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

ciousy prepared, can guard tne interests vi sochnoiu
ers and the public connected with Bank operations, I'M
less the system be applied. This naturally presents IT.
selfas first consideration the President at the very
meeting called for the special purpose OF deciding wha
was best 10 done by those interested IN The depth Of
their embarrassments presented system oby-aws
which he had been before directed to prepare at prev-
Gus and more happy meeting of the unconscious, IN
suspectng stockholders This reflection IS The more OBJ
vnus because the President in his very report to The
injured stockholders, informs the that SIT IS an easy
matter to imagine after event has happened, that
" it ought have been toreseen and prevented, OUT
such a case the present. might as readily nave nap
pened for the last thirty years as now, ana YET
has occurred BEFORE and there was no stronger
to apprehend it this occasion, than on any o,he!
In other words that for period OF thirty years. the m
terest of thousands the State the the wid
ow the orphan and the public large, had been at any
time within thirty preceding years. at the mercy OF any
dishonest subordinate whom the like inconsIderateness
which accumulated the defacaton, might have suffered
TO be placed in the very position to be dangerous.
hope do the President no injustice by tins re'er-
ence to his remarks; and desire to be set right if |
have done him INJUSTICE. Nothing likely to occur this
session. will afford pleasure than to repair SO
far may be able, any wrong may have done HIM IN
this quotation Of his remarks if conrlnced that
have done him injustice Again. the President informs
Them elbow such act could have been Perpetrateo
without an earlier detection may seem strange and
" only be accounted for the same generous pnci
pe that all men should be deemed innocent until there
be strong believe them otherwise With oil
the precautions that be used the abstraction OF
ney from Bank may be effected by dishonest olcer
whom is entrusted yet this is the first instance in
the lapse of thrtysX years. of any such case IN this
institutions and freely admit, that more confidence
from that fact has been entertained than can be fully
g justified" The President is right. 1t does seem
strange-ts passing strange.-ts ptiul 10 many. that
such an act should have been perpetrated without an
earlier detection. And he is wrong, too in assuming
that it can only be accounted for generous princl-
pie. Generous is not the word Generosity is posi-
tive, active. Negligence, passive. Generosity aims
to promote the advantage of others. Negligence Sits
at home.
1t may perhaps be fortunate for the Stockholders, on
the verge of precpice almost ever since the Bank
went into operaton that no prior dealcaon mas &C.
Cured; or, may not be fortunate Had the OF the
loss under like circumstances as the present. occurred
before during the early administration of the Bank,
such loss might have been boon TO the Stockholders
Had such larceny happened then, this great robbery
had not been perpetrated now.-With all the precau-
tons that can be used the abstraction of money from
a Bank may be effected by dishonest officer to whom
it is entrusted and ergo, reasonable preoauon is not
to be taken! The temptation is great the commission
easy the result of the act certain injury; and therefore
the risk of discovery is to be dmnshed-thelr chances
to be multiplied for the sake of the prs by those IL
beraly rewarded for the very purpose Of substractng
from their chances.
There is nothing in all this which does satisfy or
ought to satisfy. The only redeemins sentence IS
what follows when he adds-stand freely admit that
more confidence has been entertained than can be fully
justified" Had he used different word, could al.
most have justified its II should have been e.
eused-not justified. Many acts which one cannot JUS
tii'y al all he NAV almost excuse. One consolation
belongs the President. and desire TO wrest IT
from him. No one has ventured TO impeach his per-
sona integrity and none, regardul Of the truth, who
know him. or the acts connected with this vast fraud,
can mpute to him other blame than negligence
But, Mr. Speaker, we have been referred TO the writ
nps of the sage of Monticello and constitutional dill.
ticulties suggested Mr.. Speaker, that statesman IS
fortunate who receives mered reward IN his lifetime
Thomas Jefferson did possess the confidence of his te-
low-ctizens. But, Sir had Thomas Jefferson, whiie
President, retained office Secretary OF the Urea
sury, by whose admitted negligence his country had
lost more than half million of dollars, much IN
cline believe that the doctrines OF Thomas Jefferson
would have found far less favor with hs ellow-citi-
zens, than they possess; and there would have
been slight occasion presented for any "ne TO collect
his memoirs And, if that other veneraed statesman,
James Madison had approved such act, he would scarce
have been called on to pen the Resolutions Of 9S,
and write the Report, highly regarded by the Le-
gslators of Virginia. Ill-practicc murders doctrine
Mr. Speaker: Mootcd questions of constitutional
right should be approached with great diidence but
seems that mistake exists to the questSa be-
fore the House. do not understand it TO be the.reso
luton proposed by the gentleman from Tyler nor the
amendment thereto, offered by the gentleman from
WilhamsbSfg g; but the amendment presented by the
gentleman from Isle of Wight, Of which it may be
SAID at least that the objections made TO The two for
mer propositions not apparent IN this last Per-
haps should prefer this the resolution which
concludes the substitute: "Ihat the interest o.! the
State requires that the President shall not be elect
ed which would be mere expression o. the opinions
of the House of Delegates, and leaves the Executive
untrammelled in lis action; and winch, heslces, APP
pears directly responsive 10 the resolution referred to
the Committee on Banks, viz ''Whether the interest
of the State does not require that said President shall
no, be reelected" 1t should, however, be remember
ed that the motion before the House is for indefinite
pos,ponement; which, though | understood the gen.
ilernan from this city desired 10 prevail yet must
do him the Justice to state, accompanied when
made by the ntmaton of his desire TO throw open the
door debate; which would enable gentlemen to eS-
press their opinions freely. might TOO, Mr. Speak
er, refer the provisions of the act already so
often quoted and discriminate between powers pos
sessed by the Executive, and others vested in the Le
gislature. But viii not trouble the House with the
discussion Of topics already discussed by others UGH
more ably than could hope discuss them, and
tent myself with stating that the power OF the Legisa
ture TO appoint five Directors and to require Commit
tee TO investigate the condition Of the Bank, and 10
port to the House, to imply right TO act upon the
report and feel warranted in believing that the pre-
sent demanding the action OF the Legislature
might too if necessary to the argument refer to the
present condition of the Bank charter and the power OF
the Legislature which has stayed its uped hand over
that Institution, indicating the right of the Legisa-
ture the subjectnot that deem 1t at all necessa
ry appoint additional Director; nor that the IN
towards the Bank of Virginia. In the first remarks
had the honor make in this House, declared myself
no nveterate opponent Of the Banking system d.
believe this generation so much wiser than their
sre that every doctrine on the SUBJECT must neeas
be just But will not add to the assumed burthen OF
Banks, the certain injury of mismanaged Banks !
know, Mr. Speaker, that some believe the interests Of
the State and interests of the stakeholder do not
together. have not yielded my assent to the pro-
position which them TO be necessarily IN con-
fic Blu, how, if advantages conferred on the former
he somewhat detrimental to the public is the detrment
relieved by infection of individual injury The stock
holders, after all, have done than yield to an
established policy of the Satea policy which the e-
gglaors have founded-yourseves 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 improve tby adding bad appointments TO pre-
vious had system. Still, informed that the
Stockholders have had their meeting, and have pro-
nounced in favor Of the reelection of the President,
and that their decision should regulate conduct