Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-01-01
FoR THE Wu,c

To tie Joint Legislative Commute. onnoir,od .,
S%amine IN the state and condilon of the Banks
or Virginia N'
Gen'l'men YOU will have duty to perfor,n of y.
hghiy responsible character. The people of virgin
Ia nave theIr eyes upon you, and upon your works
You VIII be the first committee under the new Gov
eminent, 10 ascertain, and faithfully report In tho
Lfg,Sature, the true and actual condition. of the
hanNs OF Virginia over of which, clouds and
g:,SrI, nave huhg tor some years past. To act
'S'"i"liy' VIII require much frnuess of purnose y,
Your Part.you will not only have to contend ara;nst
a" I've inhuence' which the Banks practise about
your own body, the influence of two presidents f
those institutions, probably some directors ana ~
,iouot many Observation-Disclosures there are nowsr
ia, nv's'biy operating uPou the feelings
ahd judgment OF tie members of the Legislature
me new government ought to begin its oner.t;o,,
VII every thihg sound and if their be any thing in
!. institutions nnsound the people ought to know
capital, belonging to the Virginia Bank, morp ,ban
one mi"on belongs to the people, that if this Bank
s s,a g,yF way, TINS large sum will be jeoparded and
tnas such an occurrence will carry with it, the neces
sty OF new and heavy taXes at a time when the 80
pie are least able TO bear such burden As q con
mtce following the usual course of acting he 80
red that nothing be done which will enoLI
to arrive at knowledge of such facts as will he ~
pecied at your hands. You are not allowed If s mn
ders1od to ascertain the state Endividual
withou which, here pronounce all your abors tn
be farce. W
LIZ a7s' y?'' understand the state and condition Of
tEF'fSf'' without being allowed to examine ;n,o ~
accotf'3 winch compose the millions that ore ny ING
S.anIME! HOW can you ascertain the condition NJ y
Bank, unless you first ascertain how much 80 VI a
10 De round amongst the funds of such RANK, IL -
can you ascertain good debt from bad unIass now
permitted 70 Snow all the debtors? AgainI saw. that
your duty will be but badly performed ,Is maj
LOOK at individual accounts-and what obiectinn 80
there be to 1T! If every thing IS well the Ri AN
take Pieasu e IN showIg their accounts Rut - -
been SAID, that there is danger of these th;nos mas
ing Pubhcby being mentioned again: il NAV be ash
ed, are the members of Legislative comm;,tee lee,
trust WORTHY than thirteen directors to every branch
'''tspess You can do nothing of your
selves unless you .lpeeestin OF accounts,
The basis of your report But if you will decline this
then you nay take another course, which will conduct
you to valuable information. The Treasurer of the
Commonwealth is vigilant and faithful officer and
Will dp las duty at the Bank elsewhere with
praise worthy Independence: call this officer before
you, and ask him for all such Information in relation
to accommodation paper, bills of exchange private
accounts, or any thing else calculated give proper
of the whole subject. The Treasurer
the commonwealth, at the board, and it
will pc his duty, well MS pleasure, to give the
Legislature faithful account of the previous wears
proceedings. This officer is independent of the
i'anks--he wants no fsvors at their hands, and will
have no restraint upon his feelings, in giving all such
may be called for. He will have it in
his power to give important information relating to
two letters which he received some months apo-he
wIlnfCrm of his having laid these letters before
The board of directors and of his having been ou.yo
ted on The questions arising upon them This is an
important point of reflections the State owning near
" half the capital stock, outvoted at the board
upon questions deeply interesting to the common
wealth, by persons who may not represent fifty shares
OF stock! Is this light? and can you return to your
constituents with clear consciences, unless you look
vigjlantly into the meaning of those things.
The Banks now being placed in delicate sit4-
they have probably dealt largely in
foreign bills of exchange, by which they have made
Their profit by each operation; this source of profit
is fast passing away, and state of things will a.
rise. r. vchanfre will down peFfs,.s a,
par and nothing EXISTS in the commercial world tn in
dure prudent men to ask accommodation Tbosa
about the towns who are cautious and inteilrent
often have their money lying il the Banks for rn0nibs
together without use and without interest rather a
hazard 1t IN dangerous enterprises. Those vbo ssk
accommodation are in general pressed for money and
they are only DESTROYS of making new debt for the
pupose Of paying old one In such an unforfunafc
state of things th~ Banks will necessarily find them
selves quite ide-both with their Ulcers and their
money There VIII in truth be nothing TO do uuIess
It ne attended with danger. Can it be wise mr. iusf
hen 10 continue the high salaries TO the ofFicersY
il man gets thousand dollars per year for ,vog
iing lard rom morning to night is 1t right to contin
ne that salary when he has occasion 10 work more
han half an hour in The day.
ii cannot be necessary II continue such course
" re 5onng That the Banks feel the want of busi-
,esS IS evident from the circumstance that one Of
aen la'ey made large purchase of stock which
VIZ ohy give four and three quarters percent per
ear-VhIst on paper they get six and three quarters
IN conc"s0a' call The Treasurer before yonLand
~ may DC weii bat if you fail in this and will not e
nine accounts then viii your iabors be laughed at
Zhalcycr tbey nay be. a b.
hMONS--t few boxes Lemons, ~ 6ne order,