The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1865-01-25
Banks.

We take tic following, in which our readers
nre particularly interested, from the Cover.
nor's Message, delivered to tho Legislature
yesterday week, and which will appear in
full in tho JoruSAL next week. We hope The
Legislature will take immcdiate action on
this subject, as, whatever the facts may be in
regard to The management or mis-. management
of tho Charleston Bank, the people ought TO
know just whit has been done, md b.!
whom:
"Cn,lcr the lam giving the consent Of the
Suite e Virginia to the formation Of this
State, stocks in number Of the Banks To-.
Gated within its limits were transferred 10
this State; but there is nothing on the subject
on the records Of any department Of the State.
II seems to ma tina, this matter should be
referred 10 tho proper committee, with instruc.
ticns to examine into it and report. IN what
Banks tho stocks arc held, ,lcamonut thereof,
aud the name Of the fund 10 which il stands
credited, whether 10 tho Literary Fund, the
Internal Improvement Fund or to the treasury
proper.
For many years the Bnnk Of Virginia, in
which the State Of Virginia has been stock.
holder from It's organization hus had n branch
ut Charleston, in KanawhH county. At the
commencement Of the rebellion many Of the
directors went South and carried the coin Of
the bank with them, and tho Cashier resi- gned
his POSITION; so that the organization coll
tlnued no longer, aud the books, papers and
nsscls Of tho bank were left in the hands OF
the President, james e. Mcfarland, Esq.
Complaints were made 10 NE last spring that
the President was rrefcrring and mying
some Of the creditors OF the bunk, b. trans.
terring 10 them the best and most available
as9els, TO. the great prejudice Of the stock.
holders and other creditors. II wns also
claimed that in the absence Of any organizu.
ton the President had no authority 10 thus
dispose Of the assets, or otherwise transact
the business Of the bank, and that such action
should be tnkcn as would prevent it thereafter.
Under these circumstances, in juno prepared
n notice TO the President, setting forth the
facis, substantially Ms herein detailed, and
notifying him TINT if any detrmcnt should
result 10 the State by his management of the
the affairs Of the bank, he would DO held re-
sponsiblo therefor. On the first Of July lie
addressed me q communication admitting the
truth Of tho statement rs 10 his management
OF the Affairs Of the bank, and claiming that
he had right TO do so, but stating that he
would desist for the future. / submit the no.
tce ind his communication in answer thereto
for your consideration. ! recommend that
this subjec. be referred to the committee TINT
shall be charged with Asceriaining the stocks
owned by the State in the several banks, and
that they be instructed to inspect the books
and enquire into the proceedings Of the hank
and its officers and make report To the Lcgis.
lalure; and that on this report you take such
ucion as will best subscryc to the interes, of
the State.
ut is reported to me, that the stockholders
Of some Of the old Banks in the State wish to
convert them into National banks under In.
late oct of Congress, and that they deem il,
necessary to hive some legislation to enable
them 10 do so, especially in the case where
the State is n stockholdcr. recommend TIM,
yoa ennct such laws as will authorize and
facilitate the desired change"