Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-02-02

counts oil The Bank, and report 10 the President all
whch was material to be known. On the 5ih Feb
ruary' 1889, the Board adopted these resolutions:
1T shall furthermore be the duty OF the Cashier
daily TO inspect the cash account OF the Bank, and
oi me various accounts comprising the same. lie
saaH also eramins the 7elsr's Settlements and com
ter'al variance shall likewise be reported to the
president, that the same may be submitted TO the
"oc,lon of the Board of Directorsn
nc shall take into his possession all tho funds
" 'ne BANK, whether IN coin, bank notes, checks,
or evidences OF debt except such as he niau nudge
proper to remain or be placed in the hands OF the
Teller, Tor the convenient transaction of the cur.
rent operations Of the day.
These resolutions placed the whole funds of the
Bank IN the custody of the Cashier Thew made
hrs duty TO inspect the settlements of the Teller
they made u his duty TO report all irregularities
and material variations to the President-,bev
made 1t his duty to determine the amount of funds
which should remain with the Teller--and they au-
thorzed the President 10 suppose that the Cashier
1ohd report TO him, every irregularity in the inter.
nal operations OF the Bank. The Cashier had re-
ported no irregulari,y, and thc Committee state,
that The Presiden. had not entertained the slightest
apprehension that any irregulariiy had obtained
and yet 1t was sought to subject the President to
the heaviest penalty-n was sought To destroy his
offieal existence, because that was not done
which, was thus made the express duty OF iano-
.ner 70 performs Mr.. Goode could not see the JUS
tee OF the Procedure, and he could not lend him.
sell TO the infection of great an outrage on the
/ feelings o: an honorable man.
IL naa been assumed as a postulate, that the de-
iacaon could not have occurred If the vaults of the
IeIer had been examined. Ii this be conceded il
might yet be replied, that the resolutions of 1899 had
placed the whole funds OF the Bank at the control
OF the Cashier had subjected them TO his superyi
son. and made 1t his duty to eranine the settlement
Of the Teltsr's accounts; and il seemed uniust IN
subject the President to the severe penalty OF remo
moval and diss race because the Cashier had failed
TO discover and report the rregularity to the Pre-
sdent The President relied on the Cashier for the
faithful performance of duties specially confided to
MN. The C:shier enjoyed the confidence of the
whole COMMUNICATIVE eminent confdenc, of the
DrectorS-lt was not astonishing that he should
have enjoyed the confidence of the President with
whom he had been associated through a series of
years. But was II true, that the defalcation could
not have happened II the vaults had been REGULARLY
| examined7 These examinations were required ne
rodeaHu, at intervals of ninety days: suppose one
TO be prosecuted on LIST January-no other was re.
fqured until LIST April-on each intervening day
| thousands passed through the hands of the Teller
or remained in his vaults, by the permission or Inv
the direction, Of the Cashier and though the de-
facaiion might not have been effected in IN. nre
cse form IN which II was, there were various modes
| oy which much larger sum might have been alb
Quoted; and was II not reasonable to suppose that
some other device would have been invented for the
accomplishment of the foul deed. Itwas impossi.
bic, by any regulations of police, TO afford the com.
munlty an adequate security against the depreda-
itself
INTO personal trust, which must be reposed in the
personal honour of the officer. IL was an evil in
separable from loInt-Stock banking.
IL had been assumed, that there had been a GER
tam degree of negligence. There certainly had not
been the degree of vigilance desired and necessary
TO the proper regulation of detailAand Mr.. Goode
was wiling 10 declare this in the form of a resou-
tons but negligence implied inattention; and il was
notorious that the President had devoted his whole
Time, MS asSlduous and laborious attention, TO the
| m no ri anff nfat Of Ia.
ments, which gentlemen complained, were no, de-
voted TO petty details, confded TO others, were Ia
borously appropriated TO great interests. falling
within his peculiar province, and which no Other
oiheer was required TO perform. IL was n great
mistake TO suppose that the duties of n Bank Pre-
sdent confined TO the interior of his BANKING
house. IL was his, 10 observe the monetary OPERA
ons Of the countTy-to mark the fiscal operations
OF oiherS-to determine the points at which funds
were required, and devise the modes Of transmits
sion.-The great channel of trade-the obvious and
hidden influences which affect it-all challenge IN.
