Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-09-18

DO accused OF wild speculation unless indeed the data
which have proceeded Upon are entirely deceptive
That must leave TO the good sense and csnor of my
readers and OF those well acquainted subject 1t
not to be forgotten that the whole coal trade, and the
lois on the handwha river and road thrown in, with
out estimate as make weights, 10 cover errors.
From and after this period, the stock Of the company
must be increased. The State 10 be liberty to TAX
2-5hs of il, and the stockholders the residue. This
they will be able tod without any presSure the surplus
cent. the old and stock.
most respectfully invite money holders who wish a
sale and profitable Investment OF their capitals
the public documents from Which my data taken and
10 make their estimates and let me know whether
they cam on any fair and candid calculation founded on
the unquesoned facts which those documents will esab
fish, come to any other conclusion than that from the be-
ginning to the completion OF this work the stockholders
VIII at least he receiving, average, per per
ennun on Their monsy, with absolute certainty, that
hey VIII, OH It's completion receive To per cent,
der circumstances promising M increase that will u-
matey, and In no long time, give them their aximum of
10 per ceni-Look at the travelling alone this line from
East TO West, and West to East, with the numerous vs-
erS 10 our mineral spHng, situated Oh this line, and in the
best summer climate Ia The word-Look also TO the Ell
feet OF rail road communication from Lynchbury to Ten
ncssec which must take place the main artery
opeued,H not immediately otcrihe works reach the
mountains.
have been little surprised to fad that some have
objected to subscribe /" consequence OF the provisions
the eth section
That provides that the work shall he executed with d
gencc, and if not commenced within years after pas
sing the Act, aud finished in twelve the first
meeting OF the stockholders their capital shall be forfeit
ed and all their work, and privileges vested in James
nlVer Company Tor the benett oil the Commonwealth
Taking II FOR grated, that it the contemplated works
are executed with due diligence, and ordinary Judgment
and economy, the stock will be valuable or without this
no one will subscrbe) and that subscription 10 il would
be desirable but for the clause in question: it seems TO me
such clause is recommendation rather than ohe r,yse
The object of the capitalist To invest a given su,, j.;
this stock, and he will keep in tangible state for iInt
purposes as much diligence then, in the execution of tho
work. as Is compatible with sound judgment, true eco
Monty, and precisely what he wants The work ON lrge
scale, is more cheaply executed in proportion TO dill
gence VIII inc receipt OF full profits on his Investment be
fastened Tardy members ofhe Company who may he rc
inctan to pay viii be urged forward; being thus made
the indispensable duty of the President and Directors w
WIZ be INC clear interest Of the stockholders proceed
win hi dlgence such clause, believe is i'm every
Act OF incorporation of company for objects uf dis kind
Without IT, great benefits might be locked up and the
enjoyment OF them by the people left the discretion of
few indoent stockholders In this particular case The
public are not only deeply Interested but the stock
holders flc large might so manage H. that yitIo,
neaVy advances they be i'm the receipt OF pretty rood
interest on their money, which might tempt them TO de-
9y-lhuS; suppose after paying up the first SI0 per
the Sd, 4h and 5h, and eyens,ccecGng wears only for
50 per sharesay $500 600; admit tia these sums
pouuce ecent ANA durable WORKS, so far ds they 60
very moderate increase Of trade would enable them 10 di-
vide ., or perhaps per cent; bat one will saw that
such proceeding ought to be tolerated
But suppose the work is proceeded i'm with good faith
ana such diligence as have first above snggesed but IT.
from some unforeseen difficulty, the whole work shall no,
have been completed within the time limited, does anv
forfeiture? ~ VIC
Such paPabe violation Of public morals and public JUS
v
Such uagant injustice would putt out the power of the
State TO insert such necessary and sauary clauses in m
Sue Ac'S OF uS KIND, and would be contrary her uni
FORM pacce IN cases 9t similar or less favorable Kind
The company have only with good faith and all due
dingehce-in other words TO do what is for their
oWhiheres' and the clause will be wholesome one for
mem ana the public. 1t compe5 them TO do what is for
ueir own good, aud takes from them the TEN ation TO do
othcrwiseThe State herself will be too
IN the stock to permit the work be inudcouslv hastoued
III order to save the forfeiture, whilst the interest of all will
tat II should be done as speedily as it be u
have been much prolix to expect to be read and
yet the subject is easily be explained i'm few
WORDS , ana l was unwilling to omit any thing that
ou8h' properly belonged TO H. lorbcar press il on
the patriot as work truly Virenian; lac will act so far
as ne Is able, without admonon from My object has
oeeh 10 satisfy the mere capitalist, whether he is Virpi-
man or not that in ali human probability there is no stock
IN which he can make permanent investment of his mo.
ney 10 better advantage than in this. A. b.
We publish below the memorable Veto" of Vice Pre-
sident George Clinton on the bin TO rencyy tIs ~
the old Bank Of the United States His opinions n,ric
arly at this crisis will be read with deep interest This
document like the Presidents message evinces the same
fearless devotion TO what its author deemed the pncnes
OF our constitutonthe moral courage which suns
no responsibility and lha noble ambition which prefers inn,
Pcrshable lame TO transient popularity. 1t will be seen
"t 'le more important doctrines OF Vice President Gin
ton and General Jackson, relating to the form of the bank
It's violating The rights OF The States and its constitutional
" arc essentially The same But how different the
circumstances under which these distinguished men were
called upon TO decide the question If the venerated
George Clinton felt il to be his duty to put his veto ON the
old Bank of The United States how much more powcrf,I
were the reasons which operated on the mind of General
jackson. The charter OF that bank had but few ,onts
10 run-ihe present bank, though by law expiring in 1886
does not III Tact close its till 1888 important
charges were preferred against the old bank Ii was not
accused OF trading for ccconeerng u1rnoses-of
starting ITS own candidate for the Pre,idency-of loanng
large sums TO members of Congress while the question of
renewing It's charter was pcndngnor of substituting ed
tors, 0nd attempting destroy the in1epenlence Of fine
press he public had not then the proofs 10 sustain any
such charges against the old Bank of the United
Notwithstandins the comparatively high character of that
institution when the Vice President was called upon to
decide whether its charter should be for another
twenty years unawed by the responsibility, he thus adj
dressed the SeUa,c-N. y Ere. POST
GENTLENEN: As the subject on which / am called
upon TO decide has excited great sensbiy must solicit
the indulgence OF the Senate whilst briefly state the ea
sons which influence my Judgment
Permit TO observe hat the question TO be decided
uoes not depend simply upon the right establish under
any mohcatlon, bank, but upon their power to esab-
hsh national bank, as contemplated by this bill In
other words they body polite and corporafe
responsible TO IT. but by forfeiture charter and bcstoy
on It's members privileges immunies, and exemptions
not recognized by the laws OF the States nor enoved nv
the citizens generally?
1t cannot be doubted that Congress NAV pass all neces
say ana proper laws for carrying into execution the pow
CTS specially granted TO the Government to any depar
neh' or ohcer ihcreo but in doing So the means must
nc suited and subordinate 10 the end. The power TO
create corporations is xprcssly granted: il is beb
attribute OF sovereignty, and in its nature not accesssofa
OF deHvave by implication, bat primary and indie pendent
cannot believe that this Interpretation Of the Constitu-
uoh WI" ~ any degree, defeat the purposes which il
was oned on the contrary, does appear to me that tie
Opposite exposition has niuevitdblc tendency 10 consoda-
'o'' ana Affords just aud serious cause Of alarm.