Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-04

eneeks, or other evidences Of d,h, esns no'es.
luoge proper To remain, or be ri "a ~. =.
the current ,os ne convenient Of
ihe by. avs ard regulations 10, ,hs ;,,..
II h;si =, " me o'nk, and ordcr Of the Boa S
s Sn Me ABOVE extracts are taken were a. e,'l
ami suhs.r,,. excep; III. ofsina chs ~
~ me Bank Of the amended ehar,er IN sseb b'anee
inc COMMITTEE reports the existenre of ,h sS'i anu
,hv 'aS's connected with the enquiry directed wna
4 Your Committee deem, 4, -,
Win TN, subject, to stats farther ,bss oonheetion
misrch' 1897, the Legislature passed al ~. 'ne 1xd
nshins general regulations for the a. cs'eo-
xdaS ey winch Il was. among Other ,bnss NJ "
vlded shat the real and personal go, s"nss pro-
property. funds aud prudential conessa, business,
onk aud The administration of its AFFAIR." sau
Snue, me direction, management and n, rn,i s Se
@ VI n'ne directors at the principal Rank 80
The RI ~ en o'eneh banl. that the Presideot NJ
w. pA ~ one oil the directors, and the ool,, o..
cipaoe OF being reelected after lour ven. 2 ono
u've service IN the Mother Bank and yha, soasec
reeves compensation for his scivices;n-and i, =
d;,"e, PROVIDED that It shall be the duty Of ,hs
o"ee'ors, ano they arc heteby requested q. CO.,
as once IN three months to ciuse s,r;. 30 o''en
uV,. :" oe made oil the accounts Of the Cashier -
.u,i anu complete settlement thereof; and s,a,.
m.n' ., suen examination and settlement shall Lo
entered on the Journal OF the ptocee,l;og ~ 80. ~
BOARD" that 1t shall be the duty OF hs IA W
directors OF every Bank, in the month of J,rn,,v
ana quarterly thereafter, to transmit To ,hs Es.y'
,ho Wy S'a,e an accurate and just statement of
,he condition OF said Bank a, il esi.,,d ~ IL w
day ofthat month, which statement shsii W VIC n,st
amount OF capital stock actually paid In .na ,h s
value oil the zeal estate belonging 10 an, 800. u
amount OF stock subscribed, il any. and rem,;o;nS
inc Banks, noting specially the amount of de,I,na.
ih exchange, and the premium paid thereon .rd -
SO Dad and doubtful debts; the amount oT .oid -,
SILVER, ana other coin OF the lawful money OF the U.
% on hand; oil money deposited; Of bills on hand
OF solvent Banks incorporated by this S,ate, ard nj.
SO oil those incorporated elsewhere; the rate and a.
mount OF the last dividends Of prof, with the amo,n,
" the surplus or contingent fund OF said bank. birh
the srec,o ,.S DC s'gSed by a, ens, majority Of
cent or Cashier before some magistrates comne,an,
20 administer the same"-thnt on the ostb NJ
1884, the Legislature passed an act iacre Nh.
oanking Capital OF tho Commonw cath and amonc
o'her provisions authorised the President and D,s
rectors oil the Bank Of Va. to increase lie Can;aI
SlouoVO out OF the surplus and CONTINGENT fund
S6So,OOO in addition; Of which lost s,uount IN, Co.
monwealth agreed to subscribe TO- and hold one mo-
iety, but expressly requiring that If the RANK IN.
capital stock OF which was thereby authorised 70 h.
increased should accept the provision of this ,c, Ia;
creasins It's capital stock, the charters of said hanks
should be extended until the first day of Anil ISsi
eeptng particular section of a PRIOR oct referring
TO the bank and except much Of the cbarter :,
might be contrary 10 the act OF ped March inst now
referred to-and was further declared that the said
bank should be subject in all respects and as f,lv
and completely rs If the same were reenac,cd TO ali
The regulations aud restrictions provided for in said
act OF 22d March being the ac, estabishing general
regulations Tor the incorporation of banks" That
IN May 1889, the stockholders agreed to accent The
advantages promised by the act OF 25th March up-
on the terms indicated, and in June following .;gn
NED their assent TO the Executive. Your COMMITTEE
therefore iee bound to report that no considerable
deialcatons could have occurred had tho Cashier
performed the duties enioined upon him, or Com.
tn'ttte OF the board duly performed the duties ofn-
| spection required of them.
