21748. Bank of Richmond (Richmond, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
May 15, 1837
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
7bb2f3e8

Response Measures

None

Description

The articles document multiple suspensions and resumptions of the Bank of Virginia (Richmond) during 1837–1842. There is no clear description of a depositor run on this specific bank; coverage focuses on suspensions, legislative discussion, and later resumption preparations and actual resumption. OCR errors in some articles (garbled words and dates) were corrected when obvious. I select suspension_reopening because the bank suspended specie payments several times but ultimately resumed and paid specie by 1842.

Events (6)
1. May 15, 1837 Suspension
Cause
Macro News
Cause Details
Part of the wider banking suspensions and specie-payment crisis beginning 1837; city and Philadelphia banks' suspensions influenced Virginia banks to suspend specie payments.
Newspaper Excerpt
suspended May 15th, 1837.
Source
newspapers
2. October 13, 1839 Reopening
Newspaper Excerpt
Resumed October 13th, 14th 1839, ... Resumed October 13th.15 14th. 1839 (OCR garbled but indicates resumption in October 1839).
Source
newspapers
3. February 1, 1841 Reopening
Newspaper Excerpt
the Banks of this City did on the first day of February last, enter upon the resumption of specie payments, and have since steadily adhered to the redemption of their circulation in coin ... Resumed February 1st. 1841 (table).
Source
newspapers
4. April 6, 1841 Suspension
Cause
Macro News
Cause Details
Resumption produced severe pressure on the country and neighboring banks' positions aggravated the situation; banks collectively decided to suspend redemption to avoid harsher effects.
Newspaper Excerpt
Therefore, Resolved, That the redemp= tion of their circulation in coin be suspended ... adopted ... April 6.
Source
newspapers
5. February 1, 1842 Suspension
Cause
Macro News
Cause Details
Contemporary commentary attributes suspensions to ongoing regional/national banking difficulties and unfavorable exchanges; legislative/market conditions made resumption unsustainable at that time.
Newspaper Excerpt
Suspended, BANK OF VIRGINIA, Feb. 1st, 1842.
Source
newspapers
6. September 1, 1842 Reopening
Newspaper Excerpt
RESUMPTION: Well, the hard-money era has arrived, and the Banks pay out promptly, ... Our little Bank stands the run admirably. On the first day of resumption only Six Dollars were demanded ... The resumption yesterday was the quietest proceeding imaginable. (reports from Sept. 1842 indicate successful resumption).
Source
newspapers

Newspaper Articles (20)
1. November 4, 1839 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, November 4, 1839

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THE SUSPENSION. The N. Intelligencer has republished a ridienlous article from a Virginia paper, asking why we do not apply the same language to the Bank of Virginia, as we do to the Pennsylvania Bank of the U. S.! there no difference in the cases. Messieurs Who began the suspension-the Bank of Virginia or the Bank of the U. States Who pressed the others in ii? Was it the B. of Va. Which of these institutions.wa that by the gross abuse ofitsenordragged not only the Bank of Virginia, many other institutions with it into vortex of suspension mous but so power, ? Rickmond Enquirer. the OF The +ridiculous article" referred to by the Enquirer was copied from this paper. But we think it is every easy to show that the term is applicable to the Enquirer's paragraph, and not to out'sunless, indeed, the criminality of an act depends, not upon its intriusic qualities, but upon the order of time in which it occurs. When the Virginia Bank was chattered, did it ever enter into the contemplation of the Legislature, that its right to suspendspecie payments was to be made dependent upon the action of the U. S. Bank of Pennsylvania? for 11 it did, then the defence set us by the Enquirer Dr. Brockenbrough's Bank IS impregnable: other wise, it will not hold water. If A steals B's pocketbook, does that justify a similar depredation by B upon C? But we deny that the U. S. Bank "begau" the suspension, 01 that it "diagged" the Virginia Bank into the vortex." The Philadelphia Banks "began" the suspension. Why does the Enquirer separate the U.S. Bank from its assoin the act, and hold it up in told relief, 08 were responsible for this policy? ciates if it alone other Why Banks does it not deal out its anathemas against the of that city, which concurred with the U.S. Bank in counsel and in action ? The reason is obvious to to the most superficial observer. Its object is keep false idea that that Bank IS identical a National Bank-that a National Bank sustained the Whigs--and is with by Whigs therefore, for that the the remedy proposed by the brought upon by the courthe Experiments of the try disordered by currency Administration, the malaso far from curing, will actually aggravate dy. It is our object, on the other hand, to show the fact, that the present U.S. Bank is a State institu- act tion, and has not the power, if it had the will, to asa "great regulator" of the banking system, and to check its tendency, when unrestrine by a con.trolling central head, to run into wild and ruinot# excess. A Bank which first suspends is no more criminal than others that follow its example. It is presumable that all are actuated by the same motive-self preservation and that none would resort to this stern extreme measure, except under the pressure of Dr. Brockenbrough's Bank it a drain of all the necessity. ed because apprehended if suspend- specie it kept its vaults, by Northern banks and brokers, them open and the U.S. Bank suspended because it apprehended a similar drain from New York and England to meet the foreign demand for the Both preciousmetals. occasioned by our debt abroad. the same motive-the associates in Philadelphia were were influenced Bank and its by U.S. the befirst to resort 10 this measure of precaution, the cause they would have been the first to meet shock, and to fall victims 10 its violence. If others followed the example, it only shows that they, were 100, however prudently they have been managed, not strong enough to encounter the storm which they saw approaching. The Enquirer is in an unenviable predictiment. ber its to the U. S. Bank and its allegito the Bank of Virginia. No blow former can fa.l to smike the latter with ance tween the hostility aimed equal force; and, however it may flatter itself that it call death-strokes at the one with ut the other. it willsce, in the a it perceive if if would watch deal wound might its upon already result, it the firthing signs recl. of the times, that our Virginia institutions will isis if they do not fill. under the assaults which DE making upon the institutions of another State, wretched party purposes. William Pennington (Whig) has been re-elected (W) Governor DOP of New Jersey, and Joseph C. Humblews Chief Justice-both without opposition.

