Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-25

ting the accounts of individual Dealers md II, In sti
sses Ss1s the !. 1s%S mo.
cd by the book keepers TO the emf that such var,a
| tons might be discovered end corrected. A means
was also provided. by which the Teliers TO be
kept advised Of the state Of TIE accounts Of dealers,
and the balances TO credit, in ORDER that overdrafs
/ might be avoided; and whenever they lid happen,
Il was directed that they should be reported. IL
was then further provided, that the Cashier should
see TO the observance Of those ORDERS any fail
urc OF any clerk, whose services were required un-
der them, was to be reported by him TO the Prcsi-
dent, with a view TO the action of the Board. II
was also made the duty oi the Cashier daily to in
spect the cash accounts Of the Bank and examine
the Tellers settlements, and compare them with the
cash account; and any material variance that might
| occur was to be reported TO the President. with a
view to tho action Of the Board. Now, MIR. Lee
would ask, II IL was not manifest tIom this order
that those duties, the performance Of which would
have detected the overdIafts of Green's account did
not clearly devove upon other officers pnd that the
| attention OF the President was not expected to be
drawn TO this subject, unless an appeal were made
to him and his aid invoked by the Cashier1 BY
the very terms OF the order, the Cashier was the
person selected to that those officers performed
| the duties required; he It was TO whom the general
| superintendent Of this branch entrusted, AID
he was to report any omissions Of duty, the part
OF any OF those officers, any variance between
the cash account and the Tcller's settlements, to
the President. Upon such report being made,
then, that officers attention called the sub
iect, and his action invoked. IL does not appear
that any such report ut any time made no such
delinquency as is contemplated 10y that order Of
those duties, which would have prevented speed-
~ detected the overdrais, ever reported by the
Cashier to the President: for the complaint which
seems to have been made against Dabney, by the
Cashier, Of minor and trivial omissions OF duty
| not such could create airy suspicion Of his fde-
| ty-and, in truth, the Cashier could make no such
| report, for he never had the sghtt st suspicion
OF Dabney's improper disposition OF the funds en-
trusted TO him, or he would not have entrusted
him with the large amount of money that he
did suffer him 10 retain, over and above the sum
necessary for the daily transactions Of the Bank.
| Mr.. l.. therefore, thought that the general SUI
| perintendence" OF the President was, i'm effect,
| modified and restricted by this order; and in the
absence Of any complaint on the parl of the Cash.
Ter OF any such omission of the prescribed duties the
| performance Of which would have detected the
ovcr-drafts, the President might well be excused, If
he not fully justified, Tor believing that those
duties had all been duly and faithfully performed
and that his ignorance OF the actual state of things
on this score, could not be imputed to him as a
| crime.
But Mr. Lee said that he did think the President
was censurabe for allowing the Cashier to permit
Dabney 10 retain in his possession the very large
| sums OF money beyond the necessary wants Of The
day; and that he, as well the other Directors,
was also censurable for failing to have the quarterly
| examinations OF the vaults of the Bank regularly
made. These omissions OF duty, doubtless, pre-
ceeded from the very great confidence roposed by
the President and Directors IN the Cashier founded
the uniform correctness OF his accounts, and from
the excessive and unfortunate confidence rcposed
by the President, rs well the Cashier, in the First
Teller And for all this ndcnce, far as il re-
lated TO the honesty and integrity Of the Cashier,
theic was every justification. His character,
| in this respect, has well and fully stood the test
and shone the brighter for the ordeal through which
| il has passed. He had long served the Bank first
as Teller, then as Cashier, had been fiom time TO
time entrusted with millions of money and had ever
faithfully administered and accounted Tor them TO
the uuormost farthing. Had he been as watchful
and vigiant rs he was honest and upright that
| body might have been spared the necessity OF the
| investigation in which il engaged. But his own
consciousness Of rectitude had, perhaps, rendered
him less prone to suspect the honesty of others.
And as 10 the confidence repcscd, well by the
President as the Cashier, IN the fidelity o. the First
Teller, much might he said in excuse for 1t. Con.
| hdence is plant Of slow growth-Tet, in this case,
1t might well be urged that sufficient time had
| elapsed for its full expansion and development.
