Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-31

oo,h had not been subscribed for, thought as he
SAID, ne Gd not doubt OF its being oe but he stated
that the order lodged with his paving clerk he
would pay the money when due, the proper person"
We demonstrated against loans made in unusual man
but in vain We tried ascertain something of the
actual value OF the state paper fund.- pledged already
was Tor other purposes but there did not appear to DO
any documents from the Clerk OF the House OF Repre-
sen'e'yes, or from the trustees which gave any thing
IKE definite statement Of the amount which the Bank
cou'u calculate upon receiving. We eDdesvored TO n-
duce the board to commence the reduction of large
debt, and TO obtain, at any rate partial payment from
however. quite unavailing when the notes were offered
Tor renewal we were repeatedly assured that the debt
would be reduced, yet month af er month passed away,
and II . Ill remained little if at all diminished
on The 2Oh Of September, six months after the adj
Jounment of Congress- when, it understood, they
were 10 receive large Of money the works which
they were printing, observed that the books laid be-
fore the board showed that the account was actually in
creased that tine and we offered the following re-
solution 10 effect at least small and gradual reduction:
"ResoiUed That reduction OF 1--WE per cent be made
on all their paper offered hereafter for renewal and that
we cashier so Inform them; and that be with
out such reduction"
This resolution. notwithstanding the moderate and gra-
dual reduction contemplated by it, the
enrichment then making in the loans to the community in
generals notwithstanding the expectations of dimnu-
uon IN this account repeatedly held out; and nowith-
sahung the unusual character and value of the
security for -wa, rejected, without consideration
we then requested that at least such renewals as should
DC made oy The Committee on Exchange, might be re-
daced TO this small extent-his also was rejected But
the matter was not allowed rest here Instead of tho
notes being afterwards presented the Boa-d for renew
al IN the usual course OF business they have i'm re
peated instances, submitted to the Committee on Ex-
change and according the books laid before the Roar,
hey have been done by that committee, on DAYS when
the Board was actually session. Nay more-t appear.
ed by the that note Of $1,000 was due on
The 10Th oil September; the day preceding being re-
gula discount day of the Board that if Of
Tered Tor renewal the note might be then submitted to the
Board This was rejected; yet il appears by the same
book, that the day, namely, the 24t of Septem
per- The note wasrenewed, we presume by the Commit
tee on Exchange.
Shortly alter the resolution referred to- placing us
press'y on committee, Of appointed on the
Committee on thcOces, and another of US on that on the
state Of Inc Bank-rom that on exchange, by which the
powers oil The Board have been have seen virtually
assumed, we continued TO be excluded When the Com.
ni'tees were last appointed, again removed from
them ALL
The Committee on Exchange, we observed, was an.
pointed by the President alone and it evident that
organized as il was, and assuming the power il did the
Directors became in great degree useless, and the inte-
rests the institution and the money of the
were so lar placed beyond their control formation
too, was IN direct opposition TO the bylaws, which pro.
vded that the committee having the business exchange
" should be selected from the Board in rolaion"-a Just
arrangement, acted on until within few years and ena.
bling all the Directors from time time participate in
the action matters which they had all been selected TO
superntend Being satisfied that this arrangement was
altogether the proper one, both in regard The dis
posai oil the funds OF the stockholders, and to the p
mate performance OF their duties by the Directors we
were Iesrous OF restoring it in practice We therefore
offered the following resolutions -
"Whereas is proper that the ordinary business of the
Doard should not be transacted by smaller number of
Directors than that required by the charter, and The bu
sness discounts can be as
toioTe ii has been, at the meetings OF the Board
"Iherefore, resolved, That the duties of the commit
Tee on exchange shall not extend the business of dis
couns-hat the committee exchange shall after the
expiration OF the present month"; consist of three drec
tors residing in Philadelphia, TO be selected prescribed
by the existing bylaws, monthly from the board in no.
ation, and that the President and Cashier shall be unsd
with Them" These resolutions once laid upon
The table by vote OF the majority end we could not OBJ
tain their adoption.
But this mode of appointment by the President alone,
and this assumption OF power by the committee on ex
O he Of ba, Ia.
ter and the letter of the laws In assuming to discount
notes on days intervening between the meetings of the
Board and not unirequenny days when it did meet
the committee exchange acted in direct Opposition to
two recorded decisions OF the Board, by the last of which
no longer since than in 1880, application from the Of
nee a. Charleston 10 give these same powers TO commit
ee the inexpedency Of doing declared in the most
e exp nrns when the application was made, it
was referred 10 The Standing committee on the Offices
They reported against it without hesitation, and on
general principles applicable to the whole institution
The subject, they say, "of discounts by committee.
has frequently engaged the attention of the Board who
have always ist and expressed great repugnance to
OF tho Board may be ascribed. The committee ON lie
offices still entertain that opinion, they think that the
better course 10 be pursued in regard the present
geson, is that adopted the 3is OF October 1928 on
similar spPlcaon from The Office Boston. They ac
codIng recommend the adoption of the following resoI
the President OF the office Charleston the Un,oUn
ness Of this Bodjd to adopt the plan of making discounts
o. notes Cya committee That being the proper business Of
The Board organized as such but in order to give eyery
proper facility TO business the Board perceves no
to more frequent and daily meetings oil the Board
which could take place r short time at hour oi
every day. 10 this correct decision, the asonng Of which
appears 10 us made ally ten ago and
deliberately considered aud we'd six wears alter
wards we referred We pointed il out still standing ON
The minutes and we asked that its principles might be adj
hered 10. All, however, without effect Finally
that the subject might be brought more fully 10 the con.
sideration oil the directors, offered the following reso
luton
'ResoUed, That the Cashier be instructed IN Law bc
Tore the foafd any resolution resembling that passed on
the 81 OF February, 1880, which declares the inexpedj
ency oil discounts being done by committees and any re-
solution altering The rule OF The bylaws which directs the
appointment OF The committee attending at the bank.
monthly IN rotation and which, as appears by the minutes
complied with up TO 1928" This resolution also
was laid upon II table by vote of the major =,
and we cOul not obtain it, edJp:on"
Our circumstances, how ever ere not without sffect
They led TO determination the part of The majority
10 give sanction to their course, by adordny
rules, and aboIshiDg those long in existence 9
set Of bylaws prepared in accordance with
the actual practice. They were submitted to tbe Bo,td
in The mouth Of April lts When they were under con.
sideraon, we requested chat the standing committees
might be appointed from the board in roaton-s was re-
j. cted, and The President was authorized himself select
The two OF most Importance, that he Offices and that
exchange We then requested That the powers OF the
mtee on exchange mght be extended The business
too rejected. DESTROYS that IL these
powers were thus 10 he exercised by committees select
ed by the President The other directors might least be
regularly informed Of lie proceedings, we then requested
that hey t I'LL lay before the board, at every stated meet
ing, statement OF their proceedings, which should be
read before the discounts OF the day were settled4bis
too was rejected All these being refused we requested
that among The business OF the day. the board have