The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-06-16

o
man. Mr.. Barton made a delightful and
thoroughly interesting address on An "A,
Incident of Ante,War banking. Inc
est attention during the delivery OF his
address, and was accorded rising vote
OF thanks when he had concluded IN the
course Of his address Mr. Barton said IN
:.Gentlemcn OF tho Virginia Bankers Associa-
perhaps the youngest In this large assem-
bly, should DO sitting at the feet Of these
Gamaliels and learning everything from them
teacher. lit seems an irreconcilable contradc-
ton. too, that the younger should be able 10
tell the elders Of conditions which existed ~, -,
the long ago. But as one may be young IN
years and yet old In sin, SO ne may be oln ~
years and young In banking; Having grown a,.s,,
more exacting profession, have with some
zeal and much interest added the duties OF
president OF bank to my other w
at an age when many are thinking OF escaping
altogether from labors OF every KIND. 49,
am able. therefore to dwell for e little
forty.five years ago and more, and to Illus,
trate my narrative by brief extract from
the story OF the manner OF y, ONE
the old regime This story seems to me 70
furnish an educating contrast between condi-
Some OF YOU Will probably recollect with
me tho effect Of the basis Of credit OF the oid
circulating bnnk bills and the means Afforded
for their redemption upon the value and con- n.
venient uses OF such bills. In my town OF
Winchester, there were three banks, AL OF de-
servedy good local standing. In 1850 was
away at school in Albemarle county about
| 14O miles from my home. remember that When
l would come from home to school. Z. had to DC DC
one OF tho three banks-the Bank OF the
| valley-as the notes OF the other two nome
| banks wore subject to discount. When !.
| would go home again. there were no notes OF
any bank in Albemarle that were not subject
was never subject OF concern to me, Tor or
think It never happened that carried ba .t,
from, school sum OF money -, equal ,lai, 70 me
Gives An Illustration.
| Z, To show the reason for such condition ms
| this and to draw contrast between former
conditions of banking In this respect ana the
system nave Of s1 the Valley
''The Valley Bank OF virginia was tncor-
| capital stock OF 100000 and maximum or
| 5000, OoQ This is said to have been subsequently,
increased to maximum stock actually issued
Suppose bank had issued 5000 900 Ct cap p
! ital stock all Of which was sold for coin ana
| had 100000 OF coin in Its vaults 4. IS .
''In that event it could ISSUE SO, 100000 OF
circulation bills Its loans and discounts how,
Of lis capital stock actually paid in, 50 that
1t could lend out 81. 200. ooo This could have "
Of $500, 900 and would DO $4,000.
| "Why, under such circumstances. should a
| Without the expense OF keeping deposit ac-
| counts. the number of Its officers would be
| greatly reduced and $4,000 would probably
| have paid all the expense OF the Valley i'ar'k.
| leaving a clear balance of more than ten per
| cent on It's stock,
! 'in point OF fact, the Valley Eank, Wills
! one OF the largest in the State, had an average
| deposit of only about 900, and Instead OF
seeking deposits, II rather regarded the risht
to make deposits as a favor granted to a
| deposition"
At the Show"
After the address a few announcements were
made and the members began preparations for
! the trolley trip around Richmond, which In
|icluded ride to Lakeside, where delightful
| luncheon was served. After enjoying the
| breezy ride around the city on various lines,
| the bankers and the charming ladies accom-
] panyIng them were guests OF the bankers or
| Richmond at the Casino, where the Wells
! gagement. t76 K. Y
Tho members OF the association decline to
| dlyulge who is the Oldest member, II, indeed.
| the secret has been ascertainad, but young
| men are In O large majority. BY long odds,
| the youngest is Master N. p. Calling, Jr..
| the bright little three and a half year son o.
\ Secretary Calling. The little fellow rugged out
ginia Bankers Association attracted much
| Attention He is the mascot OF the association,
"Among Those Present"
In addition to the list Of registrations up to
| Wedne sday night, about q hundred more dele
| gates and twenty or more ladies' arrived yes
| terday. Altogether there are IN attendance ON
| tho convention about $50 out OF town bankers,
! and at least fifty Richmond bankers, making