Virtue is dying fast. I realized it's a shell of what it once was. What should I do?

I ran a respected large guild back in 2007. It's a lot of work and responsibility. You gotta Jr the right people, invite good people that'll stay, and clean the guild of inactives. If the Master quits the guild, it should remake with one of the Jrs as the master, unless the master account was a mule. I see all the warning signs of a failing guild in waht you are saying -- without the right setup, even the best guild can go completely to $hit.