Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-02-22
SPEECH OF MR. cAsKrE,


| invitation IL was made INV duty By the Stock
( holders II the Bank # Virginia. two wears age.
( 20 present anapplcaiion 50 the Legislature Tor
renewal of it, charter That application WAS
! made aud the matter brought before the Irgis-
/ atnte but not finally acted upon. The apphes
/ ton Is now renewed, and come here Tor the
! purpose. and only for the purpose. of expressing
nv views in regard I the expedency of granting
/ the charter which it nv duty taapplY Tor.
! II is not necessary. imagine III that should
attempt tn say anything about the advantages OF
! disadvantage. at banks generally. Banks now
ARE in operation over the whole oi the United
States, BY IA report made by the Secretary Of
the Treasury. year ago, giving the returns rs
near as possible To the lst of last January, there
we're thirteen hundred banks in existence in the
United States. These banks had an aggregate
capital oil 2}s2 .o010o0. Virginia had n bank
log capital of about sll0O0.On at the time quo
ted. suppose thnt my especial duty here this
evening il to express my opinions IN regard 10
The comparative merits of the system of banking
IN This State. aud that which is prevalent in other
States of the Union.
| always thought that Virginia had manifested
her wisdom in the course that she pursued in re-
gard to the banks TINT were established in this
siatc. The policy seemed 10 be TINT Of banks
and branches. united In interest aud liability, be
ing Independent in their action erch managed
and controlled entirely by their own Bpnrd #
MI, a ,ei,,a t,la
great wisdom shown, She did, not nj the
vi,b !, la,,t,. oa,;,,I =, o,.r.t. nnon ,L. e,,,s
,brn,,b hrneb.. ,,a, ,,;,,l,i ~. or,,,ni,,,d - .o
=, ,,sr,;,,, f H. ST., -, -, ,o,,,,,o,,
ed to render ii eXpedient, she got up several
hunks upon this principle thus bringing into OPP
Grafton what call Wholesome competition. AM
securing oil the interests of the community, de
l,o,itors well as b"lder@ oi the notes ii these
It'll i;,,,, IT,, j. :, -, - H. It
hin, on, H. r.la CO.. i,.,,,nn.. III, III
e V,roini, ia, F,.,nnr. nnnL 81 yi,,;;a
md ,he Fvcbano,. panl If y;,a;n;, nas
la n oani,I ~ ,,,,,y,Id. "a o0o nno. oaaI,
~ ,h.o,b.r ,,,a .,nyar1. nf 81 5nn oun ono La.
,,,h, or nina nlo.. ,L,, ,,har. al.,.n -. 10
~ - Y,' ;,; ..; 49,.
- = .'.9l, - IL, i,,,,.,',,,, 10
1 g. '',l So; Ia
- / 80 a. l ;i.
~, Az MI, ai.,',, -
" '' 49,, , - "
P',,'' ; a. ="
81 -,
a, ''"' p",, aa' y '. H. 'v'' u" e
' w " - ' WV ~ -
''o'i ''s ny 900 'e'
mummy "'' '''''' ""'"'s u'"'"s' WI" VIZ
'aa" : "oNo '''"' '''' IL may u coi,s.'''al
non, "e'""N' 'ne9 h'e" 'e onnN was o"','E
fai business, hhu ''ai M loss 'la' o'cultc" was
loss 10 'ne s'oeNh"'o'iS OF pau II 'hhf
Pfehts ana NOT soch rs l" impair 'h' institution
imd prevent II from meet " ali rs haNlltl's'--
We'll SIR how are these banks ORGANIZED
some careless remarks are now made that the
interests ct the State ana The interests at the
stnckhoiderS hid people are ahtaEah -tial
they are not Identified on" with the other have
never taken that view OF the subject The State
herself Is the largest stakeholder IN those insti-
iutons TINT are now applying for renewal nt
he nj "A nT hp wi
stock of these banks. AT lenst 1t was stated III
tire newspapers recently. that she was owner oi
stock in these banks to the amount of S3,G0o,.
900. # she j., the aggregate capital being n
bout Sll ,0OoOOo, leaves her the owner of that
proportion of the capital stock. know that she
Is the owner o, more than one third uf the CAPT
tai of the Bank of Virginia. Well now, if hene.
fit aud privileges accrue to the private stock.
holders in ihess Institutions, how much more
mus nccrGc 10 the State, she being 50 large II
stockholdcr! have heard it suggested. sirthat it
would be we'll for the State to sell out her stock
| in these institutions in order to obtain money for
appropriation to other purposes What would
| he the effect of that If she owns S3 Coz, 900
worth Of stock, the dividends she receives upon
that is Sufficient 10 pay the interest upon four
million and half of State deht. Let the State
dvest herself of the interest in this stock. nnd
she would have to raise by taxes, or otherwise a
revenue equal Ia the interest upon S!,OO00J IL
make up what sh" loses by di>poslng of her in
terpst in these in tifntions In addition To that
if charters should not be obtained ON liberal term.
with such notifications and alterations as cir.
cunsanccs may seem to require. and the stock
holders. by any chance; should determine to wine
up these institutions. the State. for the time
would be deprived of the bonus of halt per cent
upon the capital of these banks, which i, cqun
Ia $4,000 more. 1t therefore seems to me. sir
, that there is no benefit to accrue to the STINT,
from dispnsing Of her interest in these nstitn
t"ns.
They are managed by Board of Diree