Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-01-25

s.a~:uz t t:c:@s.r during rae asc"i yssr Of sai7.lOV
Curiay The last ,!-uai year sixteen banking associa-
a. .!s. with FL aggregate capital ot 5 i,995, 900, have
,,.~. ~ pan zcG, and have deposited the securities re-
?djr-! BY law, OF watch number eight were organ:
"a Er Tia. shareholders. nf expiring safety fund
,Icyss. ini-r the provisions Of chapter 3E3 "f tn. l.aws
ut ISL dul the rrl.sa;Udor we're new Institutions
lj...,S the SANE ti":- sLY individual! bankers have
curuna;!red tho bau!; NJ business under the provi-
S.,aa at IN, scr"rI. harstin. lhw. and deposited the
y~eai;-lte s:curi;its "at received circulation thereon.
during ihs EAR. period ,'rr banking associations
m! IVA individual bankers have given notice of their
il,cuton 70 discontinue n" business Of banking, and
i..sc withdrawn = PORTION OF their securities upon
IT, anrFeuirs a! a.. aqiai 2a:ount OF circulating notes.
Yne accompanying table. number two, contains q
t.G,saI"Ct "f ,h: names at the banking associations
Grl az tho banks - ia" Individual bankers, who have
even bu..C: 81 ilu;r dlsrnntluunEce of the business
.: oauS;ug, Together VIII the amount of circulating
:l,;ss outstanding, aud ;hc securities or cash deposit
lid ia trust for tbs redemption Of the same.
T.,bie number tLrrn contains IL statement of those
ngos, which hav. closed their business, have redeem
cd nysr 81 per cent OF ;heir circulation, and ars pub
.sh!as tie two years nG!ice tor presentation OF their
.g:rs fpr redemption. s,vci!s inS the amount OF out
a~:ts:iGs cirIliuIini,, cash III deposit, date of notice
ana tine wheI ru,:cc VII! expire. and the association
OF n,ns,. bc entitled - Withdraw the securities.
Table ngc.ber fur 'S",aiu, a statement 81 the
s.'nss Of si:h banking associations and Individual
L...,rs ~ have Discontinued business, withdrawn
:i.- securities from TIC Department and gwen tho re-
og!.'!e oJais tor Ia. redemption OF their outstanding
0,.g.l.iS.1s- uUtgs, lnGtT iti'' iiDSlSlpu vi thhpteI oI',
Lt.- -: !Sii, a. .rncn&5,! nv chapter % Of the Laws
u; t5A, to:-tavr with the names OF the principals
.r! s-s.:r. ,A.ru;ia, snuh bonds, and the time
wI"u tGs "H'.. t..Hn t" redeem under the provision
=: 49,! INA 49,. iHs statute Viii expire.
I.g., nI.are. Nv contains L statement of the
...1J x ,.i&v-. J,u!.- - Sc securities have been
=. .,"; }; oy te >-i.e.:.."iI"nt for the redemption
OF ;.ci: c.C":-l,oI. lie sv"crat rates AZ which their
:.l'r. ufa res :e,.-. al. presentation NJ the Bank De-
ugruEaa', aIG w!-c ,le i:":o Tor such redemption
TVS piSgiSG SYSTEM.
N .eyiaw;nr th" !.rrkiig history ol the State, II
G.,,G.- bat PRIOR - th- passage" at the restraining net
IN 1874, baak'"i: privileges were enjoyed aud ex"r-
>;su,. by led. "iiua!s ait c"prrincr ships at pleasure.
o:-rt .i.c cx;.t"ac. u! ;hn cu.o.;al government no
p.IN:nc INSTITUTIONS whH'rver wcvc Incorporated
Ci!gr :nv State government only seven bauks were
:ar.yp s.ici p.!J: 20 !S!i. Il that time there exist
:; .D restrictions Ng'.! The a.Gnan; "l circulation I"
uJ .ssLoG, iui ;a-.g w.> 40 provision vi law 10 pro-
.,c. fi- pallIC against mu M edcemaUle and inflated
p.o r ri;cu!a;i"a. Cnier Understanding act of 1871,
a.. t,o tsve:ai uineis succeeding II, an act ot incor-
"a; .r.,l BECAME essential 10 III" exercise "f banking
ri..ir:s. The Interpretations were placed under
lu,y Wholesome restraints. but the redemption and
s,r~iy ui The c,ccG'a:;on was impariect!y, II at al,
provide cor.
!, :.sI .lr 1879. after the people had suffered much
i,v s-v.r.i b,uk failures. AMI the inability Ut the fail
H.; n..i lbs ,vgr: institutions ~ rc'le.n their ci-cula-
T.: n":cs, ~! important step wF7 taken towarhs the
Hv.:.vii i: .: the banking system, oy me Introduction
-. he pf,L"ipic 10 sctar" IN, ciicu.atioh III o"hai oi
:ls pubiic. The law watch WIS then passed, called
lMo Stieiy Fund a,i. We more important as intr"du-
Cin,s The prIacipIc ni ..-u.rr,,uu than as furnishing a
..ra.IsIt sEd rv.ia ~. ayttv for the redemption
~ ,hG circulation. Ia" sa.riv fund system, creating
!. !.,i ny AnmGai contributions from the banks for
sac re.e Hp;ium III Tie no'r-, aud the discharge Of the
Gr,,;. It taxing institutions, operated well for q time
!, ,sab,IsaIus TIE cu,d lraro Of the public aud i'm
~,rt.ns Il character and appearance Of safety to the
r.,alair"n. This system, h"wevcr, IL Il short time
proved Il .a,!ure, and inadequate {" the protection OF
-, circulating no:rs. When Il s.rere commercial
-E. : Wal: ,hrnty-h the country. AUD bRnsinr n.,;,r-