Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-12-25

1of Virgins at Riehmond. The Who'll
amount Of specie In the State vas abou
three millions; and the Stats reyenp
would absorb nearly alllof It,. now alread
in Richmond, If the revenue was TO b
colieesed In; 50 the notes of the countr,
banks: and they we're 70 be redeemed Il
specis here every. is days from their re
ceips., Seeing this objection to be sound
and the suspendsd banks plsdgfag to re-
deem theitonoteslin the hands Of the trea
surer with banksble. funds, and TO gmee
the. demands of ther commonwealth foI
their portion Of specie TO pay the interes
on The public debt BY the first or Decen.
Der next.,; and Knowing that the Scollsc
tton ofthe revenue could not be made
and that the tax payers would not be
made TO, suffer without receiving the
notes of the suspended banks. I deter.
mlped not to prohibit the reception of any
SO long as there was no evidence fraud
in any instance, and so long as there was
no evident. bona 6de and apparent abih.
ty toiprotect our own people and our own
public credit, / am proud to say that
had the utmost confidence in the integri,
ty and intelligence Of our bank officers
throughout the iState.1 4 regretted to be
compelled to prohibit the reception OF. the
notes of the Kenawha Bank but it was
nos for want of confidence in It's officers.
had to send commissioner there, who
promptly and efficiently made report,
which accompanies this message. and ex,
plains the reason Of The proclamation.
Besides a formal report. he stated verbal
~ in part at first. and since in writing.
that be required. in his investigation, that
the assets. as they are called in the bal.
ance sheet, should be shown TO him. The
first item Of "stock and bonds" $26, 1885,
03, he vas informed were stock and bonds
OF railroad companies in Ohio. and the
cashier was absent, aud had taken them
with hhim to Cincinnati. So, also, W hen
the item Of bills receivable, &c,, were ex.
Rmined, the commissioner was told that
the cashier had taken with him sundry
bills also. aud these amounted to S42. $50.
The commissioner noted these bills at the
time, and hence he could state the
He was informed that these
assets were taken to Cincinnati by the
cashier for the pun pose Of negotiating a
loan for the bank. But he was struck
with the character of that portion Of the
bills receivable which came under his in.
spection. being such as had not been for
warded by the bank to the points where
they were made payable. They amount
ed to near $50. 0.oooa and were all made
pay able out of the State : and unlike all
usual ,businessopsper. W ere chiefly cons
posed Of drafts signed by two. or n more o
names as drawers on names, out of the
(or mostly, however, on
New York or Cincinnati with no indors>
ers ; and be thinks that in, almost every
case the bills or drafts were marked "ac.
ceptance 1oaived.'" T. This led to the infer.
ence that the drawers had nothing in hand
belonging 10 the maker of the bills, and
that they were made for the special bene
1T Of two parties---on the one hand. that
The makers of the paper might raise mo-
ney. and on the other. that tho bank
might put'its notes into circulation. He
was informed that it was customary there
for the banks to use such billa,.. o. the |
misunderstanding OF these bills OF ex-
;hange, presumed to be similar to those |
hown to the commissioner, had been |
ent for collection to the Ohio life insur.
Ince and trust company, both to the pa
ent concern in Cincinnati. and to ils OF. |
ice in New York. Both Of these inslitu.
ions had failed. and it was not certain
hat the Kanawha Bank wonld ever get
ts bills. But the bills were beyond the
limits Of the State, and be doubted their |
afety. He did not design TO reflect upon
be bank in thus sending forward their
So foH 1hof
~. he on his part could not but report
he whole truth. which he had been ap>
'ointed to investigate. He stated also
hat the stock of the bank was owned en-
irely by persons living out of the State.
ave ten shares. and that portion belong.
ID to one person in Kanauha. The di-
ectnrs Of the bank did not own a share Of
It's assets were owneo5 OUT
. large portion Of them we're removed Tor
collection out of reach Of our process, and
,ur revenue was at risk. without any
profit to any portion of our people.
And this is warning not TO charter
,uch an institution in future as will e1'
pose our people to risk and our revenue
o loss. without profit or beneht aceru'
ng to any but few in our llmlts. inese
induced the proclamation
and nv directions were expressed to the
Of State to guard against any
reflections upon the officers OF the bank
IN making it. He thought that he had
sufficiently done SO by inserting the words
1.,hat the said bank has ceased to re-
deem Its notes in gold or silver coin. after
having made every effort TO do So" YET
I regret 10 add that. notwithstanding this.
some of the officers misapPrehended the
motive of the proclamation. and applied It
as a reflection upon themselves. A full
inyestip ation will show that the ProoIa'