Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1853-02-08
al FoR THE TIMES.
BANK OF TIE UNION.

Messrs. Editors :--Shuitly after the failure q
this institution, its affairs were committed To this
hands of trustees, who, if | mistake not pro
missed in short while to lay before the public q
full statement of the condition of the Bank
We have not since heard any thing from these
| trustees; but we understand from very reliable
authority, that certain agents, dispersed about
this city and about the country, are busiIy en-
gagged in buying up the notes of this bank, at a
discount of so and IS per cent.
Now, as the trustees are better informed than
any body else, to the true value of these notes.
1t is incumbent on them to communicate this
knowledge to the public. We are DESTROYS to
know what are the assets of the Bank, and
whether there is not prospect of its ultimately
paying more than Is cents on the dollar. Above
ALL 1t is the duty of the trustees to remove from
the public mind any suspicion of unfair dealing
in the buying up of these notes. in the manner
referred to above. 1t will be recoected that IS
or 100000 OF these notes were in the hands. al
most exclusively. of the abouring poor, when
the Bank closed its business, and vast numbers
OF these people were actually dependent for
their daily brend upon this currency, which con-
stltuted at the time their only possession.
After the excitement created by the failure of
Mr.. Gallaher's Bank had subsidized reflectino
men soon became satisfied that every note is
sued by the Bank of the Union would certainly
be redeemed at its par value. Assuming all the
statements to be correct, in reference to the
"beginnng and the end of the whole matter,
this conclusion followed as natural and inevitable.
Some of these statements I will give, and the
public will at once perceive the grounds upon
which the above opinion was formed In the
first place, in his advertisements, published in the
papers of the State, during the fall of 1851, MIR.
Gallaher says -
"New Banking House IN Washing ton.-The
II der nad hny hao ;,J,
the Exchange and Banking business in the CITY
OF Washington, d. c., avails himself of an early
occasion to notify his friends and the public gene
rally OF the fact, and to solicit their encourage
ment. His institution will be known as tn
"Bank of the Union" and FROM WHICH NOT ONE
DOLLAR WILL BE ISSUED FOR CIRCULATION, that
will not be represented by something TANGIBLE
and substantial, III the shape of gold and svey,
drafts on the United States Treasury, Northern
Exchange, or Virginia bankable funds.
"Bga strict adherence to q legitimate issue upon
such basis it will readily be perceived that the
public are protected and the bank itself made to
stand upon the surest foundation
If ssnot one dollar was issued from this bank
which was not represented by something .stan-
gible and substantial" as Mr.. Gallaber saws
above, then the holders of these notes have every
reason to believe that they are still protected !"
unless the funds of the bank were lost upon some
scheme OF speculation, which we shall see
was not the case; for
2dly. Mr.. Gallaher was in this city one week
before his concern closed, and while here told
many gentlemen that his bank was in thriving
condtion-that it had made money, and that the
prospects ahead were hattering and encoura-
| ging.
| 3dly. Forall the notes issued by the Bank of
the Union, amounting, it is said to SIS or 800 900,
Mr.. Gallaher obtained an equal amount in sound
and reliable currency.
4thly. Mr.. Gallaher, in a card to the public.
after the failure of his bank, declared that he
had "given up everything" in his possession into
the hands of trustees, for the benefit of his cred
| itors.
If the above statements we'll founded the
holders of Mr.. Gallaher's notes need not be too
eager to accept the dazzling offer made them by
certain peculiar friends in the city of Rich
mond. AT all events, let as first hear from the
! Trustees Come, gentlemen, let us have that
report-let us know, we beseech you, where
are those 'tangible and substantial" means which
Were to protect us against all hazard of loss in
receiving the notes Of the Bank of the Union
Toll us all about these things, we pray you.-
Let us not "burst in ignorance
| QUERO.