2. December 7, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, December 7, 1839

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Condition of the Bank of Virginia. We lay before our readers a very interesting Letter from the President of the Bank, which was presented the House of Delegates on Tuesday last. This doto cument. along with the official Expose of the affairs of the Institution (laid before the House on Thursday last, and incorporated with our Report of the proceedings of that day.) presents a very clear view of the transactions and condition of the oldest banking Institution in the Commonwealth. It is calculated to win additional confidence in the stability of the Bank. It shows, that the Institution is stronger than it was in January last-that its outstanding debt has been reduced more than one million, notwithstanding the augmentation of itscapital by near 400,000-that its notes in circulation have been reduced $843,610-will its specie and specie funds have been increased. The President's Letter, however, opens a more important vein of reflection upon us. It touches upon of the great defects which pervades the present orone granization and management of our Banking Institushows how their creditsvstem has been abused tions. by long and extensive loans. It insists upon the great of principle of banking credit, that, "the great design establishing banks is to promote agriculture, commerce and manufactures, by temporary and moderate and advances of their credit in aid of individual capital a Credit, indeed, may be considered as enterprise Bill drawn by the present time upon futurity. A bank supplies its own credit, or capital, in lieu for of the credit or unavailable funds of individuals the purpose of putting praductive labor into motion. too But this draft on futurity ought not to be drawn at distant a day: and the enterprises, in which it is order embarked, ought to be judicious in their selection in the be profitable in their results. The advances of bank ought to be +temporary and moderate," and "in poraid of individual capital and enterprise. A large tion of the abuses of the bank has arisen from an excessive use of accommodation paper. If the Banks of the U. States had adopted one of the rules pursued by of the Scotch Banks, to call upon each customer to some wind up his accounts in the course of the year, it would alone have arrested much of the speculation and extravagance, which so extensive a credit is too well calculated to engender. Unite with these precautions, a larger proportion of the original capital to be paid in specie-a larger stipulaproportion of its coin to its circulation-an increased liability of the stockholders, in their private fortunesand above all, perhaps, the prohibition of all small notes, admiat least below $20, and we introduce new and rable reforms into the banking system-and necessa- are IV restrictions upon its abuses. These provisions decalculated to prevent over-banking, and its about attend- to ant evil, is introgrant them temporary relivf-but let us then duce permanent reforms, to be introduced by gradual actransitions, so that the community may learn to commodate itself by degrees to the alterations. To the General Assembly of Virginia. BANK OF VIRGINIA, Dec. 3, 1839. The President and Directors of this institution, havresolved on the 12th of October last, that "it is expedient to suspend specie payments for the present, for feel it to be their duty briefly to assign their reasons the this proceeding, to the General Assembly, to whom whom it is Bank owes its corporate existence, and to amenable for its acts. the 29th day of May last, a general meeting of On stockholders was held for the purpose of consider- charter the and deciding on the acceptance of the new the indiing granted by the Legislature. At that meeting, of that vidual stockholders considered the provisions charter onerous, that a large majority of them end preformed that so the old charter should expire at the the of to the acceptance of the renewal of it on the conditions extern. it contained, but they were overruled discretion by proponderating vote of the Treasurer, whose of that officer considered as taken away by the passage the law: and this having the charter, to which they could not consent. imposed on them. they resolved liberali- to a committee to the of the General for such a appeal through Assembly, enlightened modification The bank, of the law as they deemed ju and proper. nevertheless, proceeded forthwith to conform its opera- to tions to the requirements of the law. and gradually reduce its outstanding debt, notwithstanding the severe by pressure on the community, to the limits prescribed the the new charter. In the midst of these exertions, sudden and unforeseen suspension of cash payments Philadel- by the banking institutions of the large cities of pina and Baltimore, with which the banks of Virginia constant inter-communication, placed the latter as in situation in which their own preservation, as well the interest of the Commonwealth and the community, required that they should yield to the painful necessity :another suspension. ii the bank could have sustainditielt in the unequal contest to which it was exposed. it would have been at the countless sacrifice of the reial and interest of the therefore that neither policy nor common believed, producing State. justice exact- It was that the bank should attempt to call in its resources such cost to our own people, to be prepared for the temands of or of the banks of the had shut their doors retaliation. brokers, against dictated North That which by the a course adopted by this bank was not spirit of selfishness, is shown by the heavy responsiand has rather than drain

3. December 14, 1839 True American New Orleans, LA
Article from True American, December 14, 1839

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Virginia Legislature.-The general assembly of the ancient commonwealth of Virginia met in the capitol at Richmond, on the 2nd instant. John W. Nash, (Loco foco,) was elected Speaker of the Senate, without opposition. Thomas W. Gilmer, (Whig,) was elected Speaker of the House of Delegates, without opposition. The Governor's message was received, read and referred to ap, propriate committees. Mr. May introduced a bill to remove the disabilities from the Bank, occasioned by a suspension of specie payments, which was received, and passed the House of Delagates. A resolution was offered, to go into the election of U. S. Senator on the following Monday, which was laid on the table until all the members elected, should be present.

4. December 14, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, December 14, 1839

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VIRGINIA LEGIS TURE. SENATE. Saturday, Dec. 7, 1839. The Senate concurred in the joint resolution sent from the House of Delegates, in reference to procuring an additional appropriation of land by Congress to satisfy the outstanding military bounty land warrants is gued under the authority of Virginia. On motion of Mr. SMITH, the bill for the temporary relief of the Banks of this Commonwealth, was taken up. The question pending was an amendment reported by the Committee of General Laws, to strike from the bill the following proviso: "Procided, That no Bank which shall avail itself of the provisions of this act, shall make any dividends on its stock, unless it shall at least ten days previously thereto have resumed and bona fide continued the pay ment of its notes and debts in specie. Mr. ANDERSON moved to amend the committee's amendment, by striking out the clause relating to dividends, and inserting a clause requiring the Banks to "pay the Commonwealth's share thereof in specie or such funds as will be received in payment of interest upon the public debt. Mr. ANDERSON explained his object to be, to provide for the amount which the Commonwealth would be bound to pay in specie on the 1st of January the interest upon loans made by her. The dividends on her bank stock were the only resources she had for that purpose, and she would be found in a predicament other if suddenly called upon to raise the amount in any and her credit would consequently be injured. It way, was to guard against this difficulty that Mr. A. proposed his amendment. Mr. GOOD suggested that the amendment was not in order, but the Chair decided it to be in order. Mr. PEYTON thought the amendment less objectionable than the original bill, but no improvement as an amendment. He thought the gentleman's object would be more effectually obtained by suffering the proviso to be stricken out. Mr. P. objected to any distinction being drawn between the dividends of the State, and those of the widows and orphans who were stockholders in the Banks He deemed the restriction as to and unjust. The the idea that the Banks had had been of fraud, and were a Are we prepared for such a dividends, based bankruptcy. they on impolitic guilty done bill verdict? itself in wrong-that state seemed State Mr. of P. referred to the aid the Banks had rendered the during the war, and deemed it harsh and unjust to anticipate wrong, and censure them without investigation. He thought the requisition of the bill impolitic, because it was calling for resumption without ascertaining the ability to pay, or whether the cause will not last as long as the act itself. The true course was to relieve for the present, and look into matters carefully hereafter. Mr. LYONS also opposed the amendment at some length. He did not think the object in view would be attained, even if it were a proper one. If the condition were imposed, requiring the State's dividend in specie, the Banks might declare no dividend at all, and then where would the State get the specie to meet the interest on her public debt? The Banks should be permitted to raise themselves, and not be subjected to clogs which would operate as an act of injustice. He believed they had duly done that which the force of circumstances required of them. But even if the Directors were guilty, no one would say the widows and orphans who were stockholders were responsible. Mr. L was against this merciless legislation. In the body of the bill you approve the suspension, and in the proviso condemn. If the Banks were to be say no-let gentlemen come to that issue at once. If they were prepared to put their hands into the pockets of the people, or create a new State debt, let them adopt this amendment. There were but two modes of meeting the interest on the State debt-by the Bank dividends or by taxation. But why prevent such of the creditors of the State as were willing to take Bank paper from doing so? This must be done, or resort to the more obnoxious plan of selling new State stock below par.Mr. Lyons urged a variety of other views against the amendment. Mr. ANDERSON further explained the character of his amendment and replied to Messrs. Peyton and Lvons. Mr. SMITH alluded to the wide range of the debate, and explained the reasons of the Committee for proposing its amendment. He thought Mr. A. S amendment and right, as far as it went, but it did not go far enough; he read, by way of argument, a further amendment which he should offer it this were adopted. He asked if the Banks wanted extraneous aid to enable them to resume? The Bank of Virginia, by the report made the other day, was stronger than she ever had been, and Mr. Smith was astonished that she ever should have suspended. He thought there was no occasion for it. She had either yielded to the panic of the moment, or desired to profit by exchanges. Mr. S. went for out the clause restricting he delusive legislation. were striking wasagainst dividends, If dividends because prohrbited, the private stockholders could get the amount in shape ofloans, but the State could not descend to that: he would not hold out a stimulant when it was not needed. Upon the $158,000 now due by the State, there would be a loss of $15,000 to get the specie, which damage the Banks should pay, because it was their which put irredeemable funds into market. Mr. S. thought it the duty of the Legislature to see that the interest of the many was not sacrificed to that of the but he denied that there was a necessity to buy specie few; at all to meet the State debt. Dr. Brocken- of brough had just informed us that he had upwards $700,000 in specie in his vaults. Why keep it lying send? Mr. F. had ne such horror of the departure of

