Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-04

on ths vigilance OF the Cashier. and he has re-.
lied To, much on the fidelity OF tho Teller. The,
have not examined into the funds entrusted TO IN,
Cashier. (which in truth are all the funds Of IN,
onnk) as the bylaws rendered proper and As hai
allowed the Teller retain orc money in his hand,
than was necessary for tho daily operations OF IN,
bank, without examining his vault"
The directors have been guilty OF neglect in no
making the general examinations OF the cash On,
funds oi the bank required 10y law; but the
situation and duties are so different from these n
the President thot they are far less obnoxious e
censure-
The Committee desire not to be understood N,
casting unmetited reproaeh on either President
Cashier or Directors; and feel convinced that non,
cognizant Of the facts Of the defalcaton can iu,,y
impuie TO any Of them greater ccn.ure than pertain,
to omission and failure TO perform, as they ought q
have done, the duties enioined upon them respec.
uve,yi ana Tor me due performance Of which, the
stockholders confidently relied.
Considering, under tho influence of these 'v;eyv.
the enormous depreciation which has been commit.
ted upon the funds OF the bank the long period M
time IN which It was progressing, tho entire omis-
Sou OF ordinary vigilance, IN ON eminent degree by
sne Ossn'e'' ano IN lesser one by the President
whereby II might have been prevented. or de,ec,cd
m It's early stages and the prcudcial effect of such
examples, in our large and numerous bankin, ;ns,;.
tutions, the Committee recommend the adop,;on n,
che following resolution: "
hesolped, That the power of the State in tho an.
pointment Of Directors of the Bank of v,,s;n;,
ought to be so exercised to prevent the re-
OF the present President thereof
MIR. TAILOR, of Norfolk Borough. presented m,
following substitute for the above reports
IL was ordered by the House of Delegates of yir.
GINA on the 10Th Dec. ls40, as follows.
"Restired, That the Committee on B,,k. On.
qu're into and report to this House all the fact,
neced with the late defalcaton of the Rank Of Vir
gina, and that they have power 10 nd for nerso,s
aud papers; and that the Committee enquire and
reD nrf hnxu lar he If. IL.
ced by the misconduct or neglect OF sny of ,bs off
GERS oil the SAID Bank; and that said Committee ns
certain 10y count, or o;her satisfactory evidence tho
amount of the specie and bank notes IN the vaults of
the Banks IN this city, and report the amount of
notes and specie IN each OF said INKS to this Uouse
And, on the 18th OF the same month. il WINS fur.
thes ~ '
"RssOlvsd, That the Committee on Banks ,po,;,.
what, If any, were the re isons connected with ,hs
removal Of Anthony Robinson, jr. from the Office of
Cashier OF the Bank Of Virginia, which did not
equally apply to John Beocken broush President of
that Institution; and IL any, what they werep And
also, wheiher the interests of the State does not
require that said President shall not be re electedn
Another resolution CT the House. adopted on the
llth December, and referring entirely to distinct
subject, your Committee have no, been enabled as
yet 10 consider-and the short time TO elapse be-
tween the adoption Of the recited resolutions and the
perod at which an election of President of the Vr.
gina Bank was TO occur, must be their apology for
tSb oS'h. abiS W report on tnat portion of the
hrst resolution, requiring a report to the House of
the amount of notes and specie IN each of the Banks
In this ciiy-a duty which will hereafter be per.
formed. The other duties enjoined by the resolu-
tons were very important; and the Committee,
alter an attentive examination, have 10 report ms
follows:
That no material facts connected with the late de-
ialcaton other than those stated in the Report OF the
Commissioners appointed by the Executive. have
come 10 their knowledge or are believed to exist.
fhar anUls -
haps Tall more appropriately under the next inqui-
ry, VIZ:
?. How far the said dedication has been produced
10y the misconduct or neglect Of any of The officers
of said Banks.
