The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1865-03-08
,,nr ,fIhave no power 70 re-

,,,h,s If tho bank. II have no power viii.
dcots o. NV jnh,or of the bank, who u WIZ
eelEe '.v% the amount Of luis, debt, ana etsU ~
,ns ~ ~ fnr nm the books Of the pahk, W 80
a.,n an ascending debtor or to cause rUt TO
SUI ~ :uoJ,whcre q note or a bill Is aoou' ~
10 Se ST. The statute Of limitations, caHnw
os Of ANYTHING in the scope OF ny rscn
eonS. ov.cn, nsa mere custodian, " ,L,
'no'nS 90 md assets of the bnnk IN 'hS WV NO
, ~ sa n many of them to be absolutely 'o'' "
Tue nv position could collect anu fese NV
\. ~ , h r. ,hc bank, it was my DeHe'' =.
r;tv Of reasoning that under ce,' Germ ',rc 10
paany uces could properly pay DEUS uuo
;,s nrc'l;,ors. and especially when Tue ~
II. ms obviously beneficial 10 the panN ~
Viii MI, tho stockholders or the STATE nIe =,
,;,,sJ "a ANYTHING from the bank, e.est r. tho
. ~. S,~,iu: remaining after payment VI i
,' 80 tL Ichtx of the hank. The STATE, !" '"0
OO". , ""S NJ understand, when Sic suD,
pal,e"' -, ,hs stock Of n bank, puts hcrSeil On
ST. emo rootipr ns q private stocEIo'uer: .,s
~, 10, ;,,orcs, ns it is the Obligation Oh .n'
a 20 TO nay the debts OF the cone:'n'
so,;no an This motion, and, as / c"""c'. a.
,;onvIS believe, for the best interest y. .
mil hoye, in some instances, assign
,r;,I,n,i .rccoursc on the bank IN any w.,
~ VERSIONS holding the notes of the PAM 80"
W IInnn.;,ors certain discounted bi'Isi nc'.s
~ ill., h,nk in each case the creditor '"h'"S
,hn nnto ar bill for it's full amount, W'he'ru'
800, and cost Of protest, when rfo'es'sIi,,
anI accounting dollar for dollar THEREFOR: ~
or this is shown by the entries Oh 'he uo""'
orJ tho tank that much better oil by inc pay.
'nor, If so much Of its inlebtncss. in SUM-
- ,hc.e cases, if not MI, there womb hase
he.n Iificul,y in the bank collecting 'He
c,,;m transferred. IN some, II was thc on.y
,I,rru,,iyc between this mole OF payment
md attachments on all assets oil Inc hahAi
In these transactions, Us before stated
Lovr ,rtcd ursn n conscientious sense VI ~!
inv uu,lcr the circumstances surrounding
mo- believed it was the best for The oa'":
AMI / mink 81 still. 1t did not occur 10 me
Tim, !, could only be done hy the concurrence
md advice of u directory. There was ~ u.
directory. If one was necessary TO Tie van,
,I;,y Of the net, it coull not be done ut all
Lclisycd il IL necessity; and Mas OF opinion
thu, being mere made Of paying the debts o.
rho lmuk. il belonged to the executive deFar''
m.ut or The bank, aud not I" the directory
lad there been Il board of directors, OF course
| shu,,d hav. consulted them from courtesy
Ian, ,lcrc WAS none, and believe ! had tue
,owcr and that under tie circumstances u
.,,,ht to be exercised All that ! have done
is omen to tie inspection Of any competent
ou,hori,y. II have erred, il is mn error u,
rous,r,,iin. NV duty. This is what OF MI
things desire t" pcrior" correctly no'h l"
III. State and TO the stockholders. Having
rLc uuhal.piuc.- TO differ from your Excel
lcncy, toward who'" personally and ",'c'"'I!
! entertain mos, perfect respect, | shall, OF
course refrain in future from making any
further payments "f the debts of the BANK III
it's Liscn,lnc. bills and notes or other assets
COULD wish your Extc!lrncy had hce" more
cxplici, in the suggestion that may have the
nowcr TO collect the debts Of the bank. Was
i, Your intention in this TO cover payment:
made ly debtors themselves in the vaults OF
The bank and its branches or TO restrict II
to ravmcn, in current funds? rleaSc advise
nc on this head.
Yours with great respect.
(Si:ned.) JAS. T. Mcf Ahl'iHD'