Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-12

Democracy breads the centralzing tendency of our Fr
deraD Government But they bear also the marks Of
mind devoted to the principles of the Union, 10 the
prov sions OF the Constitution, and to the lnahenate
rights of the South.
Its understood that the Executive Ct Virginia have
expressed their confidence in DR. Brockenbrough by
placing his name at the head of their List of -four Di
rectors, appointed the part Of the State for the
Bank Of Virginia.
ADDRESS OF THE PRESIDENT OF THE BANK OF vIR-
GINA.
The following Address read by the late President
of the Bank Of Virginia, DR.. John Brockenbrough, 10
the meeting of Stockholders Monday last. II vas
much admired-and it tells tale which will 60 TO the
heart of very man, who not iundced by bitter and
inve,erate prejudice No comment is necessary from Us.
The People wall make it, In justice to Dr. Broken.
broueh, we promised to publish his Address-and at
our request, lie has furnished for the Press
Gentlemen Stockholders Having laid before you
such statements of The concerns OF the Bank, as wl
enable you TO understand the condition oil Inc "oe
institution or least such will put any committee
you may be pleased appoint, in the way OF making
examination into every department. hope may
be INDUCED in some observations IN regard TO myself
and my connexion with the Bank of Virginia, espe'
ciay from the various combinations when nave
been formed and the interchangeable industry which has
been used to evic from Office, this may probabyb be
the last shall lave to address you II IS not
my purpose 10 fatigue you with tedious details bull IN
Justice 10 m, SELF wish give very brief narrative
of the origin and progress of the Bank and my rea.
lions with it. Such retrospect, under existing CIR
cumstfnces, cannot, Think be considered unrsason.
able, or out OF place.
Few of you ere old enough recollect the period Of
the incorporation of the Bank, during the session Of
Asse mbly Of 1904. | WINS almost stranger IN Rch
mond, and known TO very few Of the members OF the
Legislature, when wa. unexpectedly appointed one Of
the commissioners for receiving subscriptions To the
stock, which was taken with much avdlty, that the
larger subscribers scaled down 10 make way for
Of the smaller ones. Ofhe commissioners Tor Rich
mond, there only three Of us alive. The sub.
scr ptions being hed and the process OF organizing
Bank being TO all, was deputed by my asso
cnes proceed to Philadeph for the purpose of ol
tanning information, and OF procuring proper bocks,
stationary, &c, we'll Of having Bank paper made,
and engaging an engraver and printer While Was
employed in this way, meeting of the Stockholders
called 10 elect Directors and Mr.. A. Is. Venube,
them shortly before Senator of the United Sales,
chosen President, and WIS By the Board appoint
ed Cashier. by great cSertIons on my part, with the
aid of MIR. Joseph Clay of Philadelphia, the Mother
Bank set in operation the 9TH October, 1894, and
The establishment Of the branches followed with all
practicable expedition. Having competition in the
State bet the Office of the first United States Benk ct
Norfolk, and the Bank of Alexandra, the Bank Of Vir
gina advanced with great for years, when
Mr. Venable lest his life in the memorable ConIagra
ton OF the Richmond Theatre, the night of the 26'h
December, lell. AT the annual meeting OF the Stock
holders few days thereafter, my name was placed at
the head of the list of Directors for the Mother Bank,
and was unanimously elected 10 the place now HOLD
ana nave heu from mat ne nonOr conferred on
xpected and unsougbt for by and elected
under such fat;ering circumstances, my best faculties
were exerted to promote the success of The Institution.
My duties however, soon became much more arGuors.
Our country embarrassed by the depredations
our commerce by the two great maritime powers oi
Europe. long embargo and then non intercourse
law followed, and ultimately with Great Britain
Then, too, established rival Bank, which took
from US neny half our specie, and almost doubled The
circulating medium Of the State. In consequence Of
the war; both the Federal and State Governments were
compelled borrow Of the State Banks (the charter u
the old u S. Bank having expired in 1911 end all OF
them South and West Of New England were forced INTO
suspension. The war being terminated without re-
sumption of specie payments by the Banks great ne
qualities prevailed in the xchan ges between the differ
ent commercial points in The Union, which much
annoyed the Federal Government regard to the nnI
formy of receipts from duties and mposs, that Con.
grcss, under the supposed rgency Of TIE cast,
granted charter for another National Bank, hut L:
the subscriptions TO that Bank chiefly s!cch OF
the Government, email proportion only Of coin wa'
paid In and II could do very little more, while the Sh'e
Banks SUSPENSION than make leans 10 rs stock
holders TO meet their deferred instruments Thus iet
tered in its operations, il proposed Convention e'
Deputies from The State Banks, TO be held IN fhiia
de'phia in the winter of lel6-l1' nHo Two ot,e''
and myself were appointed by the Banks here
) TO attend that Convention. After much disagree
ment in that body, and the respect Gi It's being dis
solved without adopting any satisfactory arrnngtmt
10 accomplish the end in view, scheme proposed
Jointly between Mr. Dennis A. Smith Of Baltimore
and myself finally accep pied, and spe pa mt
3 were resumed on Tie 18Th Of February following
the very day bound 10 resume Ivy act Z!
Assembly. On NY return hone, urged our Board
Of Directors avail themselves of the early loans grant
; ed by the Office Of The Bank Of the u 5, to reduce
our much extended operations 10y calling in cen
siderable portion Of larger debts but under The
plu ,ble argument, that should thereby lose cur
best customers they rejected my en,reaties, and
o three years time $500 the U. S Bank itself, ard
y many Of the State Banks, were on the very brink o
1 Bankruptcy, at least Of another suspension We
= were oil compelled 10 curtnl our business so RAPIDLY
that while managed to sustain specie payments, ""
}, made multitude OF bad debtf and for len years ouf
e Previous To the yea, 1919 term Of ID years te'
n ev VIZ hsd moi registered single bad debt at TIE
mother Bank From the year leg, We advanced con
sderably in business and proh's-nnd IN 1885, W
e unfortunately made that most Improbable investment
Of $500 900 in the subscription to the James River
and kuDawha Company-and, as am, understand
charged even this late day, with having caused that
subscription, will most frankly state the part took
4 in the transaction On the renewal Of the charter d
the Bank in 1890 TIE Legislature imposed new core
tion which that subjects brought before tie
Stockholders in general meeting, the Treasurer as re-
pre- senting the Common wealth, shout! "have vote
equal to third of all the votes given by the Sto'A
holders" Foreseeng that such power might be used
oppressiyely against the viii of majority Of the indsi
dual shareholders resisted il to the utmost of my sI'
before The committee who introduced the bill 'n' was
assaed in measured terms in one of !le ePaPt''
of this city for the earnest ressancr - ''I ''"
l. sure When the aw was paaseI -uhof'zng me bahh'
. ~ -, m. urorsly of abslaln'ng from the
e W.. . aua pShd Of leaving The subject :, lie