182 



THE FARMERS' REGISTER. 



$343,016 

 - 859,165 



$1,202,181 

 260628 



Increased iheir discounts, 



Increased iheir circulation, 



Increased their specie, - 



Which deducted, leaves of general in- 

 creased liabilities, or increased inabi- 

 lity to resume payments, - - $940,553 

 We could defy any banUite to produce, from all 

 the annals of the commercial world, between the 

 early times of the South Sea Bubble and of 

 Law's Mississippi Scheme, and the present and 

 recent time of non-paying banks in America, 

 evidence of such gross (raud, and treachery to 

 trust and to every obligation of law and honesty, 

 as the above statement shows, conducted as this 

 has been by men of the highest respectability, 

 and moreover deemed honorable, patriotic, moral, 

 and many of them also siraitly religious ! ! ! 



Many other facts stated in these reports, though 

 of less importance, deserve to be noticed, as mat- 

 ters of curiosity, or of shameless abuse. 



The cost of all the banking houses in Virginia, 

 amounts to $495,495. When sold hereafter, all 

 these bankrupt palaces will scarcely bring the 

 fifth part of their cost. All their business might 

 have been transacted in apartments costing much 

 less than one fifth. 



The salaries of all the officers of the banks of 

 Virginia, amount to more than $200,000 a year, 

 or nearly as much as would have paid the legiti- 

 mate and proper expense of the civil govern- 

 ment of the commonwealth, before the common- 

 wealth had become involved in the trade of bank- 

 ing and in debt. 



The amount due from the northern banks (of 

 other states,) to those of Virginia is $207,922, 

 and the Virginia banks owe to northern banks, 

 $411,287. 



The bad debts at the Virginia bank at 

 Richmond, as reported by the di- 

 rectors ----- $178,818 

 And the doubtful - - - 62,982 

 And as reported by the stockholders 



as bad - - - - - 220,000 



And as doubtful - - - 97,000 



(N either including defalcations, or totally worth- 

 less stocks, we presume.) 



But besides this table, there is another reported 

 by the bank of Virginia, showing the "amount 

 upon which no interest has been paid for the last 

 12 months," to be $630,551. When interest has 

 not been paid on a bank debt for a year, there is 

 generally not much to be expected of the princi- 



pal. The Farmers' Bank reports a like item, 

 amounting to $249, 014. 



Some partial light is thrown upon the groea 

 abuse of long continued "accommodation''^ loans. 

 The Virginia Bank and branches, exclusive of 

 those at Lynchburg, Norfolk, Danville and 

 Charleetovvn, which made no report, " owing to 

 misunderstanding the question,^^ have debts which 

 have been due 



More than 10 years, - - - $305,470 



Between 5 and 10, - - - 458,018 



Between 1 and 5, - - - - 447,031 



Of the Farmers' Bank, there are answers to 

 the question on this head, li"om only the two bran- 

 ches of Fredericksburg and Winchester. We 

 presume that the president of the mother bank 

 at Richmond also " did not understand the ques- 

 tion," and that the branch presidents at Peters- 

 burg, Norlblk and elsewhere, were no more acute 

 than their superior in Richmond. To show 

 how much self-interest may sometimes blunt as 

 well as sharpen intellect, we will copy from the 

 report this puzzling question which so many 

 presidents (" learned in the law," too,) and direc- 

 tors could not understand. It stands first in the 

 list addressed to all the banks, and is as follows : 

 " What amount of debt is due to each bank and 

 branch thereof, which was originally contracted 

 more than ten years past? What amount was 

 contracted more [ban five and less than ten years 

 past? And what amount contracted more than 

 one year and less than_^tje years past ?" 



One more statistical fact will be mentioned, 

 and which only is not derived from the bank re- 

 ports. It is that the last known sale of Virginia 

 Bank stock, was at $45 the share of $100 par. 



We pretend not to argue with, or to instruct any 

 person who is interested in sustaining the banks 

 in Iheir course of fraud ; nor any of the many 

 true and honest men whose understandings have 

 been so clouded by bank delusions as to believe 

 that the system is honest and beneficial in its 

 present operation. But, of those who admit the 

 evils and the vices of the banking system of 

 Virginia, and sincerely desire to have them re- 

 formed, and who have vainly counted on and 

 waited for those persons having power to reform 

 these institutions, we would ask, what possible 

 orround can there be for such hope from bank of- 

 ficers and directors and from legislators, acting 

 as they have done now for five years, and under 

 influences which still exis*? We entertain no 

 expectation of either voluntary or legally coerced 

 reformation. Nevertheless, we have full confi- 

 dence that either the reformation or the destruc- 

 tion of the fraudulent system will come, and soon. 

 The banks are taking their full swing of allowed 



