The Delaware gazette., 1810-04-11
FOR THE DELAWARE GAZETTE.

FOR THE DELAWARE GAZETTE.
HAVING observed several essays in
the newspapers published in Wilmington, rela-
tive to the appointing of directors for the new
Bank, have no inclination to add any thiog on
that subisct--it is matter, in my apprehension,
that belongs properly to the Stockholders and
a. fa..er myself they will act prudently in the
choice that they will be called upon TO make.
and upon which will so much depend the future
welfare of the institution, | therefore willingly
submt it to their discretion, without offering nv
private opinion who would be the most suitable
persons for that station. But there are two
points, that will in my opinion, demand the at.
4ention of the Stockholders at their frs. meeting.
and which, from their importance, am induced
to believe it will not be out Of the way for me
to mention, that as there may be some who have
not ye: reflected on them, they may come pre-
pared, TO the general meeting, with opinions
ready formed on mature reflection.
AS | conceive it highly proper that the Presi-
dent and Directors Ito whom will be CONSIGNED
the interests of the Bank, and who will have the
sole command Of the Stock of the company
should be responsible to the Stoc kholers and a,
Il have not discovered in the Articles of Associa.
'tion any thing creating such responsibility, ap-
prehend it will be proper for the general meet
ing to annex to those articles one that will oh.
lise the Direction to make annual reports of the
state OF the Bank to the company. Such I be.
iieve to be the practice ia other Backing insti,u-
tions--but which in relation to one Bank wac
so little regarded, that the writer of this article
knows that for some years no account was esbi.
bised that could be relied on.
The second point relates to the Shares which
it was proposed by the original friends of the
Bank to reserve for distribution by the President
and Directors. There probably would b,v.
been no difficulty in investing them with this
power to the full amount originally contemn,,.
tcd' haa there not been larger number subscri-
oeo man viii leave that number free for sucb
distribution. But as consider the prov;s;o, Co.
'nat distribution wise one, calculated material
iy to benefit the institution in various mint. -
view, and in none perhaps more bene6c;al,v
than by diffusion of the note, amopg n., =,
business, ard whose interest it will be. in cas.
OF Judicious distribution, to promote the well
fare OF the Bank, feel confidence tn at every
Stakeholder will come forward prepared TO con-
sent to propor,ionate reduction of The shares he
may hold, tina, the President and Directors, NAV
not be tramelled on point wherein the welfare
o'fhe Bank is so deeply concerned.
The writer of this article does NOT mea, %
give advice that he will refuse TO practice. He
$50 suliy Convinced of the propricty of this mea-
'are that he will make no hesitation to a rrd,c.
''0n of his stock for this purpose, and he will on
Y a1d that if the company when me, shall de.
"rm'ne TO vest the power to distribute $50 ooo
q stock as has been proposed, i, will render the
question Of" who shall be directors" more i'm.
pof'ans--as upon this distribution will in , c,.a,
nesree' depend the future interests Of the s,oce
h'lders. a S.rCryry.,D,