5. January 11, 1840 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, January 11, 1840

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character and experience all such appointis of the the money this By period, from in kct which, Europe, had been the of first summer so and an had gloomy unpromisi ussumed de the to the board directors as to induce of to the and further await arrival of the agent parture broad from advices of the not the result merely the from of sources The subsequent news This of step the was day, in! but formation of in the cities of of by specie ac educed best and New York. by the banks. sastrous from Europe, meeting to dispayments still more the November with the intention the first however the counts board of directors for the present, of out reamoney change the for grounds continue the the "resuming agency it market upon the which may that hold the measure stated already would sonable he attended amiss to add what of is the board, the that It may not be boration last the President to of the city of offering the by about way the of 1st being of August called by business me his friendly preet: aid, of mers Philadelphia, Bank and renewed kindly the enquiry of per as cent to bonds, mission and to bility my at that regard period to the probable he addressed result possible, to me on be his effect likewise in In letter which "It would not this be country but on wholly venture return Europe he remarked sale at any point in disinsible; and to of offer this lieve, terms which would satisfied be that did I not think, abandon the all NO ROOM became You may, and look alone to I for sale. this country, them, the last ac- as the~bonds of sale in And in respect to the preceding bad last hope abroad unfavorable than Letters by the markets more have been. presented the foreign counts are known to me, which rep American securities steamer they are read to closed against arrival of additional as market spoke literally of the turn erpetnal offered at reduced towards rates, them the brokers among -They each in their feeling of repugnance be 115 ful in of as well as them forward, bringing having amounts, produced a whose among might every class in to state further likewise proper of one that Board, purchase And may of be the conduct the of versity the of Virg to rinia, subjects whose of early the vindication able professors been of particularly directed the month and of July that of attention finance, went has to England in the month early of October; to me as his demeeting and return he that has at no May, the could negolimited the cided since stockholders conviction, in the prescribed month of by our law (by to SIX which per shaken tiation the rate upon of interest the terms to cessfully be allowed lueted is by in the the fact mai that have cent.) ha been was his opinion and Illinois agents not heard he the terms, abroad Nor elvania, Mary land for although he had were much than those more advantageous the subsequently Pennsy succeeded felt well assured which that we they are authorized been have which to offer To the facts and circumstances should be added pernicious that after to the fiscal credit mentioned, the remark it would be Highly well as to that of the her (with State, guarantee at should attempt uccessful failures at home of the company, as to the stock,) be made that shall have taken an markets abroad. be before such change and proper to is it an send Europe, agent It to seems, of any in How the long it may would render it expedient to predict be gen- with certainly degree however, of have that conceded amendment indications of the are and board increasing; the that erally already appeared and the hope and will have advanced in directors :hich indulge is now the in progress agency may spring be successfully 2 of notes The issue post change such all the that of the in of debts due of the that June month can from the company the meeting in the this resolution; and until assure be ed, the board It of the directors stockholders came that that it was postpone should arrested, be at to the company was perfectly progress ascertainer of the work would and at improvement. the hazard of ed calculable failure loss of the whole scheme the hole line was of unfinish actively towards total At the from period Richmond eferred to, to Lynchburg penditure advancing about S) 10,000. at this period of loan the power the by authorized old of its month The of of to the negotiate company of 23d of March to of the and capital, remainder amounting about making =710,000; to the monthly ments, or resources of unwards was of indispensably them in some form been has no that The loan. permanent other these Bv the statement already made, it the had just fa. the most the Eumake been made the the and America had totally failed; favorable and if condition, the ropean vorable market auspices, had been reach it stated, in time that It the attempt the to the it was meeting, impossible as heretofore of the Bank of Virginia had and failed, embark June the President Farmers Bank in the the agency the of the The chiefly Presider could upon not the probably ground be that effected earlier detailed than in the has narrative, it that and founded, suing loan spring course of subsequent events, as proven was utterl, efliand the use cient power in direction of impossible anticipation preceding for the company to make prompt permanent the the of remainder Nor that was it possible upon to meet the unrealized been made, and had the company capital by drawing The effort failure had which gave funds rise to 1st all failed; the old and it was state this of the company remaining on the availathen of the embarrassed residue of that old could capital be readily made to behad been December consisting last, of Bank the arrears of Virginia of and balance the State on hand come blc, due anticipated, from the and along of the with year, the had been appropri The amounting at the purpose of the work remaining 10,000, on hand con- al of gisted ated to balance the of the old capital to about 57 subscribe rs. or alized ized of the June $321,234, meeting due from individual subscription. unreali consisted the subscription and of and $363,1 amount of $294,541 Richmond: S61 ,500 of coltown Lynchburg, the latter of the city of S7, 100 of Washington lege to rehaving been obliged directors in form the Richmond The payment board of from afte the some MEY partial of sales, stock having at par, found had ceive of city racticable stock, and to dispose necessity of the in the cent. early part But even to found been it reluctantly reduce driven the by price receivable to 95 in per current bank to of the at spring this reduced to price, be a vendible article, but subscrif amounting notes, inconsidera it was rabie amount of the individual of which be lost, the very In regard to the $321,234, balance very nothing small had part been col- left undone but these efforts !ection; tion, if any will by the ultimately board to facilitate had been or attended to hasten with very the failures, little success. consequence of these the unfortunate old capital fell estimates; far short receipts In upon account of to pay the monthly necessity of in of the amount necessary constantly increasing of the company and hence arose the future loans resources At the period anticip of the anticipating form of temporary the board, besides of the Virginia of the the meeting of of the Bank and the State, through June the medium to fall due from the ba of original periods or relast instalments tions, in obtained therappy at sundry newed various credits, autumn had and been winter from the Bank of Vir during the

