Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-12-06

Than nrobable that application will be made during your pre-
sent session for renewal OF those charters ms suoc
IL not without its difficulties but In View of the vast int
rests involved the question had better be met and decided
promptly II we desire retrace our steps, and 10 dis
peuse with all banks the experiment could not De mace
without seriously embarrassing every branch OF BUSINESS
and subecting many of our citizens TO heavy loss and
while sister States continue the policy oil charerins
banks their would ake the place OF our own which
would only deterorae currency and contribute 10 their
wealth. 1t less gratifying than honorable TO the
institutions themselves that The State banks OF Virginia
have generally been upon prudent and safe prnc
Piles and in this respec, forming exception compared win
those of other States This may have been greatly owing
The many restrictions that have been imposed upon them
by their charters and the laws OF the Sate and whilst
proves the wisdom and popety OF those rcstsicons II
should admonsh ia 10 continue them, together wR any
other conditions that prudence may dictate In any new
charter that may BE- granted. Experience has abundany
shown that these ammDlh moneyed Institutions cannot be
closely guarded protect the public interest. Should
the Legislature think proper those charters
would that the mother banks be recharlerod with
their present branches. BY doing So we shall be able TO
keep up distribution OF the capital Of the country and To-
cate in positions be useful 10 u We duse and equal
ize those commercial advantages which might be monopo
zed we reduce the cost OF or Of exchanges al
interior and points, and we render them more secure
mother bank and its branches responsible
for losses that occur al any one OF hem by misman.
agement or otherwise.
Whether we should have separate and distinct sys.
TENS of banking in The State present. first
appear questionable but perhaps this would be more likely
TO result in good than injury The rivalry between the
systems will produce a mutual scrutiny into their manage
men, and On examination into their condition, that would
keep them under proper restraints and within legal bounds
and thus, each improve the oiher
Ii Is of great advantage TO The community that Its crcu
ating should be known and yet Of the nine indie
pendent banks have gone into operation there has been
no public announcement and impossible for the people
know they legally constituted or not These
consS of the Rank of the Old Dominion, the Manufactu
rers aud Farmes Bank of Wheeling the Merchants Bank
of Virginia. the Central Bank OF Virginia. the Bank Of Win
chester Monticello Bank the Farmon Bank the Bank
of Berkeley and the Trans.Alieghany Bank. The charters
of these banks exempt them from the operation OF the 9Th
section of chapter So of the Code aud hence there
vision for giving notice the public that any such are n
existence. l recommend that some such provision be
adopted.
While upon this subject, canno, refrain from expressing
the hope that provision be made which will eec-
tually prevent the ssnng by irresponsible PERSONS OF
worthless edeemabS circulation The present lw Is ad-
mted be detective The consequence 10, II Ia wholly
dsregarded cannot believe that law may not be framed
the ev and punish those who violate it, Nor do
believe that the courts and ures would fail execute
such law respectfully invite the attention Of the Gene
raj Assembly 10 the subject.
The report upon the Penitentay with che accompanying
herewith presented Ii recommended 70 your IA
vorable consideration. The melancholy fact, tat large
increase of crime taken place 10 the State, is clearly
hibcd One hundred and nine free persons were received
the institution during the past year. They consisted OF
30 white and 20 free cooed At the end OF the hs
al year 267 remained In prison consisting OF e0 white
Males bnt no white egae fact eredabe 10 The females