Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1829-07-14
MONDAY MoRNINc. July "a. Isso'

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of' Oh beaufort, gentleman of talen, and c,ayac
Ter, has bcen removed Ia favor of Mr. Coo,,,,-
possessed the one thing needful" ouanfun, s,.c or
ue'otioh 10 the Hero 1t is stated in the Newbern
spectator and the Raleigh Register and the fact is
aa'hi'ted by the Raleigh Star, Jackson manor Tim,
one OF the principal causes of Dr. Mannvs ro,,o,,,
was ms having Deen correspondent OF ,be Rich.
mond NlIig." AS we have no otrsasurv man, ..
which the nlsgnunnous President can denrve NO b
iSresoi'eu to take satisfaction out of our friends
course SO worthy of the dignity ofthe Chief Man;s,ra,
oil the u States, well becomes the "second Wash.
inglon' The FIRST Washington would no foub, Ia 70
acted precisely thus! We never did nasine j, nos
s'be' that man could get 10 be President Of the IT
oatcs for the calibre of whose understanding and
Tor tile narrowness and personality of whose motives
U! pubic conduct, compelled 70 feel i'm desn;tc
OF TIE respect We wish to entertain Tor the
authorities OF our country, unboundcd, unqualified
uhmiSed aud unmitigated cc...empt.
Ae'"'$yf0d"IG--1he reader we presume is appri-
sed that at the February Session OF the Legislature
oil pennsylvania, bill passed, authorsinq the bor-
rowing OF S22o0000 at per cent, for the purpose of
carrying ON the gigantic scheme OF Internal I'm
provement, now Ill Il course of completion in that
great state. During the last month, books were o.
peied Tor subscription to the loan at PhiIalelpha
nut about 100000 only We're subscribed In pursli-
ance OF the act OF Assembly, the Stock was next put
up at public auction, hut there was not so much
as a bid, though a large company attended The
failure TO negotiate the loan has thrown affairs into
some and no small embarrassment for in undouh,iDu
anticipation, the superintendent proceeded to make
contracts and to all the expense incident to
the great undertakings on foot. In this awkward
state OF things the Governor has been applcdto but
hsss refused to assemble fzesrisais1re ,.as,in,, il
seems TO effect partial loans to meet such demands
DIS may occur before the constitutional meeting
Oh Tue Legislature, for which purpose the Sscreta-
~ OF State was said at the latest date, to be in
fiiIiadelphia.-We notice the subject for the pur-
pose OF Introducing the following attempt OF the a
merican Sentinel, Bonaparte Ike force loan from
The Bank OF Pennsylvania, which, seems had Io
stomach Tor the speculation. The moral may not be
without Its uses III Virginia Here too the State owns
n large share of the stock in the two State Ranks
notwithstanding which presume, she might sue il,
vain for loan; though know that the Banks of
Virginia have on every emergency heretofore, accom-
modated in the liberal manner the necessities
ofthe State and General Government
The Sentinel says
aware that the state owns three fHhs or 81 500 900
of the capital stock of the Bank of Pennsylvania;
aud that the individual stockholders hold but iso.
JYHtS, or g 100000 of the whole amount
According to fair apportionment, therefore
of the directors of that bank, the state ought
to elect fifteen, and the other stockholders ten
BY the existing laws, the state elects six, and the
stockholders nineteen. Just apportionment would
make that bank always ready, agleeaby to the ORR
ginal intention of its charter, afford to the state
every facility in It's power BY recurring to the pre-
amble OF the act Incorporating the Bank of Pennsyi-
wanna, II VIII be seen, that one OF the principal OBJ
lccts IN charterng that Institution, dcclured 20
be TO promote the regular, perm0reat, and
fM operation of the finances Of The state"
We arc not disposed, without the strongest grounds
to Ind FAULT with the Bank. But if common opinion
Is to be credited that Institution has not fulfilled the
intention of the Legislature. 1t has been asked
why have they not taken the state loan? Tie only
satisfactory that could be given is that tey
could not do with safety to the institution But
this excuse will utterly fell tein hen il is known
that last Spring just of the close of the late sesso;
OF the Legislature, and after the change in the
board OF canal commissioners, about which so much
has been sad this very bank offered to loan the state
three millions t0o hundred thousand dollars at an in
terest ofve per cent. per aDnum and give premium
of two per cent the state would extend their char
ter, and exclude all state directors from the board
1oo reside in Phikteipia; that is one million Of dol
lars more than is asked for. If the bank could
lend the state three Millions with premium of ttoO
per cent why not let them have too Millions without
premium?
Ifthe individual stockholders, representing buttwo
ffths of the stock, should sustain their directors in
such high handed conduct that the pressure has
passed-if they should refuse to let the state have the
loan, when reef ffs ofthe whole stock of the bank
beIongsto The staeif in addition to this, they should
eDdeavor, without just to cry down the credit
of the state-would the legislature do wrong in re-
ctarerac the Bank of Pennsylvania with the states
FIJI proportion of drectorss
If the commonwealth had her due proportion Of
directors in the Bank, there can be no doubt that
the loan would be taken Immediately. We are cred
IDLY informed, that the Bank is much more able to
do so than it was year ago, when IT took the
former loan of two millions, considerable part of
which has been sold. 1t Is believed that the whole
could have been disposed of at profit, if it had not
been, that the bank admitted certain private ndiv-
duals to become partners in the loan who afterwards