18857. Bank of Virginia (Richmond, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 1, 1838
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
988eb1638a1f4ff3

Response Measures

None

Description

Articles (Richmond Enquirer, Jan–Feb 1838) describe the Bank of Virginia having suspended specie payments and reference a legislative act providing temporary relief and extending suspension until April. No run or depositor panic is described; suspension appears temporary (government/legislative action). Dates are taken from the newspaper metadata and article text.

Events (2)

1. January 1, 1838 Suspension
Cause Details
Bank is noted as standing in consequence of the suspension of specie payments (general decision to suspend specie payments as of Jan 1, 1838).
Newspaper Excerpt
standing in the attitude the bank does in consequence of the suspension of specie payments
Source
newspapers
2. February 21, 1838 Suspension
Cause
Government Action
Cause Details
Virginia General Assembly passed an act providing temporary relief to banks and extending suspension of the Bank of Virginia (legislative action suspending bank until spring).
Newspaper Excerpt
That the ... Bank of Virginia ... is hereby suspended until the twentieth day of March next... this day act shall be in force from and after the passing thereof.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Enquirer, January 11, 1838

Click image to open full size in new tab

Article Text

Hence it will be seen, that asked TOT was not withheld by reason of any unwillingness to furnish it, but from the many difficulties in arriving at it. Very respectfully, Your most obedient, JAMES RAWLINGS, President of F. B. of Va. To the Hon. LISS BANKS, Speaker of the H. D. of Va. The Speaker presented the following communication from the President of the Bank of Virginia: which, on motion of Mr. Smith, of I. of W., was ordered to be printed, and referred to the Committee on Banks: BANK OF VIRGINIA, Jan. 9th, 1833. To the Speaker of the House of Delegates: Sir-In answer to the resolution of the House of De. legales, adopted on the 6th inst., " requesting the President of the Farmers' Bank of Virginia and the President of the Bank of Virginia, to furnish the information called for by the Resolution of the 15th June last, if made out, if not, to assign the reasons why"- have the honor to state that the President and Directors of this Bank, from the great respect they felt for the Representatives of the People, immediately on the receipt of the resolu. tion of the 15th June, gave directions to the clerks employed in the Bank to proceed in preparing the information called for, and whatever time could be spared from the necessary daily occupations, was devoted to that ob. ject, and some progress was made therein; but from the comprehensiveness and minuteness of detail as to the number of accounts, the offices, trades and occupations of the individuals-their residences, specifying the counties, cities, towns or boroughs, &c., it was impracticable to accomplish the work within any reasonable time.The work was of a very complicated description, and required that the debt due by every individual and firm should first be made out, and that then those debts should be classified according to the occupation and residence of each. The number of those individuals and firms was upwards of seven hundred, residing in various parts of this State, and in other distant States. I will further remark, as some evidence of the daily labor in this Bank, that the current accounts of the several individual dealers and firms are about two thousand, and the accounts in the general ledger, including those of other Banks and our branches, many of which are very long, exceed one hundred and seventy. The House of Delegates will thus see there can be but little time to reply to such a requisition as that of the 15th of June, or to any other extraneous business, and will, I confidently believe, deem these rea. sons, for having omitted to furnish the required information. satisfactory. The Directors have no motive to misuse the money of the Bank. The average amount of their own accommodation is very moderate, and their services are rendered withoutcompensation from a sense of duty to the community. With them individually, there would be no objec. tion to the exposure of every account in the institution; but neither the letter nor the spirit of the charter under which they act, nor the settled policy of banking, recog. nizes such a principle. Whenever there shall be good cause for suspicion of favoritism or corruption in any specified case, they will be ready and the first to have it fully investigated and exposed. I beg leave to add, that standing in the attitude the bank does in consequence of the suspension of specie payments, I should deem it no less indiscreet now to offer the slightest indignity to a branch of the Legislainre of which we are asking indulgence, than it would be un. becoming at all times. With great respect, I am, Sir, Your most obedient, JOHN BROCKENBROUGH. General State of the Bank of Virginia, including the Branches, Jan. 1, 1838. $7,131,303 71 Loans and Discounts 422,881 56 Stocks 315,927 91 Real Estate 692 450 43 Due from other Banks 572,760 65 Specie Advances under a contract with the James 232,851 00 River and Kanawha Company Balances in accounts between the Banks 95,891 71 and its Offices


