Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1806-02-18


as aiorssa,ed. they had not fully aSted
up to, in The previous call ior one quota,
hut which it seemed unjust to The CLAIM
ants X dangerovsto he institution longerto
delay The point of positive duty here
alluded TO, is to be found in the ac, of the
General Assembly, by which the cOmpa
ny was Incorporated. 1t j, there tec.m-
ed that, These quotas shall be So rated
as to raise and keep up fund, so that the
interest thereof may be deemed, by the
president and directors, sufficient TO pa v
the annual losses and expenses"--andi in
art. 81, sec. |, of the regulations of the
company, it is laid down as a rule that,
he sums of the original premiums
shall always be kept as the stock of this
insurance company"
This brief statement Of facts, and of
motives OF conduct, the members of this
board conceive sufficient 10 repel any sub.
ssantiai charge of improprie;y, in what
they have dane relative TO the calling for
two qnetas lift be a hSt that the MEM
hers residing in fredericksburg arc unin-
formed OF the stale of the Ccmpspy's
| affairs" 1t is rather a cause of blame in
them. than in The members of this board.
ne books and transactions of the com
psny are easy of access to any individual
concerned. Moreover, every year since
the commencement of the institution,
there has been general meeting of the
members. Al these meetings The mem.
oers residing in Fredericksburg have been
| present, either in person or by proxy. and
tull Statement OF the Concerns, with
all the eooks and papers OF the company,
have regularly been laid before those pc
neral meetings. Where then is 10 be
sought the cause of,he want of proper in.
formation respecting the affairs of the
company, on the part Of the members re-
siding in Fredericksburg? Surely not in
any part of the conduct of the members
OF this board. Had the great losses,
which occasioned the call for two quotas
been oil recent occurrence, and the mem
oers residing in fredericksburg had had
no opportunity of Judging Of the amount
oil those losses--althoueh even in that
case the president and directors would
have been fully justified, both by the law
OF the land, and Tie regulators of the
company: in what they have done.--vet
'hen there might have been some sha.
dow OF reason for the conduct Of The
members residing in the town of Frede.
rlcksburg. But it is now nearly tz,o yeurs
SINCE The happening OF the fire at Nor.
folk, and considerably more than on.
year since the first quota was called
TOR, which those members have nor vat
pad. The whole of the interim too has
been one continued opportunity of enoui.
ring into the affairs Of the COMPANY, n
say nothing of the special invitations
which the general meetings hold ont on
that subjrct' This board will not ask the
members residing at Fredericksburg wha,
| they would have expected from the com.
pany, had they been The sufferers instead
OF the claimants of Norfolk, because The
! answer is so obvious as 10 rel der the
question unnecessary. They would assn.
redly dave expected that relief which II ia
the sole object of the company 10 secure
to the sufferers by fire, and yeu,d M
doubt have been as impor,unate in their
,iam'' as they are how sturdy 10 resis,
the payment of their quotas.
Finally the members of this boarj "a,
not refrain from expressing great sur
prise, that alter the solicitudc they h.y.
feit Tor the interests OF the company-.sc
Ter their best exertions 10 MANAGE its
concerns with the striG,esl eye 10 the sni
TIT oil their duty aud the conveniency of
the members, without deriving, tb. least
emolument or advantage for their trouble
--iiiat Notwithstanding these citcums,an.
ces, there should be found members, who.
with equal error and iEjury asc,,b. to
them views and oL;ecis "uncopneel.a
with The primitive principles of The cor.
poration" and at the same time publish
| their determination TO resis, the obIieari
On OF solemn CONTRACT, aad he discharge
Of lawful claims.
he term for which the members Of
this board were elsaed INFO ofIioc being
nov nearly expired, they are perfee
content to resign the direction of the com.
paDy's concerns To any others who NAV
DE appointed to manage ,hem, and in their
retirement from Office, although thew can.
not eypee to be followed by The good n.
pinion OF those who are prone 70 asver,e
mouves and resist claims at a venture.
under colour of rot being informed when
information WAS their privilege and their
dry, yet they will derive ample console.
ton in refiecling on the purity of t,,eir
owD intentions and the assIdul,y of their
conduct.
Published by order of the Board Of Di-