6. January 25, 1840 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, January 25, 1840

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RICHMOND MARKETS.-FRIDAY, Jan. 24. TOBACCO.-No change in prices.-Th inspections are averaging 15 hhds. per day-prices range as 50- follows: Lugs $3.50 it .1 50-common leaf4 50 a5 middlings 85 75 a 6 50-good $7 a 7 50-fine stemming leaf $8 a 8 50. FLOUR.-! there are no shipments in consequence the suspension of navigation, there is nothing doing of in the wholesale line: Country is held at 86. In retail transactions quotations may be made at $6 a 6 25.City Mills Flour is held at S6 75. WHEAT-81 05 for red-s1 10 for white. CORN-55 to 60 cts. per bushel-stock good. MEAL-70 to 75 cts. per bushel. OATS-32 to 33 per bushel. Bacox-Old sides 9; Shoulders 7. LARD-City 12 a 121 cts. per lb. BRANDY-Apple 55. Peach, no sales. Exchange-Foreign on London 16 per cent. premium. DOMESTIC-On New York 7! a 8 per cent. premium Philadelphia and Baltimore I per cent. There is little of doing on in exchange in consequence of the suspension trade. REMARKS. There is nothing doing in our market except in the retail way, principally for city consumption. Navigation above and below is closed, and trade has neither ingress or egress except in a small way in wagons; and transportation in this way has been nearly suspended by the late freezing and stormy weather. As we said in our paper of Friday, money is scarce, and the difficulties of meeting engagements are greatly naincreased by the suspension of trade. So long as liremained undisturbed our merchants were the balance of trade against us guidating vigation off with from facility the and promptitude; but now they are cut benefits of an undisturbed commerce, and the positions they sustain are perplexing. The dry goods merchant meet his notes falling due to the importer, while are curtailed through the inability to and he incurs the added embarrassment a goods, his has sales to of ship dif. his and exchange. is under acceptances to hiscountry fieult extravagant The commission customer, which are due, while the produce upon which merchant falling market. Every they are based is unavailable in the class of commercial men except retailers are doing no. to thing in their respective vocations, while they have time. pay their notes and acceptances as at any other condition of things occurs a the Banks have suspended This when unfortunately specie payments; at from the embarrassments in the money of the large portions of their are up time when country, funds concerns tied They, in the shape of debts not available at this time. nevertheless, are looked to as the only means of sustaining the credit of our commercial men in a time so trying to them. We believe the Banks are willing to do this, and are doing it. This course enforces the ne- the cessity of a considerable restriction of discounts on cla. new paper submitted to them; and which occasions against them The Bank of Virginia, immediately Banks after inor the suspension, was the most rigid of the has in the restriction of discounts; but that Bank evineed a willingness to sustain the enterprising merchants whose situation we have just described, in a man- times creditable to it. The fact is, in prosperous of businer Banks necessarily carried along the current and are afford the aid which business demands-their outgoings ness, and incomings, like those of individuals, are in prompt and expeditious, and their means are kept motion; but, like individuals, when times change, have (and must come, Banks or no Banks,) they funds tied up; they cannot force them interest and by a duty to the their change bound by community in. possible. They are to indulge and sustain their debtors, as far as and Hence their discounts on new paper are restricted hence complaints. Were Banks, indeed, in a supposed time of pressure, to pursue the even tenor of their way, discounting and collecting, as when money was satis- easy and confidence undisturbed, it would be the most factory evidence that there was no pressure. We feel assured that the Banks will sustain all who frank in their representations, and whose condition their justifies are that course, and further, that such has been policy. past We have frequently adverted to the advantageous faposition of our State. We spoke of her as the most of the States this year. She had abundant crops that of breadstuffs, vored and every thing justified the belief find from various causes, which we then stated, Thus would, market at advanced prices, during this winter. balance a said would she be enabled to liquidate the been we trade against her. She has, measurably at least advanof off from the opportunity of profitting by her of her cut James River, the main artery, as it were for her tages. is closed by ice, and there is no outlet in commerce, which would now command a good cash price a Flour, Northern cities, whose markets are stimulated by orthe demand for home consumption and the competing shipEurope. These orders and the resort to ders for of flour as a means of remittance, are actually ex- for ments porting it from warehouses not sufficiently supplied home use. that the state of blockade we now suffer We hope not last very long, and that we may North yet is from, may time, ere the interior navigation of the circumhave to avail ourselves partially of interests. the If resumed, which are so propitious to our different g stances is restored shortly, we shall see a briskly, navigation of things. Our produce will go forward fast it can aspect be disposed of at profitable prices, as as and all and Our merchants will be relieved, and lively be shipped. avenues of trade will assume a bright the Vesterday's Compiler.

7. October 26, 1840 Morning Herald New York, NY
Article from Morning Herald, October 26, 1840

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$382,313 Overdraw by three houses, The stock of the Dry Dock is now on the rise, it is said, because of the sy mptoms of improvement in the real estate of that neighborhood. Speculation is thus on foot in various ways, fostered, as it were, by the necessity which exists for the employment of capital temporarily, during the depression of the Southern business, caused by the continued suspension. From all quarters, the indications are those of resump. tien, and the hope has been falsely propagated by the U. Bank, in order to lull public feeling, the matter has been pushed so for by the Southern banks, which have shown many indications of their ability to resume, that it cannot be evaded, and the U. S. Bank must stand or fall.The following is from a Richmond paper in regard to the banks of that state:The Bank of Virginia has met with heavy losses,whie added to her large subscription to the Jaines River and Kanawha Improvement, has unavoidably been the source of embarrassment. The bank has been compelled to curtail its outstanding debt as fast as the exigency of the times would allow, with out a rigor which would have created distress. It has at the same time been induced in self-defence to limit its discounts considerably, though not to so great a degree as many suppose. The bank fortunately had a large surplus, the aid of which, with the withholding of the last semi-annual dividend, and its ge. neral prudential policy, will enable it to resume with ease along with our other banks. The Farmers' Bank is in excellent condition, and has acted nobly in the exigencies which have been visited upon us. Its discounts have been as liberal as with justiceto itself they could be; and they have been, we believe exclusively, or almost so, confined to regular business paper, and its customers have been singuarly punctual Hence its profits have been good, and it will be able at any time to follow sxit to the resumption of the north. The Exchange Bank has also driven a safe and profitable business, and its discounts, in proportion to its means, have been liberal, and have been of material service to the trade of our city. The high prices and prompt sales of our staple product, tobacco, have too furnished the very best funds to our banks, and thus they have received important aid. The balance of trade, if not turned in our favor, has been pretty well equalized, and the banks havefunds which will, we are sure, meet all demands at the point where they will be required. A general resumption in the present state of the coun. try, will cause an early revival of business in the spring, which will absorb all the real capital of the country now idle, yet the banks, which will have newly resumed, will not be strong enough to go beyond the actual demands of business, and continue to control their old accommodation loans; consequently a rigid a therence to a cash system and short credits will not only be necessary, but the natural consequence of the ill established confidence in the stability of the suspended banks on the pert of the New York banks. The absorption of idle capital by the increase of business, will stop the speculations going forward in fancy securities.

8. December 17, 1840 The Charlotte Journal Charlotte, NC
Article from The Charlotte Journal, December 17, 1840

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JOHN GRAY BYNUM, Esq. Dennis A. Smith, Esq. of Baltimore, has written a letter to John Brockenbrough, Esq. President of the Bank of Virginia, deprecating the proposed resumption of specie payments in the course of next month. Mr. Smith considers the measure premature and fraught with much danger. As the causes of the suspension are still in operation, be thinks it inexpedient for the non-specie paying banks to change their position, until a judicious system of policy devised for the permanent regulation of our financial and commercial affairs shall have been authorized by the new Ad. ministration, after the 4th of March.

9. January 23, 1841 The Madisonian Washington, DC
Article from The Madisonian, January 23, 1841

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RESUMPTION. We have entertained and expressed but one opinion on this subject from the beginning, and that has been and is, that, the banks should resume no conto the advice of a trary payment. We have Baltimore had financier, doubt, that, the banks generally, were able to maintain specie payments, and being able, justice and propriety dictated the policy of resumption with as little delay as possible. Events, on nearly every side, are confirming the correctness of oui opinion. The Harrisburg Intelligencer of the 19th, after three days' proof or experience of the effect of the measure, says: "The banks of Pennsylvania resumed specie payments on Friday last. We do not believe there was any serious "run" on any of them." The York Gazette of Tuesday remarks: We believe that the resumption of specie payments on Friday last, was general among the banks of Pennsylvania. We have not heard of an exception. In most instances, so far as we have been able to learn, the demand for specie at the counters of the banks was much less extensive than was expected-and scarcely amounted to what is termed a run, if we except the case of the United States Bank. "The York Bank commenced redeeming its issues with specie some days before the time fixed by lawand on Friday and Saturday was not called upon for more than about $700. The news from Philadelphia seems to leave no doubt of the success of the resumption there. A heavy run was made upon the U. S. Bank by New York brokers, but they seem to have exhausted themselves without shaking the bank. In Illinois resumption took place nearly a month since, and we learn that there has been no run upon the banks sufficient to affect their condition in any way. We learn, too, from Mr. McFarland, President of the Farmers' Bank of Virginia, who has passed through this city on his way to confer with the banks of Baltimore, that Virginia is ready to resume, and that gentleman is now endeavoring to get the Baltimoreans engaged in bringing resumption about. The Richmond Whig says: "If Baltimore is not prompt to name a day, we hope and believe that Richmond will resume without her." The Baltimoreans think this "bold language." It is the boldness of right, and we hope the right will triumph. We have no chartered banks now existing in the District of Columbia; but if we had, we have no doubt they would be ready and willing to pay specie. The Virginia Banks have published the following resolutions: At a meeting of the Presidents of the Bank of Virginia. The Farmers' Bank of Virginia, and of the Exchange Bank of Virginia, at Richmond, and being authorized to act in the premises, by their respective Boards, JANUARY 18th, 1841. Resolved, unanimously, That the Banks will resume simultaneously with the Banks of and that the specie Baltimore; payments President of the Farmers' Bank be requested to report this resolution to the Banks of Baltimore, with a request that an early day be fixed upon for the resumption. (Signed) JOHN BROCKENBROUGH, T

