Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-19

their re-appolntment1
But to put thus question beyond all dispute. beg
leave TO call the attention OF the House, to the fol-
lowing provlso of the bank charter: provided,
nevertheless, that II shall be lawful for the General
Assembly, at any time hereafter to provide by law,
tor the appointment Of fee OF the Directors of the
principal bank, and four at the branehes, TO he
made by the Executive of the State or in such 9TH
er manner as the Legislature may prescribe"
The wording OF this proyiso, is so plain and ex-
press, IN authorizing the Legislature not only to
take away from the Executive the power to APP
point, and exercise that right in any mode il may
choose, hut further authorizes the appointment
OF hve OF the Directors; and thus if the Legislature
think proper, can controul the board of Directors,
and the election of the officers.
Moreover, II should lie borne in mind, that, UNI
der the pans and penalties incurred by the Bank,
IN consequence oil the suspension OF specie pay
ments, the charter is forfeited, and the Legislature
has full power 10 alter, abolish or change the char
ter; and yet the right is denied to the General AS
semoiy 10 express an opinion TO the Executive, that
the reelection of DIR. Brockcnbrough would no,
promote the interest OF the State.
Let us now enquire into the character and scope
OF TIE resolution before request the Chair TO
report the resolution.
"Resoired, That the power of the State, in the
appointment of Directors of the Bank of Virginia,
ought 10 bc so exercised prevent the re lection
Of the present President thereof"
The resolution having been read, Mr.. VERIFY pro.
ceeded-
resolution, must have discovered that it is not ob.
noxlous TO the objections that have been urged
against il.
What action does this resolution propose Does
II propose an interference with the powers OF the
Executive Department of the Government Does
1t propose TO take from the Executive the appoint.
ment OF Directors or 10 control the Executive in its
actonf Most aSSureoly not. Neither does il vio-
late any principle in the Bank charter. IL is TO,
mandatory-but, far from ~, it does not conta IN
Injunction N he nd IA
as the Executive is concerned, it cannot come off,
cially before that Department; and, for aught we
know, II 1t should be laid before it, 1t would not ill.,
huence neither It's action decision.
il proposes an expression or intimation of the
opinion of this House. in relation to the conduct OF
the President of the Bank OF Virginia, in which the
State is large stOckhoder and OF the Improperly
OF re electing President who, (irom his own show :
ing, IRON the report Of the committee and the adj
mission OF every gentleman who has yentured in
his deience,) has been neglgen of his duties-a re-
solution, which the Governor and Council may or
may rot notice, as as they may deem best, and a
disregard OF which would not subject them to the
slightest official SponSbIiy-a resolution to VIII CHI
IN all probability, Uhrou- respect for the opinions
OF this House) they would give that consideration
which It's importance demands
The gentleman from Accomack deems this effort
an analogous case to the removal of MIR. Duane
from the head OF the Treasury Department, and for
which loud complaints were heard all over the coun-
try. We are Ieproached with inconsistency IN de-
nying Executive responsibility when the deposites
were removed, and affirming the doctrine in now
holding the Executive Of the Banks responsible tor
the OMISSIONS OF his subordinate officers. IL will ne
recollecied that the party with which act especially
acknowledged the general principle in relation 10
other Departments OF the Federal Government
They denied that the Treasury Department was
Executive IN its character-but referred TO It's histo
~ from IT'S organization 10 show that II was created
by the Nauona! Legislature responsible TO the E.
sislature, and that the acten of the Presiden, was
an encroachment upon the rights of a Coordinate
department. The right was never denied 10 Com
gress Tout, on the contrary, affirmed by those who
opposed removal Of the depositeS) To control the
Secretary of the Treasury in relation to the public
money. The true issue of Executive responsibility
was presented IN the past year upon the attempt 10
txonerate the President from responsibility for the
Army bill of his Secretary. And the UouSe doc
not require TO be reminded, that those with whom
act affirmed the same doctrine OF Executive RESPONSE
biity which they are endeavorng TO amply and car
~ out IN the case under discussion.
