Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-11-19
[Eryae the Aurora. [
10 RuFUS KING ESQ

GiAtnnAN % THE Mrsrf.G az srocKuoLp-
Frs OF fnE BANK.
Sr-AsnougSt the nckholders of the bank
on The Chitcd States, there are many bonora-
pie and vriuuuS citizens who have h,J m
pafiiciratou IN the traad and corruption
"h'fh nave stained the character OF that in
suintion, and arou:'i, disgrace upon our ma
lonaI character. That these should assemble
rnr The purpose OF investigating the causes
which, have brought rom upon some aud en-
oaiIasSneht upon 0thets-is perfectly cousis-
lent WIN their duiy, aud their rights, and
whist they depIore their misfortune they are
entitled 10 The sympathy Of those who Arc ac
qudlnted with the SHifPrngS attendant uuon
pitvation OF iuc1me. With the private trans
actions 0f copartnerShip Of bankers the pub
nc mas no concern, and we should be 10th 10
mieTheuule with their affairs il " siuhty con-
deiations connected with the interests eff The
people, were moi involved. To u.s. il matters
not, Whethera banking house shall cost a hmm
ufen ahu twenty-five thousand dollars or a
ni''lio': ~hethera dividend be made i'm two
years, or III 1--WE: or whether its officers he Tia.
ule 10 cfinhai prosecutions for breaches of
trust, or nOt; but there are subjects recon-
mendcd IN Ike report of the committee of ihs
stockholders, Inconsistent With the rights and
property OF the people, and which they are
louu'y called nron 10 protest against and op.
pose. iheSe we shall detail, and we trust that
The sounaness OF our objections will strike
CONVICTION on the minds of the community.
anu urge them TO raise their voices against
Tue pfoJecteh encrodchmemls on their rights
IN The estimate of The losses of the bank. we
KNOW not vile ther il has been confined Ia thpse
when nave ACTUALLY occurred without chance
o' redemption, or whether an allowance has
nceh h'a"c Tor the Doubtful responsibility OF
thousands OF its debtors who although insol-
Seht, nave not Vet been brought 10 the stnpe
OF Overt bankruptcy. An exhibition of the
DiI books OF all The branches could scarcely
nave heen ma de, and ii is therefore inDD,si-
oIe, 'hat ihir estimate could have been made
oil those JRfnre losses, which with the unerrinr
certainty OF fate, must sooner or later resnit
rom an attempt TO collect forty millions of dol
HTS. II the siock were permanentlyto remain
in The hasds OF the present. D,onrietors il
wonii not affect the interests OF the pubic
whether the statement reported were martial
OF complete; bnt ~ this will not I've tie case
the community Is TO be sndrded against fur
iher delusion. Ii this cannot he doue by the
pnhicalion of interested individuals, who are
not expected TO rcP,sscut their case in its
uafSeSt coiors, resort must he had 10 the press,
The palladium of our rights and our faithful
shield against oppression.
me hrst measure recommended BY the com.
h'uet' IS an alteration III tie charter by which
eaeh snare sh2iI be entitled 10 one vote. A
sainst thiS step towards arstocrdcy of ,veatth
we trust the minor stockholders will raise their
voices. Such an alteration would place ia the
uauas OF teiC the drSfinies of the nation aud
Ienuer liie power OF The pirbei'n propfiet"rs
an useless nuiiity. Ten men possessing 5000
VoteS eau combine more readily than 100 pos
sessuis me same num5eT OF shares land COM
bindlIOns OF the monicd interest real AMI fic-
ihan amy other species of conspiracy They |
are IN Tact the very Instruments winch have !
Frustrated the spirit of The people, aud alrea- !
dy brought them 10 ruin. In this ambitions |
PROJECT, we behold perhaps the incipient STAGE |
% an aspiring policy, which is to sacrifice
numbers TO treath, the happiness OF the mum |
- the ACKNOWLEDGMENT of the fei1--anI ifit be |
iiSte"e'l tn Tor moment by the representa- |
UVeS OF the people, they will forfeit their |
clalns 10 the Confidence of their constituents |
II The stJcSholie OF the bank arr DESTROYS e |
avoiding the fraudulent evaSOns of the char |
tci, Witch eUdj.td a few mdiViduals, by dis
tributlnr their shores, so obtain an unlawful |
ascendaucy, andto elect IA directors individn.
ais devoted 10 their schemes OF speculation
aud avaiicc-let the system be pursued, of re-
curing from voters, where 81 Is deemed Pxpe-
dent, qualification that the shares for which |
they claim vote, are held iu trust for cleo.
ilOu purposes, on are bOHd fde their individual |
property. Such course woHid Obviaie the |
difficulty, and preserve, uDimpaired, The re-
publican character, which We believe has been |
introduced iutO all mr. charters nj iac1rynra-
ton. and which we hope Will never be aban-
d0ned.
The second recommendation of the commit
teels TO have the charter so amended, as that
directors shall he re.cligible for an unlimited
period. Ih's measure we regard as secrnd
step towards aTiStOC tatiC power, for so certain
as congress should grant the request, so Ger
taiD vii! tic dignity OF q director Tor De cnu
ferred upon iayore rev anI from the eN- |
peIience We have had ~ Our state Institutions I
such dignity would bc transmitted from father
10 sou, anl be pPfpctuateh ~ fairies. rs 10
The plausinle sair0 lclI tDith by the committee
That one tb.rS might still De compelled annual.
ly TO vdCaie Their seats. these gentlemen utnst
lave Proiited very iit;ie by experience, not to
have known. that Surh measure wouid iueyi-
tally have The tendency OF diminishing the
number OF riGrleHt directors to IwO thirds Of
thcif present humber Those who are destin-
cd to occnpy ther places tor lite. would seek
M gdin tor respectable men 10 TIL lhe vacant
seats tor sii'gie year, and The consequence |
Wcuid be, thai tue yearling directors would
eiiher Ice nonresident stockholders or mere
cyphets al Tie board, ptOad Of an ephrmerdl
Tank, and seTVile 10 their sUpPrtOrs. OF ibis
eFd,ion Of the split Of tie charter, examples
chhid be pointed Out, 4" which some OF her di-
IectOTs have Inherited Their seats from Their /
ancestors, and tliCsc vino perform the annual
revolution are absent Hgmcy, used like noses of
wax, or batbet's blocks 60 make up show.
The ihrd measure recommended by the
committee, 60 which We object - that ltw
be passed auth0rllius individuals, other than
tie president and directors, To sign notes fUr
FIRE aud ten dOildis, aud that tie number OF !
tbrse be eHcreased. Without dwelling much
by strangers uuk nOwn TO tie community. and
the consequent temptations to forgery, which
would be held forth from tie facility OF de-
retging the illiterdte, where diversity Of sig
Iatufes we're used. we shall state OgT obJec-
lions 10 the principles Of this plan
The power granted TO our banks generals, Il
NJ issWpg notes Ot as low ACKNOWLEDGEMENTS .
i've dollars, was one tOuuded upou highly uass
ahcn policy, aud has been one OF tie ptincfJNl'k
causes o! tue rottcnpess Of our paper cilCula-