10. January 23, 1841 The Madisonian Washington, DC
Article from The Madisonian, January 23, 1841

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JOHN BROCKENBROUGH, WM. H. MACFARLAND, JAMES CASKIE. At a meeting of the Board of Directors of the Bank of Virginia, Saturday, Jan 16, 1841, the following resolution was unanimously adopted : Resolved, That the Bank of Virginia will unite with the other Banks of Richmond and the Banks of Baltimore in designating any particular day for a simultaneous resumption of specie payments by the Banks of Richmond and Ba'timore; and that the President of this Bank be authorized to communicate with the other Banks referred to, and to enter, on behalf of the Bank of Virginia, into the necessary mutual arrangements for carrying into effect the object of this resolution. The Governor of Georgia has issued his proclamation requiring the banks of that State to resume specie payments by the 1st of February. All the banks in Wilmington, Delaware, resumed specie payments on the 15th. There was no run upon them. In Ohio, the Legislature is engaged in re-organizing the entire banking system. A bill has been reported in the lower House by a committee, proposing to incorporate the State Bank of Ohio, with branches, having in the whole a capital of twelve millions. This is to absorb the existing banks, and constitute the whole banking capital of the State. This is on the one bank plan, which was repeatedly urged in this paper two years ago. Its details, however, may not be unexceptionable. The loss to this District, of which suspension and the want of a uniform currency have been the proximate causes, has been appalling. Sufficient, we dare say, to exceed the entire debt of the city, and if long continued, to ruin us beyond hope. If it costs our establishment alone $3,000 I er annum, who can estimate the enormous sum it costs the whole District?

11. April 7, 1841 Daily Richmond Whig Richmond, VA
Article from Daily Richmond Whig, April 7, 1841

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At a meeting of the Presidents and Directors of the Bank of Virginia, the Farmers' Bank and the Branch of the Exchange bank, assembled together at the banking house of the Bank of Virginia in Richmond, on Tuesday the 6th April, 1811:-On motion John Brockenbrough, esqr., was called to the Chair, and James W. Pegram was appointed Secretary of the meeting.-The following resolution was adopted : Whereas the Banks of this City did on the first day of February last, enter upon the resumption of specie payments, and have since steadily adhered to the redemption of their circulation in coin, or exchange, at the pleasure of the holder, but it becoming apparent that the resolution to pay specie if persisted in, must press with extreme severity up on the country at large; that the difficulties to be ncountered are greatly aggravated by the posit on of the Banks in the adjacent States; that the Co nmonwealth is under the necessity of obtaining lo IDS of the Banks, and of necessity their issues are her by increased; and that it is not within the power of the Banking corporation of this State to correct the exchanges, unaided by the corporation of the Banks elsewhere. Therefore, Resolved, That the redemp= tion of their circulation in coin be suspended, and that the Banks confine themselves to a line of policy which shall prepare them for resumption at the earliest period it may be attempted with success. JOHN BROCKENBROUGH, Chr'n. T

12. April 15, 1841 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, April 15, 1841

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The Charleston Courier of the 8th inst says "A letter from Richmond, dated the 5th instant, states that the Bank of Virginia, in that city, had suspended specie payments, and there was little doubt that the other specie paying Banks in that State would follo W the example."

13. November 15, 1841 Daily Richmond Whig Richmond, VA
Article from Daily Richmond Whig, November 15, 1841

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: : e, RICHMOND a e MONDAY MORNING. NOVEMBER 15. d RESUMPTION OF SPECIR PAYMENTS : e. This subject is annually a fruitful topic for newspaper discussion. The season for canvassing it d r again, as the session of the Legislature draws near, : is already arrived. Accordingly, we find the va. e rious presses putting forth sage views upon it. It is d a very favorite theme with the Loco Foco scribblers, d as it is with the orators of the same political complexion, upon the stump. They are all of one mind / respecting it-and clamorously demand an instant and universal resumption. They do notadmit, that any considerations affecting the welfare of the peo. ple, will excuse a longer suspension. They take it for granted, that every man is prepared to pay the Banks what he owes them-and whether this be the case or not, it is the duty of those institutions forthwith to comply with their obligations. The paper which has been most conspieuous in the outery against the Banks, is the Richmond Enquirer, the Organ of the suspended Bank of Virginia! Nothing will satisfy the scrupulous and conscientious Editor of that Print, but immediate resumption. His nice sense of honor is shocked at residing in a community where any man or set of men do not pay every cent they owe-and he is so prompt and exact in discharging all the obligations against himself-that he has no sympathy for those who are so unfortunate as to be behind the stump. Plank down the cash, kiss the calf-skin, or go to jail, are the only alternatives which this merciless Draco would extend to the debtor class. Probably, if he owed the Banks 20 or $30,000, which he would not or could not pay, he might entertain very different sentiments. He could not be so unjust then, as to do that which he himself refuses to do. There would be a manifest indecency and wrong in making the requirement. No man has a right to demand equity, until he has been first just to others. If all the debtors of the Banks would pay up, we doubt not that the Banks-even the Virginia Bank inclusivewould follow the example, and resume and maintain specie payments. But no one who owes these institutions has any right to complain of their omisd sion to perform their duties, whilst he is himself a delinquent, and withholds from them the means of doing so. As to the general question, we feel a personal indifference. If our Loco Foco friends insist upon resumption, they are welcome to it-for aught we will do to the contrary-We have only to say, that we deem a coercive resumption by the Virginia Banks, impolitic, so long as the Banks of the neighbouring States are in a suspended condition. A writer in the Baltimore Patriot considers the idea of resumption at an early day by the Virginia, Maryland and Pennsylvania Banks, as absurd and preposterous. The latter, he says, are privileged by law to remain suspended for five years-and all the signs warrant the belief, that they will avail themselves of the privilege. The New York Banks (he adds) will suspend in six months, inevitablyunless a high Tariff to arrest the importation of foreign goods and the exportation of Specie be adopted. Under these circumstances, the only ef fect of resumption in Virginia-except III a modi fied form-will be increased pressure for a time, to be followed by a suspension of indefinite duration. It has occurred to us, that the Virginia Legislature might secure all the blessings of a good currency, within our own limits, by fixing some future day for at resumption-say the 1st of August next-and the same time authorizing the Banks to put all its circulation in small notes of the denomination of 81 and $2, for a limited period of 2 or 3 years. The efficacy of Email notes in aiding and maintaining specie payments has been strikingly demonstra. ted in England. There suspension continued for 20 years, and might have endured to the present time, but for resort to them. They will not be attended with less beneficial results here. But we repeat, we leave the settlement of the matter to others. It the Locos come to Richmond, animated by a factious spirit, and less intent on promoting the true interest and honor of the old Commonwealth, than subserving party ends, they are welcome to do what they please with the Banks. They are institutions which belong properly to them-they have made them what they are, and it is their duty and privilege to dispose of them as they may deem They may wind them up to. morrow-the Whigs can stand the screws as well as the Locos. But we must insist on one thing : that no suspended Bank shall complain of any other suspended Bank-and no man who owes a Bank and refuses to pay, shall demand resumption, while he himself is in a state of suspension.