So far, Mr.. Speaker, from the proposed action Of
this House being unusual and reckless IL must he
familiar TO all, that It las exercised similar powers
on various occasions. beg leave to refer gentle
men TO the speech Of the gentleman from James
City, MIR. Gregory, for proof upon this point. and
for other purposes. And cannot have escaped the
recollection of those presenI that within few DAYS
past, this House passed joint resolution reouest.
ing the Judges of the Court of Appeals TO furnish
the Legislature with sketch OF those laws thew
might deem advisable or necessary TO be passed.
and why did not gentlemen contend that that reso-
luton was an infringement upon the rights OF the
ment7
could bring TO the knowledge Of the House w.
rlous resolutions 10 sustain the position but deem
II unnecessary.
proceed next 10 the consideration of the d,t,y,,-
iion-and here would enquire, wherefore did il
happen2 Was 1t because Of inability to prevent
It, or from neglect of duty the part Of the officers
oil The Bank Gentlemen have passed high eulo-
gees on DIR. Brockenbrough's financial abilities. and
skill IN 6ankInei and confess that, up TO the date
OF the late deialcaton and subsequent deyelope-
menis, had formed high estimate OF his skill ms
hnancier, and of his street attention to- and perfect
knowledge OF, the affairs OF that Insttution-and
look occasion so TO say in debate the last session
OF the General Assembly. But since | have looL cd
a little mo the condition Of the Bank and the cor
duct OF The President, an constrained to enouire-
w mere are the evidences upon which gentlemen re-
~! Are they TO 6e read 10 the past history Of thai
bank or IRON It's present crippled condition or do
they re upon the value of the stock and tb.
amount of dividends II these are the evidences
relied upon, they furnish to my mind proof Of anv
thing else than wise and healthy administration Of
tbai corporation.
The gentleman from Accomac (Gen. Bayly) re-
iefs US TO the difficulties and dangers both seen and
unseer, cut Of which DR.. Brockenb,ougb tas
brought the Bank, and tells US, that at times Size
mas prospertC under his care. He refers TO that
dark period OF her history, in 1919, when the stock
was depressed 10 sixty cents IN the dollar: and n,
tells Us, that subsequent to that time the stock
at par, and psld handsome dividends | refer the
gentleman 10 the present condition orthe Bunk. tn
the value OF the stock, worth but little more than n
was 10 1879; and to her suspended dipidspds
Are these the evidences Of DR. Brockenbfough's "su-
peuor financial abilities and skill in Blinking 3r
Sir, there are Two sides to this financial LEDGER
DEBIT as well Us credit SIDE, and It the P,eside nj
claims TO he Credited with the skill displayed bv
him IN conducting the Bank out Of those difficulties
and emu irrassments, 10 which allusion H. 8 been
mace, ard also Tor the prosperity she has sine. mot
now enjoyed, should he rot be de bled for having
so manng, d the Bank, as In bring upon her those
We difficulties and dangers 1.-THE reduced ur &c Of
the stock and her suspended dvidends7 Sir /
" gu enquire OF the gentleman, II he would recon-
mend pot to shipmasters whose skill in ui.otirg
a sh p safe 10 sea, was scarcely surpassed bv biS
deFteuiy IN plotting her umds. shoals and break
eB7 - 0'N
The President informs us, in his communication
TO the Stockholders on the lst Of July last. tbat he
has been al the head OF the Bank Of VIrgini, f,or,
lho PERIOD Of IT'S charter, 10 the present tme and
am content tEat he should have the credit Of r,n.
Quoting II Through sunshine storm and snow -
Mr. Speaker-That VIC may appreciate C',Il,, Il, .
great financial ability with which this RAM lbs
been managed, beg that gentlemen will examine
lht statistical report Of the Commissioners spno,nt.
ed TO seek into the condition Of tie Bank a1d tbo
extent Of the dedication where, Gf rni.t,ks no,
ana u do, desire 10 be corrected il will .nrc,,
on he lace Of the statement, that on the IA. 49,
o. june, $40, the amount Of tie unavsi allie 49,
~ TIE Bank oi Virginia, was 81, 3as 7g7 o. r,,ts
eHelu'ive Of The James River stock, ns follows:
p p.n,.,,l ", ol Lea' estate, sHl,3O5 30