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

u
HIM from time TO time bank notes for circulation
and deySr to him specie necessary for the ordinary
| daily transaetons, to receive from him all bank
notes which may he returned unfit for circulation
| Tor the purpose OF having them ca ncelled in such
manner as hereafter may be directed and oil specie
which may he more than sufficient for ordinary
transactions; to keep registers of all Bank and
Post Notes cancelled, in such form us he may think
oes'i 10 nave inc general supcrintcndence Of the
officers, clerks, and servants OF the Bank and with
| consent OF the President, 10 make such more mi
| mute regulations as may be necessary for conduct
ing the business Of the Bank TO prepare AN inyen-
.ory oi all the stock, debts aud funds of the Bank
IN as detailed and minute a manner IS poSsibe as
| they may stand on the first day of January IN
every year, which shall be kept i'm book provided
for that purpose" and also To read from the orer
OF the Boand Of 9TH February, 1899, with view Of
| comparing their provisions viz: "At n meeting of
the President and Directors of the Bank of V,Igi
!. MIA, on the 9th Of February, 1899: Ordered, Tia,
Tor the purpose of bringing up the business of the
Bank m nrrear, the President and Cashier DC an.
,borised to employ temporarily a competent book
keeper, whose pay shall he at the rate Of eleven
y" hundred dollars per annum; and an examining
clerk, whose pay shall be the same
And this Board deeming it indispensable to the
interest oil this institution and to the safe and con-
" venient transaction of the business of the same
doth hereby direct that in future its accounts be
balanced on the first day of April, on the first day
of July on the first day Of October and on the fIs
Gay ol January, IN every succeeding year.
/ ~
counts with tho branches, and other Banks with
whish 1t deals, shall be stated and settled at each OF
" said periods And in like manner, that the account
of every individual or partnership dealing with
this Bank, be stated and balanced at each Of the
SAID periods and such other times "a the custo-
mers or dealers shall require. That in making the
statements of individuals accounts each debit shall
be compared with the check or voucher upon which
II rs ioanded and f found 10 agree. the said check
or voucher shall be cancelled and with the tinie.
4 ned N he L.,
balances aforesaid, il the books shall lie found no,
TO agree 1t shall be the duty of the book-keepers TO
Proceed forthwith, on each day after the Bank is
closed, in examination of The books, until the varia-
tons shall be discovered and corrected and ell
examinations which may be begun, shall be COM
"pleted in thirty days thereafter An understanding
shall prevail between the Telers and the book.
keepers as TO the accounts of the Bank and the
amount oil balances at the credit of the dealers of
the Bank SO that oyerdrafs on neither hand shall
exist, and the book.keepers shall always readily
9nd privately inform the Tclers of balances at the
"eredi, OF any dealer without delay, and whenever
"ovcrdralts do happen, they shall be reported.
The cashier, IN addition 10 his prescribed duties
shall 10 the fulhlment OF the foregoing orders
and any failure or dlsobedience on the part of any
clerk, whose services may be required under the
SAID orders shall be reported by him TO the presi.
dent, that the Board of Directors may thereon
~ shall furthermore be the duty OF the Cashier
daily TO inspect the cash account of the Bank and
OF the various accounts comprising the same lie
shall also examine the Teiler's settlements. and
compare the same with the cash account; and any
material variance shall likewise be reported to the
President, that the same may he submitted to the
action of the Board of Directors. He shall take
into his possession all the funds of the Bank.
whether IN coin, bank notes checks or evidences OF
debt, except such as he may judge proper remain
or be placed in the hands of the Teller for the con-
Vehieh transaction OF the current operations of the
| ebay" ~
Sir is it intended that prior TO the aoption of this
ast order, the accounts Of the Bank were never ba.
anced on the LIST day of April, LIST day of July, Is,
day OF October and LIST day of January, or on some
other days. That the general accounts were no,
stated and settled at some perods that il was not re-
quislie that the accounts of individuals and firms
dealing with the Bank, should be stated and balanced
at liked periods. and at such other times rs the Gus
toners or dealers should require; that il was unu.
