Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-23


OF the Bank, such loss might have been boon 10
Stockholders. Had such larceny happened tben.
ms great robbery Ind not been perpetrated now
With oil the precautions that can lie used the ab.
sIaeiion oil money from Bank may be effected by
dishonest officer To whom it is entrusted and ereo
reasonable precaution is not to be taken The tenn
aiion Is great the commission easy the r,ul, OF tie
act certain injury; and therefore the risk of disco.
very 10 be diminishedi chances he multi
Piled for the sake Of the cuprits by those literally
their chances
There d nothing in all this which dives satisfy or
ought TO satisfy The only rcdeeming sentence is
what follows, when bc adds-"and I freely admit
that more confidence has been entertained than can
he fully Justified" Had he used different WORT
could almost have justified its use. Il should have
been ercnsed-not justified Many acts which one
1 cannot justify ut all, he may almost excuse On.
consolation belongs To the President and none de-
sire to wrest il from him. No one has yentured 10
imPeach his personal integrity; and none recariful
OF the truth, who know HIM, or the facts connected
with tins vast fraud can impute To him other blame
than negligence.
But, MIR. Speaker, we have been referred tn The
writings of the sage of Monticello and Constitutional
difficulties suggested. Mr. Speaker, that statesmen
Is fortunate who receives merited reward II, hi. a.
time. Thomas Jefferson did possess the eonfdence
OF his elow-ciiizens. But, sir had Thomas LETTER
son, while President, retained IN Office Secretary OF
the treasury, by whose admitted negligence his
country had lost than half million of Joll,rs
much incline to believe that the doctrines Of Tho
mas Jefferson would have found far less favor with
MS ielowcItlzens, than they possess; and there
would have been slight occasion presented for any
one 10 collect his memoirs. And, ii that other vene-
rated statesman, James Madison, had approyed such
ACT, he would scarce lave been called On to-a,en the
resolutions OF 90, and write the report so hehiy re-
gerded by the legislators of Virginia-ill Practice
munderous doctrinel
| MIR. Speaker: Moo,e,i questions Of constitutional
| right should he approached with great difF,,encc
bu; seems that some mistake exists as 10 the cues
ton before the House. do not understand i, TO be
the resolution proposed by the gentleman from Ty-
', nor ue amendment thereto, offered by the gentle
man from Williamsburg; but the anendmen. pre-
senied by tho gentleman from Isle OF Wight Of
which may be said, at least, that the objections
made to the two former propositions are moi so an
parent IN this last Perhaps should prefer even TO
tlls IN. resolution which concludes the substtut, -
hat the interest of the State requires that the Pre-
sIden! shall not be reelected !" which would he a
mere expression of the opinions of the House of Del
egaies, and leave the Executive untrammelled in its
action and which, besides, appears directly respon
sive 10 the resolution referred TO the Commi,,ee on
Banks. VIZ Whether the interest oil the State does
pot require that said President shall not he reeec,
Cd IL should, however lie remembered that the
molion before the House is for indefinite no-,none
menti which, though understood the gentleman
nom tins city desired to prevail, vet | must do him
me justice To state, was accompanied when made by
the inima,lOn of his desire throw oron the door to
debate which would enable gentlemen to express
|
Ter 10 the provisions of the of 1887 already 50
olten quoted, and discriminate between powers nos
seSsed by the Executive, and others vested in the q
gisiaiure. But will not trouble the House with the
discussion OF TOPICS already discussed by Others so
much more ably than | could hope 10 discuss tben,
and content myself with stating that the power III
the Legislature to appoint five Directors and to re-
cure Committee to investigate the condition of the
| Bank and to report TO the House seem TO imnv
rigti to act upon the report. And feel warranted in
believing that the present is 4 case demanding the
actlonot the Legislature. | might TOO If necessary
TO the argument eIer to the present condition of the
Bank charter, and the power of the Legislature
which has stayed its uplifted hand over thai Insu
ton, as indicating the right OF the Legislature over
The subject not that deem it all necessary TO an
point an additional Director nor that the interes of
