The Norfolk post. [volume] (Norfolk, Va.) 1865-1866, 1865-08-30
THE NORFOLK NATIONAL BANKS.

VIC uSu"A iooSO, iippdut, oH-IdIlu dlt
thoughtlessstyle, which generally distin
cuisines the leaders in thatpaper-andi il
which it INDUCES in plentiful assertion
without regard to facts, and takes NJ
pains to prove the truth of its declara
Demonstrating the Virginia Nationa
Banks indiscriminately, and accusing
those institutions of having combined
with the United States pay department
officials to defraud. the Government anc
wrong the soldiers. In speaking of the
alleged misconduct of Col. Amos Binney
which was first made public by its
Richmond correspondent, the Herald
says: at.
This grand piece of vany first comes to light In tn,
Richmond pay district and that to light all
present perhaps results from quarrel between the ma
1onal banks there and those ut Norfolk The rogues fell
out. Col Bnney, recently chief paymaster In that dis
fct seems just at present to be the head and front OF
and it is already reported that fourteen other paymastes
-Binneys subordinates-are involved in the frauds
Now, there are buttwo National Banks
in Norfolk-one, the first National Bank,
of which Mr. Cole is President and
where Col. Binney was in the habit Of
depositing, and in which lie transacted
all his business in this portion of the
Department; the other is the Exchange
National Bank, with which, although
it is designated as the depository of the
public funds, Col. Amos Binney has
had but one transaction and that of SO
slight nature as to scarcely be worth
naming. The Herald attempts to explain
the manner in which the banks impli-
Gated and Col. Binney conducted their
affairs in order to mutually benefit one
another:
How the swinders operated is not yet certain; but IT
appears to have been by of the seventhry bond
In statement it is alleged that seven-thrties
drawn by the paymasters anterior to the date at which
their interest began, and that the Government allowed
interest from the date of sae that the officers paid the
troops in the bonds and pocketed the interest allowed
above what borne the face of each note And the
statement is that the paymaste being in cousion with
all the brokers and bankers in the Richmond district
paid the soldiers in -thirtes and then realized
large discount for the exchange of the bonds for legal
tender notes. But these epauetted nancers SUBJ
mitted their purposes to any such slow
inadequate machinery this The financial condition Of
the Richmond district especially shows that they operated
in holder way. There three banks in Richmond
and two in Norfolk and each of the five has capital Of
only hundred thousand dollars Doubtless all are in
the hands of the paymasers Binney interested in
the Norfolk banks. and hear that Stanton his
sor is interested in those at Richmond By means Of
these institutions the paymastes using Government
money to such extent that bank held seven mil
lions The full figure OF the five banks will foot up
tremendously"
Our object in noticing the Herald'sar-
ticle, which is in the main quite correct,
is simply to exonerate the Exchange
National Bank of Norfolk from any share
i'm this alleged combination to defraud
the government and swindle thesoldiers
of our army and we are happy to be
able to prove from the books of the in
stitution, that it is entirely innocent, of
any wrong, and free from even the sus-
picion of having in the slightest degree
deviated from a fair, honorable, and |
patriotic course of conduct in all its deal
ings, whether with the government, the |
soldiers, or the public. 1t is so far above
reproach that even suspicion cannot
linger over the acts of its President and
Directors, or tinge it's fair fame. Lieut..
Col. Binney never, we repeat, had more
than one transaction with this bank,
and that was as follows-the facts we
take from the books: On the 18th day of
July he deposited in the bank $500, 900,
which on the 10th of the same month
the day following-he checked out, thus
opening his account on the 18th and |
closing it the next day. Small space
was given in this brief period, forswind-
ling the government, had all the parties
been ever so much disposed to turn a few
honest pennies. The Herald, however
has not seen fit to make any discrimina.
ton between the banks, and arraions
them all at the bar of public opinion, as
equally guilty, under the same charge.
in this it commits an act of great injus-
tice, and we trust it will see the matter
in that light, after this explanation, and
make due reparation for the injury its
nnguarded assertions are calculated to in
flict upon an honest and trustworthy in.
stitution.
Having shown that Colonel Binney
had no transactions-or next to nome
with the Exchange Bank, and, there
fore, that it cannot in any way be re-
sponsible for his actions, it remains only
for us to prove that, in regard to the
other accusation-that the banks have
wronged the soldiers by compelling them
to pay four, and even as high as eight,
dollars on the hundred to exchange the
seven-thirty bonds i'm which they were
paid by Colonel Binney for currency
the Exchange National Bank is as free
from having taken any part in this
shameful and knavish, not to use harsh
er terms, piece of business as it is from |
with Colonel Binney's other
proceedings. We are assured |
by the officers of the bank that they
have never discounted a seven-thirty
bond presented by soldier; and they
have exchanged currency for these bonds
whenpresentedb by soldiers to the amount
of hundred thousand dollars-and,
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