Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1825-12-30

procure the appointment, Gas tho it were cor
cern oil their y OF particular character TO Il,
office. Individuals, who are sometimes who'll
ignorant OF the proceeding, are qualified I
become candidates, by having single share {
stock transferred TO them II it happens that III
persons thus qualified should succeed, the share
retained; IT not, II Is as am informed, relransferre
to the broker, at some five ten dollars less tina
the price at which Ea parted with it, Can the Trea
s'irer and the council of appointment, be induced Il
believe that these are taken 10 advance Tn
Interest oi the Banks! IL must lie obvious to ever
one that the interests Of the banks is the las
| thing which enters into the mind of those who Sc
on loot t"ese schemes foi the appointment of Di
rectprs.
| would not wish to press the consideration n
these matters, beyond the bounds of decency O,
proprefy. AS, however, the efforts made to nfu.
ence these departments, in the appointment of Di-
rectors, Is matter which impartial men have view
eti WIN some surprise, hope may be excused for
pursuing the investigation little farther. Can the
treasurer ana the council of appointment expect
| 10 hnd amongst persons, upon whom a nominal in
terest Is thus conferred ft characters TO take in
their hands the management OF the concern. of a
great trading company with capital of two mil
lion and half dollars What interest have IN ev
IN the concerns OF the company? a single share OF
Tue value OF one hundred dollars and that obtain
ed not with any view 10 profit, but x erely as no
are such persons 10 the Bank or the Bank IN
theml what would they lose by its destruction ,
Whai gaIa by It's prosperity? Suppose the Treasur
er or some one OF the council of appointment should
DC "i'aer 'he necessity OF employing a steward to
"'se 'ieif estates in the country, whilst they are
engaged III The performance of their public duties
VIVA measures would they take TO secure a djIi
Seht discharge oil his duties! Would they not give
MN either a salary or a substantial interest in
| the esta'e itself? Without the one or The other
could they expect hun TO be faithful stewards
IL not upon what principle is it, that they expect
ING iaiihu discharge OF the duties of director f,om
one who has but a nominal interest in thesblnk >
suppose the directors should make bad debt, of
ten thousand dollars; what portion of the loss will
oe as who owns single share? Forty cents, Sup
pose The Bank 10 make profit of ten thousand dol
lars What is his pant OF the gain. who owns a
single share! Precisely forty cents
Inc directors oi Banks, should not ONLY be sub
s'an'ial stockholders, but they should be men of
capital, and commercial knowledge Persons of
inns description carry into the service of the Bank
not merely wisdom and experience, but they inn.
part TO 1t confidence and credit. They are as so
many pillars or props to the institution over whch
they presi'e. 1t Is to them, we must appeal for
pracuca information upon this subject and il is into
lhelr hand you must commit the manae ement OF the
banks, II you wish them prosperity. Ifthere be enc
amongst that enlightened and highly useful class
vi ciI[ens VINO does not subscribe 10 every
sentiment contained in this essay, then will agree
that have grossly deceived myself
have heard the banks sometimes called npblic
institutions have even heard those who have
been denied loans. complain that they had been de-
MED participation in The benefits OF a public inst
tuition, as tho a bank was public highway. along
whch every man had right TO pass, who paws
toh. Nothing can be more erroneous than his
view oil the subject. Public institutions thew GER
fanny are In some sense; that is they are establish
co oy public law, and part OF their stock belongs
10 certain corporate bodies But so far as regards
'iier administration or management, they are 10 be
cohsiuered 10 all intents and purposes as private
trading companies. They are the property of the
s'ocN-holders: The loss gain is theirs; and the
management should be theirs
shall exceedingly regret, if in this hastv essay
nave gwen offence to any one. 1 design no i'm
pu'a;ion up the departments making the appoint
nients, neither do design the least reflection uuon
those who from time to time have been appointed
am personally acquainted with the treasurer and
with majority fthe council of appointment. and
believe them incapable OF intentional error. / adj
dress myself TO item as 10 public men bavinr a
public duty to perform. If these remarks have
tended IN any degree to them in The pcr(orm
snce OF that duty shall be compensated If moi |
pray that may have credit for good maiye.