Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-24

ing The Executive How little foundation in feet there Is
,Gr all this will be readily seen by examining the aega
First He says, that "athough the charter and The
rules OF the BsDk both declare that aot less Than seven
uee'or, no DC necessary TO the transactions Of bust
log discounts to any extent entrusted to committee OF
i've members who do not report to the Board"
NOV, the charter does reouire seven directors IN
make discounts. ~
Nor do the rules OF the Bank require seven directors
true that any committee OF five has this power
Nor does any committee dscoun, without reporting to
constitute board for the transaction Of business Bal
tue business OF the Board not exclusively nor prinalv
MAKE oansIs business Is to govern the whole ins,itu
uo'-ii me charter required Directors to make
discounts would have said Of the Board of Directors
Oh me branches, whose exclusive business il 1, TO
discount But places such restriction OH the Branches
where by far the greater part of the discounts are
The business oil the Board TO prescribe how the details
o ne opeauons OF the Bank to be made it may dele
gaze poruon OF It's power Of making loans committees
or in TRUTH to reqsire Board OF seven Directors TO meet
before any bill could be discounted, would entirely de-
suoy me most useful operations Of the Bank-and
accordingly, the Exchange Committee meet every
DAY Tor the purchase Of bills their are sub
.eu. .he Board at their next meetng.-t would be
supposed from the manner in which is stated that this
was some recent innovation. So from it, the
ing oil bills OF exchange formerly done by
smaller number than at present On the 18th of Febru.
sry ISL during the administration Of Mr.. Cheves and
ed that r'
ln the absence Of the Exchange Committee the pre,i
dent and Cashier shall be authorised purchase exchange
which may be offered for SALE il immediate answer Be
DESIRED and report such purchases the Exchange Com
mi,Iee at its next meeting thereafter"
nus giving the power here complained of TO only
that it was violation Of the charter In truth il is
power exercised very generally by the officers Of Banks
throughout the United States. - '"'
The second s-"To cut of all means Of comr,,n;c,
uon WIN me Government in relation its most i'm
al the commencement OF the present year. not one
The Government Directors was placed i'm any one Com
although, % remo IIino
oil those bodies OF those Directors have placed
some Of the Committees they are vet entirely xcld
ed from the Committee Of Exchange through which the
greatest and most Objectionable loans have been made
mere are two things remarkable in this paragraph
s me sTangeness oil the confession, ne x the fall
lacy OF the statement here asserted that not n have
The Government Directors on Committees is TO .scnt off
al means oil communication with the Government in rea.
us most Important acts; that say, that the con.
hdenhal opinions and the unreserved sed b
me,r colleagues ON Committee are TO be communicated
the government Ii sprecisey this fact, thus official
~ announced which would make these Directors unsafe
repositories OF the confidence Of their colleagues the
commencement OF the present year, he enot one
oihe Government Directors was placed on anv one Com
mlttee Now, OF these Directors who could then be an
pointed, mere were but two residents of Philadelphia
the third not having yet been appointed. WHY these
TWO Directors, one OF whom had just come for the first
lime, into banking institution, not named on the
committees, In the place Of old and valuaed
IL would be more nvdious than difficult TO decide. bu;
that there was studied exclusion was obvious from The
TACT Una, al me very next quarterly appointment, two
OUT OIL tne three Government Directors were placed
on Committees. Nor is there any foundation for the as
sernon tina! any "unusua remode ling of these Commit.
tees has taken place. On the contrary the Commute.
were appointed quarterly they have for wears besn
appointed, and not the slightest remodellpg of them
OF unusual has taken place. As the Exchange
Committees VINO are charged with the arrans mt of The
Foreign and Domestic Exchanges of the Bank
commercial experience and knowledge OF the business
ana Inc credit OF individuals, those who are presumed
most quaihed are most naturally chosen. These Direc
tors have no claim TO the slightest distinction above tb.
eoeagues ana ey must take their chance with the other
members In the formation OF Committees In truth men
will choose their associates on committees az in everu
'g eise from confidence in their capacity or their pe
soal qualities; and TO be choe 10 places of tru i'm
plies only that others more Il usted "
ne third is-"lt has long been known that the Pro-
sueh' o he bank by his single WILL originates and exc.
cue' many oil the most important measures connected
with the management Of the credit OF the Bank: and
!hat The Committee, as well as the Board of Direc
ors' are lett IN entire ignorance Of MANY acts done
renuy under their authority" ~ "PP"
assertion so general can only met by as general
dehiai' al me same time, the Committee deem il their
duty to declare, that this allegation so posiveIv made
OF KNOWN and acknowledged fact, while it charges The
bosrd oil Directors with dereicton of their duiv
ana surrender OF their trust does the greatest apd
most Migrant wrong TO the officer who presides over
this institution. This officer has devoted clever vaa,
Of the best portion OF his lfe and all his time and al h
talents during that period, the service of the RAM h
mas at all times, consulted freely with the Directors and
has never sought to make his sngle wil the law If The
bahk The proofs OF the ability integrity of his adj
mnstraon are to be read in the prosperity and strength
q, Ire IN The reiterated appreciation of The
sockhoiders, and in the unwaveriDg confidence of The
successive Boards of Directors who have been the ,
nesses oil his labours. And the Committee confidently
oeeve that such proofs be oberated bv such
they may. 1919 '''"' Sou'ce
ne fourth Is in the following passage:
Inc expenditures purportiDg TO have been m ade nm
yer sa.nony oil these resolutions during the years 1881
and 1882, were about 1000" "
ms TOO, Is another msstatement The expend;,ures
PurPorng to be made under these resolutions durny the
years 1881 and 1882, were will be explained n this
report, exactly $4S2S7 co. ~ ''''
ne NTH Is, That publications have been prenared
ana extensively circulated, containing the grosest nvec
yves against the officers Of the Governments and the mo-
ey "cn belongs 10 the stockholders and 10 the nuhlc
a oeeh Freely applied in efforts degrade in public es
uination, those who supposed 10 be INSTRUMENTS. -;
resisting the wishes OF this graping and dangerous in
tuition" I'd ~ dangerous ihs'i-
Inc Tact has been recently disclosed that an unlimited
oiscTeuon has beeD and is now vested in the ~
me DaK 10 exPend its funds payment for peparno and
m.ung aIucles ana purchasing pamphlets and news
papers, calculated by their contents to operate on
and secure renewal Of its charter"
mere are two mistakes Ii is not true that anv "nub
cauohs nave been prepared and extensively
containing the grossest nvectves against the Officers o
ne government Nor isi true that any power is vested
III "e Fresuent for preparing md circulating articles
auu purchasing pamphlets and ne wspapers Calculated
cure renewal OF IFS charter" No such power ia o;ven
ana no such power is exercised e'
me power actually given which has been exercsod
anu WI" commune TO be exercised is for the defence t
Dank against the calumnies with which for four yo,rs
The institution has been pursued " ~ ''''''
The sixth is
"The fact that the Bank controls and i, Soma ,
s.aniaiy owns-and by its money supports some If ,h
dersood." - NV "'o'e c'ediiy un-
This whole allegation is denied
90 be concluded in our merry