The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-04

1T WAS NOT THEN As 1T II Now
We stated n short time back the man
features OF the charter OF the Farmers
Bank Of Virginia. incorporated by an act
passed by the Virginia Legislature in
1912. but there were other features mat
we aid not state. The act provided that
the capital Of the bank should consist
Of 10000 shares OF the par value or slVo
each-S2. $4,000. Books OF subscription
were to lie opened for 1906 shares, o.
which the people Of Richmond were TO
have the right TO subscribe TO a,lo0
shares. the people Of Norfolk were 10
have the right TO subscribe TO 4,1GG shares,
Lynchburg 1866 shares. Winchester 1856
shares. petersburg 2.oS3 shares, Fred
ericksburg GG6 shares. ana stanton
l,253 shares.
The money subscribed at each Of these
places was TO be retained there ana
used as the banking capital Of the OF
fee at that place but the notes that
each Office put out were TO be the notes
Of the Farmers Bank of Virginia, and
binding on all the assets of the bank
in all OF its branches.
There were retained for the State o.
Virginia 1884 shares Of the capital stock
Of the bank, and this was to be paid ior
the State by deducting from dividends
earned by the bank a pro rata assess
ment upon the private stockholders until
the whole face of the States subscrip-
ton was paid The State got into the
Institution, therefore, on exceedingly easy
terms indeed. But as the state became
interested in the bank, though without
much sacrifice upon her part II was but
natural that she should wish 10 have
some voice I'm the management OF the
affairs of the bank. Accordingly, the
charter provided that the parent bank
at Richmond should have fifteen direc-
tors and thirteen at each of the other
places, of which nine Of the Richmond
directors and eight OF those at each
other placs should be elected by the
two houses of the Legislature In JOINT
session. In other words, the stockholders
paid the state Of Virginia S3334oo 10
appoint managers for them of 81 ,6G6bo
of their own money, and she appointed
directors that managed the bank 80 wise
" and so discreetly that the stockholders
GLADLY submitted 10 their management
Of It for many years.
We didn't suppose that the history or
any country furnishes such testimony
as this to the integrity and the char
acter Of the persons who composed the
legislature of Virginia in 1912. and for
years thereafter. ii is fact, that prior
10 the war the Virginia Legislature was
looked upon by the State at large as
sort OF city club for country gentlemen,
and the very best citizens of each county
came TO Richmond to spend the winter
in the city. They were educated men
of broad culture and wide reading, who
took part in politics TO accomplish no
private end, but for love of high politics
only. and with a sincere desire TO ad-
vance the prosperity Of all and see their
State honored and respected in every
ouarter. such body as this the ordi-
nary man felt he could leave the manage
ment of his private affairs TO, with per-
feet confidence that If errors were made
they would be errors of judgment only,
and the reputation of most of the mem
hers for ability and experience was 20
well established in their respective com
munities that the average man thought
himself fortunate to get the benefit OF
their counsel and advice IN important
matters.
How things have now changed. What
prospect would there now be of getting
men with money TO subscribe TO an en-
terprisc by telling them that the Legis-
lature of Virginia would appoint the d.
rectors TO manage their money and direct
the enterprise? Think of going to
capitalist and appealing 10 him to rub
scribe to an enterprise because members
of the last Legislature were going to
take charge OF the fund and direct how
1t should be operated
We know of nothing which illustrates
the change that has taken place IN re-
cent years like the provisions we have
referred TO in the charter of the Farms-s
Bank of Virginia.