Judge George Summers: Correspondence from H.M. Brent regarding the post-war insolvency of Virginia Banks

Archive

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Historic Glenwood Foundation

Name/Title

Judge George Summers: Correspondence from H.M. Brent regarding the post-war insolvency of Virginia Banks

Entry/Object ID

303_b_316_18_07

Category

Financial

Archive Items Details

Description

This business letter, sent from the Bank of the Valley in Winchester to the Honorable George W. Summers, provides a grim report on the post-Civil War financial collapse in Virginia. The author, H.M. Brent, informs Summers that nearly every bank in the state has failed, with the Bank of Berkeley at Martinsburg being the sole exception. The correspondence details the "worthless" nature of dividends declared during the war in Confederate money and notes that Virginia bank notes are selling in Baltimore for as little as 10 to 30 cents on the dollar.

Date(s) of Creation

1865