Article from Richmond Enquirer, February 22, 1838

Click image to open full size in new tab

Article Text

seemed To be rendered necessary, by what gentle- had fallen from that gentleman man from Rockbridge, in the upon this subject, had said that explanation He he said had that been of of this the his course uniformly Assemto movement on the part bly which involved an instruction to our Does the mean, by his remark, to or in any Legislative expression their that subject? opposed his opposition, gentieman any does he merely Senators mean embrace of sentiments opposed on to the direct and unequivocal instruction to he is Senators. to vote against the Sub-Treasury?- that our [Here Mr. McDowell was understood to say of in favor of an expression of the opinions If this was Assembly, but opposed to instruction. distincbe the the view of the gentleman, then it is Peyton, the tion without a difference.--II said Mr. and principles which that gentleman has often correct-if so ably it elequently maintained on this floor be be and true, as he hasalways contended, that the his representa constitutive is bound to reflect the sentiments of then upon his ents, no matter in what way ascertained, of opinion the Legislative expression course have the same infinence upon be of as a positive instruction. our of the course of the would own the interpretation principles Senators precisely gentleman If the propriety, this upon he cannot claim when exhibited IS THIS a spirit of the of the alternative presented proto this have effect subject. surely with compromise, for our acceptance, any with the was to all intents and purposes the same said Mr. position proposed had attended to be rejected all the The conferences truth is, with the Peyton, be disposition for harmony and conciliation-h Rock had believed with the gentleman ridithat it was utterly conbridge strongest always and others, opinion, absurd from and and a compromise of sentiment upon the difficult of exchange and as to said that gentlemen might not con colous currence subjects Peyton to expect currency, compromise circulation. could and complex Mr particular course of action, but he ceive any how it was possible to compromise their opinions, belief in the convictions of their judgment-! vote under their the what they disapproved. Mr P. said that Republican fluence of these views, that portion of the proParty who were opposed to the sub. Treasury had niea posed over and over again to the friends of that the that we should agree to take no action indefinitely upon as should part sure, subject that the whole matter should we be came here, postponed, of and the that Republican we principles of the and Admisupporters nistration. though we differed as to the policy pro- said priety of Mr Wright's bill. And this proposition, in which Mr. Peyton, obviously presented the only mode when it I we could avoid discussion, and which, come alienation might, he said would inevitably lead to the to the entire and sundering of party ties, and, possibly, Party.and destruction of the Republican disruption Reasonable and proper, he repeated, as this proposition whenever seemed to us, it was rejected most decidedly d presented Here Mr. PEYTON being interrupted by a point of of order, the that having said thus much by the leave further unsaid, House, he would forbear to press the matter circumstances. The der the resolutions were then laid upon the table, and ordered to be REPORT printed. ON INTERNAL IMPROVEMENT the ComOn motion of Mr. WATKINS, the report of on Roads, & was again taken up. mittee Mr. HUBARD concluded his remarks against the principles and FITZGERALD objects of also the opposed report. the adoption of the re port, Mr. and sustained the motion for indefinite postponement Mr VAUGHAN was against the measure had proposed been sul by Committee, and thought the question the and noes. the ficiently debated He, therefore, called the previous question. vote and upon asked sustaining ayes the previous question decided The the negative-ayes 42, noes 76. This vote in having (by parliamentary rule) thrown the from before the House for the day, Bank subject Mr MAY made an ineffectual motion to take up the bill. WATEISS moved that the consideration of this the R.. port Mr. be resumed. After some desultory debate, tion Mr. prevailed. TUNSTALI. and addressed the House in an able and argument in favor of the Report. earnest When Mr T. concluded, Mr. MARTIS explained why should vote against the indefinite postponement. he should and if he though friend to Internal Improvement committee. why. vote against the scheme of the e c finally McDOWELL intimating his desire to address table- the e House Mr. to-morrow, moved to lay the report on the which motion was agreed in .) The bill for the temporary relief of the Banks, not material was rea from the Senate. with amendments and e turned in their character, in which the House concurred, the bill is now law. al following is a copy of the act e The by the General Assembly, That the :Be second it enacted and seventh sections of the act hundred passed first. the fourth day of June, eighteen relief on twenty seven, entitled all act for the temporary d the are and same of and the thirty Banks of this Commonwealth, hereby and for continued other pur- in e enacted. force poses, till shall the be !wentieth day of That March so much next. of the provi2. Be of it the further net entitled **an act increasing the Banking 25th, it sions of the Commonwealth passed the March Farmets Capital relates to the Bank of irginia, of Virgi1837, of as Virginia, and the Bank of the Valley until the nia, Bank shall be and the same is hereby suspended of April next. t fe 1st This day act shall be in force from and after the passing e thereof. On motion of Mr. MAY, the House adjourned. Wednesday, Feb. 21. e is was received from the Senate, stating that it A message the bills entitled "an act incorporating they Franklin and Botetourt d the 'an act changing the time of and y Company; Pittsylvania, have passed of the County of Floyd; holding Turnpike River. the Circuit Superior Courts of the Little Kanawha "an act directing have also survey passed the bill. entitled "an the Count act to They separate election at Frankfort, in Chesteri. authorize ly of Greenbrier, a and one in the County of with amendments. he be field, And they have rejected the bill, entitled "an act conWilliam Townes Le cerning House concurred in the amendments of the elec. Senate [The to the above named bill, concerning separate e tions.] of Mr BROWN, it was b On motion That this House will proceed by joint vote Resolved, Senate, on Friday. the 23rd inst., and to the Superin- elece with tion of the a General Agent, or Store Keeper tendent of the Penitentiary. II, e On motion was of Mr. instructed WATKINS, to inquire the Committee into the on expedi- within Agriency culture, of encouraging &c. by law, the culture of silk d this Commonwer CURRENCY INSTRUCTIONS. offered the following Resolutions, ordered which to on be Mr. his CHAPS motion were laid upon the table and d printed: by the General Assembly of Virginia, the That deResulced entire disconnection between there should the be General Government and the to of posites and that the connexion between Banks, of existing discounts previous it the of specie payments in May last, renewed. the suspension and the Banks, ought not to be ultimate the the 2. Government Resolved, That although General it may Government be proper in the ly to collect the currency dues of of the country, yet under exist to reh constitutional the Federal Government ought of specieing circumstances of the public dues, the notes dues may ceive paying in Banks, payment equivalent to specie where such t be collected. That at stated periods the balances thus in the as. 3. Resolted public officers should be struck, and, the credit hands of into cash, and placed to certained, of the United States on Preof the Banks as may be selected therefor by and Treasuret converted special advice deposite, the sident with such of the United States, by and with the consent of the Senate. the balances in the hands of the 4. Resulted, That should be ascertained, and the deposite public thereof officers made at short intervals, under such guards,