Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1829-07-13

pose OF introducing the Following attempt or the a
mercan Sentinel, sonapurte like to force loan from
the Bank of Pennsy lvania, which it seems had nc
stomach for the speculation. The moral NAV not be
without its uses in Virginia. Here too the State owns
a large siare of the stock in the two State Ranks
Notwithstanding which presume she might sue in
vain for loan; though know that the Banks of
Virginia have on every emergency heretofore. accam-
modated in the most liberal manner, the necessities
ofthe State and General Government.
The Sentinel Gays:
Many of our citizens, We arc confident. are no,
aware that tho state owns hree.f7hs or 81 500 900
OF the capital stock OF the Bank Of Pennsylysni,.
and that the individual stockholders hold bu, i,r,
ffhs or 81 003 600 of the whole amount =
According to fair opporiunmcnt, therefore
OF the Mte,frrs of that bank, the state ouuLt
To elect hitcon, and the other stockholders i'm
BY the existing laws the state elects six and IN.
stockholders nineteen A just apportionmen, would
make That bonk always ready, agiccahly 10 IN. ORR
glhoi intention OF It's charter to afford the state
every facility IN It's power. BY recurring To the pre-
ainbc OF the ect Incorporating the BANK of Pcnisy-
wanna, u Will be seen, that of the PRINCIPAL oh
lecs IN chartering that Institution. was declared to
De to promote the regular, permanent and success
ful operation OF the finances of the state"
we are not die posed without the STRONGEST crounds
10 lind fault with the Bank But If common. opinion
Is 10 be credited that Institution has fulfilled the
intention OF the Legislature. IL has been asked
satisfactory answer that could be given is that they
could not do so with safety TO the institution But
TINS excuse will utterly full them hen il is known
at last Spring just at the close of the late session
OF tne Legislature AMI after the change in the
board OF canal commissioners, about which so r,uch
has Oeen said this very bank offered to loan the stat
Hree millions tlco hundred thousand doilrs Al mn in
tercsi OF FIVE per cent per annum and give premium
oJ TWO per cent the state would extend their char
ter and exclude all stne directors from tie board
trho 'tside an Phi'adeiphn: that is one piion oC .i
tdTs more than Is now asked for. II the bank could
lend the state three BiilDns, with premium of t,co
per cent why not let them have tco ,aiii0s without
n Premium
the individual stockholders, representing bnftwo
hits n the stock, should sustain their directors in
such high handed conduct. now that the pressure has
passed II they should refuse let the state have the
loan, when three hs of the whole stock of the bank
1e'o'f To the stateif in addition this they should
endeaVor' without just CAUSE TO cry down the credit
OF the stGtc-W oud the lccisai iire do yrono in -.
chorirsak the Bank of Pennsylvania with the states
JWt pIOpoJi,or of directors
IL The commonwealth had her due proportion Of
d're,foTs III the Bank, tis-re he no doubt that
The loan wouid be taken imiaediaieh. We nra crc,l
IDLY informed, that the Bank is much moro .bIn 8,
do so now than II your ago. when y took the
former loan of two millions, considerable mart ot
which has been sold. II Is believed that lie whole
could have been disposed of al profit if il had no,
been, that The bank admitted certain private indyi-
dras to become partners ia the loan who afterwards
sold ou' at less premium than the bank If our in
formation be correct and we have reason to doubt
At nat the Pennsylvania Bank las rec entity been SOL
lag out her stock in the prior loans below par and
ti'at too without any necessity for doing the mo-
t!vc cannot be mistaken by any intelligent man and
that institution Is liable to the sevorrst censure rs
trusting ofthe principal objects for which il was
Incorporated.
II these things be so, 1T becomes a question whe-
ther the legislature ought not 10 recognize this Bank
upon just principles, and make it, in truth and il
fdcf, us 1t ~ IN name "the Bank of PENNSYLVANIA
by giving the state its full number of Directors eoue
To hiee pms othe stock, and tn the individual stock
holders, directors corresponding with their tco 6hs
It's passing s'pnge, that a state like Pennsyya-
MIA, with her immense resources, aud with such z
large amount of productive bank, bridge and turn
pike stock, Independently of the deb. due her for
lands, which together, exclusive of taxation aud al
her present debt, should be unable 10 effect loan o.
t'ro oDHi"nS land that this should be- caused bv n
direction representing f'roEifhs Of The stock of n
bank; while uIc state owns the other three GjMs.
Mrs 4oyaN--A letter to the Il. States Gazett /.