14. February 16, 1842 Daily Richmond Whig Richmond, VA
Article from Daily Richmond Whig, February 16, 1842

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e not suppose these N the committee will prefer brevity 6,7. answers. Answer to the Sixth and Seventh Interro gatories. The balance of debt bein: that now the against CO operation the Vir o ginia banks of it Baltimore would seem and Philadelphia of would meeting not furnish the banks us with any additional means would bring the demands which a And resumption to the extent of our This is certainly those true. cities our banks would the banks of abili: more ics in promptly for payment to were postponed we with on those cities than if their But whilst resumption the cotemporaneous which in immediate contact--say 1 action to a later in this period. matter of the states North Carolina, Ma the in not presen are land and Pennsylvania relieve us from the payment of state of our accounts balances out of the state, it would be which our enable notes and as to keep afloat the circulation For, as 1 have ter our domestic currency. states resume at constitutes intimated, unless those to exclude of state the already same time, or unlass it the be practicable notes o' suspended the use elsewhere, in this the banks of Virgiaia would short be banks in the course of a comparatively raising them to a higher called on. payment of all their notes, by other ad time for standard of value than some missible currency. This position was illustrated by the events ef Febru- of our last resumption. 1841, During the banks thetwo of months Richmond i have paid ary and March, " hile the states their notes in cold and silver, The Bank of Virginia at named were redeemed suspended. in spocie and other cash funds, one Richmond period. $221,820, or about which fourth within of that its brief whole exceeded circulation-an its foreign amount circulation at must greatly of resumption. have During this proceeding equal to these the time notes were bought in upat the a adjacent premium suspended states, that on consequently gold and silver they disappeared from ordinary circulation. thus returned and redeemed months by after one The amount of this bank within two can farnish department gives the best data I present its last resumption, of its business which a neighresumption, of the curtailment without the co-operation of the a bouring states, would banks require. of Virginia will, as I tel eve that the to their own credit and utility, measure whenever necessary those oi Pennsylvania, The Maryland earliest resume Carolina shall concur take place, and North which such resumption ought to I mean day" at events which I cannot foresee. demands depends on of the community to meet such the banks, in the ability debts as must be enforced by To for their enable them to maintain prepared resumption. for these order what to extent the country may after be the crops of the ap. proaching officer. payments, season either now can or be realiz your committee the can The as well class judge of debts many due bank to this old bank accomm which lation it is most desirable to call a contailment in, is of 5 per cent. every and debt; and on this on the 1st of April nexi, paid off, days, commencing each debt shall be fully directors continuing unit ordere by the board of ecommohas been already this cartal ment of the confiBut in addition I fear to that the decline of public busidation will notes, force the banks to contract their commercial dence other respects, and to discount another regump ness in more sparing! whenever and in ervals of paper attempted. The exact rate much by the tion is must be governed so at a loss this reduction at the time. that should be With state of things in anticipation, any precise larger rule. than the to suggest of spacie on hand much cash paya proportion it necessary 10 hold during serves to binks found former years, the present panic $0 much ments in that whilst public confidence is circushew, they will be unable to sustain a cash reweak lation eaed much exceeding their immediate sources. their investments shall be sufficiently if our banks realUntil exhibit such a condition, I doubt z d to the public faith in the permanency of spe w command resumption. Desirable return at all times of their may be: essential as judicious bank cie to a payments wholesome commerce. believe and to it will soon be ing; and indispensable of the banking system. too come believe to it the may preservation be, as it has been, retarded by hants, great With haste. limited importations by our and me seasons for our planters, ability for propitious administration of the banks, our establishes resumptio may be Whether manent of the present year. or to resources realization of these results, of the act subthe ho are to dispose anticipation, those duly and wisely consider. ject will no doubt the banks of New York to the sustain com To enable it will be remembereed that time ruinous mercial resumption, pressure in that city the remedy was to was, a reaction to many; reviv but ensued severe alter as the banks established We have their no and position in the public confidence. immediate cure can be reason to believe system that without an a similar remedy process can of effected in our only hope is, that the allowing depletion-the with equal success by whom it is to more time be administered for preparation to those upon operate. to the eighth Interrogatory. 8 Answer change in our present system of banks, The redical this interrogatory, would Whilet perhaps suggested impracticable by at this time. currency be found to the State a more equal making all would give during specie payments) by it could (especially convertible at accessible points, greater central only our notes be accomplished by giving a exercised by the power and restraint the than business is now of their branches present parent banks might over possibly be introduced confining into our enominations. This change system, without objection, by The principle notes of the larger has been beneficially practised in the ert banks. here New suggested England States under a system of independ Very respectfully 3 abmitted, J. W. PEGRAM statements ewing the specie and resump circula(The the several dates of suspension and tion tion at since 1837 have been furnished.) Dates of Suspension and Resumption of amount Specie Payment by the Bank of Virginia, with the of its Specie and circulation at Specie. each date. Circulation 1 33 $149 783 2.979.530 suspended May 15:h,1837. 881,173 3,831,718 Resumed August October 13th.15 14th. 1839, 571,224 2,753,063 2929,935 2. 2 Respended Resumed. February 1st. 1941, 922,101 810,402 75 2,499,290 of 3 Suspended, BANK OF VIRGINIA, Feb. 1st, amount 1842. Sir-The above statement bank exhibits as near the the several coin and circulation of an resumption AS the reports make. have on dates hand of from suspension the the branches honour to will be, enable me to Very respectfully, sir, Your obedient servant J. W. PEGRAM, Cashier. JOEL Esq. on Banks 11 of

15. February 17, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, February 17, 1842

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When the Court is not in session, petitions and papers may be filed with the Clerk, and such filing with the Clerk shall be considered a presenting to the Court" Some absurd panic has prevailed to the North about the Bank of Virginia-which a mischievous letter from this place to a New York Broker has contributed to get up. But the truth is not told-the storm has blown over-and the notes of the Virginia Bank have recovered their ground.

