Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-01
neichsnos.d, Thursday, Feb. 4.
,rtIr ST.lJES

-; has, ndon,pd n very offensive course towards tn
legislature It's Board OF Directors informed the Com
miiiee OF Investigation, that examinations oy commit
lees of the Legislature are authorized hrltrr py VII
o.r,er bv GOOD policy, nor BY the nleressof the State
Tic uonSe look IN the subect-when resolutions OF
srnrg character were proposed declaring the language
of Tie Directors be "a direct iESn!t to The people
bu IL was then modified into tue EXPRESSION wan;n!
in respect TO the ii OF h-One li'enIrf even propose
10 send their Doorkeeper and bring the books papers
effects, &C. of The Bank iHStdRter INTO the House, io
,her irsueclion-'rhs amendment however, received
but onc vote next murning-when the whole series
resolutions, substituted by the ioHo"hg
"Wherens the select committee appointed To invesl
cate the affairs OF the Stale Bank, did on the 2Gh d
December last, address 10 the Branch Bank commun
cation enduring how it would be most consistent with
their sense of duty and convenience to have the looks
examined
in reply forwarded said committee certain resolutions
in which, after granting permission 10 sad committee 10
examine their books, they declared, that the only legal
mode of examining the Bank is by an agent; and that
the mode of examining said Bank by committee, was
contrary to good policy land the interests OF the state
"And whereas said communications have been Official
" presented to this House, Therefore be RcSOIred by
this House. that the Bank in volunteering an opinion as
to matters Of policy and the interest OF the State, aud
commu nicalnu the 10 The committee OF tins House,
encroacies matters beyond It's cogniZance with which
il has no concern. 80
Tha, this Legislature has the right 10 require Of the
said Bunk information in all matters whatever connect
cd with its affairs 1ha. this House approves and sus-
ains the course pursued By its committee, end hereby
instr them TO proceed without unnecessary delay, TO
follow out and complete their Investigations.
These resolutions unanimously adopted ny Inc
is the result is not yet asccrtaned but we
presume the Bank has succumbcd 10 the Committee.
OmIo-N James has submitted series oil resolutions
10 the Senate dscaiming any power TO give binding
instructions 10 their ordinate Representatives in Con-
gress hut claiming "tbe right to declare what they
believe TO be the will Of their common constituents
They then protest against the Specie Crcular-aganst
any change in the long. established system of manag
Ing the public lands-against an entire cxacil'n OF lie
public dues in gold and silver-aId they depecate the
proposed Sub Treasury system.
TES.EssEE- The Senate have adopted, by vote OF
Is To + the resolutions against the SubTreaSury scheme
aud nsrucling their Senators TO oppose -lhe House
haze recclcd from their concurrence III the Senate
amendments To the Bank and Internal improvement Bal
increasing the number Of branches 10 seven and auto
rising the Governor 10 appoint halt OF lie DIRECTORS IN
works of Internal improvement
LortslAsA-T'hc Bank question has been brought up
in both Houses Various projects had been submitted
The lst section Of the Bill before the Senate authors:
ing the appointment OF board oil commissioners Vi
currency was passed By large maIotty-l2 to =
Those Commissioners are to revise the condition and
conduct of the Banks "'rhe leading aud main feature
OF the h Is the creation OF board OF currency, com
poscd Of competent PERSONS TO be appointed ny Inc En-
ccu:ivc whose special duty it shall be to control the
into execution. BY this committee monthly state
incnt will be made Of the Circulation and liabilities Of
the Banks and published so that every citizen may be
informed OF the situation OF their affairs, ana shape Ills
opcra,uns accordingly II besides their duty 10 trans.
mil 10 the General Assembly, the first Monday OF ia
nuary of each year. general statement OF banking al
fairs containing precise aud strict account oi Their Ia
bics and issues and all other items ct importance Tor
the Legislature know in order to aid them III passing
udcinus and wholesome laws for their proper regulation
mother important provision of the BILL IS that whereby
the banks permitted 10 issue post notes, payable on The
first of March, eighteen hundred and forty, or sooner
in the opinion of MINORITY of the Presidents OF the banks
snacie rayments can be resumed before that time
The ID section dsquaies directors and their CONNER
cal partners stock ubbers and brokers' &C. and all who
ore not s. citizens and have not resided five years
in The Stale from being members Of the BDard.-No
question had been taken it late the 2lll, and
one of the New Orleans slips says, It is impossible 10
torcsac what may be The action Of the Legislature on the
Bank question:.
