Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-02

4 doubted.
inuIicous which does require the Judgment of the
board 10 be taken upon them before thew are made in.
vovng as they DO very large sums and applied they
be- TO objects regard to which the opinions Of the
Directors may greatly vary. We " Of no duty
more imperative than this and do not think that either
the variety and number OF the disbursements the fde.
MY oil the officers making them ought to authorize de-
| Walton from il.
The spondence that must pass between the Bank
ana It's Offices, cannot but be extensive and imporsn
Letters are occasionally read from the Presidents and
Cashiers OF the branches but they appear be merely the
reports which are made at stated periods. Those which
are written from the Bank, and which, OF contain
directions affecting its whole operations, sub
m'tted TO the board either before after they sent
Indeed is notorious that the Directors of the Bank fire.
queniy hear OF the operations Of the distant Offices done
believed, under Instructions emana'icg from it. thro'
public rumors Information from those places before
communicated to them at the board II is not in the
collection Of either us, that The instructions any time
given by the President TO the Offices, during the last year.
have ever been submitted to the board.
The same remark be made in regard the foreign
correspondence Of the Bank. which, Judging from the
large amount of funds the Bank has occasionally abroad,
ana is numerous transactions there presume be at
least frequent important Its very scarce
ly known TO us. On specific call in March last, few
letters then lately received from Messrs Earrings were
laid before the board and subsequently, or two from
Messrs Hoinguers, relative TO the DRAFT of the Sec.
rotary OF the Treasury the French Government were
read TO But the great body Of espondence is
yer seem on the table, or in the where the board
meets Especially the letter. books containing the various
instructions aud orders from the institution given by the
President, are never submitted for their inspection II
these documents even could be inspected by the public
directors without express the board or with
out liability to refusal from the officer having them in
charge il must yet be evident that such an is
altogether limited in its nature, and to keep the
directors properly informed OF the proce ceilings Of the
situon. That can only be done by the acts Of the Pre-
sident and Committees which transacted n their
or on their behalf being regularly submitted to them-be
ing Tor their inspection at their stated meetings
and not by keeping them suppressed to be produced
ly on repeated and specific demands.
In word from the moment we took our seats at the
board we have seen that the real business of the ins
tuition is not there transacted nor its re al authority there
exercsed-that there exists beyond its CONTROL power
mat can be and exerted promptly secretly, and eff
GENTLY from end OF the country the oher-that
the just fundamentally OF the directors has curta-
ed either by the mode OF operation gradually Introduced
or by positive regulations from time time prescribed
and that their duties must be equatey performed if
they willing TO remain passive under such
system, instead OF asserting their rights as representa-.
tive agents charged with important and highly respon
shle trust We have not to learn in what light such
an assertion OF independence is regarded-the facts we
have stated evnce IL clearly enough. We have
to learn the manner in which il will be meiihe
ment OF the majority that calls forth this memorial shows
the means that will be resorted to- These may deter
others from the exercise OF independent judgment aud
honest opposion-they do not and they shall not deter
us from the conscientious performance OF that duty which,
by the charter we were apponteLto perform
But what is this elaborate of the majority
We confidently declare that il real objection,
| con'roverts no important charge.
Is il denied that have been excluded from the stand
ing cominees Is it denied that two those commits
tees are selected by the President alone? Is il denied
That they have assumed the functions of the drectOrs Is
denied that they have done this contrary to the record
ed opinion Of the board' Is denied they
|
unusual secury Is ii denied that they have on
days and under circumstances when the board might
have acted had been brought before them? Is
med that they are not required to report in writing their
proceedings TO the hoard? Is it denied that the bylaws
have been a'tered Is it denied that the President is
allowed unlimited control the funds OF the Bank,
by virtue OF the resolutions Of November, 1880, and
March, 1881? Is it denied that those resolutions
isi! Is IL denied that large Of money were ex-
pended under them? Is it denied that the resolution
oil the 10Th OF August 1885, passed against solemn
remonstrances, Continued and extended this power!
there m rhprc lnra
portion OF this endure? Is denied that much OF the
Chief business OF the Bank is done through committees
leced by the President! Is il denied that unusual
nave oeen adopted 10 suppress our interference and de-
prve us OF just knowledge of the affairs of the inslu
ton! We have read this statement of The majority, and
we look IN VAN denial OF any one OF these things
They cannot be denied They proved by The record
Of the institution, TO which we confidently appeal 10
| tain us III the assertions we have made.
| How have we been metz BY impairing rights
misrepresentng our acknowledging partial views Of
facts
The FIRST step is 10 deny the right of the President q
the United States to require and equen the pu
lie directors TO make report Of the proceedings Of nc
Board. Ii we regard truly the Of our ohce n
we have properly understood the int nons the Amer
can people in creating it then should have beer
wanting in every principle OF duty had neglected Ia
report TO the Chief Executive Magistrate the proceed
ings we have detailed. Sienced by organized
Joriy; rights invaded; believe the public wei
are endangered; our efforts 10 prevent it, and
sraDces against II equally disregarded-it would doub
less have been consto ut witt, the views Of the ma
Joy that we should have continued to sit tamely by and
give them by silence indirectly that aid they cou
not obtain openly by votes. But this would have
been parts desertion of unpardona
BILE neglect TO perform the very duty expected Of the pub
lie directors in such emergency by those by whom the
charter OF the Bank made. We content TO sub
nit our conduct in this TO the judgment Of the American
people.
We accused Of Of candor in not informing
the majority that had received letter from the Presi
dent oil the United States aud that should lbei:
proceedings TO him-we accused OF secretly obtaining
the information thus communicated. Shall we ask wills
what proprety such charge is made by those whose
whole course have exhibited il, has been marked
by want OF cdnder and OF openness Of conduct Whose
by laws have been altered 10 sbroud their H.
greater secrecy, aDd conceal them ually from
Who permit large Of the public and The
ney the stockholders be expended without the pro
ducon OF vouchers? Whose whole system Is auiho
rizDg the exercise sponible power Who have
fused, when called 10 render any particular siateme
Of accounts VIGOROUSLY vagIeto furnish Tor the Secreta
ny Of the Treasury copies OF documents affecting the in
ierest Of the whole communicate admit the public drec
into their secret cOuncisor TO allow them an CD
poNuniy TO examine, heiOrc public alton, their own
elaborated statement,?-From such a majority, such
charge comes indeed with little proprie,y. But
are Of right claim they had 10 the
letters addressed the public Directors by The Pesi
dent OF the United States to the reports made him;
nor feel Ourselves al liberty communicate the
one, called on TO submit the other IL would indeed,
be just ground OF eeDsuTe against II under The aubo
y OF the one, orin executing the other We had obtained
Information Wi lieut. ample notice 10 the majority, or com
municaied il without abundant opportunity allowed them
TO Know, Investigate, and repel Tor hemseIyes ihey
do not venture directly assert that We did they
ATTEMPT 10 innusfe IT, On parts, explicitly deny
isdirect Which implies want OF candour any ne
of nature AID