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A History of Virginia Banks and Banking Prior to the Civil War: With an Essay on the Banking System Needed (Classic Reprint)

A History of Virginia Banks and Banking Prior to the Civil War: With an Essay on the Banking System Needed (Classic Reprint)

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CHAPTER I Banking, according to modern methods, did not exist in Virginia prior to the year 1804. During all the Colonial period and, even more so, after the Revolution, voluntary association.l), called unchartered banks, did a banking business, including the issue of currency notes. In the early part of the nineteenth century this business had become a very extensive one, * and the unchartered banks operated all over the State; but -they rested entirely on indivi dual effort, and the State had no part or lot in them. It would be as unprofitable now to follow them in the details of their operations as it would be to record the battles of the Kites and the Crows, from which John Milton turned with such disgust. In 1804 the legislature began passing a series of acts intended to force those unchartered banks to cease doing business,t and by 1820 they had generally ,vound up and ended their operatjons. In 1804 the legislature chartered the Bank 0 f Virginia and its bAbout the Publisher Forgotten Books is a publisher of historical writings, such as: Philosophy, Classics, Science, Religion, History, Folklore and Mythology.Forgotten Books' Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the difficult to read text. Read books online for free at www.forgottenbooks.org