16. February 19, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, February 19, 1842

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TO JOEL HOLLEMAN, ESQ., Chairman of the Committee on Banks. Replies to the Interrogatories of the Bank Committee BANK OF VIRGINIA, Feb. 7, 1842. JOEL HOLLEMAN, Esq., Chairman of the Committee on Banks, Of the House of Delegates. SIR: In reply to the interrogatories propounded to me by your Committee on the 28th ult., I beg leave to submit the following answers, which the brief intervals of other pressing duties have enabled me to prepare: 1. Answer to the first Interrogatory. I am unable to form an estimate of the probable amount of the circulation of the Banks of Virginia in the cities of New York, Philadelphia, and Baltimore. In reply to applications for information, the amount in the city of Baltimore has been variously estimated at from 100,000 to 500,000 dollars. The general complaint of the scarcity of money throughout this State, with the circulation of our Banks, not materially reduced for the last twelve months, leads me to conclude that a larger proportion of this circulation than usual has gone into other States; and the depreciation of the paper of the Virginia Banks in the Northern cities has doubtless arisen from an undue accumulation of it at those points, whither it has been remitted from various parts of the country as a medium of exchange. 2. Answer to the second Interrogatory. Whenever the notes of our banks, by resumption, shall be raised to the standard of gold and silver, they will cease to be used for ordinary circulation in other States, and the amount abroad will probably be returned for redemption through the Northern cities. Our circulation, therefore, would have to be reduced at least to the amount required for a circulating medium. 3. Answer to the third Interrogatory. If I correctly understand this question, I am not prepared to say that any additional demand (beyond present liability abroad) would likely be made upon the banks of Virginia from the Northern cities, in case of resumption, unless the notes now circulating within the State were bought up and substituted with a paper currency of lower value in order to draw our specie for exportation. By such a process the demand might in a short time reach nearly the amount of our entire circulation. 4. To the fourth Interrogatory. I am unable to give an answer at all satisfactory. 5. Answer to the fifth Interrogatory. I concur in the opinion generally entertained, that the balance of trade is, to a considerable extent, in favor of the North against Virginia; and as Richmond is the principal medium of this trade, it is probable that this city is more largely indebted than any other in Virginia to the Northern cities-as, in turn, the country is more indebted to Richmond than to any other of her sister towns in the State. The amount of domestic indebtedness to Richmond, from an estimate lately made, must vastly exceed her indebtedness abroad. But although this balance of trade against Virginia may in a considerable degree have resulted from an excess of our purchases over our sales at the North, other causes besides the direct trade have affected the rates of exchange. The Northern cities (especially N. York) have become the settling points for our commerce with Europe and the more distant States of the South and West. In payment of the interest on our State and various corporation loans abroad, as well as for a large portion of our purchases of Western pork and Southern sugars, a periodical transfer of funds is required to be made to those cities. They thus become the recipients and depositories of large sums of money from every portion of the West and South, so that the balance of debt may be preserved in their favor with any of these tributary States without any advantage over her in the mere exchange of commodities. Another cause affecting our exchanges may arise, in my opinion, from the fact, that the banks of this State now keep a larger amount of specie in their own vaults, in proportion to their circulation, than formerly. Until a few years past, they were content to leave large cash balances in the Northern cities, (keeping at home a smaller supply of coin,) which enabled them better to regulate the exchanges, as well as to secure greater favor towards their notes in the Northern cities. In seeking to avoid discredit at home by augmenting that most intelligible security for their notes-namely specie-they have impaired their credit at the North by not keeping there the means of redeeming them. This view might be illustrated more fully if I did not suppose the committee will prefer brevity in these answers. 6, 7. Answer to the sixth and seventh Interrogatories. The balance of debt being now against the Virginia Banks, it would seem that the co-operation of the banks of Baltimore and Philadelphia would not furnish us with any additional means of meeting the demands which a resumption would bring. This is certainly true. And to the extent of our liabilities in those cities our banks would be called on more promptly for payment to the banks of those cities than if their resumption were postponed to a later period. But whilst the cotemporaneous action in this matter of the States with which we are in immediate contact-say N. Carolina, Maryland and Pennsylvania-would not in the present state of our accounts relieve us from the payment of our notes and balances out of the State, it would better enable us to keep afloat the circulation which constitutes our domestic currency. For, as I have already intimated, unless those States resume at the same time, or unless it be practicable to exclude the use in this State of the notes of suspended banks elsewhere, the banks of Virginia would be called on, in the course of a comparatively short time, for payment of all their notes, by raising them to a higher standard of value than some other admissible currency. This position was illustrated by the events of our last resumption. During the two months of February and March, 1841, the Banks of Richmond paid their notes in gold and silver, while the States I have named were suspended. The Bank of Virginia at Richmond, redeemed in specie and other cash funds, within that brief period, $221,820, or about one-fourth of its whole circulation-an amount which must greatly have exceeded its foreign circulation at the time of resumption. During this proceeding these notes were bought up at a premium equal to that on gold and silver in the adjacent suspended States, and consequently they disappeared from ordinary circulation. The amount thus returned and redeemed by one department of this Bank within two months after its last resumption, gives the best data I can furnish of the curtailment of its business which a present resumption, without the co-operation of the neighboring States, would require. I believe that the Banks of Virginia will, as a measure necessary to their own credit and utility, resume whenever those of Pennsylvania, Maryland and North Carolina shall concur. "The earliest day" at which such resumption ought to take place, depends on events which I cannot foresee. I mean the ability of the community to meet such demands for their debts as must be enforced by the banks in order to enable them to maintain resumption. To what extent the country may be prepared for these payments, either now or after the crops of the approaching season can be realized, your committee can as well judge as any bank officer. The class of debts due to this Bank, which it is most desirable to call in, is the old accommodation debt; and, on this, a curtailment of five per cent. every sixty days, commencing on the first of April next, and continuing until each debt shall be full paid off, has been already ordered by the Board of Directors. But in addition to this curtailment of the accommodation notes, I fear that the decline of public confidence will force the banks to contract their business, in other respects, and to discount commercial paper more sparingly, whenever another resumption is attempted. The exact rate and intervals of this reduction must be governed so much by the state of things at the time, that I should be at a loss to suggest in anticipation, any precise rule. With a proportion of specie on hand, much larger than the banks found it necessary to hold during cash payments in former years, the present panic serves to shew, that whilst public confidence is so much weakened, they will be unable to sustain a circulation much exceeding their immediate cash resources.

17. March 10, 1842 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, March 10, 1842

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A FEW UNCONNECTED FACTS. The Richmond Compiler states that the Bank of Virginia is rapidly making preparation for resumption. Edgar Snowden, Esq, the editor of the Alexandria Gazette, has been elected Mayor of Alexandria. Nineteen colored persons have arrived at Norfolk, from New Orleans, to embark for Liberia. The Lancaster (Pa.) Herald estimates the amount of gold and silver coin, hoarded up by the peo le of that county, to be from one million to two millions of dollars. Mr. DICKENS and his lady have reached Philadelphia, on their wav South. Lord Morpeth, at last accounts, was in Charleston, South Carolina. The Petersburg Intelligencer, of the 5th inst., states that Mr. TOD. State Senator from the Mathews district in this State, has been detected in forgeries to a large amount. JOHN M. GREGORY, our Lieutenant Governor, it is said, was once a stage driver, saw-log cutter, &c. He is a man of talents, and is the architect of his own fame. The insolvent laws of Massachusetts have been suspended by the Legislature, during the operation of the Bankrupt law. MILLENNIUM AT WASHINGTON, PA.-By a late revival, every man in this village has become a member of the church. The Chief Justice will adjourn the Supreme Court of the United States. to-day.