attention, and test the skill of the hnancier He
passes IN review the commercial transactions of the
whole country, and sends his attention across the
Atlantic, 10 mark the fiscal operations of Kings
and Princes, and Powers, and Potentates. Ii was
expressly TO enable the President TO attend TO these
high duties, that the Office of Cashier is instituted TO
attend TO the minutiG of the Banking House.,
Until the house was addressed by the memb Der from
Williamsburg, IT seemed TO be conceded that the
general administration had been wise, and attended
with results advantageous to the stockholders
That gentleman has veniured a suggestion in on
position TO tile received opinion of the country and
eSsayed to justify the suggestion, by reference to
the condition OF the Bank. 1t was not within the
scope of the remarks which Mr.. G.. proposed 10
himself to enter on this extended subject. II was
not ~ ~ ~;ii7diSanon OF the President,
that he should prove the condition =, &c .siiin e he
emlnently prcsperous;-perhaps that institution in
common with others might be found to have suffer-
ed, through causes from which no official skill had
exempted similar establishments. MIR Goode could
not be numbered among that class Of politicians
responsible for the embarrassments to which the
people were exposed, through the operations of
banking. de had, 10 the extent Of his humble abi.
tiles, advocated limitations on the charters Of our
banks which had been rejected by his associates IN
legislation. The experience Of the country had
convinced hun more strongly Of the absolute neces.
slty OF these limitations; yet he could not conserve
that the President, conducting a Bank on the es-
hbIshed system, was responsible for vices insena-
raole from that system-on the contrary, 1t seemed
subject Of commentator, that his financial skill
had overcome many Of the difficulties sprnging
from inherent vices.
The member from Williamsburg had announced.
that the mother Bank at Richmond had lost a sum
equal 10 her proportion ofcsp,a stock and theref ON
argued the unskiliulneSs OF the officer To sustain
this position, he charges the defaicaton of q, bnevz
equal TO 1888, 900. To this he adds the subscri1.
ton OF S5OO,O TO the James River and Kanaw6a
pended debt, which he estimated at S65O.UO0 II
seemed vigorous TO hold the President responsible
Tor the deacation, ia manner injurious to his in
terest affecting even his oficia existence when his
very enemies pronounced him gliltisss; and the
House could not fiil TO perceive, that il had bean
assumed rs a charge against the President, al The
very moment when il was the subject Of investiga.
ton.
In regard TO the second item OF CHARGE. viz. Nh.
subscription to the James River K KaDswha Com
Plny, 1t was a subject Of unbounded astonisblnent
The hrst error Of the gentleman was remarkable
indCed. lie assumes that the subscrintion was
made on behalf Oi the mother Bank alone and con-
sthutes charge against the capital alone: but IL
was evidently subscription on behalf of the entire
Bank, including the branches, and is a cbarpe on
the enlre capital. FOR this reason alone II should
have been excluded from the account sta led by lie
gentleman; but when the circumst ances under which
II was made were considered, it became matter OF
amazsmeni, that II was selected as ground of obec
ton TO the President Under the terms of tIer
charter, the Banks had no right 10 take the sub.
scuption. The projectors Of the James Rivef K
hanavha Improvement, failing TO procure indiyid.
ual subscription TO on amount neces sary TO secure
lheir Gh1rter came forward TO procure the passage
OF on act, AUTHORIZING subscription on behalf or
each Of our Banks. The passage Of the act was
secured bY the most active oxer0ns Of that portion
OF the House Who favoured the grand scheme of in.
tcrn1 Improvement il is believed the rnernLey
from Williamsburg, was intimately associated with
that interest. (Mr Gregory soid DO had never adj.
vocaied an Incorporation Of Incorporations) Mr.
Goode said, the measure was carried by the strong
vote Of the Internal improvement party, with whom
Inc member from Williamsburg vas usually asfo.
ciated; many Of whom were now scsking The ann.
hauon Of John Brockenbrough. The Bin bsvino
passed, the expediency Of making The subseriptioo
was ubmitfed 10 the Stockholders a i,,go ~, -.