To enable the Committee to answer the inouirv
satisfactorily 1t was Indispensable to know the pro.
visions OF law and bye law requiring particular Of.
hces 10 perform particular duties more espec
tally those Of the President, other Directors and
Cashier, and how far the duties enioined had
been performed. Upon this latter point the Com
mittee refer TO the Report of the Commissioners
appointed by the Executive, which all the
members OF the Committee believe 10 be true
and winch is referred To the 9TH bye-law, require
ing committee OF the Board to examine the
vaults monthly, states as follows; "Ths bvel, "a,
appears never 10 have been strictly regarded Down
TO the year 1910, committees were appointed under
II, varying IN numbers from TO SIX and gene
rally three each year. In 1917 and 1918 there was
no Committee. From that time TO 1890 Commit,
ects "cES varying from to three
each year. Since that time a Committee has been
annually appointed and the last examination of
the vaults, preceding the fight of the Frs, Teller
was made on the 18Th January, 1889. The same
Report also adds in reference the amount of mo-
ney placed permitted from time 10 time TO remain
IN the hands OF the First Teller, folows: "Upon
this subject our inquiries bave not been carried back
beyond the year 1920, the Reports Of the Vault
Committees prior TO that year not being entered on
the minutes BY the Reports OF subsequent years,
all OF which are so entered, find that at the ex-
amnatons of the vaults from 1920 10 1890 the
money IN the Teers hands varied from abou,
s6O,OOO TO less than S9O, 000-from 1880 To 1896.
inclusive, 1t IN no instance much exceeded 100 OOO
IN 1887, II exceeded 500 000-in 1888, 81 200 600
N January, 1888, s35O,OOO. end at the time OF
Dabney's flight, or the close of I'd of April. 1910,
there should have been in his hands 81 1893 OO9 So
The particular rules, infractions whereof are thus
referred 10; article LIST, hye-law adopted in 1904
which requires that Committee of the Board OF
Directors, consisting oil at least three members eject
ed monthly, by ballot, shall visit the vaults in
which the cash other effects are deposited. at
least once IN every month"; and make an inyentorv
oil the same, 10 be compared with the books in or.
der TO Ascertain whether they perfectly agre.
herewith. I'd. Regultons for the inteior m mace.
ment OF inc BANK OF Virginia. adopted in 1905, the
18th OF which, among other things, enioins-It
shall, moreover, be the dnly Of the President TO SUI
pcrniend The conduct OF all persons employed i'm
he Kirkland the 18th, which enioins that !, snail
be the duty Of the Cas..e. to ST. at the Board OF
Directors, act as Secretary, and keep the minutes.
to take Charge Of all The specie in the Bank. so
much excepted, rs he may Judge necessary. 10 be
isit Ior tue ordinary business IN the hands of the
ieIe-j to receive blank bank notes with the Pfesi.
dents Signature, and cause them 10 be lllen nre
vlously TO countersgning them; and after counter.
signing 10 issue them them at convenient timoS IN
'hc teller 10 keep register OF all the bank notes
so issued IN such manner he shall best devise. 10
receive from tie discount clerk and deposi,e clerk
or persons acting as SUCH and to take chars &c of ali
u'Scouh'eu ana appointed notes. and TO deliver the
same 10 TIE note clerk, or tho person acting as such
on the morning OF the last day Of grace and 10 mpl
settlement OF the notes so delivered on the evening
OF every day, keeping the account Of discounted d a.
nct IRON the account of deposited notes. 10 psnert
from Tune 10 time such individual accounts es be
may MINK proper TO inspect the teler's settlements
issue 10 nlm -"m time lime bank notes for ejrcu
lallon, and deliver &c ~. snseie neces.n,v q ~
ordinary daily transactions; to receive from him ali
oanA NOES winch may he returned unfit Tor circuIo-
u1h Ior the purpose OF having them cancelled. and
S specie which may he more than sufficient e., ~
aInaty transactions; 10 keep registers of nlI R,nk
ana fost notes cincell6d IN such form os bo 80,
lhnh oest; TO have the general superintendanre ~
inc oihcers, clerks aud servants of the bank nnJ
win the consent OF the President to make s-b mo-,
minute regulations as may be necessary for con
uucung We business of the bank to prepare an in
genlory OF all the stock, debt and funds of the b,n
in as detailed and minute a manner ns nn,sitI
thoy may stand on the frat day Of January in every
year, which shall be kept in book provided Cor az
purpose" Sd. An order OF tho Boird Of Dir,ctors
OF the Bank OF Virginia on the day Fsbru,r,
1882 which among other things "ofdered that for
me purpose Of bringing up the business Of the bank
~ arrear, the President and Cashier be authorized
70 employ temporarily competent book keenor
whose pay shall he nj the rats AZ .t.,.. t. u