Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1847-05-20

Statement If the Committee agpointed al &c
Bonk .sls<tiHv Ia .4pyI.

i "
Upos application 10 the legislature al its
las; sessson, an Act was passed authorizing
the establishment Ola Bank at Marinsbgrg
with Capital. not less than 100000, nor
more a,an $50, 900, and inyes,ingit with all
the rights, powers and privileges Of me Bank
Of DE v sIleyimV Iginia.
| Books Of subscription, 70 the proposed Bank.
were opened on the second Monday IN May
IslNsrtinsbnrg, Shepherdstowu, Charlesown,
Winchester aud Bath, and will be kept open
until the stock Is fakens .
A Bank located 10 the .own Of Martinsburg,
would embrace almost within IFS exclusive
field ofoperaiions,ih entire Counties Of Berke-
ley and Morgan, one-fourih Of the County Of
Jefferson, and the fourisbing Town Of Han
cock, in the State ofMaryland, in like manner
situated on the Pot mac river.
The County Of Berkeley. which, IN terrific.
rial extent, may be classed amongst the me
dunn sized Counties Of the Commonwealth,
embraces le5, $50 acres of land, large porter
oil which has been estimated at its Cash value
at 10 Dollars per acre, and the aggregate val
ue OF the whole, as appears from the assess
nicnt tables Of 1888, is fixed at 3,22s .453 "a.
The advance Of nearly SO per ton its value
per acre as ascertained by the last and previous
assessments--shows rapid and steady i'm
provement in its agricultural condition and
prospects. It's population. by the census of
ls40, was 1882, Of which 500 were free
whites, and 1912 free colcred and slaves. 1t
contains within its limits one Town and three
Villages, the latter With population varying
from 200 10 400. The scat Of justice, Mar
tnsourg, through The north eastern portion Of
which the Baltimore and Ohio Rail Road pas
SEES, is situated on a stream of considerable
manufacturing power, and contains popula-
ton Of near 1000 Inhabitants.
There are now in prosperous and success
ful operation in the County % grist or Flour
I Mills, ranging in their cost from 3 TO 10000
dollars each, Disi2leries, Woolen Fac,o-
res, Tannerles and Iron Furnace The
Agricultural and Manufactured products OF
the County annually exported amountto no,
less ,han s5o0,00U e'ssf
4 The public improvements which connec,
The County Of Berkeley with the eastern com
uerca cities, are the Chesapeake and Ohio ca.
nal. whichis complete some 30 miles beyond
cur western limits and running on the northern
border Of the County for some 40 miles, ac-
commodities our trade by cheap and conve-
nien,transpo,lationt to the cities Of Georgetown,
Washington and Alexandra and the Bali
mere and OHIO Rail Road, which passes
Z through the heart Of the County, bringing US
within six hours travel Of Baltimore
The distance Of the neighboring Banks in
Virginia and Maryland from us, the expenses
ofGayelling there, the obstacles so frequently
opposed By the Potomac river, sc. Sc. sub.
jcc, the trading community here 10 difficulties
, which should be removed a, the earliest day
practicable.
The experience and history Of Banking in
Ihis portion Of the Valley OF Virginia. present
: most striking illustration of the soIvency oil
the country and the solidity upon which i,scred
: it rests.
The Bank Of the Valley was chartered in
1917. Il has passed through several Of the
: most awful monetary convulsions, which the
County has ever witnessed, and yet, with a
capital exceeding ST 100000, II exhibits, after
lhis lapse Of time a list Of bu, S6,36i OF of bad
debts, and 1886 so OF doubtful debts. lis
stock is now, ana has been for years at and
above par.
The branch Of the Farmers Bank in this
Valley is Of older standing aud shows lis, Of
bad and doubtful debts little exceeding sI7,-
coo. "a
As exhibiting the profits OF Bank Capital in
this region, il may be stated, that the Branch
Of the Valley Bank at Charles,own has Pro-
duced, on an average, for the last fifteen years,
a.ar-.i-e ~ expenses, from q to par cent.
During considerable portion OF this per:oJ,
it will be remembered, Ban. operations,
Throughout, the County, were much curia!led
aud embarrassed.
We care satisfied, from careful enquiry, that
business in the shape of Drafts upon the
Eastern Cities, may be carried on TO the
amount. in ordinary years. Of from $500 to
$3.50, 600 toa considerably greater amount
in years OF special abundance ofproduce--
thus furnishing the most ample protection 70
the circulation of the proposed Bank.
PHILIP c. PENDLETON.
CIJAS. J. FAULKNER,
GEORGE SElBERT,
DANIEL BURkHART,
GEO. II. MCCLURE,
EDMUND p. HUNTER,
BARNET CUSHWA.
EDMUND PENDLETON,
THOS. G.. FLAGG,
JOHN W. BOYD,
LEWIS b. WILLIS.
May 90, ls47. 8a4-