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Richmond, Richmond County, Virginia
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In Richmond, VA, on January 15, 1816, the Bank of Virginia was temporarily distrained and locked by officer T.H. Prosser over a $1,000 dispute with plaintiff Mr. Fisher demanding specie payment. The bank mysteriously reopened the next day and resumed operations amid ongoing legal proceedings and compromise talks.
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THE BANK OF VIRGINIA
Was shut on Tuesday—but is again open.
In the course of that day, (being the first day of the rules.) Mr. Prosser returned the Distringas into the Clerk's Office, with this endorsement:
"In pursuance of the within Distringas to me directed, I have distrained the Banking house of the said Bank of Virginia, locked the door of the same, and have the key in my possession—being all the property known to me, belonging to the said Bank within my bailiwick—and no issues have proceeded therefrom
T. H. PROSSER, S. H. C.
January 15, 1816."
In the course of the same day, notwithstanding, the Bank executed some business up-stairs, in the room usually set apart for the Board of Directors.
The Cashier himself lives up stairs. It seems the outer door which leads into the passage, into which the stairs descend, had not been closed.
On Wednesday (yesterday) morning, the door from the Passage into the Bank, of which door Mr. Prosser had a key, was opened, without any marks of violence, and afterwards the front door of the Bank.
The officers resumed their avocations as usual.—They have certainly the possession—they have got it—without the leave of the officer—but by what species of hocus pocus it was obtained, whether by a charm or a key, is not positively ascertained, however some may have shrewdly suspected.
The Bank has taken no step at all, to plead—no: having entered its appearance at the Rules—No step has been taken at the Clerk's office by the other party in the course of yesterday. It is said, that the plaintiff has made propositions for a compromise, which have certainly not yet been accepted.
Ere we close this matter, we will state that Mr. Prosser did not give the key of the Vault to the Cashier, never having had it in his possession—but simply requested him to deposit his valuables, &c. in the vault and to keep the key of it, as the key to the outer room was sufficient for himself.—The writ has never been served upon the Sheriff—one was taken out, but from some cause or other has not been executed—one reason probably was, that it was found, the right way to proceed against him was not by way of writ, but by summons.
This whole dispute is, in fact, between one individual and the Bank of Virginia—it is for one thousand dollars, which is a mere pittance, Compared with the resources of the bank—Mr. Fisher thinks himself entitled to specie—The bank, though as ably managed, and as really competent to meet its engagements as any bank in the Union, is unwilling, because it thinks it inexpedient, while other institutions have locked vaults, to pay out its gold and silver at this time. It has zealously prepared for the resumption of specie payments—it is as willing and will be as able to do it in a short time, as any other institution—but thinks it is its duty to act in concert with others.
It is in fact a sort of carte and tierce—a mere trial of skill. Mr F. wishes to cut the bank short—The bank wishes to gain a little time—time, not for itself, but to allow the other Banks an opportunity of preparing to pay out specie—and thus to prevent those banks, or any others, from crippling its own treasured resources.
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Domestic News Details
Primary Location
Richmond, Va
Event Date
January 15, 1816
Key Persons
Outcome
bank temporarily shut but mysteriously reopened without violence; ongoing dispute over $1,000 in specie payments; compromise propositions made but not accepted.
Event Details
Officer T.H. Prosser distrained the Bank of Virginia's premises on January 15, 1816, locking the door over a $1,000 claim by Mr. Fisher for specie. The bank conducted some business upstairs that day. The next morning, doors were opened without force, allowing officers to resume work. The bank seeks time to coordinate specie resumption with other institutions.