Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1820-05-01

g. IS 5r
respecting the measure proposed. On
the contrary, the applications appear
to have been made by the several presi-
dents and directors, without their pre-
tending to have received any such di-
reciions or authority from the stock
holders. The committee do not consi-
der it altogether correct legislation to
countenance the exercise OF such a
right on the part of Directors. But
the bill goes farther: it not only adj
mits the directors thus to apply for a
renewal of the bank charters, but also
to assent to and accept such renewals,
with all the notifications, restrictions,
and conditions, which may be imposed.
This is confering on the directors the
right to exercise apower, OF all others
the most important to the stockholders
and which it is believed to be their Pc
culiar right to exercise.
Concerning the provision which re-
lates to the consolidation in other banks
DESTROYS as the committee are to see the
number of banks reduced, they doubt
whether the present plan would be at
tended with entire success,
| A due regard does not appear to have
been paid to the principles of equality
and reciprocity, and the Committee fear
that the provisions OF the bill are rs-
Their too coerciYe for a plan, the success
of which must so materially depend on
spirit of compromise and OF amicab'e
arrangement among the stockholders
OF the several banks at time, too,
when stockholders have but small in
ducements to wish an extension Of their
charters. The committee deem it their
duty further to state, that there appears
to be considerable division of opinion
among the directors of the several
banks respecting the bill. The drec-
tors of the banks generally in Alexan-
dria being in favor of it, those of Wash
ington somewhat divided, and those in
Georgetown generally opposed.
On the whole, the committee after
giving to the subject their best reiec
tion. have Come to the conclusion that
it would probably be more conducive to
a spirit of amicable arrangement among
the several banks, and the accomplish
ment OF the important object in view to
do no more for the present, than to ex-
tend the charters of such of the bands a.
expire before the first da. of Jan. lS2 !,
To that time; that being the period Ssh n
the charters of most OF the banks OF the
| District expire so that all may expire
at one and the same time; in the hope
and expectation, that. by the next meet
ing of Congress, general meetings ol
the stockholders will be called, and
their sense duly taken on this, or somt
other plan, for reducing the. number Of
banks in the District more likeIy to IN
sure unanimity, and to impart general
satisfaction.
Washington, April 90.
| The bill concerning the banks of the Dis
trict of Columbia, being the substitute "a
dopted by the Senate for the bill from the
other house, was read the third time, and
passed by the following vote:
YEAS-Messrs Barbour, Eaton, Elicit,
Gailard, Hersey, Johnson OF Lou. King of
Alabama, King OF N. Y L amman, Leake,
Lloyd, Otis, Pleasanls, Smith, Stokes, Thorn
as, Walker Of Alabama, Walker, of Geor-
| gia, WisSon-i9
! NAYS-Messrs. Burrill, Dana, Dicker-
son, Johnson of Ken. Louvre, Macon. Mel
len, Morrl. Noble, Palmer, Parrot, Rob-
erts, Rugges, Sanford, rrimble, Van Dyke
LIS.
And the amendment was sent to the other