Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-08-06
RICHMOND, AUGUST 6.
FOR THE ENOIIIRER

otateS-Sei, as hom tbe DesI motives, thew
have met with the countenance of both
general and slate legislatures, it is the
part of wise men TO diminish the evil as
much as possible, not only for the sake
o! public, but of individual Justice. The
writer OF tins article is interested i'm both
The United STATES and state institutions
hut he is unwilling to- be so far warned by
ms own interest, as not TO ackow ledue
that the directors bave acted like wise
men in declaring no dividend Tor the last
six months. I, would have been umwise
In the extreme, after having sustained
heavy losses by individual failures, mol
Ia have regaiDcd strength by retaining
every thing within theirpower, until there
was at least a partial, if not an entire
recovery. They would deserve the name
Oi quacks indeed, who would excilea glow
and appearance OF health merely TO take in
the superficial observer. There is a. much
beiier chance Tor convalesceucc when a
patient Greatly SiCk) is treated as such.
than when the physi,' ians treat the disease
with 'eviiy. merely 10 keep up the spirits
OF those interested IN the recovery. That
under the late president and directors of
the u. ). Bank, who turned spectators
and used their Influence to excite the
siock To an understandable height, things
were disgraceluliy managed, no man will
W NttlN , nor VIII III TIE iPiiiPtt. That
those men have paid a heavy forfeiture.
They have had TO contend will, public
odnm, deprivation OF office, aud indiyi
dual ruin. II would be NOW unmarau Ia
take further notice OF them; ~ il is
nothing more than Justice 10 say, that
since he present distinguished officer
has presided al the d. ). i mix. (save one
no imIndc,ous or offensive aci has Been
observed. 70 diminish the number of
others ina bankGt upon experience they
are found USeieSs) may be right, but il is
not believed 10 be wise 10 diminish tile
salaries of faithful officers which were
mol high IN the commencement this is
the only act in the slightest DEGREE dis
approved OF. Ii is not reasonable 10
pect, when all enormous body Ike
tie bank OF the u. States, has been dis
etsed from management worse than
Iuackery, that sudden restoration can he
looked tor; bui when health 10 the iusti.
FhiloD Is once restored, "A continuance of
liIai blessing may reasonably he expected.
AS Tor The state institutions, when they
nave Tor years been managed by men of
me most unSpoited parity, q speak i'm
relation TO the mOlh0r bauks) when men
nave clustered themselves within the
wis OF oahk, have been no spectators.
nave devoted themselves 10 public service
IVY hHNN isi'nu grey, nave.
Il or Sear, sustained the investigation of
iie most scrupu!ous, sometimes suSntci-
Gus legislatures, and never vel been found
waning, II would now be pro!ane and
uiSconTag'n8 10 wreak vengeance upon
THOSE oHhccTs. Virtue aud levOiednpss
I'D once, Whatever may be The present
uniavordbie situation of HE Stockholders.
Srnaing more or less out az crisis in ,he
affairs OF Tie universe, cannot. and ouubt
not, to bear The breath of SANDER or sns-
plcion, aud the last remedy that ever
should be prescribed would be the dimi
uu'l9n OF HE salaries OF faithful officers.
me success oil every institution depends
III great measure upon The honor i,te-
gritty and drvOiedaess of It's frs, officer
aud wien those have been fairly tried.
ana iohnd 10 meet public wishes and
expectations, they should be highly va
lue,i.
IL is believed that the same mode of
cond"c'itg business, which was pursued
successfully in the old u. $. Bank. and
the same mode which produced success
IN The Bank of Virginia for many wears,
has had very different result in the
present day; therefore it will not be amiss.
ana may be useful, to investigate the causes
OF ihe present diseases in the state banks.
a"o ne depressed state OF their stocks.
'N S"o"'i t'ley recover ned!lll once
more, we should have done little nor In
save acquired some knowledge of the
disease, so as To avoid similar state of
thlhgs 1t Is believed that the great loss
eS sustained have grown out of vartous
causes; hrSi, u radical defect in the direc
uou OF banks secondly, what grows onl
"' use nrs', 700 great disposition tO dis
count accommodation pap-r; thirdly.
receiving JuntO OF men as endoTsers for
eatn other and fourtliiy that crisis IL, Jbe
aD"'rS ~ tie mi0erSe winch /. So SeusibIv
ieii IN Europe as well az IN America
HAS Drought all those diseases 10 a fatal
reSu't. Tie writer will be thought bold
inueed, with one class OF men, but never
tieleSS he lakes The liberty TO assert /, as |
ais opinion, that bank directors should
consist chiefly of men out of business
WHO nave nothing 10 do with speculation.
"i.' mere should be very few merchants
"''hH'rf. i'irre Is no disposition To- de.
E,,Ta'c from this respectable class. but a
sIIght knO~Iedge OF human naritrr and tho
mo'lVes OF action which govern all morn
or Tess, VIII point out, that men who have
the lending ont of money, will be dl.pos-
ed To- promote loan 10 those who are III.
rPctiy or indirectly indebted io them. In
lhiS way debtors are aided with th,. |
means OF payiD! debts which are either
mcdldtely or immediately due To- a direc-
'of, o. sometimes The borrnw-rjs furnished
whb lhe means OF buying What the other
mas 10 sell and although Tie applicant NAV
We dOuOtiul, still those doubts are more |
Easily looked over, whcn the loan will
produce The collection Of debt much
waning by The Director Certainly banks |
. 49, never Intended 30 furnish capital !