Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-02-02

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remuneration Tor the capital invested; and row a
SUBSCRIPTION on the part Of the Bank, induced by
'nese glowing representations in the manner already
stated, Is treated as a total loss, and addueed by
'n.se very gentlemen as proof Of the want Of sa-
sscity, which should justify the removal Of the
President!
MIR. u. said II was very we'll known that he had
opposed the several appropriations to this work. He
nao never thought the country would realise an ad.
vantage from ITS completion, adequate to the enor.
nous expenditure. Yet he could not regard the
money as wholly lost to the subscribers-the work
might be considered as already completed 10 The
town OF Lynehburg, and when placed in operation,
must yield some Observation-Disclosures perhaps
| but yet dividend. The Bank, too, had secured
advantages by subscribing, which were not COM
mon 10 other subscribers. It's capital stock was
augmented, by act Of Assembly, 1--WE hundred thou.
sand dollars in consideration that IL would subscribe
like sum TO the stock Of the James River and IA
nawha Company. This increased stock of $500. 600
hsd commanded premium of eight per cent and
yisued proht OF forty thousand dollars 10 the
stockholders in the Bank.
by making the subscription the Bank had seeur.
ca the general agency of the company, from which
the stockholders derived much advantasc-thcre
were, nj all times, on deposit i'm Bank large sums
OF money, standing TO the credit Of the company,
enaohog II 10 augment its discounts, and thus TO
increase Its profits. The large loans, or advance
mehts, SO imptoviGently extended by the Legisla-
lure 10 the Company, had been negotiated throush
Sne BANK, and sold on terms advantageous TO the
oil northern funds equivalent to specie con,ributn,
largely to the resources of the Bank, in maintaining
o. resuming specie payments;-and if any portion
" our citlzens should derive any advantage from
ne WORK, through the enhanced value of real estate
the Bank would participate largely in such adyan.
tase, by the augmented value of its real proper,v
IN Lynchburg, Norfolk and the CITY of Ricbmond
ihese obvious advantages, resulting TO the Bank
rom heG SUBSCRIPTION to the James River and Ka-
haWha Company, were not common to other sub
scrloers-but secured TO the exclusive endowment oT
tne BANK. Yet gentlemen denounce that subscrip-
ton as mprovldent and ruinous and make IL the
GROUND oil charge against the President, for which
ne should forfeit his reputation as a financier and
MS place as an officer, though thew Themselves
strenuously advocated and actually forced much
larger subscription TO the same work, on behalf of
inc commonwealth, when she, as stakeholder, was
not admitted 10 participate in several important emu.
meFated advantages, Let the public iudge of n .
justice of the procedure.
10 sustain the charge of INSTRUMENTATION. the
member from Williamsburg had referred TO the sus-
Pe.ceG ueot, winch he was understood to estimate
a. so'oooo and treated MS loss equal TO that sum-
1 mere was indeed large suspended debt which
had gradually accumulated since the foundation of
the institution, butt an error TO treat IL as a
Sota' loss 10 The Stockholders. Though il could not
oefe!eo upon to meet present and pressing liatii.
tues, II was nevertheless valuable fund COMING re-
quarry and periodically in aid of available funds
IL consisted, for the most part of liabilities from
solvent debtors, who not able TO meet cash en-
ultimately UOOd-
Inc Executive Commissioners, appointed bv the
governor, 10 examine into the state OF the ins,itu
non, alter the late defalcaton, had reported that
'ne,e was hue 10 the Bank, on protested notes
ana ana olils, the sum of S5l7,325 60, and ON bonds
SSS,oSo W, making aggregate of S6OI OO5
oZ-and this was the suspended debt, treated ne
iost oy the member from WILLIAMSBURG But
oil TINS sum, the same commissioners men oe the
highest reSpeotab!iy and responsibility, acting un-
Der solemn sanctions, had reported that no more
birb ha,,
from s6Ol, OO5 62, leaves the sum of $500 les IA
TO be estimated as available - .Ls Bank Hut of
tnls last sum, they report III lsS,2SS as may be
esuhlatGG rs d0aoyul-make the statement most I'M
iTouraG'e 10 the Bank, regard the whole doubtful
ueot as Dad, and deduct 1t from the S5l9I6s IL
ana there would remain $780, $40 So ultimately as
good as any other debt due the Bank beins secured
oy lrust DEEDS on ample properly, or in process of
collection, on suit, against persons of ample means
Such was the debt which gentlemen treat ne nm on
IRE loss and such were the errors into which thew
ial, IN sustaining these resolutions and attemntin
10 deprecate the President. Was a suspended debt
peculiar 10 the Vlrsinia Bank2 Was there Bank
10 the State, which had suspended debit Wa,
there commercial house in the land-was there
even an individual IN the active management of can.
