Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-05

To enable The Committee to answer the inquiry
satisfactorily, il was indispensable 10 know the pro-
visions OF law and bylaw requiring particular Off
GERS perform particular duties, especially
those of the President, other Directors, and Cash
Ter, and how far the duties cnioncd had been per-
formed. Upon this latter point the Committee refer
10 The Report of the Commissioners appointed by the
Executive, which all the members Of the Committee
believe TO be true, and which is referred to the Hh by
law, requiring committee of the Board 10 examine
the vaults monthly, states follows "lhis bylaw APP
pears never 10 have been strictly regarded Down 10
the year 1870 committees appointed under IL va
ryng in numbers from to SIX, ana generay lhree
each year In 1917 and 1918, there was no Committee
From that time TO 1880, Committees were appointed,
varying from one 10 three each year Since that time
Committee has been annually appointed and the last
examination of the vaults, preceding the flight of the
First Teller was made on the 18th January, 1880 The
same Report also adds in reference to the amount OF
money piaced or permitted from time TO time 10 re-
main in the hands of the First Teller follows: Cup
on this subject inquiries have not been carried
back beyond the year 1890, 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 entered, find that at the examinations
of The vaults from 1890 10 $780, the money in the
Telers hands varied from about 500 900 to less than
500 000-from 1880 to 1886, inclusive, it in no in
stance much exceeded 100000 in 1887 it exceeded
$500, O0O-n 1885, 81 ,200 000-in January, 1889,
$3.50 goo, and at the time of Dabneys flight, or the
close of Cd of April, 1910, there should have been in
his hands 81 1903 900 so. The particular rules, infrac-
tons whereof thus referred to- article 1st, by
law adopted in 1904, which requires that Committee
of the Board Of Directors consisting Of at least three
members, elected monthly, by ballot, shall visit the
vaults in which the cash other effects deposited
at least in every month"; and make an inventory
of the same, TO be compared with the books, in
der TO ascertain whether they perfectly agree there
with 2. Regulations for the interior management
of the Bank of Vrg nia adopted in 1905 the 18th of
which, among other things enjoins-"lt shall, more
over be The duty of the President to superntend the
conduct Of oil persons employed in the Bank-and the
l4th which enions that it shall be the duty of the
Cashier sit the Board of Directors act Secreta
ry and keep the minutes to take charge OF all the spe
Gle in the Bank, so much excepted, as he may Judge
necessary to be left for the ordinary business in the
hands of the Teller; receive blank bank notes with
the Presidents signature aud cause them to be filled
previously to counersgnlng them: and after counter
signing to issue them at convenient times 10 the Teller
10 keep register of all the bank notes issued in
such manner as he shall best devise; to receive from
the discount clerk aud depose clerk, persons acting
as such and take charge of all discounted and de-
posted notes. and to deliver the to the note clerk
or the person acting such the morning of the last
dav of grace and to make settlement of the notes
delivered or the evening of every day, keeping the
count of discounted distinct from the account Of depo.
sited notes. to inspect from time to time such individual
accounts he may think proper TO inspect the teller
settlements issue to him from time to time hank notes for
circulation and deliver 10 him specie necessary for the
\
bank notes which may be returned unfit for circulation
for the purpose of having them cancelled and all spe-
Gle which may be more than sufficient for ordinary
transactions TO keep registers Of all Bank and Pos;
notes cancelled in such form as be may think best to
have the general superintendent of the officers clerks
and servants Of the bank and with the consent of the
President to make such minute regulations as may
be necessary for conducting the business of the bank
to prepare inventory Of all the stock debt and funds
Of The bank in detailed and minute pos
Sfn Tho fret IF
every year. which shall be kept in book provided for
the purpose" Sd. An order Of the Boardaof Direc.
tors of The Bank of Virginia the 9th day February,
1882 which among other things "ordercd that for the
nurpo.e Of bringing up the business of the bank
rear the President and Cashier be authorized TO employ
temporarily competent book keeper, whose pay shall
be at the rate Of eleven hundred dollars per annum;
and an examining clerk whose pay shall be the same.
And this Board deemng it indispensable 10 the nte-
rest Of this institution and TO the safe and convenient
transaction of the business of the same doth hereby
direct that in future lis accounts be balanced the
f first day of pr the first day of July, the first
day of October, and the first day of January in
every succeeding year That all the general accounts,
including the accounts with the branches and other
banks with which il DEALS shall be stated and settled
a. each OF the said periods. And, in like manner that
the account of every individual or co-psrtnershp
dealing with this bank be stated and balanced each
of the said periods and such other times the
toners or dealers shall require; that in making the
statement of individuals accounts, each debt shall be
founded, and if found agree the check or voucher
shall be cancelled and with the statement returned 10
the customer In striking the balances aforesaid if the
books shall be found act 10 agree, it shall be the duty
of the bookkeepers to proceed forthwith each day
after the bank is closed, in the examination of the
books until the variations shall be discovered and cor
rected and all examinations which may be begun shall
be completed in thirty days thereafter An understand
ing shall prevail between the Teller and book pers
as TO the accounts of the bank, and the amount OF
balances at the credit of the dealers Of the bank SO
that drafts on neither hand shall exist, and the
book keepers shall always readily and privately inform
the tellers of balances at the credit Of any dealers
without delay; and whenever drafts happen, they
shall be reported. The Cashier, in addition to his
prescribed duties, shall TO the fuGment of the
foregoing orders, and any failure or disohedence on
the part Of Clerk whose services may be required
under the said orders shall be reported by him TO the
President that the Board of Directors may thereon
1t shall Furthermore he the duty of the Cashier daily
to inspect the cash account of the Bank, and of the
various accounts comprising the same He shall also
examine the Tellers settlements, and compare the
with the cash account, and any material variance
shall likewise be reported to the President, that the
same may be 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 other evidences of debt, except such he may
Judge proper TO remain, be placed in the hands Of
the Teller for the convenient transaction of the
! rent operations Of the day." &c.
4 The bylaws and regulations for the interior manage
men of the Bank, and order fthe Board, from which
the above extracts TAKEN the only authorita
tive regulations, except the original charter and snbse
quent legislative acts, until the acceptance by the Bank
of the amended charter in 1889; and the Committe
ports the existence Of these rules as facts connected
with the enquiry directed, worthy of consideration
Your Committee deem proper, in connection with
this subject, to state farther that the 22d March,
1897 the Legislature passed act establishing general
regulations for the incorporation Of Banks, by which it
was among other things, provided "that the real and
personal estate business property, funds and pruden
cal concerns of the said Bank and the admniStra
ton Of its affairs, shall be under the direction
nagement and controu Of Board of nine Directors at
the principal Bank and seven at each Branch Bank
that the President of the Bank is of the directors
and the only capable Of being eelected after four
years consecutive service in the Mother Bank and that
he alone receives compensation for his services and
it provided that shall be the duty of the
directors, and they hereby requested often as
once in three months, to strict examination 10
be made of the accounts of the Cashier, and full
and complete settlement thereof: and statement OF
such examination and settlement shall be entered on
II Al. oa.J ~ M IT