Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1909-01-28


now Tazewell, was fifty years old was a
bank located here. Though the town
was laid off in 1900, it was left without a
bank or banking facilities until the year
1850. Previous to that time each per-
son in the county and town was their
own depository, if he or she had any
surplus money. OF course there were
many thrifty persons then, as now, who
always managed to have a surplus of
''the root of all evil" And they kept
their money on their persons, in chests
or secret places, some of them, in a
small way, being money-lenders or usu-
rers- If anyone in Jeffersonville or Taze-
well county in the days previous to 1850
desired to negotiate a bank loan he had to
ride across the mountains to WythevilIe
or Abingdon. where banks were located,
and secure such loan. Prior to the estab-
lishment of the first bank at jefferson
vile, Wytheville and Abingdon were
the only towns in the present Ninth
Congressional District that were the
fortunate possessors of banks.
AS we have before stated, there were
men in the county who were money
lenders. They would buy the notes or
bonds of individuals, and great deal of
the business of the country was con-
Quoted with what was then called leash
paper" A would give his note or bond
to b for horse or a bunch of cattle
and sometimes for land. B would want
to raise money on the bond or note, he
would take it to c, a money lender, who
would buy the note ut a heavy dis
count, sometimes as much as twenty
five per cent. Individual notes or bonds
were frequently used as a circulating
medium, being assigned from person to
person, often as many as half a
dozen times. This custom prevailed for
some years after the Civil War.
NORTHWESTERN BANK OF VIRGINIA.
The first bank was established at JEFF
fersonville in 1850. 1t was named the
Northwestern Bank of Virginia 1t was
a branch bank of the Northwestern
Bank of Virginia located at Wheeling,
Va, now Wheeling, w. Va. John w
Johnston was the first president of tn,
bank here and Geo. w. G. Browne it
first cashier. We are unable to ascer
tain who were its first directors. The
following was the first statement of its
resources and liabilities, made Novem
Der 18th, 1850:
ASSETS.
Discounted notes, 5 1,700
Cash as follows:
Certf. dep. N. w. Bk. Va,
Wheeling, SIS, 100000
Virginia Blk. notes, 100000
Wheeling Blk. notes, 1S,s25.O0
Specie, 10,3O7. GA $45, ,s32. "a
LIABILITIES
Northwestern Bank of Va, SIS, 900. OC
Selden, Latham & Co., 6.0C
SIS, ,0O6. 0C
Capital stock paidin, O,s0O. 0C
Notes issued, $4,000
On hands, $500
In circulation, 500 800. .06
Discount and interest, 26. 64
s45. 1892. 81
1t will be seen that this bank, though
a branch bank, was a bank of issue as
we'll as bank of discount and deposit,
Its offices were first located in the
Crockett building at the east end oi
Main Street, recently owned by the
Messrs. Chapman, now by the Metho-
dist church. In 1852 the brick building,
recently the High School building. anC
which has just been torn away, was
built, and in 1853 the bank was moved
into that building where it remained anC
was operated until 1862, when it went
out of existence as a result of the Civi
War. In 1852 we find that its officers
were as follows;
President, John W. Johnston; cashier
Isaac M. Benham; clerk, Rees B. Gil
lespie.
Directory:-John C. Mcdonald, Johr
B. George, Kiah Harman, Geo. w. G
Browne, S. F. Watts, Samuel L Ora
ham, Isaac E. Chapman. AT that tim,
the capital stock was 5000
Subsequently, John A. Kelly became
cashier of the bank, and continued a.
such until it ceased to do business il
1862. That suspension was occasionet
by being cut Off from all business ant
other communication with the mothe
bank at Wheeling. We find that Oh
December Both, 1853, the capital stocl
had been increased to $121, 500, and tha
bills of the bank to the amount of $147,
$50 had been issued The loans and dis
counts at the same date amounted +
the sum of $245, 0sO. If the volume O.
business increased from 1853 to 1861 i
] the same ratio that it increased fror
the year 1850 to 1853, the bank mus
have been doing an extensive busines
when the war came on in 1861.
We have in our possession q consider