i'a who could, within sixty days, collect all baIan
ees que their house, or The individual, and make
them available TO meet pressing liabilities7
Mr. Goode said, that in consideration of alI the cir
cumstanees, he could but deem 1t unjust TO punish
the innocent, and dshonour the virtuous He conld
NOT cut oeem It unwise 10 deprive the Bank of an |
hoe ana accomplished officer, familiar with all |
'hihSS connected with the institution, az a time |
when we may reasonably xpect speedy resumn- |
ZION OF specie payments, involving the necessity of
me largest experience and the greatest degree of
financial skill. "
=. ne ne member from Norfolk Borough represented
ta friends CT The President as maintaining the pro-
position that he alone could disenures
ana complicated duties OF that Office Mr. Goode
was very lar from entertaining such an opinion He
believed there were now and at all times among
our eitzens, virtue and ability adequate 20 any
emergency. lie doubted not hut there were many
equal 10 the duties Of this Office lie had as lit,ie
doubt, however, that with his ample and varied OK
penence, John BcockenJrough at the present i'm
porIan crisis in the affairs OF the Bank as well as the
commefclal ana financial condition OF the country
was better suited q he Office than any other per
son IN the State.
10th as he had been TO embark in the discussion
unwilling as he was further to impose on the pa
ueneS Of the House, he could not consent To close
his remarks without expressing the sntisf,r,ion
which he derived from contemplI,ing the p.nerons
conduct OF certain members opposed 10 the uoliticn
parry 70 which the President had ever been attach
ed. True, they had suffered rebuke and renroncb
For himself, he regarded them as worthy of high
commendation. They had elevated themselves
above ordinary influences and afforded 10 the world
ineontestble proof that N Virginia. even in this day
OF high party excitement, true worth vet commands
the UNIVERSAL homage Of reciprocal excellsnce.-
AuOPunS me suggestion OF his friend from Acco-
mack be regarded il "a green ssot mid the broad
desolaiIons ct party" IL WAS the solitary green
spot on Memory's waste, IL was the clnaier Of
PAIN shading the pool, which revived and refreSbcd
the parehed traveller in his wcarisome tourney Der
the VIDE waste Of Airic's burning sands.
when this SUI ject was originally iniroJucod h.
had wished II 70 be referred He was xious the com
m'tee snouid be invested with plsnary mowers
lhit they should institute rigid scru.inv-tbo,
they should penetrate the secret rtcesses ood Jra
lortn and expose to the public gaze the hidden N.Y.
Ierles OF the labyrinth. He confessed he had en-.
terlhined no apprehension that the investigation
could result IN fixing on the President even tb.
sUgh'est degree OF guilt, or ia bringing DER his fair
ana sPouess reputation, even the shade Of litter
ing Vapour Of suspicion. But il was possibL tbst
quit might exist AID, therefore, il was duo IN H.
puDle mat the investigation should be had IL was
possible mat some might suppose that guilt existed
anJ therefore, II was due to the officer that IN, 10
vcsugation be had. All this had been dons-Tho
question was rcfered-The committee ,vos &c.
lzed-ii was invested with plenary powers-~i, d;d
institute and prosecute searching scrutiny and :,
had gwen the result Of its labours 10 the word
Whai, he asked, was that result7 The member
rom Iyier had affected TO discover, in conner.
Ion Win tnese proceedings, something which wou'd
raise storm TO make this capitol rock on its base
mentl Al this might be true. The member Trooo
lyler might forth after the manner of Propbets
70 aid IN the iulhment Of his own pfophecv .Tbo
power OF eloquence eKerted on n virtuoas, tboueb
eAcnaOlc people, might arouse Indignation or in
spire rage. The member himself might conduc, A..
Lsgons from Tpns-l pine Gau to be poursd into
MS devoted city. Their fury may overtutn The
Capitol This fiir fibric--this beautiful teune ~
our l6ertes--this sacred remembrance Of hafIoved
associations, rnny be hurled from its broad found,
nd rHf.fu nHr. TaN.