Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1870-01-14

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in the South, and regret that circumstances
force us to continue the subject in this issue
and that little nearer home
The meeting of Stockholders of the Ma
tional Banks here were advertised to be held
on Tuesday last, at which time Boards of
Directors were to be elected. The National
Valley held its meeting and reelected the
old Board of Directors. The First Nation
al failed to hold its meeting Of Stockholders,
because the proxies of about 40 per cent of
the whole stock were sent to the Bank and
filled with the cashiers name. The U. S.
Banking Law positively prohibits any officer
from acting as proxy, and hence no quorum
being present, the necessity of adjourning
the meeting till February 18th, notice of
which was ordered to be published.
Before this meeting of the Stockholders
was to be held, meeting of the Directors
took place, and the salary Of the cashier was
raised from $4,000 to $4,000, just6 per
cent on one half the capital stock of the
Bank.
Considering that the capital stock of our
Banks are the same, and that the Deposites
at the First National average from $780,
600 to $110, 900, while those of the Nation
al Valley average from $1,000 to $780,
600 ard that the cashiers salary Of the lat
ter is only 81, 800, with no effort made to
increase the same, it seems strange that the
Directors of the First National should in
crease their cashiers salary to $4,000 =
Were they aware that the cashier held prox-
les representing 40 per cent of the whole
stock of the Bank, and that, if they failed
to increase his salary, he had it in his pow
or to re-organize the Board to suit himself |?
Whether they were intimidated or not, they
have, by increasing the cashiers salary to
$4,000, virtually said to him, ''you have
made US large profits during the past year
off of the necessities of our patrons and we
give you $500 moro as an inducement to
fleece them to greater extent than hereto
fore. The people in this locality are in an
extremity and will need much assistance
during the next year, see to it that you shave
aye slice them in proportion" In this and
ia no other light can we view your action,
NIessrs. Directors. Are you entirely oblivi-
GUS of the circumstances which surround you?
Do you forget that the very existence Of
your Bank depends upon the will Of the pnb-
lie? If they refuse to dcposite their funds in
your hands. for fear that you will use them
to skin their neighbors, or will not offer to
borrow for fear you will extort, as the uL-
precedented increase of your cashiers salary,
on account of the large profits he has made
out of the patrons Of your Bank, seems to
warn them, will you not cease to be able to
pay even the salaries of officers, much less
derive dividend Indeed, may not your
Bank from that cause be compelled to cease
operation entirely? Then we hope you will
consider this matter and place yourselves
and your Bank square before the public
make it promise beaeGt to community, in
stead Of holding over our heads the threat of
extortion, which your late action forces as
the only conclusion upon one and all.
We are unwilling to believe that the for
eiga Stockholders, many of whom are Bal
timoreans, and who have cndeavored to as
sst our people by aiding in the establishment
of Banks here, and otherwise, would, for
the mere profit to be derived directly there
from, place the very institutions, intended
as benefit to an impoverished people, in
the attitude of detriment and damage
This is the attitude of the First National
at present, but there is yet time to repair
the error made. The deferred meeting of
Stockholders is to take place on Feb. 18th.
Let them then elect Board of Directors
who win favor only fair salaries and be con-
tent with fair profits. IF their cashier is
unwilling to serve for a fair compensation,
then appoint some other person. There is
no lack of Banking talent. experienced and
long tried, in this community, which can be
secured at fair compensation. say from
$500 to $4,000. 1--WE allude here to talent
for legitimate banking--frst rate shavers can
be secured at much lower rates-sayl$1000
per aansns.)
Stockholders see to this at your deferred
meeting, and remove the odium which at
taches to the unprecedented salary just gran
ted your cashier, simply on the ground that
he has made large profits at the expense and
out of the necessities of our people. The
future popularity and consequent prosperity
and efficiency Of your Bank depends largely
on your action in this matter.
Tue PoRrER1rEs At WoRK-The Rich
mond correspondent of the Petersburg IN
dec, ia his letter yesterday. says:
1.-The Porter wing Of Radicals are getting
ready large dciegaIlon 10 go Oh 10 wash
ing.ou to oppose the admission of the State.
They are more confident than eyer that Con-
gress will exact the test oath Of the Legisla-
ture. One Of this wing, who is in daily
communication with that fractionary, told
me to-day that General Butler had assured
him that the clad would certainly be re-
quired, and that there should be organized
State militia, numbering fifty thousand, to
enforce the laws and protect loyalists, and
that if this was not sufficient the whole army
would be sent down here Furthermore.
that Butler had great faith i'll what Cover
aor Walker had said before the reeoustruc-
ton committee, but utterly distrusted Zeph
Tmrner and John B. Crenshaw. The Por-