Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-21

ITOnl II,
that that power may be exercised Tor Inc advantage y.
preservation OF its subject II derived if"' o eA,S
ence OF an interest, the examination IS ih"ue "' w"
interest nav be preserved, hy the delcctoh Ut ic"y
mo any vii that exslsln the one case, tue power
hat created or controls correct or pnnisi-h the
,ter The interested party raise lis voice o pro-
,.s,,op in defence of his interest," and can seek the
nd of mower 10 protect it. MIR. 5. said either was
| sufficient for his purpose. lie claimed that they
had a ripht TO examine, consequent upon the pos
session of power the whole banking system oi
The State. The power that VS. exercised 20 eau
them into existence to suhscrve the common @oou'
could and should be exercised 10 control them 10 :i o.
servence of their charters and TO Pun'sh any
from their proper sphere OF action p". u NV na
no, the power claimed bv him the whole subject,
they had large interest in these Banks as sockhoia-
ers and in preserving that interest they couio com
nain ofany evil that threatened their interest," ana ex-
press their sense Of danger, and opinions anu w'shes'
10 the person holding power OF the suhleci'
The gentleman from Richmond seemed 20 INSIST ina,
anv action of that House would be exercise OF power 20
punishment and that therefore should mere pause
| rbough The information obtained by their eSamna-
lions slew that the general aud particular interest OF
the State had been deeply a'ec'eo elr voice was 20
no husicd in silence their arm oustrctched to check
IL. onward rush Of imminent danger was 10 fall pasird
~ their side and they were 10 sink into the condition
III partes deeply Interested, without the power TO raise
.hr VOICE or arrns 10 speak their wishes 10 protect
their rights In short that having gwen existence 10
,b.s. creatures of their viii aud OF their purposes, they
were poweriess Ia do mere than look AZ them
Tie Gentlemen from Richmond and Accomac, re-
gar,ng this position as not snhc;cn, 10 check our adj
vance took vet another that any action rs the
Housc would he infringement Of the rights and iof"-
ers Of the Executive branch of The Government. The
Executive certainly did not think 81, when IN ths
very allie Message hc called their attention In that
subject, lie certainty expected that they w"iid q"
something mere than merely examine INTO, an" 'a'H Y"
think upon ii: 10 lct expressive silence muse our
disnrl q conduct
Mr. : sad la, the constitutional rights Of the In
rcntyr would not be nr,nrrd. Every part and parcel
of his power the result oflegsiatre grant lie had
vet learn that any act ot the Legislature was en-
lowed with the sanctl;y the invloahty OF const-
,uona provisions that any act OF one Legislature
could not be revoked amended. To protect the m
crcs;s OF the State, four Directors appointed IN us
hchaif-tor convenience they have required the TX
ecutve 10 appoint them, and they had The same power
10 take back grant made 10 him, as to make any
amendment of any law. II could be as well contend
ed that when they had granted particular jurisdiction
20 auy Court that they could not alter or abrdgc it,
Suppose that the Executive should refuse 10 discharge
any duty that they Imposed upon him. or should eSer.
else il improperly and contrary 10 their cntion could
they not Interfere No could contend that, in such
case, there would he no remedy.
The wisdom OF those who framed the Constitution,
vouchsafrd very little power 10 their Executive. They
vested the powers of the State in the Legislature III
is the mighty column of political power, that sustained
The Executive was The beautiful capitol las pure, Il!
you chousc, in its texture as monumental a'h2scr,l
the tracery Of whose rich aad ghwr"n,ht .rcl-wnrk
riycs aspect Of pcrrcton OF SURPRISING beauty
10 that column, without being necessary or increasing
its strength The Executive has 10 immediate ccn.
ncclion with, or responsibility to, the people. The
Legislature held the power OF S.a,c-was responsible
for lis exercise, and when delegated any portion Ct
that power, still responsible Tor lis exercise; and
could if necessary, prevent lis abuse and If could
tfr1is
wish 10 the of It's exercise. 1t s clearly ma
n,icst that did not infringe upon tic rights Of the
Executive BY indicating wish 10 the mode OF ex
crcsing power granted by them.
