Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1829-06-25

and Carler of the Bank Of Virginia. for H. sssdent
of the corporation. '' ''e ncnehe
as above enquired, except from the ackno wjed,.,s
oi the PRESIDENT OF the Virginia Bank in the ~
scncc OF the joint committee, who have lately d.
49,, ,I; my were not vested with powers to invest
ss.c TINS nia,er-but the witness conscentiousv hs
neves that the admissions of tho President of ~.
Dan1 ',' MS presence involves matter that ia mar
eu'a,iy involved IN the above question, and there
lore states u for the use of the cor,m;t,oo Tt-
witness heard Dr. Brockenbrouph sov beSaro ~,
other committee, that Rogers g. Harrison =, ha.ac
TINS pacel had obtained enormous sum from ,b; p.,,
ho 'ho, 'e resident aud Cashier in order to cnu
oc thcn 10 meet the demands Of French u,onono
~ IN tobacco, OF which business thoy had enono,
| IN obtaining tho agency. That tho nred.cas - -,
Mogcrs Harrison IN this business had obtained
such accommodations ut this Bank nflor H., 'o.aei
ton OF retaining his drafts for acceptance ,yhiL
caution they had not observed in the cnse Of pie
~ Harrison That this power of the Pres;jen, ,s
| rcctors. vi Dl-
Question by .ur. .Nskson.-Do YOU know ,,h,,
material facts teaching the operations of the Rnnr
| VI virginia, the witnesses named in The Coumun;co
tion No. 2, will establish, and do you derive 80,
knowledge from the declarations of ;l,osc yon,,c.s
or otherwise. 49, s''i''e'"ea
.ans.--I consccn,iously believe that every m,,or;o,
la.a tn'pr1c'd IN the Communication No. 3 will he
established by the persons therein named Ma, ~
'hosc iacts have been asserted TO me in converssi;
named. "'' '"ereh!
,t.to
she drafts drawn by the person or persons in ,hs %
or other place, were cdsted or discounted or
'hei case. were they endorsed by responsible nere
.ins.-Ihc witness believes Tint this oue.t;on ;:
object answered by the answer 10 the = IN
except as TO the fact of inlorsation On h. sh'
witness does not recollect the terms of Dr r., '
brough' but distinctly recollects the impression nn,
| on ms nind In his admission before the ofbor -
mttee, viz; that the Of money ob,n;nad L. %
gers " Harrison were on simple drafts without ma
saton-ne cannot say whether the admissions decInf.
latter however is probable, as the Doctor s,n,cJ =
very profitable business to the corporation 80
Quest 6Y member of The committee 10 n. D..
,dent or Cas,srnot stated. but The ans. seem, 10 y.
n the hand Of the President ~ oe
! DO the officers of the Va Bank ever noo,;.,.,,
Of exchange or draft sdrawn by one person in tho 60,
| OF Richmond, or another of the same placcS w!
! 'fnS'-.The officers OF the Bank Of Va have dc
counted drafts drawn by merchant in Tho c;,,. -.
Richmond OH resident therein IVY VI
! quest. by the Chdir.--flave Rogers and Unrr;so,
had large accommodations by the President and Cash
Ter on their bills residents of Richp,on,l>
Ins.-They have had bills ON Rich,ao,J d,oo
tea or bought, but not of late There are only mr..
cases OF bulls drawn by houses in Rich.nonG on rc;
dents unpaid. 'e'
Question By Nh. .Nsisoa.-What Determined ,,o, :,
discontinue the purchase of drafts from Rogsrs g.
harrison on Richmond? Did you consider this nro
ccchg inconsistent with the object and in yioaiion
OF the charter of the institution
dnS.-We ceased TO discount tho blls of - TT 6
Co. the reasons Cbefly stated in my answer IN b
inst question: did not consider it to be violation
OF tne Charer but Incompatible with the interest of
.Ic pahk at retersburg' and with the principles
"hlch governed us IN our transactions in bills
Quest by member not suited mr. 10 ,ntoq. bt mn,
seems an NE hand9 Cdshier.-Are the President and
Cashier OF the Farmers Bank of Va. and of tho Of
nee oi discount and deposit of the Branch OF tho RI
D. IN tins city authorised by their respective boards
to purchase bills of Exchange in the manner nrac
tised by the President and Cashier of the BanI, ne
Va. VIC O'iA o'
.Ias.--The President and Cashier or Tho E,-,,o..,
Bank ct Va. TO my knowledge are in tho hab;t Of
purchasing foreign bills of exchange and drnfis.-
The u States Bank / understand have committcn
10 DO tins Kind of business.
Qsest By Jur. Goode propounded 10 he Ct,sb;.r
are ihlaph oils of exchange purchased bv the p g.
Z. not being protested, but pud by renewal. or 9th
cf"iIe than cash, always paid by the drawcc' Or
docs the drawer sometimes pay them by sale of dic
ierent bills Oh the same or a different dro,roos
.1ns.--inland bills Of exchange purchased Inv tho
President and Cashier not being protested arc o.
.ener para IN cash by the drawee than otherwse-bu,
1t has happened TINT tue dra,oer pays them. Some
and Cashier.
1926 md ~.
Upon the foregoing, and Other un,nnor,ant ,os,;.
mony, the committee made the following report abor,
the close OF the session, which LAID on the able
Tor want of time to act upon it'll
REPORT.
The select committee appointed 10 enou;re info
the power OF The Directors Of the Banks oftbs Com
m9nwealth, with regard to vesing in their Prcsi--
dents mud Cashiers the power to discount drafts and
bills Of exchanges and whether that poyer he cxnc-
dnt or not also, if any abuse has grown out of Inc
exercise ofthat power; and if any abuse to what OK
tent respectfully submit the following report.
Your coIpmlttee III tho examination of this subccG
bayc confined their attention TO the Bank oCVirg;niy
being of opinion that the session is too far advanced
to allow them time TO enter into any other nycstioa
ton. And supposing from the natnre of the charges
preferred against that institution that the affairs OF
the Bnnk of Virginia referred to this commit
tee as tho subject of it's particular considerations
IN relation to the first subject of enquiry, wbetI
or the Directors of the Bank of Virginia have tic
power to delegate to the President and Cashier the
authority TO discount drafts or bills of exchange;
your committee would remark that, if the Board Of
Directors possess this power, it must be derived c.
thor from the charter from tho Jye- irtOs of the
institution. Ind first, can this mower be d,rivcd
from tho charter Of The institution, In Tic ienh snc-