Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1829-06-10

.'S;I aooptY ny INC meeting of the Stockholders
held IN De1ember last, ami also thu. Report of the
Committed thUn appointed, made TO Inc present
meeting have performed The duties assi,,ed to
them, andbeg lravei 10
REPORT,
ihat, SINCE The Charter OF this Bank will expire
on inc hrst daI OF !aflary, 1855 1t requires but
very small share of prudence and FORESIGHT 10 satisfy
every one, that some asurc o,pht curly 10 hc sdon
ted for collecting the debts owin, To this institution
ana Closing It's concers within the period Of its legal
cS's'ehcc: Is legal proposition, of the truth of
which, II Is presumed, none can doubt that upon tho
expiration OF the Clurter, the Corporation altogether
ceases Tor all purposes, and that suit commenced
or even Judgpynt obtained, durinq the Charter.
either by or against It, could not be further prosccu-
.cu or eh'o'ced. Your Committee have, by calcula-
tion, aScertalned that If upon debt say of 81 500
now existing, cu'tnmcnts of ten per ceI upon the
amount OF 1t, asrcuccd from time to tinc be ryiily
required, aud p,nctuaiy paid, every three months.
u would require SIX years and haf to reduce the
s1i''e ~ S'oV' whch would DC one year and half
beyond the linn OF the Charter And they a re- fur
ther OF opinion that that period is earlier than
Wou DC ioiiri, IN Practice the debt could DO col
'ecteu because 'erct punctuatv is not to be cxpcc
tcu: III IS obvious also that III closing 50 large 4
business as hatof this Bank carried on Mt SO MANY
places, increased vigilance and energy will be ncc.s
sary; 30 that, nhc opinion of your Commit &C. few
Ioi INCREASING dtcers and servants could ne discar
EcG ana the eyptnscs of conducting the affairs of the
BANK may DO rather expected To increase, while the
must certainly diminish, until the latter will not pro
bably, deiray the former.
Your Committee fully awure, that il will, in
many instances, bear very hard upon debtors to cxac,
positively, aud at all periods nstuncnt of 10 per
cent. and 1t Is believed by some of the Committee
ihat many OF the debtors could not comply with the
acquisitions But, on the other hand the Stockholders
cannot be expected To carry on business which will
oe eiitifeiyunprottabc, much less nv which for
want OF the legal continuance of the Cnrpor,tion
large part OF the Capital Stock viii certainly he Lost
This latter evil might be rcmedicd by renewal of
the Charter Bun tits believed by yonr COMMITTEES
that neither would the Legislature grant nor would
the body of Stockholders accept renewal hcrnuso
your Comnltcc is well satisfied, that there is u treat
excess OF Banking Capital in n. Cnruliua which
makes 1t alike improbable to the Stakeholder and
injurious TO tho Community; nnd fcm the chartered
organization OF this Bank 1t is i'll constant dancer Of
gross Encouragement.
Your CHmmitcc, under these circumstances h,yo
anXlously turned their attention TO the various p,oc,
oy which your business may he closed with the enr-
nest desire to discover aud recommend one, bv wbi.b
can De effected, with as little loss TO the owners
and with as much enity to the debtors ne possble
Many methods have been SUGGESTED m their cors;d
Grafton; OF which none perhaps are EXEMPT from &C.
rio'ls OBJECTIONS IL has. however in the course of
the consultations OF your Committee been suggested
oy the Oentiemcn who represent the State in this
meeting ana are serving on this Committed that tho
uanger OF Loss from the expiration of the Charter s
not much TO bc apprchcLded, because they entertain
no doubt but the General Assembly would continue
by ia" the corpoTnte powers beyond their present
iil' ior tie purpose of collecting debts owing bro
scouting suits pcndug the expiration of tho Chr
ter, and doing all other acts uropcr and uecessorv 70
the Closing of the concern. To such n measure
those Gentlemen suppose that the Legislature would
ne impeled by the interest of the State as Stock
holder III this Bank, and by prnylent diInostion to
prevent INC necessity Under which the Stockholders
would otherwise lac OF providing for their own SEEM
MY ny some other measures inshrng the collection
OF all the debts before, at the expiration of tho
Cnarter ana above all by that benignty and Justice
winch should, d. II is believed will always characterize
tine acts OF the Government towards all citizens and
which plainly forbid the extinuuishn,e,,t of loroe
amount OF debt merely for the want of LEGAL remedy
as your Committee suppose, that the great object
vi inc Stochhoaers at preSont, IS, to secure them
serves and tho mode OF doing is not material IN
them; but, on the contrary, that the mode nost mr.
ccptaDe to the community and the public authorities
you'd for that reason, DC likewise most accountable
TO the Stockholders: Your Committee have received
and considered with the greatest respect the suopes
top OF the Representatives of the State and after
much reflection majority Of your Committee nre nj
opnion, that IT the General Assembly would pass tho
act contemplated by the State Representatives. !,
won'd supisede The necessity for the adoption of anv
cNTGordIary measure by the Stockholders, either
Tor the COLLECTION OF the debts with unusual rapidtv
Or Tor yesting IN Trustees such debts as might remain
hncOiiccted nj the expiration Of the Charter
your Committee have perascd the statute of tho
dot session, under which those gentlemen derive
heir appointment and which contains their instruc
ions 1t Is not found therein, that the LEGISLATURE
hath delegated to them any authority to propose or
complete the compact under consideration. Hence
nc suggestion nadcb by those gentlemen is not con.
'idercd, by the Committee, a5 obligatory anon the
state and IS not intended TO be represented to the
meeting. Bot while those Members of the Commit
zee, wioarc Stockholders, thus understand the offer
81 the States Representatives they likewise concur
N their opinion of the reasouablencss prudence and
Justice OF such an act and heuce infer the probabiI
iy OF Us passage. Aud while that event il unccr-
ialn, they think it would be both unnecessary and
injurious TO many interests, ifthc Stockholders were
10 take any other course, before knowing the nloa
'ure Of the Legislature, upon that now under cor.
ideration. Your Committee are DESTROYS that their
views sbonld not be misunderstood by the StockhoId
ars; They do not contemplate renewal or extenton
u the present Charter for any purposes Of Banking
properly speaking. The acceptance of such reno,y
I'd Charter, the Committee could not fccotpnend
Tor reasoTis already given. The only valuable now
Frs which ought to ba continued 30 The CORPORATION
are those which arc ncccssary 70 keep up its eviq
lence TO answer the demands Of its creditors and q,
enable It 10 make goodthe demands upon its debtors
Az abuses OF those powers may be guarded AGAINST
~ two provisions IN the act; the first that tho ev
hpftl1 ho E,-o tr,,t I