank on lis notes
amounting, We think, 10 neatly Two hundred thousand
dollars. The proceeds Of the remaining portion Of
the asses 10 be appropriated for the bent III oil the
gcn",al creditors.
With reference 10 this assignment, may
mark that II Is called "partia assignment not
general; because general assignment would moi be
Valid without The assumes entering security 10,
tnlcc the uuuIol VI amount assigned, and sci OF
men IN tins or any other city Of the uuiun could
ID such sCculy, o., at aiy rate, none would accept
a trust of such lutte profit upon such an onerous
condition.. The assignment IS, therefore, partial,
aud ~ authorized BY an act Of Assembly granting
the Bank power 10 make partial assignments with
out asking security from the asslgnees. With
eity assigned contains nearly all the valuable
property of the Bank not included IN tho Two Tor
mer assignments, VIZ the one Tor The benrli OF the
eat, BANKS aud the other for the benefit OF the note
holders.
Onc condition Of this assignment is well worthy
81 remark, wv the Hssignees may receive notes of
the Uuucd States Bsnk Tor any bills receivable
notes o. bonds due and they have besides, power
gnuted 10 sell any Of The assets, taking IN payment
,ht,uor notes the uuned States Bank
1t Is thought by some that notes OF The Bank will
uoo be Of value, NJ they are likely 10 be called
Tor, either TO pay habDlnirs 10 purchase assets;
aud we would take occasion say that /, IS probable
tia. the want OF some provision OF the KIND IN
former assignment tor the exclusive benefit of the
note holders, has led 10 the non iulilmen OF the
gcneral expectation that the assignment would tend
% keep the notes nearly NJ par. Though IN that
pdlia assignment Qor the benefit Of the note aal-
dcts) The ass nccs are allowed 10 receive no al
the Bank for the payment of ts aud accounts be
coming due, yet such provision has proved una
vaIlIng, luasmuch ~ II Is probable that The best OF
that class oi assets assigned Tor the brnet oil
the CIV banks, aud another class of securities
given 10 the assigners no act foI the holders
/ while lhry were not allowed 10 sell those assets
for any lhmg but pan money At any rate, not Tor
Uulted States Bank notes. That ass ignmcnt. there
tore, without Any mult IN the assgnees, fails of
great object proposed.
We may here remark that this assignment does
not mtctictc with ~ supersrde the other two pe-
cial assignments to winch we have referred.
| The course now adopted by the Board of D
r ctors has been rendered necessary by the great
run b,rt: mis- Instituted against the Bank, an some
ofuhich Judgment had been rendered AM security
gwen, while others were rapidly maturing ior jug
mcut, aud the numbers constantly increasing
These suits were absorbing the funds OF The Bank
II may, therefore. be lai,y inferred that the Dnec.
tons have Consulted aud protected the interests OF
both notcholdcis and stockholders well as they