Staunton Vindicator

There can be no question that Banking Institutions, conducted on fair and liberal principles, are an advantage to communities where located. It is only when they descend into that avaricious grasping, commonly denominated shaving, but more properly slicing, that they cease to be a benefit, and become a curse to community. Without any other feeling in the matter than a desire for the best interest of our whole people, have we, on several occasions, during the past few weeks, devoted considerable editorial space to criticisms of the conduct and management of one of these institutins in our midst. We felt called upon to notice the seemingly unwarrantable demand of the Cashier for an increase of salary from $2500 to $3000, while other Cashiers throughout the State, and elsewhere, received much smaller salaries for the management of much larger amounts. When the directory agreed to the demand of the Cashier and increased his salary to $3000, we characterized it in such terms as we deemed it deserved, and drew the only conclusion possible, taking into consideration the large amount placed to the surplus fund and the large dividend declared, that it was simply a license to their cashier to make the most possible out of the necessities of an impoverished people, though seven-tenths of the large profits realized went into the hands of parties at a distance, without any possible hope for it ever to return. It was with exceeding regret that we heard of the late action of the Stockholders--electing the old Board of Directors, who had given the cashier, by one majority, a salary equal to 3 per cent on the whole capital stock, and we again called attention to the removal of the onus from the shoulders of the Directory to that of the stockholders, as an additional and more indicative step, than any which had preceded it, of the course determined upon, as to the conduct of the Bank, and warned our readers as to their becoming a party to what seemed to us nothing more nor less than extortion.

In this whole affair, we have, without hatred or ill will to any, endeavored to warn either side as they approached a dangerous precipice to which their steps tended, ere ruin befel them. What the ultimate result may be we can not know, but feel that we have at least done our duty. We leave the matter, now, between the people and those interested in the bank. If the former suffer themselves to be made cat's paws to draw the chestnuts from the fire, it will not be because they have not been duly warned.--If, on the other hand, the Bank pursues the suicidal policy, which the action of those solely interested in it has seemed to indicate, it will not be because that course has not been exposed in all its hideousness, and received the unanimous condemnation of this community.

Mr. Editor:--SIR:--Your correspondent "A Citizen," in a recent number of your paper, has kindly endorsed the views I expressed through your columns, not long since, in relation to the necessity of a change in the management of our banks, or the increase of our banking capital, and suggests a plan by which the object may be obtained. If his views and calculations are correct, (and I have no doubt they are,) his plan should, by all means, and that at once, be considered and carried into effect by our merchants and business men and the unpaid stock in the Virginia Insurance Company taken up.

I have made some enquiry into this subject and feel confident that, if our merchants and business men will make the effort, the required amount of capital can be placed in this company to largely increase our banking facilities, and thereby greatly assist the legitimate business interest of the town and county.

I think, as you intimate in your last issue, that the action of the stockholders in the First National Bank in sustaining their Board of Directors, in increasing their Cashier salary from $2500 to $3000, makes it very certain that we need not look to that institution for accommodation, except at ruinous rates. I think it would be well to publish a list of the Baltimore stockholders, who were "so anxious to furnish us banking capital, to assist us in our poverty" at the close of the war, that we might start business again, so that our merchants may know who to buy goods from when they go on this spring. They are not entitled to our patronage, as they have shown by their course that they wish their bank stock to make them from 20 to 30 per cent, which they very well know no legitimate business can stand. No doubt they would like to keep your trade and sell you goods on short time at full market rates (a little extra for time,) and then when your bills come due shave your notes, through their banks in your midst, to meet them. I hope our merchants will look into this matter.

It is clear to my mind that we must do something to protect ourselves. Let us try the Virginia Insurance Company; take its unpaid stock, and start it with say $100,000 for banking purposes, and, I feel warranted in saying, that, in a short time, she will have a deposit line equal to either of our National Banks, and that she will give us as much accommodation as either of them and at one-half the rates of interest now charged.

Our county friends are also interested in this matter. I know there are many farmers in the county who have surplus mean, and I feel sure as in investment in this stock will pay and, at the same time assist in building up their county town, thereby making them a better and better home market for their farm products.

STAUNTON

The approximation to unanimity with which the Senate, after protracted investigation, passed the bill incorporating the company above named, is an assurance that it will meet with but little opposition in the House of Delegates, where it will be considered, we understand, today. The object had in view by Messrs. Imboden, Flourney and the other projectors of the scheme, is the purchase of a large quantity of land and its resale to, and settlement, by immigrants to be brought here by the company. As incidental to this they propose to do a general exchange, loan and banking business; and also insurance, this letter having especial reference to insurances for their own immigrants. All that these foreign and Northern capitalists ask is that their title to their property in Virginia shall be made secure by a charter subject only to the general laws of the State now in force or hereafter enacted in relation to joint stock companies.

Our neighbor, the Whig, says the "several of its New York corporators are millionaries, who have been induced to investigate fully the great inducements now held out in Virginia for the permanent investment of capital and the result has been the preliminary formation of this company under a New York charter,and they now seek the further guarantee of a Virginia charter for the security of their capital. Already measures have been taken, we are informed, to obtain a large amount of English, French and German capital under this charter. Its capital is one million, with authority to increase it to ten millions."--Enquirer.

The corporators of this Company are James McKayo, Walter S. Gurnee, Cyrus H. McCormick, Horace Greeley, Christian Von Hesse, John P. Crosby, Thomas S. Flournoy, Robert H. Maury and John D. Imobden.

A very large delinquent list was returned by the Sheriff and ordered to be certified to the Auditor.

Jas. F. Davis, F.B. Carson and Wm. H. Wooddell qualified as Notaries Public.

Robt. G. Bickle Esq., was elected Presiding Justice, vice Junius F. Maupin, removed from the county. Mr. Bickle has had large experience as a Magistrate, and also in the position to which he has just been elected, and we consider that the Justices made a most judicious selection.

Saml. Kennerly, N.P. Catlett, Jas. W. Baldwin, T.A. Bledsoe, John Wayt and Alex. H. Fultz renewed their bonds as Notaries Public.

Eward Kyllman, a native of Prussia, declared his intention to become a citizen of the United States.

John W. Risk resigned his position as constable in the Middlebrook district.

Geo. W. Sutler qualified as Assistant Commissioner of the Revenue for the 1st district.

Daniel Propst was exempted from payment of all Parish and County levies on account of age and infirmity.