Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1852-11-03

otherwise be invested IN lands, STOCK Oh
other productive property, and made pro
ductive-daily productioe-of increasing
internal wealth and independence, is ichat
as no,D and has been for years past, sap
ping the very foundation of our substan-
tial, our permanent prosperity. 1t is now
high time we should arrest this draining
process, this canker-worm, that like the
moth, is eating out our substance, as wei
by day as by nighttime. Can nought be
done to reduce these ruinous exactlons OF
from 10 to 1e per cent for the use OF no,
ney, to a rate not exceeding 6 per cent
Can we not have domestic Institutions
and hmoe Accommodations Let us have
q Bank at home, where the interest paid,
perhaps, by our own citizens for accom-
modations, will return to their own peck
cts, to be realized and enjoyed by them
selves and not by strangers, living IN
remote corner of this, or an adjoining
State Let the rewards of our toll return
to the packets of our people to enrich
them and render them no longer depend
ent. Can this be done? / answer it can,
without doubt. We can stay this flood
tide, then. by establishing the merchants
and Farmers Bank at Clarksburg ;" and
our citizens of this, and the neighboring
counties, owning the Stock themselves,
Will, of course, receive the dividends ari-
sing therefrom. Accommodations can
then be had at home, and the interest and
entire profits of the Bank will be among
ourselves.
I may add again, that the note holders
will be perfectly secure. and the issue
obtain universal currency-because the
failure of Virginia in her State Stocks,
&c, are pledges for the redemption of the
paper, in effect, dollar for dollar. Indeed,
the wisdom of man has as yet devised no
Banking Institution upon more compre
hensiye, better, surer or firmer founda-
ton. The State of Virginia must first
fail-a bankruptcy, the most visionary,
utopian. Surely can never seriously
contemplate; and her stocks become
worthless by depreciation, before the
individual Stock holders can become liza
Bile. The note-holdcrs are therefore en-
tirely secure" the Bank can't break" if
prudentlY onducted-because, as has
been said, they have the guaranty of the
| whole Commonwealth to the Stock upon
which the issue of the Bank is based, and
the Stockholders are perfectly secure, be-
| cause their individual liability does not
directly attach until after the Bank fails
| to redeem its issue in Specie. AMI State
| stocks are utterly deprecated, and that
too, below their par Udlue then they be-
come liable and not until then, and even
then, they are rendered liable, not for the
whole debts of the Bank, but only rat, bic
to the amount of their individual subscrip-
ton and the express contract dcb'& o: he
Bank, Having thus, | fear too muc'l in
detail shewn that stock holders an noe
holders arc secure, then, as a mater of
personal and local interest, this subject
addresses itself to our consideration. The
wants and interests of our commun V, |
insist. call loudly upon our citizens 20 cs-
tablsh and put in operation, at once, our
Clarksburg Bank and, besides, it is de-
manded, as well by every consideration OF
pecuniary independence, as of State and
County pride.
There is, too. another view Of this sub
Ject. TO which l beg leave to advert
The Bank will prove paying operation,
and in enforcing this view, might urge
1t as an abstract, financial proposition ad-
dressing itself to capitalists as well in this
as in the adjoining counties. Now, in
making subscription ofsay, $1,000, the
capitalist or farmer is realizing. as was
shown above-from | | to 3 per cent al
least on the investment, l might almost
say, beyond, peradventure, if the business,
OF the Bank be prudently conducted he
subscribes then $1,000 to the capital
Stock, on which he realizes, payable Sc.
mi-annually, from State Stocks and diyi-
dends, from $11O to $3.50 per annum-
the State Stocks being per cent. inter
est, bearing Stocks. The per cent. is
then certain beyond caviI; and from tho
operations of the Bank there is realized
at least from 5 to 7 per cent. more thus
realizing on his subscription of 81 900 at
least from 1 to 13 per. cent. or, in 9TH
er words, sum equal to, and varying
from Sl1O to $3.50 per annum. Not on
ly this, but as soon as the bank is put in
operation, and commences discounting. he
may apply for and obtain, loihom enIor-
ser, loan of the entire amount of his
subscription to the capital Stock of the
Bank, less ten per cent.-according to
the psages which obtains among the ban
king institutions of the country So that
whenever the bank is opened, or at any
time he may apply, he can borrow from
the bank 5000, without endorser, on the
faith of his subscription Thus it will be
perceived, be may have tho use of this
last named amount, by renewal, from time
to time, say for one year; if SO, he paws
to the Banking house only S54 interest.
Tor the use OF the money, whilst he reali-
yes at the end of the year from his Stock
$500 of which he has been profitably
using and investing for his own purposes,
from ITO to $50 dollars, thus showing a
clear profit on the investment, (after pay
ing the interest due from him to the Bank
on his loan of 900 dollsrs) of from Sc to