Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-09

hs c,snal and alternate success of conending poca
factions: -, ,.,
Mr. Goode said he could not but regard the Leg'sln
,urr as tribunal unsutcd To the task OF regulating
,ba malicious selection OF Bank Directors. For himself
he freely confessed his want of familiarity with me &c
tails of Bankins-hs want of knowledge oil inc per
sonal qualities of gentlemen surrounding Banks, u'
Qualiiylng them to discharge the duties OF BANK D
rect rs lie presumed that other gentlemen situated
like himself at distance from cities, and engaged N
rural pursuits, would be exposed to the same IncohVe
nicncc-would, in fact, suffer the same eihpaifass
ment-and yet, by assuming the responsibility Oh con
trolling the selection of Directors the Assembly wouie
necessarily become responsible tor the success OF the
oneratous Every unsuccessful operation would DC
CHARGED to the account of Legislative interference ]ht
LEGISLATURE must be held responsible for the heavy ant
,eeming caamties visited on the lana oy the hhereh
v,ces of The system. He unwilling 10 assume 81
ba,vv resuonshility-ha desired II 10 resi- where i
was placed BY law He unwilling that The appoint
ment of the Directory should devoive on inc Assembly
from the conviction that IN tune would furnish coca
son for The most factous and disgusting political con
tost. There was much in the institution which suet
Them for the purposes Of party. Where the Assembly
assumes the appointment OF the Directory, parties vii
contend for the possession of So powerful politlca
engine.
| attention OF the House. The Commonwealth, agans
his convictions of true policy had been associated wtl
other stockholders in joint stock Banking Company
The association should be conducted far as Pracca
be Oh terms OF Just reciprocity. Was IT right SO IL
exert her poTer to give law through the minority tc
The maioty:-The private stockholders, constituting
majority of stock, had cast their votes Tor directors
pedged to the recollection Of John Brockenbrough
The stock of the State might so vote as TO prevent hIs
election vet it cannot secure the election oi anolhe
unless these directors chosen to elect hun, should vio
late the known will of lhcr constituents by voting
against him. and for another; and this would result III
liking on the majority unacceptable President, dc
| tatcd by the minority Of stock
If all this should be dsregarded, Mr. Goode thougn'
the punishment proposed bore proportion 10 the Ut
eoed offence was for him 10 refer TO the ieel-
ngs in which the report Of the committee had origin
ated That report itself exempted The PRESIDENT from
all participation IN crime-irom all linpu'al"h OF "f
II even declares that serc does not appear TO be The
ieat reason 10 induce Gciicf that he erer had any
kao,cedge or Suspicion at MtS orer-eheeEng hGd
been aooed. lie arraigned mere act OF 0nits-
ston in failing 10 extend that general supervision TO
certain minu which all cOncede were peculiarly con-
fded 10 another aud 10 fall within the peculiar pror,ace
of tie Cashier high salared officer, universally recog
nlzed as the confidential agent TO whom was conhded
the internal police and details of the institution.
The duty of supervising the accounts OF the lelier
periaincd the Cashier, not only IRON the nature Oh
his office, but the Board of Directors had made It s
esperiQf duty to examine into all the accounts OF the
Bank and report the President all which was mate
rial 10 be known On the 9TH February, lo39, the
Board adopted these resolutions:
alt shall Furthermore be the duty OF the Cashier
daily to INSPECT The cash account OF the Bank, and
/" Of Tie various accounts comprising the same. lie
shaH a!so traRiae lie TcerS settlements, and conf
pare the same with the cash account: aud any ma'c-
rial variance shall LIKEWISE be reported to the Presl-
dent, that the same may be submitted 10 the acuon
:: Of the Board ofDirccnrs.
"Hc shall take into his possession all the funds OF
" the Bank whether IN com, bank notes. checks, or
evidences Of debt except such as nc may ndgc pro-
per to remain, be placed in the hands OF the Tel
er for the convenient transaction Of the current ope
" rations OF the day.
These resolutions placed the whole funds OF the
Bank in the custody OF the Cashier. They made his
duty TO inspect tho settlements Of the Teler-they
made il his duty to report all irregularities and material
variations TO the Presdcnt-they made il his duty TO
determine the amount Of funds which should remain
With the Teer-and they authorized the President to
suppose that the Cashier coaid report to him, every IT.
regularity the internal operations OF the Bank The
Cashier had reported irreguarty, and tho Commit
ice state, that the President had not entertained the
slightest apprehension that any rreguarity had obtain
ed-and vet t sought TO subject the PRESIDENT 10
the heaviest penatyt sought 10 destroy his OIL
cia existence, because that was not done. which, II
was tins made the express duty Of another to per-
frml Mr. Goode could not the justice of the pro.
ccdure and he could not lend himself to the infection
of so great an outrage on the feelings Of honorable
man.
II had been assumed as postnlae, that the dealca-
ton could not have occurred if the vaults OF the Teller
had been examined If this be conceded, il might yet
be replied that the resolutions of $50 had placed The
whole funds of the Bank at the control of the Cashier
or had subjected them TO his supervision, and made II
his duty s1amae tie settlement c Teller saccounis
and i, seemed unjust to subject the President TO the St
we're penalty Of removal and disgrace, because the
Cashier had failed discover and report the Irreguar
| .y 10 tie President The President relied on the
Cashier for the faithful performance Of duties specially
conhded to him. The Cashier enjoyed the confidence
Of the whole communicative eminent confidence OF
the Drec,ors-It was not astonishing that he should
have enioyed the confidence Of the President, with
whom he had been associated through series of years
But was il true that the deialcati1n could not have
happened if the vaults had been regularly examined
These examinations required PeTodicdty nj inter
yas If ninety davs Suppose to be prosecuted on lst
| January-no other required until lst AprIl-on
each intervening day thousands pass through the hands
Of the Teller, renamed III his vaults, ny Inc pcrs-
sion or by the direction of the Cashler;-and though
The Gelcation mirh have been effected IN the pre-
else form in which it was, there were various modes
be which much larger sum might have been ADDICT
ed and was il not reasonable 10 suppose that some
other device would have been invented for the accom-
ulshment of the foul decd IL was Impossible, ny any
erua,ions of police 10 afford the community an ade
onat sccuritv auanst the deprcdatons Of dishonest
mcn-Ater all it resolved itself into personal trust
which must lie reposed in the personal honour OF the
officer. Ii was evil inseparable from JOINT stock
banking.
/, had been assumed, that there had been a certain
I degree of negligence. There certainly had not been
the degree of vigilance desired and necessary 10 the
proper regulation of detail-and Mr.. Goode was will
ing TO declare this in the form of resolution: but ne
diligence implied inattention; and II was notorious tha
the President had devoted his whole tme his assndious
and laborous attention, the important interests Of
the Bank. The very moments which gentlemen com
planned were not devoted 10 petty details, conded 10
Others were aborously appropriated to great interests
falling within his peculiar province, and which NJ
other officer required to perform 1t was great
mistake to suppose that the duties of Bank President
are confined TO the interior Of his banking. house. IL
was his 10 observe the monetary operations of the
country-,o mark the fiscal operations of oihe1s-io
determine the points at which funds were required and
devise the modes Of transmission. The great channel
Of irade-;he obvious and hidden influences which
affect it-all challenge the attention and test the ski;
# The inancier He passes in review the commercial
transactions Of the whole country, and sends his atten-
ton across the Atlantic mark the fiscal operations OF
Kings, and Princes, and Powers, and Poentatcs II
was expressly enable the President 10 attend TO these
hirh duties that the office of Cashier is instituted to
attend to the minutip of the Banking house.
Until the House addressed by the member from