Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1868-02-25
THE VALLEY BANK.

II. G.. FAINT, who vas appointed Receiver
of the assets Of the Valley Bank, by Judge
Underwood, has made report to his master,
from which it appears that the nett amount
realized by his raid upon that institution, is
S92, 81. Sc. We extract portion. of this
report, from which it will be perceived that
the receiver makes several suggestions, q hieh;
will interest number of our readers. 1t
may further interest them to know that the
Court over. which, Underwood presides, has
made an order in obedience to, these sugges-
tons which gives the Receiver a vast amount
of Discretionary power.
In the first place, he is authorized, when
ever it shall be necessary and proper for him
to do So to institute suits in the United States
Courts against all debtors of the Bank of
the Valley in Virginia, and to make compro-
misses in such cases as he may deem jqdicious.
Again. hsi authorised at his discretion, to
sell at public sale, after due notice, such over
due bills as were discounted before and during
the war, and receive in payment Thereof, one
fourth cash, and the residue in three, four
and six months, with satisfactory security
1t is also further ordered by the Court
that Henry NJ Brent, the late Trustee of
said Bank be requested to obtain from his
agents the assets of the Bank outside of Vir-
ginia, or from any source not accessible to the
receiver But to the report of II. G. FAINT,
and we may remark that upon every sugges-
ton made, the Court has made an order to
carry into effect his recommendations -
RICHMOND Va, jan. 80, 1868.
Hon. JOHN G. UNDERWOOD,
Judge U. s. Circuit Court, Ric1mond Ia.
Sir: In conformity with the order of the
court in the cause of the Merchants National
Bank of Baltimore, ct at, Us. The Bank of
the Valley in Virginia, have the honor to
report, that since my appointment as Receiver
in this cause, have diligently proceeded,
with the assistance of the. United States
Deputy. Marshal, to take. possession of the
assets of the bank.
The interference of Judge Parker in en-
enioining the late Trustee, and his agents
from respecting the writ of your court, has
made it necessary to take with me at every
point the United States Deputy, kkarshal /;
and to employ counsel.
This interference and the difficulty have to
encounter in obtaining from the Trustee state
ments and reports of the condition of the
bank, has greatly delayed and embarrassed
the execution Of the order of the court,
Accompanying this report, you will find
statement of the assets taken, and in my,
possession. shall proceed as rapidly as
possible. to collect together the remaining
assets, and bring them to this place. Under
the order of the court, have sold portion
Of the assets, the details of which will appear
in the accompanying account. The United
States Compound Interest notes have not
sold, as they are approaching IL value by the
accumulation of interest. l have advertised
for sale, as directed by the court, all of the
real estate belonging to the bank.
1 respectfully request, if not inconsistent
with law, that the Receiver. be allowed to
institute suits in the United States Court
against all debtors to the bank, and that dis
cretionary power be given him to make COM
promises in such cases as he may deem it to
the interest of the creditors to do so.
also suggest that authority be given, in
the discretion of the Receiver, to sell at public
sale. after due notice, such overdue bills and
notes as were discounted before and during
the war, and be authorized to receive in pay
ment thereof one fourth cash, and the residue
in three four and six months, with satisfactory
security. Failures and bankruptcies, it is
we'll known, are rapidly spreading over the
State; which gives emphasis to this suggestion.
[ also suggest, that as the gold of the
branches of the bank at Staunton and Chris
tiansburg, Va, was deposited with the stock
holders and others for safe keeping in the
year 1865, for which receipts of acknowledge
lnents were given, that the United States
Marshal under the writ of the court already
issued. shall demand the SAME as the property
of the bank, and if refused, that the holders
thereof be proceeded against as the custodians
of s'trust funds" belonging to the bank
Before such proceedings are enforced against
them. request that the Receiver be author
lied to take satisfactory security for the value
of the gold, the parties in all cases to be re-
quired to pay one forth cash, and the deferred
payment not longer than three and four
months, satisfactorily secured.
AS the jurisdiction of the court does not
extend to West Virginia, [ request that a
further order may be issued by the court re-
curing the late Trustee to obtain from his
agents the assets of the bank, outside of the
State. or from. any source not accessible to
the Receiver.
With these suggestions carried out, feel
persuaded that the Receiver will be able to
rapidly convert all the assets into cash, that
can be made available, and save large loss
which must necessarily follow by delay.
Respectfully submitted.
HAMILTON G. FAINT,
Receiver.
BENJAMIN Banks, negro, charged with