There have been meetings among The citizens of New
Orleans 10 ascertain the public sentiment upon the esa.
bshnent OF a National Bank-lhc Wings claim the
majority in the Clly-but the Democratic Party were 10
have held public meeting on the 9Th 10 try conc!u-
s!ons with them.
MAssAcursErrs.-Th issue is also, Banks Banks!
The Committee of the II OF K. 10 whom was referred
the peli,ion of the Commissioners Of the associated
banks have reported bill, which prohibits the banks
from rayng uny diridsnds during the suspension Of spe
cic payrncnts under penalty oil torletng to the Com
monwcalh sum for each offence equal To The amount
Of the dividend paid
The Committee who were entrusted with inyesli-
CATION OF The affairs OF the Franklin Bank at South Bos
ton are unrayrlng, il is said the most extraordinary liz;
sue of abuses frauds, and perjury. 1t char
tered in 1893 with capital Of SlO0D00, increased 10
$3.50 00J in 1892 II appears that in October lS3O, 10.
slah Durham elected PreSdent-lle is said 10 be so
perfectly teate, that ne never able to read print
without great difficulty, and was entirely unable to write
am word except his own name "ln 1873, (says the
National E.is Of Worcestcr) Mr.. Drake, faithful and
skiIlul accountant and gentleman OF high character
for intelligence md integrity, was removed from the OF!
fca of cashier and Ben anin F. liathn!ne appointed his
SUCCESSOR. Ha.horne, when he entered the duties OF
his Office was possessed of but little property. He had
been concerned for himself and Others in the purchase
Of The franklin shares, with the understanding, Oil
his part least that he should receive the place he Oh.
tanned in the bank lie soon engaged in specula
tons and bought the fancy stock OF the India Rubber
Company to the amount Of about twenty thousand dol
lars, making payment Tor part, by obtaining large
loan from the bank. Other engagements in the bubbles
which then oated the current Of public favor, follow
ed. His OF various sums, to vast amount IN the
aggregate, given, and they fell DUE from time
time, paid by taking moneys from the iunds OF
the institution. While MIR. Richardson was president
some distrus Of The of llatorne having
arisen examinations Of the books repeatedly made
but he having credit sufficient borrow moneys and to
supply by such means, the actual deficiencies. the &c
counts not discovered 10 be Inaccurate. Yet is
disclosed by Iiathorne, that during this perlod system
OF false entries commenced, which continued until
the bank suspended its operations in July lc37 lie de-
cares that in the Of $50. exhibition Of the
dition IF The Lank made for the purpose Of obtaining
Tie deposits Of the United SAFES Government, achh cos
false The made in October 1896, to the Secre
lary Of the Commonwealth in compliance with the re-.
QUESTION of The Governor, subscribed and 10 by
himself by Mr.. Dunhnn then President and by some
CT Tie Directors he admits was known by him, at the
tnc to be untrue and deliberately rendered ncor-
rect in lis material parts, for the purpose of conccaing
The true condition Of things, and deceving the legisa
lure. His private transactions had become SO blend.
ed with those of the institution, that they could be
Separated and The cashier became the bank upproprat-
ing its funds putting his hand into its drawers take
on! bills and deposng there such memorandum checks,
with such pledges, as suited his own pleasure"
Other abuses rapidly followed on, until the Bank be-
came wrecked in insolvency The first creditor secured
was the Government of the United States for balance
of the Treasury deposites Stockholders took the