Mr. S. said, that the gentleman from Richmond, took
another position Of more s.rcngt-,lat the right to ap
pont four directors vested III the Executive by tie
charter, and that any interference III It's exercise III tie
Legislature, would be violation os the rights Of the
private stockholders, charters are contracts. He
would not enter into any argument to show tina. this
provision Of the charter not part Of The contract
with the stockholders He would concede thu. they
could not reclaim the power Of appointment, i5r ar.
gumcnt sake. The Legislature would still have The
right to interfere, fully is contemplated ~ the
resolution on the table. The State is stakeholder III
this Bank and for the security Of its interests such
claims The appointment of four directors, and Ia.
selected The Executive agent 10 appoint. The
Executive only proxy OF those interested, and
like all proxies, bound to consuh the wishes oi Ill,
parties nearly interested. The Legislature holding
tne power oil Tie Siac, anu Lie lil,pTeS
Of the State as bound 10 preserve that interest has
n power over, and is in fact the OF tho stock
and TIE Governor is its proxy Every proxy being onl,
the organ Of the party interested, bound 10 speak III
views, and give effect To his wishes. And they III,
parties nearly Interested in the conduct of the Bank
had power and right 10 indicate their opinions ant
their wishes 10 the mode i'll which tins power, cAs.
ing for their benefit, shall he exercised. They hav
such po"er over this stock that they could dispose o
it at nioaen and yet according 10 The argument
! the gentleman .om Richmond, they could not ind
cate their wishes and opinions 10 tine best mode
! protecting that stock from injury MIR. S. said, h.
thought IL had shown conclusyely that they had In
power 10 do than 10 examine into this SUBJECT
That We had power to act Tor the protection OF the in
terest Of the State, even unto the full extent of ndl
eating to the Executive wishes for the removal 0
Dr. Is. Mr. S SAID, that having ascer,aned that the
can do something more than examine, Tie next qnrs
ton TO b. considered is, whether the examination la
solved any facts in relation 10 tie conduct OF tho bank
that called iDr aud justified any interference b. them
He believed that presented by tic result
the examinations of the Committee, that tenandc
prompt and energetic action BY that House They foun
by the port OF the Committee, that serious loss
money had bcfsien The Bank--a loss ot $40 0UU do
lars, which about sixth Of lis siial The ii
jury inflicted upon the general interests Of the
nty BY the deranged action o. the bank, consequeI
upon this enormous loss Of means, could 10, te S
easily calculated but none could doubt that it h.
been considerable. BY the report, they found IL
further fact that this loss had been occasioned not
one Of those caiamous events, tina: could neitht
be foreseen or prevented but ~ the lon. continue
neglect Of the bylaws Of the institution, and of Il
acts Of The Legislature in relation 10 these institution
acts that their predecessors :omdly believed would
all powerful to preserve healthy action III the ban!ir
system; and when they rested from the lahour Of pc
ircting these laws, they went their way rejoicing
the belief that they had done The State some serv;c
The Stockholders 100. when they enacted their bylaw
thereby devolv.ng upon their saaried agents spccif
dnties imagined good, easy men, that they had do;
enough III t:eir gcneraton-that they might sink
supine confidence behind the mighty safeguards
their 'dear monies" and watch no The Lcgi
l.iare of Virginia, and the stockholders OF the ban
had been equally wise in their gencraons;-they ia
both relied paper safeguards, and both realized II
strength of paper restrictions.
Did not this loss, and the gross dsohcdiencc, IL
great first cause ofthis loss, call upon them, t.umpe
,ongued, 10 arouse themselves to action. Did III
Their duty 20 their constituents compel them 10 an =
for. I" devise means 10 prevent the repetition Of sue
cendac; h the bank by these reports, they ascc