Dabney had been for years in the service of the
Bank, and the universal esteem in which he had been
he'd in this community, f:om his youth upwards the
respectatily of his connexions his family his gene
raj department and manners, his habits OF business
and cccncmy, all seemed 10 preclude the possibility
IN OF lie could embezzle the moneys Of the Bank Tor
his own benefit, much more that lie could connive
at the peculations OF mere adyeniurer by which lie
could rot he benefited 10 the amount of n single
dollar. In this way, and from these causes, the
| custom Of quarterly examinations appears 10 have
| with many of the Northern Banks, in which even
the yearly examinations had been omitted Tor years
betlre Tie late dedication in the Bank Of Va.
But lille MIR. l.. believe d hbt the President was
obnoN Gus 10 censure for these omissions of duty
yet, taking into view the many considerations which
vert Ia extenuae and palliae his error, and recol
Letting his age and his long and faithful services
the bank, MIR. l.. did and could rot think that
fetGe PaB Rs!sIed ns 1t ever should lie, in mercy,
posed to be inflicted. Nor did he think that he pTR
Mt tlaaS fnN. |. II
CURED The harsh and rigorous sentence OF removal
| from office TO be pr nounced. On the contrary he
would tam believe that the interests Of the State
as the private stockholders believed their interests
would ce p omoted by retaining m in their SER
wee, and continuing 10 reap the benefits OF his great
financial .kll, his long experience and perfect &C.
qualntHnce with The interests and business of the
Bank Of Virginia, in all its ram ications If there
were any, the slightest reason TO doubt the perfect
honec'y and integrity Of the Z esdent his deem and
ANXIOUS solcituje Tor the wefiTe and prosperity of
| the bank, his industry and general diligence in the
dIschuge OF his various duties, or his conn iency
or ability 10 conduct the affis of such an insttu-
lion, he might be willing to acoede the proposed
measure. But MIR. l. thought there as no room
| Tor doubt on any Of those points. Il was true Dr.
BIS putaton as banker, had been called in dues-
ton upon that occasion. IL had been reserved 10
Hat period 10 make the discovery hat he, in truth
poSs sscd no financial skill whatever; that his fame
as banker, like what u now said the fame OF
the whilom great Nicholas Biddo himself the Au-
tocrat OF all the Banks, had proved TO be as me
humbug rtputau hin short that he was n very
6ung'er IN the man igement Of mon. t,ry concerns
From this conclusion, Mr.. L. begged leave wholly
10 dissent Looking TO the evidence on III S sub
lecti the CONCUR NJ iesi mony OF the Northern
Bankers, of this whole n!eTcani le community an d
OF The officers in the banks, Tie opinion Of the
stockholders in general meeting f;sembled, now
twice expressed; the opinil N oi individual stock
holders. IN whose Judgment aud just appreciation of
men and ihlngs, MIR. l.. lad The utmost confidence;
The manner in which the Bonk had stood the shocks
lnhd some Of them heavy and seyeTe) Of near forty
yeas, during which period Dr. u. had been IN iis
scfycr, hfsi as Gosh er, Of EDWARDS ~ President
and the present. condition Of It's s,irs as under TODD
W him, MIR. l.. must he permitted to subscribe TO
The opinion OF those WHO believed hat Dr. John
peterborough was one Of the first 6nanciers OF the
dey. So believing, and Having The fullest confidence
upon The other points to which he had lust referred:
lhns ng also they had the surest guarantee for the
future ~ the pact, npd that no man could thereafter
avoid the error in'o which he had tlltn more stu.
diously than DR.. H., and believing that /, nigh, 9
diheut TO supply his place well in other re-
'peets, Mr.. l.. could not agiee that il would pro-
mote the interests OF dc Bank, and the State as
holder o ITS Stock TO take the Ieins from the PRESENT
Pftsidcnt and place them IN ard untrieJ banda
Mr. Lee snd that much more might be tnid on
this branch 81 The subject, bot lie hid already tres.
parsed on the indulgence Of the House longer than |
he at FIST intended, and lie would tax is patience
no la.thfr. lie would therefore conclude his re. |
MARKS, by briefly Tegnutulatiug that berausc IeI