The Sunday telegram. [volume] (Clarksburg, W. Va.) 1914-1927, 1915-07-11

5f ! Z Z
AS near4as can be now sascertained
about the year 1919 a company was
formed at Clarksburg for the purpose
of conducting banking business IN
der the name and style of the res
ident. Directors and Company OF the
saline Bank OF Virginia" that they
issued notes, received deposits ano :,
discounted paper without .atlega.
charter as required by the laws OF
the state. BENJAMIN Wilson, Jr., was
president and John Webster cashier.
The banking house was in the stone
building which still stands (il9Os) on
the south side OF Main street between
Second and Water streets.
At attempt was made to obtain
legal charter for the institution, and
in 1914 a circular was isued entlIied
Articles of Association OF the Virginia
Saline Bank and stated IN substance
that the country was separated py a
distance of more than three hundred
miles and a large chain OF mountains
from the metropolis of the state SUD
iecting the inhabitants to many IN
Iconveniences and compelling them to
resort to distant banks for accommo-
dations and that they have paid large
sums of money annually for discounts
and that it was proposed to apply Tor
an act of Incorporation in order 10
promote the improvement of the nav
igation OF the Monongahela river, the
manufacture of salt and Iron. WOOL,
cotton. etc. and the encouragement
OF agriculture under the name ana
style Of the virginia Saline Bank. I
The capital stock of the company
was to be s125.oO0. divided into l2;ooo
shares of ten dollars each ana BOOKS
were to be opened for the suDscr.p-
ton of stock in Clarksburg unoer tne
superintendent of George Iowe[ 8
Jacob Israel, William Martin, John g.
Jackson Jacob Stealey. Benjamin VIII
son Jr. James Pindall, James Nc
Galley and Josiah Lowry. on me nj
iteenth of August and to continue open
until the third Monday of SEPTEMBER
in the same year.
The following is a copy OF one OF
the certificates of stock issued IN pur-
suance to the above call
ayirginia Saline Bank NO. 9.
"This is to certify that Elizabeth
Jackson, ST., is entitled to one hun
dred shares in the stock OF the Vfr-
tginia Saline Bank, and has paid sev,
enteen per centum on the AFORESAID
shares.
"Clarksburg, the 30th day Of Sep
TENDER, 1914.
''B. WILSON. Jr.. President
~. WEBSTER, Cashier"
For reasons not now known, the
charter, which changed the name OF
the former association and sought to
do not only banking business but
also manufacturing on an extensive
scale was never obtained.
1t appears. however. from the case
of the United States against the bank.
John Webster and others as reported
in First Peters reports OF the dects-
ions of the United States supreme
court that in the discharge OF pub
lie dues, 1920 of the notes of this
bank had sbeen paid into the treasury
iof the United states prior to October
t21, 1919, and that when called upon
by an agent of the government to re-
deem said notes, the demand was re-
fused by the cashier because OF no
funds. :sR'sfl !.
The United States brought suit
against the institution in the Unlted
States district court which decided. IN
favor of the defendants.
An appeal was taken by the govern
ment to the supreme court. its attor-
news being Daniel Webster and Philip
Doddridge with James Pindall Tor the
bank. The court affirmed the dects-
ion of the court below and dismissed
the hill. the opinion being delivered
Iby Chief Justice John Marshal IN