sua 10 compare each debit with the check or voucher
upon winch II was founded; that il was not the duty
oil the book Keepers 10 keep their books correctly and
u error should be discovered not bound TO cor
reel That errOr &c &c. That the Cashier should moi
see 10 the fulhlment of those duties by his subonli
nate officers, and If necessary ought TO complain OF
the omissions of the officers to those who possessed
more enlarged powers than himself; that il was no,
the duty of the Cashier inspect the cash account OF
me Bank, inspect tho Teler's settlements and keep
| ~ Inc Possession the funds OF the Bank presume
sir that is only necessary TO consider moment on
such proposition, TO be convinced of It's error And
tor myself, i confess, that VIXEN after reading the
read oyer the last order OF the Board was tempt
e al trsti TO deem It proof of utter negligence and
torsetiuiness of ono of tie regulations prescribed
oul TIE year after the grant of the original charter
and should heretofore have thus noticed it, had
deemed necessary, and had not found thai there
was, IN truth, d new provision, viz "That for the
| purpose ot bringing up the business of the Bank
| IN arrear, the President and Cashier were aulho-
| flsed TO employ temporarily two new clerks, each
OF whom was 10 be paid eleven hundred dollars n
| "year"
Mr.. Speaker, ra,hc- concur in the view taken OF
ms branch Of the subject in the report of the Com
ihlttee, IN the sentence following that which have
quoted cit THE order of the Board) cannot be re-
saIed US releasing the President from any respon-
slolltyot superintendent the order contains
nothing 10 discharge him from the imperative obi
gallon before mentione J, to superiniend the conduct
ot all the officers Of The Bank nor docs it, in fact,
impose new duties, or confer new powers TO any
"maierial extent on the Cashier The matters there
required TO be done ought 10 have been done in
eliect long before; and this and emphatic order
and injunction on the subject, ought 10 have prompt
ed the President To increased vigilance in supcrin-
lending It's execution, and requiring IFS fulflment
| by The Cashier and Clerks. But, instead of this,
at seems TO have been regarded by both the Presi-
dent and Cashier as dead letter IN every respect
except tue requirement of two new clerks who
were promptly appointed and thereafter the affairs
"of the Bank went on rs heioIe. Neither the gene.
"ral or Individual accounts OF the Bank were stated
"counis weIe not settled from the date of the ouler
"ull Dabney's flight. Instead of the Cashiers in
"specting daily the cash accounts OF the Bank or
examining the Tclc.'s seltioments and comparing
"the saute with the cash account, he who procured
"the passage Of the order for that purpcsc most UNI
"accounioby neglected al action under 1t, and the
President seems never to have required his attcn-
elton TO this obviously important duty"
Mr.. Speaker, the first thing which enforccs itself
on the attention. IN relation this whole subject, is
lar Of
udiciousy prepared can guar the interests of stock
holders and the public, connected with Bank opera
tons, unless the system he applied This naturally
presents itself as Grs, consideration ms the presi
dent e The very meeting called for the special pur-
pose of deciding what best to be done 10y those
interested in tho depth Of their cmbarrassments pre-
senod new system Of bye-laws which he hnd been
| before directed to prepare ut previous and more
! siockhQldc,s This reflection is the more obvious.
because the President in his very report to the in
jurcI stockholders, informs them that it is nm easy
matter to imagine, ocr an even. hos happened that
| cit ough. TO have been iorcseen and prevented but
/" such n case rs the present might as readily have
"happenod for the las; thirty years MS now, ard yet
1T never has occurred before. and there vas NO
"strouger reason TO appIehend 1t on this occasion
| than on any other" IN other words, that for a
period Of thirty years the interests of thousands the
State, the siockhodcr the widow the orphan and tho
| public at large had been a, any time within thirty
ordinate whom the like inconsidera,eness which &c.
cumulaod the doialcaiiou might have suffered be-
| placed in the very position Ia be dangerous.
1 4 L.. s.ttt Al, -