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merly with safety have gone, when specie was paid on de mand. Its P diey has been to prefer the security of the stock to inordinate profits. During the last months Os the war, owing to r. mittances from the War De partment, for the pay and subsistence et the troops in service, & during the first 6 months of peace, owing to the balance in commercial transactions, a large debt agaiast some of the northern towns has been created, which cannot at present be liquidated, and therefore remains an unproductive fund. Forthis debt the notes of the Bank have been given out, and whilst the holders would, in the eveat of the vaults being opened, very probably immediately demand payment, the Bank has no means to enforce the payment of specie from its debtors, and quo ad hac, isdependent on the conduet of other Banks. Although the balance of trade b tween Virginia and the Middle States be in favor of the former, the ease is reversed with respeet to ther States: and it is believed that the notes of this Bank have been coli eted to a large amount, and will actually compose a part of the capital of a Bank now organizing in one of the Southern States The establishment of the Bank of the United States, in which many of our citizens will be tempted (by the moderate rate of the bonus ) to adventure. will also add to the danger from abroad, whilst the shock given at home to banking credit, by the refusal of specie, will probably cause a pref rence of gold and silver over bank notes to be felt for some time after the vaults shall be opened. Instead therefore of precipitating specie pay ments, the Directors consider it their duty before they commence them, to provide against every possible emergency, either by reducing the amount of the notes in circulation by a further custailment of individual accounts, or by converting their foreign debt and public stock into specie on the best terms they can. Notwithstanding the reasons now assigned for not paying specie, the Direct rs are so confident of the comparative situation of the Bank of Virginia, that they are ready aud willing to go hand in hand with other institutions, and by common consent to open their vaults to-day, or at any given period within the year. Prepared, however, as they are, thus to act, in concert with other Banks, they can perceive no good cause for exclusively ppressing their customers, when the eff et pro luced thereby on the circulating medium of the country could only be partial and very limited. 3d. Whilst the Directors feel and acknewledge the fostering care of the General Assembly, they are un able to suggest any means by which a legislative act could aid the Bank in facilitating the resumption of specie pay ments. I am, Sir, with great respect, Your most obedient, JOHN BROCKENBROUGH, President. Alfred H. Powe'll, Esq. Chairman of the Joint Committee to examine the Banks.