18. March 10, 1842 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, March 10, 1842

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RICHMOND MARKETS, For the week ending Thursday Evening, March 3. Commercial affairs ore very much depressed with us, but we believe our city is free from panic. The alarms lately engendered by indiscreet publications by heedless assertions relative to the Bank of Virginia, have been dissipated, and that bank is in a rapid course of preparation for resumption. It will stand the brent when it does resume, as well as any of the suspended banks we feel assured. The Banks are necessarfiy compelled to deal out dis counts in a parsimonious mander. This straightens the condition of our merchants, who have received but limit ed aid from the country, which owes to them an aggre- gate of near $1,000,000, Knowing the jealousios felt towards our city-know- ing that in the outeries against the Banks, Richizond has been too generally made to share the denunciations heaped upon them, we have preferred this season to say but little, apprehending that any thing from us would en counter the too common prejudice. Besides, we thought information from the constituent body, would exert a more potent influence. We knew, too that information would come, and that it would have a gloomy bearing; because the shock had been received by Richmond, and we knew it must, by an inevitable sympathy, take effect afterwards in the country. The information has come, and it is bad enough. We refer to Mr. Piper's speech in the Senate, giving a picture of the pressure in the south- west; and we will add, that picture suits almost every section of our State. The virtue of this information will be, that it will make gentlemen pause and reflect, and and will induce them not to act without deliberation; it will teach them that preciptancy will not only put Rich mond to the rack, but it will communicate severer suffer ing elsewhere. We are not prepared to say that the Legislature can do any thing, or that they ought to do any thing to re lieve the people. Forbearance, perhaps, is the only true policy. Come what may, however, we are pleased to say that this community is from trepidation is prepared for the worst-andour merchants will bear the worst with the true fortitude and spirit of men. FLOUR-Demand limited-sales at $5 on the bank. GRAIN-WHEAT $1 05 a 1 15, are the prices now paid for good red and white. CORN-55 cats per bushel. OATS: -50 cents. Some few sales from wag- ons and Depot at 55 cents. Very little Grain coming in- to market. MEAL-65 to 70 ets. per bushel. TOBACCO No change in prices to notice. Breaks are increasing in quantity but little improvement, if any, in quality. We continue our quotations; Lugs $2 25 a 2 50 and 275; Leaf $2 75 a 6 25, extreme rates-general sales of Leaf at the inspections from $3 a 4; a great portion of com non leaf selfs at from $3 a 3 25. FREIGHTS. FOREIGN Rates to London 35s, and to Liverpool 30s. Continent 32s 6d a 35s. New York-Flour, per bbl, 25 ets very little go- ing. Coal, Sa8 ets per buskel. Tobacco, $2 50 per hhd., boxes 20 ets, kegs 25cts. Philadelphia-Flour, none going. Tobacco, $2 50 per hhd, 20ets for boxes, 25 for kegs-none go- ing. Coal, 7 ets per bush., Richmond measure. ON THE CANAL-To Lynchburg and intermediate places, 10 cta per 100 lbs, EXCHANGE. FOREIGN: On London 15 per cent. prem. DOMESTIC. New York Checks 8 prem. Philadelphia 21 a 3 prem. Baltimore 51 North Carolina Bank notes, par. South Carolina 5 prem. Savannah 2 prem. Augusta do Alabama 10 dis. Tennesece 10 Specie 66) prem. Correspondence of the United States Gazette. NEW YORK, Wednesday, March 2, P. M. There is very little doing in domestic exchanges. I

19. September 22, 1842 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, September 22, 1842

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RESUMPTION: Well, the hard-money era has arrived, and the Banks pay out promptly, whenever demanded, Coia for their Notes. And what is the re. sult of all the anxiety to bring about the "golden age?" Why, simply, that the Banks have got both notes and coln, and Wheat is worth 65 conts the bushel ! In self-defence, the Babks were compelled to curtail largely, and money has become scarce in proportion. Specia can be had at the counter- but who has the notes to draw it with Aye, "there's the rub.° Ourlittle Bank stands the run admirably. In fact, we understand more Coin is received than paid out. O'a the first day of resumption only Six Dollars were demanded, and in no case has the call exceeded one bundred. The subjoined paragraph shows the state of affairs in Riehmond The Richmond Compiler of Friday says:The resumption yesterday was the quietest proceeding imaginable, The Bank of: Virginia paid our some $500, and the Farmers' Bank $400, more than they received in specie, The Exchange Bank paid out about $150, and tei celved on deposite $50-sum total $100. This meagre draft was merely for the retail tradeExchange on the North has come down to 1 and i per ceut."

20. December 31, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, December 31, 1842

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OR THE ENQUIRER. TO THE STOCKHOLDERS OF THE BANK OF VIRGINIA Eramine, Think, and Act fur Yourselves. Concentrate not your power in the hands of any man. Shall a great monied institution be controlled by a mere worm of earth? Watch well its meanderings-its end, perhaps, is not in your contemplationsit may be as unworthy as merciless. Will you sacrifice the man grown hoary in your service on the altar of sinister purpose? Tear off the curtain. Expose the wire-workers. Be not their puppets. Let justice triumph, and, by its force, crush to earth the selfish designs of any man or caba!. Gentlemen -I am emboldened to address youdo 80 with all deference and respect. In a few days your annual meeting will take place. It will be your duty to elect a directory. At your meeting subsequent to the late Teller's deficiency, a most rigid scrutiny s made to ascertain the causes which gave rise to it. Those who were thought culpable of neglect, or of over confidence in their fellow man, suffered the consequences by loss of office. This action took place when the public mind was filled with amazement at the great defalcation that had occurred-your own minds keenly alive to the general sentiment-and, in addition, operated upon by the loss you sustained as Stockholders. Notwithstanding all this, you deliberately acted, and re-elected to the office of President John Brocken brough-thereby conclusively showing that you did not deem him a fit subject for your animadversion. You again e-elected him at your still more subsequent meeting-but during these elections, there were those the of "turn him out," with the deliberate a of at all mollified by since the unfortunate deficiency elapsed who Not your satisfied raised body-nor cry action the "turn of of time the him majority that Teller, out!' has the cry is still "out with him``-and with an eagerness evincing a persecuting spirit, the cry has been echoed and re echoed, till an imposing phalanx has appeared, moving chiefly, I believe, under the auspices of one, or a very few persons; and if your venerable President can be hurled out of office, I believe it will now be done. Why this opposition to this man? Why this persecuting spirit? Is it to ease down those whose canduct it was thought justified the loss of office? Does from feeling? Or, does it not arise and exist from the desire of those a snug made vacant for a needy friend? are about which I beg of you chiefly arise berth questions, political who fully These wish to satisfy all yourselves. To do so, act and examine for yourselves -trust not to proxies. Your talented, worthy and venerable President has, I believe, been in your service upwards of thirty years, the conducting the affairs of your institution through perilous times of war, as well as through the sad revul sions of that period-through suspensions, and all the catastrophies incident to such an institution;-and, humbly ask, if there has been a State Bank in the Unios that has stood higher, and the circulation of which enjoyed more general confidence far and wide? And, notwithstanding the great loss it has sustained through one of its officers, we find it fast recuperating, ready to resume specie payments with the other Banks of the State, resuscitating so fast from the severe blow it had received, that its position will be presently as high as ever, if is not at this time. Indeed, the confidence you reposed in your President has doubtless caused him to devote his untiring talents and zeal to the placing of your institution on the best possible footing-don't understand me as attempting to say that errors have not been committed in the administration of the affairs of the Bank: but have they been greater than are incident to such institu. tions? When the land was filled with a redundanteirculation,debts were created by your President and Direc. tors, which eventuated in heavy loss; and while prophets may say, after the losses have been incurred, that these debts ought not to have been made, I ask if any other set of men, similarly circumstanced, would not have contracted them--believing, too, at the time, they were consulting the interest of the institution? Again:-Amidst the crash of banks, which has almost daily occurred in the last few years, by overtrad. ing, defalcations, the wreck of character of their chief officers-you find this sturdy old oak, your President, enjoying his reputation and high character, so spotless that not even a whieper has said aught against it; and in times like these, so debasing and corrupt, is not this to weigh any thing in your estimation? Place it, I beg you, in the scales of Justice, and show your high estimate of it, in these times so bankrupt of character. Is a man whose best energies in the prime and vigor of life have been devoted to your interests, and who has still his mental powers fresh and vigorous, to be evicted from your service, without any just cause, without any one new fact developing itself to operate against him since the election and re election I have alluded to have taken place? Shall it be done without reason? or, shall it be done merely to appease those who cry "turn him out," "tarn him out?" If he is to be evicted, 1 call upon you, as freemen, to examine fut yourselres the reasons as. signed-take them not on trust-see that no selfish modirect them. Examine, and examine well, if the is not to turn out your President, tives object that Is the there Cash. not ier's office may thereby be made vacant. a particular individual that the office would admirably suit at this time? It is, I believe, generally understood