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

ns .red the scale IN iavor OF Tue suosc'iP'o,'
&c a"" ,,:,d the question TO The StocknoioelS' oe
- - the proceedings VIII snow, ',s go ,.ss No,
oG OIL ~, ion on it, II is clear that there was not
any q ~, -. votes tina, could have been gwen,
't u -, 10 Tteesurers vote, aud yet The measure
1si'e % n5 was empha:ically State measure II
N caif IA ma, anticipate such disastrous result
tdf' NO. :,on as friend n"w IN tins meeting,
49, ,b) saw tia, IN" safe iaa CONTRIBUTED
n M 50 had the corpo' aticns OF hcn',o'.e aio
1horr- and great NUMBER -. f', W. 49, - 80,
IL uea'"'I ar prudence end Eagsery. we were 20 ge'
d '' Rank stock tsiua then CONSIDERABLY ABOVE
~ pfA, ara new shares 10 &c cf,ated TO ensh.e US
M q" =" ,thcut educing our discounts we were
,ne,;, of the large tepos,les and disburse.
ave "' ,he Company, ana IL was supposed that the
MD greatly enhance Tie value oil tHe iea PRO
Il ,, by The Bank and It's customers III we nave
y ID m the result thus far, II is our misior-
tta,,,y mast vel derive great benefit from ms
~ Though we have been made 10 pay so
'fAss ny, IN II, Notwithstanding tins subscr'p'
- p,l wcp, on prosperonsy, ana soon AFTER ,.s
'"s c,.ased cons deraby by part oil Inc puohc
S'. VIZ ~, sn,rsl Government. In receiving
os"'S " m certain conditions proposed by
IA n,a,a-v Of the Treasury, | was severely re-
Y a nv sor,e of my PERSONAL it'ehes' va" ~ 800
~ =! ,,,c.I npipions from nine, ana Tue as'ee
nj p9l''i ,rffosn,v was rescnded, but we CONT
ii " .aocyed the deposi!es on the same terms we
A* ,Loss os individuals These VINO censured
81 . ,is Sco-e were entirely under ariuSion DIS 10
4# o,;r,s II there was euy political BIAS I'D the
,,,s secondary TO my desire ,orender oenehi 10
"a Rank On proper occasions have no sc'up'e ~
ID s,ny nv political principles and acing on 'nel'
nj. carry them not into my o'hcia' ou''ss u soe'a
"a .ons:and take this occasion TO say, 'hat long Us
IL as tsen in this institutions, have never discerhea
"a ma n,rt Of any of my associates either rarual,,y or
II 49,. ofo po,ca cast ia the business OF the BANK
ID am the reception Of the public depostes IN 1864,
nr. particularly worthy of remark occurred IN our
Il ,,r1ens un,i! lie memorable suspension OF specie
rmen,s ~ May 1857. The expans' ons increased ana
4 nom nsl profits kept pace with those expansions,
LII had strong mIsgivinss from 'has ao
treat MULTIPLICATION o. Banks, that the t:ade of Inc
e,ry was no, in a healthy state; but tie low rates OF
ia IN exchanges were constantly quoted as an arsu
N, ~ favor Of safety and 1t might have been gooe
N, 10 ;his day f we could have continued TO borrow
81 rsy abroad at pleasure stocks OF every SOFT VIZ
q ,e 10 create. But the Bank Of England took th'
II n from the loss of its buon-no more stocks couis
\ sold in Great Britain-the tide turned-specie wa
Ap5rled in large amounts from this country TO pay io
xcessye imports the Banks Of the North and East
4 .gented cash payments, ard the measure became nm
Hr,al. When this Bank suspended IN May, leo''
ge public pledge under The authority oil The boa'o
Directors that discounts sb"nld not be eSehceo
-.um the state Of suspension, and although we have
three of them, have faithfully redcemeo .ha'
asdre During the first suspension, from lo'i may
~ to the 18Th August lS3S, our specie was increased
Z o0O-Durnr the second, from l1ih October, lo39
IL February ISL $50 coo - During the third, ironi
Id April, ISL 10 18th September lS42 3 GOO These
IS show that we dealt honestly with the public, IN
y exendia, our business, while we refused 10 redeem
% circulation
Al come now 10 the most painful circumstance OF my
4 cal life. aude to the enormous detaIcaton OF the
H.; Teller, in the Spring of 1910. The moment the
commissioners appointed by the Executive to invest
H. tia; subject and before they had made then
boz: public notice gwen 10 the Stockholders Il
&asene on The Ist of July, when the Commissioners
II II vas lad before them, and all the circumstance:
Mann my knowledge were fully explained You have
II proceedings OF that meeting in printed form be
