The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1852-10-22
SOUTHERN MANUFACTURERS BANK.

GU l1E-iNLN AnfA4NS nv SlSLAeO bhANAA'
From the very peculiar relations which the
editor of this paper holds with one Of the men,
bers of this concern, he has heen heretofore in
duced to keep silent with regard TO its affairs.
He feels that il would be doing the public gross
injustice to maintain that silence any longer.
Without the know ledge, therefore, of Mr.. Co.
wardin, who is partner of Mr.. c. w. Purcell,
and feeling assured that he would positively
object to this article were he conscious that it
was 10 appear, the editor of this paper, on his
own responsibility, makes the following state
ment, W hich lie knows 10 be true. He feels the
utmost confidence that he will be believed by
his fellow citizens most Of whom have known
him from his boyhood. He will further state,
that he is, and has always been in favor of an
issue Of small notes by the State banks, at least
during the present scarcity OF silver coin. He
cannot, therefore, be suspected of speaking
from interested motives.
The facts of the case, then, are briefly these.
The Legislature having refused, repeatedly, to
sanction the issue of small notes, and silver
coin being scarcer than it had ever been known
uge of shinplasters poured in from all the sur
rounding States, and from the District of Co.
lumbia. These notes were taken as change,
for they were, in point of fact, the only change
that could be had. Nobody knew whether they
were good or bad-whether the banks that is
sued them were worth millions of dollars, or
not the millIonh part of cent. The commu-
nifty was, therefore, in constant danger, the
more SO from the fact that there were houses
here which bought up these foreign shinplas-
tiers at discount, and distributed them at par.
thus giving vast impetus to their circulation.
In this condition of affairs, Charles w. Pur-
cell, partly from public spirit, and partly from
a regard no doubt to his own interest," deter
mined to give the people of Richmond a cur
rency on which they could all rely. He was,
of all other men in the city, the one best calcu-
lated for such business. He was a man Of
lance with busness-his credit was high with
every business or monied man in the city
he had been before the public, in one shape
or another, from his boyhood-he was known
by nearly every man in the corporation-and
his honor, as we'll as honesty, was alike I'M
impeached and unimpeachable. But beyond
this he owned large amount of real property,
upon which he owed not dollar, and he new
er proposed to exceed its well-ascertained va
lue in his banking operations. He was coun-
tenanced, and sustained, finally, in his project
ed enterprise, by men whose united wealth ex-
ceeds one million of dollars. 1t does seem TO
me for l will speak in the first person. very
hard that such man as this should be set
down among the common herd of those who
have been issuing shinplasters upon no capital
whatever, with the intention TO break as soon
as they had gotten their hands full, and leave
their creditors the bag to hold.
Some malicious scoundrel, last Wednssd ay.
circulated report that the Manufacturers
Bank was broken! A correspondent of the
baltimore Sun, writing from Washington on
'ne same day, said that one of his notes had
been offered to the Potomac Savings Bank for
redemption, but had been rejected, because all
the funds which he had deposited there had
oeeh exhausted. This by no means implies
any suspicion OF the solvency of his bank hu,
1t was eagerly seized on, and The ne,vsho,..
hawked the Sun through the street. proclaim.
ing that 1t announced the failure of the NAM.
lecturers Bank. Those who gave them thai,
cue, forgot TO add that these very notes us,a
redeemed at sight by Selden & Withers. The