the State will Justify other than forbearance towards
the Bank of Virginia. In the first remarks had the
honor TO make III this House declared myself no
lnveierate opponent of the Banking sys:efn do
not believe this generation mach wiser than their
SlreS, that every new doctrine on the subject must
needs he just. Bui will not add to the assumed
Dudhen OF Banks, the certain injury of mismanased
| Banks. know, Mr.. Speaker thai some believe the
interests OF the State and the interests of the Stock
holder do not run together have not yielded nv
assent 10 the proposition which assumes them TO be
necessarily IN conflict But how, If cdyantaees con-
ferred on the former be somewhat detrimental to the
public, IS the deiriment relieved by inlction of ind
yidual injury The Stockholders. after ali have
done no more than yield 20 an established policy of
|
| cd-yourseses established; and in investing their
means in this stock have yielded their confidence TO
| your laws. What, then, If the system be bad-you
have established The bad system, and cannot EXPECT
To- Improve IT by adding bad appointments to pre-
vious bad system. Still we are informed tha, line
Stockholders have had their meeting and have pro-
nounced in favor of the reelection OF the President
and that ther decision should regulate our conduct
! How long, sir, have the opinions of Bank Stock
holders been deemed entitled 10 such weight in the
Il de nf III. bsle o.
Speaker, | for one am not disappointed at the ac-
ton of the Stockholders. Though this subject was
pending before the House of Delegates of Virginia
did not from the FIRST believe that II would De ether
wise. The Stockholders came from Assistance; they
had lef thea. families they Were men of business
and they had LETT them all, upon business and come
from distance to Richmond ] did not expec; that
the Stockholders would defer their action The Stock
holders have exercised then rights IN consulting what
they deemed their Interests OF II do not complain.
And the Legislature OF Virginia will now exercise
It's rights, aud consult for the interests of the Com
monweath. believe the true Interests of both ac-
cord But do not agree that the State of Virginia
has no other than mere pecuniary interest IN this
subject She Is the guardian Of other Interests and
none can have pretenslon to Interfere. History tells
OF Sparta, where there was none but iron money :
but Laccdemona was rich in public virtue. And SIR,
tbs for the sake OF example of the principle, Which
requires public officers guard the pablo interest,
that would not re-eeo. the President
! But we have been informed that the Bank Of Vr-
snd needs the re-appoininent OF the President; and
the present state OF that Bank, cccasioned in de-
gree by his negligence has II be not ia error bcell
referred 10 as proving the necessity.
Nc Speaker, the Prcsideni Of the Virginia Bank
has been recently yory ~. have already expressed
my regret at the circumstance and sympathy for him.
But suppose that the President had unfortunately died.
Is there gentleman IN Virginia who is qualified to
become President of the Institution Or would hard
necessity have forced to repeal the charter grant
ed, because there exists one in Virginia compe-
tent TO supegnend the Bank Of Virginia Aye, sir,
all the Banks of Virginia. Why have We, then, any
other Bank than the Bank of Virginia. Why any
other Presidents, than the President of that Bank
Is It necessary that the President VI that Bank
shall superntend the whole banking interests OF Vr-
gnSl lpcsunc. then that m Of his dssoution II
would become to repeal all the charters UNLESS
indeed, we arrive at tie conclusion that u was no
more his business to superrend he other Banks than
he appears 70 have believed II To I've, o supcrintcnd
the Cashier Of the Bank Of Virginia With due dc
ference sir, 20 opinions of other gentlemen, whose
course Of action upon this subject ~ pretend Ia
censurc-whom do not feel myself able To advise
and whoss action upon It do not assume or EXPECT
10 affect. have duty 10 discharge myself aud
must in fairness discharge to the best Of my abi-
~. do not say that ccl Indifferent, as To- the de-
cisicn OF this subject have already expressed as
much upon this point Is Is necessary But confess
that except So iar, the matter is To me Of no great
consequence I would desire opinions which | dcen
Just should prevail because believe them Just and
useful to the country Beyond this I have no
especial care upon the subject. a coed deal SIR
To-, has I,,rr -4,tcI oIr,uf nt,huanu. .uH a.,