Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-02-13
The Trans-iIIeghan. Rank.

This is an Independent Bank, established under
the law Of the last session, somewhere in TaZewel
county Banks of this sort are authorized to issue
notes on State StockSthe Treasurer Of Virginia hold
ing The stocks in deposit and giving his certificate of
the deposit The operations of this Bank were lately
under discussion in the Legislature. Ii was then sta
ted, that process of this kind practi,ed: The
propretors bring, say stock 10 the AMOUNT of $780,
600 to the Treasurer, and obtain his signature
to notes TO that amount, and with the notes
thus signed, another 100000 Of stock is pur.
chased, that again is brought to the Treasurer
and the operation is repeated. In this way, the
Bank is a Safeguarding machinc-and with really
only 100000 capital appears tohave the full amount
allowed by the charter We suppose the Treasurer
retains the Stock for the protection of the Common
wealth; but somebody must suffer in the course of
me-for it is not possible that issues resting on
such basis can continue TO command the public
confidence.
Ii Is said that tie process which we have cndeayor.
cd TO explain, is not in violation of aw-thc statute
being so framed as TO justify it-and perhaps it was
shaped with view TO that special purpose The
sahec we believe, is before committee for invesii
CATION. We think if it be possible, that the oper,.
ton should be arrested. if this be the Democratic
nosrum for lettering the currency the Lord deliver
us from il. We are not advised who are the parties
CONCERNED IN this institution. The Baltimore Amcri.
can contradicIs the riimor that Selden, withcrs <
Co., were interested. The issues Of this Bank are
discrcdted by the Richmond Banks-and from the
following paragraph in the Baltimore SUM- il appears
they are under suspicion there:
Trans ALLEGnASY BASE.--We have been reuuesteJ IN
state that this bank OF the independent concerps
has deposited will, the State Treasurer of Virginia the
sum OF s22hO0O in coupon bonds Of that State for The
redemption Of its which have been mt in crcI
ton IL is also alleged that il is prepared to redeem them
m gold anu syeF The nominal location of this bank
at Jacksonville, somewhere in Virginia, the individuals
who start such generally finding out of the way
local habitaon Tor th-m where they will not be trou.
hd much with jssgrecabe calls for redeennp The nocs
These concerns generally appear to be established mer,
y Tor the issue OF paper promises pa; and Inv which
certain unkno"n individuals force large amount of crel
IT iro,n Use community, as it were, nolens polens"
I'll special parties ~ ds.snt cities and towns ms B,li-
more" Tor instance are induced put the bills into crcu-
latoh either ny per cent. commission or from NOR.
direct interest 10 the profits OF the concern they should
AZ ' make themselves known and their read
mess 10 reareE "a" notes III turn IL disgrace IN the
State ct virginia. ho"eNs, Ia: she permits such sys
TEN OF so called banking within her borders or At ,s,
under Sg,hory. IL unsound to the core and her e
stature shon!i make all possible haste to repeal the law
which authoIseS ii. Taking bonds already the evidence
of debt merely security for bank notes /, but paknc
one debt the basis Of another Tins debt upon daht e
piled up Gould Anything he corruptinp and dance
rous to the community. The masssa the working classes
among whom such paper issues mostly ia find ber
way, arr ever in danger OF loss from thcmfor The hest
oil stocks aud bonds always liable TO denreciato,
from ohe cause or another-and at best sLould The
"bank managers at any time "shat down upon Them
the note aoders would in the interim have TO submit Ia
pretty heavy shaVe-, The OF REDEMPTION could
be realised or the place perhaps where nplcs,ion
Tor should be made could be discovered