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


institution could have remained free from the opera
ton OF those causes which affected all civil establish
ments, and shook the thrones of kingtou.5 l'i.o
sagaclous scrutiny OF TIE ab'est statesman had not
observed them. As well might the gentleman con-
tend that event might lave been forcseen which
had not been witnessed for 100 years be for.nn En-
ghsh army within the walls OF Paris. During the
continuance of the wars among tho great powers Of
Europe, commercial enterprise was encouraged tv
the highest rewards of profit aud SUCCESS and the
trade OF the country atained 10 uncommon degree
OF prosperity. The restoration Of general pcacc.
though desrabo for tho blessings it brought with H.
produced revolution in the value of properly of al
kinds, which had not heen foresean or suspccted
The arrangement III commercial affairs winch suc.
ceeded threw the mercantile part of tho c,mmnnitv
into distress and ruin, because he system of It's trpn
actions having been formed and adapted to the sn,e
of things which preceded the cessation of hos, lii 10.
the restoration Of peace interrupted the whole course
of its trade. The decline of commercial prosperity
the diminished price Of the produce of uprcnlt,,re
the fall in the value of land and other property md
the general ADVERTISEMENTS which took place in nc.
cuniary matters hod not entered into the INN pinu.
ton OF any IL was beyond the power of rem SON
to discover the approach ofsuch condition of thnrs
ana prudence could not guard against it's evils We
ought not then to mpute 10 the agents Of the Bank
derelction of duty, the want of siisc Get atd
proper care and attention to the mana cement Of the
institution, because those losses were SUSTAINED a.
that time. Had our other Banks been in operation
for the sumo length oftime it ~ most probable tho
zane which brought lis rnsfortunes upon thu
Bank Virginia, would have produced similar effects
/ upon them. So far from casting ccnsure on the
agents ofthe Bank account of those losses nm
induced to believe that it required much care and
circumspection To preserve il from ruin. To ask whv
the ouuscs to which have referred were not Ere
seen and provided against, would be TO usk why na-
ture has made us as We orc-why the mind of man
| was formed 10 reason end not to propIesy There
may have been instances of ndscreot or irnpr,,dent
acts by the agents OF the Bank in the cement oS
its affairs Thoughts TO the best of my belief, they have
not been shown by the opponents of the BILL farI
would ascribe 10 these PERSONS the peri c,ion &c
prudence and sagacity But admit il, and what does
it amount to? 1t only shows that are liable 20
err. In the administration of the business of this
great Institution, with all s wide extended and d..
versed concerns, for SIX and twenty years TO re.
quire that Of Judgment should have been
committed is to demand what is unreasonable in
itself But if the general course of its admiisratif
has been upright, and prudent shalI it's Off
cere be condemned to ccDsurc, il in some instances
they have not pursued the course which extra
ordinary sagaciiy might have pointed ont. / should
never deem 1t proper TO scrnnIze with severity tle
trivial alterations of body Of men, whose ,encr,
conduct hos been fair and proper. Piat this institu
ton, after the calamitIes has encountered in times
of public and private pressure and distress should
still maintain its credit, meet its engagements anL
retain the confidence of the country, setisfes my
= mind that its affairs have been well administ cred
Without judcious and vvilant adrninist ration IL
would not have been restored to it's present safe con-
dition. Since the time Of which have spoken, WI,
have heard OF very considerable losscs which has
q suffered 1t has retrieved lis former misforupcs,
whilst 1t preserved the public confidence; its stock
has for several years been gradually advancing in
values it Is In very good credit at home and abroad
and the Stockholders who. no. doubt would be the
first because most deeply Dtcrcsted) to complain if
their affairs improperly conducted, are content
with the state of the Bank, and solicit renewal of
II lis charter. Can any ask for satisfactory
!, rs said by the gentleman from spsse,
that the value of the Bank shares is not more tbs,
forty dollars, and he has gone into calculation In
prove IT. But has he proved it, If he were corrcc.
IN his opinion persons ofsugacty and intelligence in
business, and whose situation affords them the hos,
opportunity to understand tie condition of the Rank
would not purchase the stock. Such men ,howevc-
are It's buyers in the market ut the present nrics
winch IL more than double the at which the oei,
tleman from Sussex has valued it. Tho purcba.e,s
OF tins stock-I mean the great er part of tb,n,o,o
quite we'll vcrsed in the logic of this snhoc, nc 80
are-nny, SIR, much better. will venture 10 affirm,
that there is not class Of men in the community who
oeter understand how to compare the true value OF
property with tie price demanded for it, or form tbe;r
contracts oil safer principles than those buv
ers of stock. The gentleman from SUSSEX has aI:,
used this argument in opposing the extenson-of the
charter that the officers of this institution had esfa
blIshed bankrupt law, contrary to tho nolcv nj ,bj
Commonwealth, and he has stated q case on which
he relies to prove it, Acco ding To his stotctnent
Is TINS: that one OF the bank debtors, in despe-
rate circumstances, entered into an sprcens1,
with the hank to discharge him from farther abil-
Ity upon the surrender of all his properv tho, III
surrender was made and the debtor recased;-and
from this transaction he draws the inference that To
bank had established law OF bankruptcy Does tIis
show IT IS the law of the corporation TO anane its
aHa,rs win i's debtors according the rules Of tho
bankrupt SYSTEM This, from the case relied on.
was nothing more than a compromise betweon ~
j creditor and debtor to satisfy the debit and affords
not shadow of reason to conclude, that any such
law exists in the bank us that which has been stated
III this transaction, which never heard rpoken OF
before, was such us il has been described il ,yas sim
ply contract, made under circumstances which pro
badly related only to the Of that particular debt
or III Is certainly an incorrect mode of reasoninp
and contrary TO the plain rules of dalcccs 70 dray
tho conclusion which the gentleman from Sussex has
Done from this case. Considerations distinct from
any general role of the bylaws of the bank most
probably led to tho compromise, and cannot asrre
to the gcntlemans Inference. Another or MS. afou
nens against ihe passage of the bill Isl that the pen
pie have not instructed reDow tho charter In
OH what measure nave We received tho special IN
structions of the people this session. 40 wo 10
DO nothing I'LL we are instructed The peonle have
conferred OF us the powers of legislation, r,,dcy Tho