Re you, and have nothing 10 aod 10 what was ''e
= q and done
Snce that period every thing has been done TO re-
actate the Institution, that was practicable. Strict
m.r,er yearly examinations Of ali the effects OF the
nk mean oil of the mother Bank have been
ahte bv regular committees Of the Drectors-lhe pro
&r balance sheets have been made out at the proper
rods and an able and vigilan Cashier has spared no
TO put and keep every thing stra'9 Mt IN The n'e
6ot management we'll as to conduct the correspond
knces aud negotiations coming within his duties IN the
host judcious manner. The Boards OF Directors have
Proceeded steadily, but gradually, 10 reduce tue &C
kmmoda,ion debt during the past year, aud TO CONVEX
he loans into a active and manageable shape ane
take pleasure IN mentioning that the curtanents re
snlred by the Board have been paid with surprising
sunctuaity Instead of making dividend IN July
ks it was thought expedient TO apply all the nc
umuated profits to the entire extIngulshmen OF the
ftm-"the FIRST Telers drticiency'-an item, which
am gratlfed in saying, is now expungcd from the
Acoun,s of the Bank and, for the las, half year
D. Board have declared Dividend of two per cent
6nlr The three gentlemen appointed by the Stock
holders at thei, last general meeting, TO examine ant
bo doh nl Rank nj nll PIN
a,ed committee OF two of the Directors undertook tt
riorm that DUTY and have their report before you
From which il appears, that the stock OF The Bank
Exclusive of any gain from the destruction OF Bank
Io;es the O. 80 years, is intrnslcally worth
Bout II dollars per share, although the selling price
Ike that of every other kind Of stock much below III
pa value.
D. return OF certain bills on Paris, that took on the
Eth November, ISL which has been misrepresen,ee
y of the larger Stockholders ut distance as tc
Excite their dspleasure against me. Atany other time
p common occurrence would have passed unnotced
tnd It seems TO me, nothing be more erroneous
4lan to Judge all matters by their results, without re
gard to The circumstances attending them Reluctant
Is am 10 introduce names III such address, it be
Zones necessary 20 full explanation oil the In
November, lo4l, MIR. Charles f. Osborne called me
,h ten bills Of % GOO francs EACH drawn BY Lewis
Rogers on his house in Paris, and payable at 90 days
egh:. Mr.. o. observed, that he directed to nego
fate half at this Bank and the other half at the
Farmers Bank: but that had as well take the whole
tnd said that Mr. Rogers about to embark 70
rance, and desired the proceeds of the bills to be ap
Piled TO engagements falling due in the course of 81
pays, and that he had left with him MIR o. certain
fecures to be used in Of any acciden, to him
Mr. in his voyage. Berg in want of Northern
funds, willingly took the whole amount (about $50
}oO) with Nh O.s endorsement, TO be paid for in sc
pays They Immediately entered on the bill bool
winch is laid the table OF directors on every boart
pay, and then forwarded TO Philadelphia for sale They
"ere quickly disposed Of and the proceeds drawn for,
our customers required Northern drafts The Bank huc
faken similar bills 10 large amounts during the whole
Etar, aud domestic bill CHAT is New York; fol
e.2couO oil the same parties, more than month afie
The bills on Paris negotiated About forty days be
Pore The maturity of the French bills, Mr.. Osborne ane
myself were informed that one half of the bills nigh
pot be provided for and without single days delay
adopted means through two channels TO have any par
or the whole protected for the honor Of the Bank so e
20 prevent the liability for damages The bills wer.
TO Us aud took security real and personal
ior the amount OF them, well for the $4,000 bill
vow, VINO were the parties TO these bills Lewis Ro
PeS' the drawer, of whom this Bank had taken man,
h'i'ons IN the of his business without the de
ay OF moment his part in the pay ment of any
Lewis Rogers, who actually The year before, wheI
ne supposed II might facilitate the resumption of spec
volunteered TO advance TO us and did advance
Sloo,ooo-and &. +. Osborne the cndorser, who ha.
Oeen lie PRESIDENT of onr oirca ,,a