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

given and therefore, while we concured az we stated In
the proprety and expedency Of reducing the business OF
the institution, we required that the plan should be care
fully weighed, TO bear equally on all parts of The
country, and on all debtors to the Bank desired all
SO to have the result Of the views and inquiries OF the
committee already appointed. With these objects
we asked that the resolutions might be postponed
Tor one week. or even until the next meeting, il
being understood that the subject should be then definite
acted upon Our request refused The resolutions
were passed at once, and usual, by the of all
present except oherdire ctor and ourselves Believing
nat !hs measure was not only precipate but partial and
that would lead 10 cuailments and
and entertaining the opinion that system mig easily be
formed, on just basis offered the following resou
uons "Whereas resolution was adopted the 7th
OF May last, insrucing the committee the Of the
Bank TO report TO the board scale Of reduction in the
business the institution and report has been made in
pursuance thereof-And whereas, resolution passed at
the last meeting, which places certain restrictions the
business OF the institution confines the same 10 FIVE of the
western Offices:
'Resolued, That the committee on the state Of the
rank, be instructed TO report TO the board, early
day as possible, system for the gradual of the
business of the institution, throughout all sections OF the
country having regard the interests of the stockholders
the debtors Of the bank, and the community genera
his plan, which would have prevented oppressive
and partial system OF curiailment, conHed to particular
portions Of the country and exered at particular times
which would have given TO the subject u and fair consi
deraon-and which, above ALL would have enabled eve.
ry member OF the board 10 exercise his deliberate iug
ment, was, as usual rejected Nor this all; when
we 11ered the resolution, temporarily expressed il is
the President himself asked the que son of
upon II, though no motion TO that effect had been made
course never before adop i'm the board sanctioned
by the bylaws and evidently introduced cuail more
enectnay, II possible the very limited interference in
the affairs OF the institution which was still allowed
the public directors. On this suggeso of the Presden
the majority refused consider our resolutions by
the vote OF all present except director and ourselves
This plan was persisted in, and subsequently, carried still
further series Of resolutions adopted, for reu
cling The business OF the institution ami authority was
given to The committee the Offices chch is appointed
by the President alone, TO modify them in such manner
mee was authorized 10 dir, CT such measures, for the
general reduction Of the business Of the Bank they
should think best. We offered amendment to the
resolution, giving 10 committee this pc
arequest that "hey should report TO the beard, such
they directed. This request ,Das rejected
6y the usual vote is of course, Impossible Tor us TO
know by what principles Of policy the committee have
been governed Its roceedngs secret, and can
only ascertain at intervals Of the results which
the lead. We attribute 10 them the excessive cur all
mentin the business Of the institution, which has lately
been so sudden and oppressive; and which
sary either TO the extent TO which has been carried or
in the in which il has been made 10 bear on the
community With these sentiments and in the hope that
the board itself might be induced, time like this to
interpose and TO exercise for the welfare of the commu-
nifty, some portion least Of that Unlimited powe il had
Entrusted to the committee We lately offered the following
resolutions.
"Whereas the pressure the commercial community
at this time, may he removed by liberal spirit of accom-
modaon the part Of the banks generally and where
as the State Banks complain that in consequence of the
balances being largely in favor OF the Bank United
States, they unable to afford the facilities 10
their customers without subjecting themselves 10
ed demands from this BaDk-and whereas ii is believed
that the Banks in this district extend their
twenty per cent beyond the income, for period of thirty
days, would relieve The money market restore conf
dence, and have sauiary effect the industry and
terprse of our ciizens-Therefore
"Resolped, That committee of three be appointed 10
confer with similar committees that may be appointed by
the other Bank, for the purpose of uniting in
rangements TO carry into effect the object OF the
preamble; and that the cashier he requested send CO.
pies OF the above 10 the Presidents and Directors of the
other Banks with arequest that their determination on
the subject may be communicated early
These resolutions, the effect of which would have bee
TO produce concert OF action among the Banks for the
relief OF the mercantile community, at period of diff
Guilty, and to display on the part OF the Bank Of The u
States determination TO afford il, which could not have
been the board refused even 10 consider
they were rejected in the usual summary manner and
the whole subject remains before the power of the
committee the offices.
1t will thus be seen that while the unlimited authority
of the President 10 expend the funds of the Bank had
been deliberately con6rmed-and while the committee
exchange, selected and appointed by him. had been
officially permitted 10 discount notes and carry the
proper business of the boardnow in addition TO all this.
the OF the institution in the regulation Of its
vast business at this most important crisis intrsfed
to the committee the offices, also selected and Gp.
pointed by the President accompanied by explicit
refusal to require them TO report any Of their acts to
the board
IL might be supposed that the Systematic operations oil
the majority pursued, have for nine months
complete. Not Certain resolutions were
adopted, the first of October indicating the course OF
policy 10 be pursued, which appeared 10 in many
spects Of character that rendered proper they should
be transmitted the Secretary Of the Treasury. We
cordingy requested from the president OF the bank copy
OF them for that purpose This moi given to US, but
informed that request would be laid before
the board, which afterwards done. IL there
ferred 10 committee, and, at subsequent meeting, the
reported resolution refusing the request. Accompany
ing il the which the refusal founded
indicating strong spirit Of hostility 10 the Treasury De-
partment, and determination to refuse all information ih
could be avoided. This resolution was pa ed INN ediae
y after the adjournment OF the board and when most il
not all Of the directors who bad been the meeting,
still present. OF s requested 10 look al the report just
read having, from the single reading, mpe feet notion
OF its contents This request was refused unless previous
~ sanctioned by regular order OF the boar and eor
thus ina |e 10 deprive Of any certain knowledge
Of what took place at the meetings of the board hmet
as this had new become.
We have thus enjeavored TO trace, as well can
the Of policy adopted by the bank towards The pub
lie directors Excluded, IL is seem have been and
still are merely from any participation in the
OF the board bat from the examination Of its docu-
ments have been able only TO state of the proni
nent instances Of unjusi6able Infringement our rights
full and proper Investigation would at once augmen
their number and display their improperly in light still
garing Yet as u il, we confidently appeal TO the
exposition have made, 10 sustain IN assertion
that iron, the took seats at the board,
systematic policy has been pnrsued OF conduc ing The
affairs OF the institution, 10 exclude The directors ap
pointed on the parto United states from participation
H. or knowledge oils most i'm pofiant Transactions.
Nor was IL in regard 10 the PUBLIC directors alone, that
the management Of this institution presented serious
causes Of objection The whole system is which i.
cacuk'ed exclude the bord Of directors from propeI
knowledge Of its siuaon OF the conduct Of lite oficors
and Of s policy great financial and commercial in'i
tuition The plan Of ransactng much Of the business In
secret committees has already been referred 10, in many
remarkable instances but FAR as our limited experience
on some oi the committees has enabled 10 judge vet'
many objects which ought 10 be submitted TO the inspec