Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-02-20


far as we know against il, and against the welfare
aud prosperity of the whole community Who so
wise here to speak with much certainty of the
condition of the country the condition Of this and all
similar Institutions of the will (aud viii adopt here
an expression of member from Madison,) of the
vercgn people of this State at that period as to JUS
thy this acH Vixen the representatives shall assem-
BILE nj that period, and find, as they may by possible
ty (thcso things haze happened even in this S,ate
that the stockholders and the community have been
swndied that instead OF honest aud fair dealing with
IN the limits prescribed in the charter, they have sail
Cd IN tue winds eye, prosecution OF their purpo
SEES; and when the public voice demands remedy,
and It's necessity is apparent, find themselves
Grated with the agents and tools Of this mass of
ruptioni their Efforts retrieve the country baled
aud defeated by the affiliated interests oetockholders.
directors debtors endorsers officers hungry expect
ants. IN and out of this House, because you have re-
newed this charter. Any cndued with one re-
manning spark of common honesty, would look upon
the group with abhorrcnce. The confidence Of the
constituent III the integrity and fidelity of his repre-
sentative is shaken To It's foundation. His hope of
security from equal laws, and an honest execution of
them blasted. The authority of his ,cL and wishes
controlled and defeated. When the Banks, and their
officers, and agents asd defendants here who minele
IN this debate and laugh you to scorn;l is time to
awake.
they acge, because their constituents desire IT, That
is, sir, understand them, they ore convinced of
the impolcy of doing this act, well aware Of its mis-
chevous tendency but they must do it to please their
constituents Who ore the constituents whose Will
is to be obeyed in this cxtrerhity--the people, No
SIR II may happen that the bucks with large horns
who lead Id the towns and villages may have sign-
lied Heir pleasure; but il one-enth ofthe stockhod
ers tnumerlcaliy,) are not aware of the application
before 1t Is made, it is against every deduction of
reason and common sense to attemp, to excuse this
act, upon the pretext that ourconsiucnts will it.
| And how has this measure been borne along so far:
las not Its tendency to corruption anl reachery al
ready developed itself Do not members rise in their
places here sir and declare if the bonus is not to go
to roads aud canals, they will abandon tho bil'
while others by thor votes consent if IL shall 90 20
colleges and academies they NAV vote for il: ar
Others 1t not 10 primary schools they cannot vote for
1t: Havc our constituents wiled thiso Have not the
advocates of public Improvement been oppcalcdto as
SUCH TO vote for it. unite with tho bank for renew
al at this timer These appeals in varying modes nd
different dress have sounded from the Potomac to the
Roanok' from the ocean to the Ohio aud the res
ponse Is expected in the success of this bill. II
his bLl can be carried, under these orcurn-
stances, 1t is demonsra6e, that the rover Of these
corporations is already sufficient TO con,rou the oc-
ton of this House, and hereafter, will be not at all
wonderful to Ind the public voice stifcd, i'll the me-
retricous embrace, of this avarcious harpy.
But sir, if these not sufficient considerations
TO induce the House TO desist, l will show that
tins bill ought not to pass because it does not pro-
vide sufficient remedy for the defects in the charter
Under the charters granted here, and / believe
throughout the States all the powers and objects OF
banking, deposit, discount and and circulation are uni
ted II 1t IS important, las 1t is admitted to be tina,
fshould be created with great caution and that they
require the highest degree of skill and prudence oi
their proper and wholesome mana cement this npor-
lance must be vastly increased, when plenary pow
ers, for all these operations found in the same
charter--2nd SIR 1t experience shall have sbewn the
necessity OF particular limitations upon these pow
ers, and when proposed for the purpose Of security
against recurrence, of known mal-pructices and
resisted as amendments to this bill, does il moi
amount to declaruiion that they will adhere IN those
n mot N tbair,x nal
they viii rot consent, to be contributed or renla,od
even ia their exercise of the powers they now Ina We,
Inc deposit fund is fuctuatng, and OF the pleasure
OF depositors, withdrawn. an hundred Thousand
dollars deposited to day, which may possibly remain
sixty days, and may be drawn tomorrow is used as
discount fund for sixty days Is there any provis
ION III me charter regulating this branch of business?
Inc president and Cashier, are a commit ee To buv
and sell bills of exchange. Is there in The old char
ter any restraint upon the amount, or any superv;
sing power with the directors, which can reGulate
THIS branch! Is there any provision which checks or
controls the directors themselys in the accommods
ton which they may make for each other bv draw
ing and endorsing for each other? Nav they not in
the absence OF this restraint, use all the funds f
BANK, ana laugh to scorn, the complaints of the
stockholders, during the period of their servicn1
lave the directors the power examine the private
! accounts of the dealers of the Bank in bills of ev
change at each discount day, and thereby determine
the propriety OF accepting rejecting applications
III these powers are in the charter, let them be
shewn. Sir, they are not there and what part of
TINS bill proposing any restraint upon the almost un
limited powers ofths corporation but what has been
resisted to the last extremity by its advocated The
member from Mecklenburg, (M-. Goode,) has sue
ceeded after violent struggle, in requiring the tran
sacons IN bills of exchange, to be submitted to the
inspection OF the directors once month He desired
to have It done weekly and every week That was
50 doubtful as TO induce him. to accept the proposition
Tor once month-and who resisted IL? the advocates
of the bill.
was desirable TO know the actual condition Of the
ana Tor that purpose, that the Committee should have before il
tie names and amount Of debt and accomm odaiioD OF each
dealer bank was refused and 10y whom? The advocates
o this Dill IL was moved % insert clause, allowing com,
ee oi either house. 20 examine under IN dcose
the private account OF any deaer that the legislature npb,
hereafter kto1, upon similar applications whether was
right rwrons % Tcaew charter This was reG,sed and me
whom, The advncates Of the bill -
VI these provisions Unnecessary heretofore mr.. III
hot ndsPeDsable under existing cfcunstauce Tie State
owns orc million two hundred aud ninety eight thousand dol
lars ~ s stock md except for the appointment of Direct
o the Treasurer, who represents it, give bot thirty votes
s sufficient to protect us from plage! II has been oopo.
SEQ to give the State equal upon stock in reference
iohs whole amount ofcapa Thshas resisted-biery
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