Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-11

the correspondence OF The BANK lhis WIS hoe -.
case. The bulk of the correspondence was cohuue'.
Inv the Cashier The President writes occasionally 70
The Presidents of the branch banks, and TO the fres
dents of other banks, but the general correspondents
the 80 letters out of the lOo-were written oy 'ie
Cashier and M, by the Pfesrdrnt-nnd IT there was
any man in the House, who hnd ever noeh oal'N -.
rector he would vouc for The truth of his statement
What were the other duties of the President which had
so carlully occupied the time OF DR. peterborough
for the last 80 yearsthc time he had dedicated 10 he
welfare and to the advancement OF tins institution
They had been told that he had made for the nstllu-
ton 81 900 by specializing in the stock oil the Bank
of the United Staes, when that monster was char
tered 1t was very well that that fact did not leak out
before the monster was killed; BECAUSE had 1t been
known that the State of Virginia was lending herself
her officers, her Bank, her funds, to build up thal
monster of denominations, the very time that they
were nstrucling their Senators to vote against It, he
thought the People would have been tempted to say
word or two on the matter. They had also heard Of
another remarkable financial operation, by which ~
per cent had been realized on SiOD,0O0-20 per cent.
amounted TO $4,000 He wanted some account OF
this fact he might be Mistaken and if so, he trusted
that any gentleman acquainted with the fact would set
him right But he understood this $4,000 was made
in this way 4 certain operation, whether right or
wrong, he did not say, took place. by which the Bank Of
Virginia.; came into possession OF $4,000 funds OF
particular description if the Bank had kept them
month or two longer than it did, it would have lost
20 per cent but with all that financial talent and
skill, which gentlemen in that House had claimed for
DIR. Brockenbrough-an extent OF fiscal talent and II
nancal information with which Albert Gallans bore
no comparson-the President of the Bank of Virginia
sold The fund in good time: and the splendid gam to
the Bank consisted in preventing the loss OF ~ per
cent which would have taken place had he kept them
little longer. He did not mean 10 say that this was
the case the gentleman from Richmond City could
probably tell them whether il was not. But upon
The subject of these two striking financial operations
he would remark, that, while attending TO these bril-
liant exploits, matters of smaller magnitude might
ncrchance be neglected; which he might not have adj
yer,ed 10 had Dr. Brockenbrongh been compared In
any smaller functionares. He would mention an
instance that came within his own knowledge, Of a
mercantile house, the principal OF which was regarded
as wealthy man; considered by every body, and
by none more than himself; he knew him intimately,
and he was always spoken Of as remarkably sue
cessful, prudent merchant.-He heard continually OF
tie handsome spcculatons and large gains which he
had made; and had any person asked him whether
he considered his name good for five or Ten thousand
dollars he should most decidedly have said YES
He was q prudent, industrious, steady man. Well,
this man failed, and after he had failed, lie (Mr NJ J
spoke another merchant, and expressed his utter
establishment al his failure, knowing well his industry
and his course of life. lie inquired how il happen
ed that, Notwithstanding all his good speculations he
had failed Sir, said he, merchants always tell Of
their successful speculaons and their great gains but
if they discreet and sensible merchants, they
tell of their losses, for these always tell for themselves
Now,
two successful spcculuons, the OF $4,000, and
the other Of $40,00O he thought possible that there
might be some unsuccessful ones, which had not yet
told for themselves and lie thought when lie came
to speak of the general condition Of the Bank he should
show that there had been few unsuccessful specua
tons.
He had said that he would not 20 further into the
question Of the duties of the President in the general
superintendent Of the institutions; but there
niakana objection to the performance Of these duties
min i,aI bonn tlifsr AZ
that il, ;hcrc were any duties which tie President Ought
10 have pcrorned he ought occasionally to have had
the general cash accounts examined tine cash counted
The amount III the Tcllers hands ascertaned il was
thought particularly that nasmuch the last report
which was made that subject, before Dabncy fight
BY The Committee Of Directors who settled the accounts
in lS5g was entered the minutes, and those minutes
signed by the President; and it therein stated, that
upwards of million of dollars was in the hands oil
Dabney, Dr.. peterborough ought TO have known
that such sum Too much 10 be allowed 10 remain
in the hands of Teller too much for general purposes
too much for daily ordinary use, too much for safety,
and far much to conide To any officer il
that officer should have given bond for ten thousand
dollars il was thought that, notwithstanding the exalted
OF confidence, Notwithstanding all that rcmarka
bic refinement and Of dclicacy which ought 10
prevail amongst the different officers of auk-It
thought, Notwithstanding these powerful considcru-
tons, that DR.. Brockcnbrongh might have said 10 Mr.
Robinson One million two hundred thousand dollars is
Il
due regard 10 safety, and 10 your safety, 10
main in the hands of the Teller But it had been said, il
Dr. B. had been guilty Of the want Of confidence, which
this notice would have implied, had he been ndel
cate 10 have mentioned the subject, the Cashier might
have put his akimbo and sad that il is not b-
sness keep the funds, and give bond for their safe
custody, and this matter is business of yours. il
Mr. Robinson had given such an answer and the Pre-
sen had reported The fact to the Board his ideas Of the
right and powers Of the Cashier, would no doubt, have
been very speedily changed. lie would have been
taught that Tie neral power aud duty Of the President
over the officers of he Bank and lis funds, mpcrnus
ly required his a,ention that when he found the latter
in condition Of the least peril his orders Tor their safety
must receive implicit OBEDIENCE and perhaps he might
fortunately have been taught THAI however amabe
idcnce may be in private lif yet that all officers who
have supcrntendcnce and control others entrusted
with large funds should regard dstrus and dlfiidcnce
duties, If not virtues. Suppose Mr.. r. had thought
proper TO say that he had not confidence in Dabney
and therefore he chose to take of the money out
Of his hands and put INTO the hands ofBcn. w Green
for safe keeping would such argument this hold
good, II this doctrine Of his entire independence OF
the President, and his exclusive responsibility and
power resulting from his bond could sustain him in
the case, 1t would i'll the other. II the President
had control the funds, had no authority over
the officers, any power 10 execute the bylaws,
every was sort Of Andrew Jackson, and took all
responsibility upon himself Mr. Robinson inGe-
pendent o: the President Mr.. Dabney of the Cashier,
and Mr.. Mallory might have applied the same answer
to MIR. Dahney. Had Mr. Dabney said to him, yon do
keep these right, and have brought
wrong balance, he might have replied, that is my bust
ness; give bond for $4,000 for the faithful discharge
of my duties, and you have not any thing in the world
10 do with it. Thus, every officer of the Bank would
be above all authority control of any description. 1t
unnecessary to remark that the bond of the Cashier
in penalty Of $4,000, could be security 10 The Bank
where the loss o millions involved The bonds Of
$4,000 5000 required protect nsiltu
ton from The loss half million 1t was supposed that
the officers homes, men, and that nothing more than
occasional losses from neglect or naltrntIon would
arise and hence the for bonds When the CASH
Ter answered The President had been imagined, he
might at once have saId your $4,000 bond is no secu
rty for the safety of the millions entrusted to you md
Mr. Dabneys $4,000 bond security 70, the $ 2GO,
600 in his hands. The truth of this must be seen at
once; and yet they found that, from January, 1889,
when the Committee of Directors met and reported
that upwards of million ofdollars in the hands
of Dabney until the day ofhs fight, not single eff
fort made TO count his cash, require that any OF
/ H.