Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1866-01-08

FIRST NATIONAL BANK OF RICHMOND. .-lL
the Virginia Sen.ts on Friday, Mr. GtEmer
stated that he had received lester from Il, 6.
F.nt. President Of the First National Bank OF
Richmond, which hs resd as follows:
HON. JOHN H. GILAHR, Senate Of .I,yg3lsoa :
S1R:-I notice in the proceedings CT the
Senate yesterday, that you are reported to have
said that the National Bank did not eoHse
here to help the needy and deserving people,
that YOU had heard that their capital was be
ING lohed out on the street at esge5 to te?s per
CENT. q month, that the farmers Of Virgins
need not expect one cent Of loans from theaa
people; they came here to make moaey-not
to- aid our people.
TIE capital stock Of this Bank, paid up is
only $l50000. Although it only eommenoed
business about SIX months sgo. losns have been
made to the merchants, farmers and others as
IS shown by the books Of the Bank, to the ex-
tent Of one qaillso1s name hnndred ord ,fy o2}e
thousand, four hundred c3sd 7asse dollars csG
1cuftu-three cents, and the average loans during
the same period have reached abo1t tour hun
dred thousand dollars, aud Ct no time alter tho
Bank was fairly under way have the loans 70
the people, to whom you refer, baen less than
double the capital stock Of the Bank, aud the
records of the discounts, show that not dollar
has been loaned above per ct. per annum,
when Is was known to the borrower that we
could have loaned every dollar we had TO the
Government Of the United States at 730 per
cent. per aonuuo.
Up to very recently the Government Oft
United States kept large deposlta with the
Banks here, which enabled them to give TO
the people these accommodations.
Before the wax, Rchuoad had q banking
capital Of five million dollars, while the whole
capital Of the National Banks ct hiessEnona
does not exceed FIVE hundred and hIty thousand
dollars, less than 10 per ct. OF tFse capital
formerly engaged by the people; asd to expect
that this small capital o'n supply t!le wants OF
the people, is TO suppose al llnpcsslD1hty.
T agree with you that the repeal ozthe usury
laws Will supply this want IN g great rneasure,
and aid the National Banks to effect loans ID
the Northern cities, for the farmers and bus-
ness men.
I am sure you have been led into error in
your comments on the National Banks, and
will correct as far as lies 10 your power, the
wrong impressions you have MADE.
Very respectfully, your cot servt,
Il. e. FAINT, President.
Senator Gilmtr said he had no retractlon TO
make Of the remarks he bad made the other
day, but proposed to show by the the following
exhibit, taken FROM Mr. Fant's own lettec,
that, instead of FIVE or ten par cent, he bank
had actually made thirteen per cent: perHonth !;
'sCapital stock paid up $50 ,o0o smount
Of loans for SIX months, 81 ,95! ,z09 s. amount
of loans for. t.elvs months, 23, eG2, sig o6 On
which the interest, at sig per cente is s234, 69
"a, being one hundred and fifty-Slx apd one
ninth Ger cent OF the capital Of the bank, Or
thirteen per cent. :, month on the capital 81
the bank.
SENATog SUMNER The leader q tas Issdl>
Gals in the Senate, Charles Sumner LIS tie type
.s>a., l,;a oiaas = e z time rsniaSeI:l 81