This large defalcat on your committee belieyo
could not have occurred, had the provisions in force
PRIOR TO tie acceptance in 1889 of the bene FL pro
vided by the act OF 25lh March, 1897 together with
the obligations enjoined by the act of 22d of samn
monitor the provisions OF the last mentioned act
been duly complied with by those whose duties were
| therein Indicated.
Another fact ought perhaps, to be stated before
endinS with this head of enquiry-vz: that no by
Jaws except those already referred 10 were adopted
by the Bank after The acceptance Of the new charter
u July last, several months after the discovery of
the deinlcaton, though the Directory possessed The
power TO establish the under the said INV and
| no new bond 10 secure the bank was enforced from
the late Cashier though appears that afier the ac-
ceptlnce OF ,hecharer referred TO- il was r, commend
cd by the principal bank the branches 10 reopi,e
new bonds from their ohcer,-and il also appears
oy reference to the act Of ped OF March, that tho
the Cashier held his Office only during the Measure
| OF the Board of Directors and being verbally re-
ques,ed, declined giving bonds and still he was
retained in office and continued TO act as Cashier M
| July 1910. Y
81. To the interrogatory VIVA, were the reasons
connected with the removal Of Anthony Robinson.
IT,, from the office of cashier Of the Bank OF Virgil.
MA, which did not equally apply TO John Broeken-
oroush President OF the institution. and what they
were ! Your committee feels jusuf.d in stating,
mat while there seems TO exist some doubt whether
the late Cashier would have been removed after the
discovery of the defalcation had that def,lc,,ion
eIone existed-yet itnppears TO have been supno,.
ca that 10 continue him IN Office was inconsistent
with the interest Of the stockholders because of A
suesstlng prejudice against him among the dealers
AZ the Bank and other officers Of the Bank, and
] 'he ophlon, perhaps generally entertaineh ihas
| tne Cashier was not fully competent TO dis
charge the appropriate duties Of Cashier-In refer-
ence 70 me PRESIDENT like opinions were not enter,
famed and Is probable that the fct that no other
capable person was At the time thought of AZ PFC
Adeni and The belief IN addition, that ofthe Cashier
was reaned other of the subordina Office r. Of ihs
! pahS whose services were deemed important
would not agree To continue in the Bunk hal ,,ncL
weight 10 deciding the question against the Cash
md IN favor Of the President. In reference r.,
TO the imputed neggence, there exists this differ.
encs, that the particular duties required of the Cash
Ter were of more spec nc character than those hioh
should have been performed by tbs President.
whose duty in reference to the whole suhieet va
general supervision, tho he was moreover nrra;dl
ing officer at the board Of Directors (o toho himself
was one and ofwhom, j. G. the Dire ctors- prime psl
neglect seems 10 have been failure periodical 10
inspect the vaults, enjpned above, the eof,Soa.
ment OF attention TO which the committee believes
particularly pcrtained to the Pre-, ideni.--and To-
gelher with requiring punc;usl an1 aeeura.e dis
cnnTge OF their separate duties were especalIv in
cumbont upon the Pre- ,den'. Tho Committee no.
lieve the negligence of either officer enough 10 ro
quIrc his removal, but they desire no, 10 DC mis-.
UNDERSTOOD as ca,,..g ut,.-, ,-o'"h "n either
U"'cer, and feel convinced That none eogn;z,n, r.
vac 'ae'S OF the hto dedication can Justly i'm
Pu'e 10 either any other eensure than pertains n a
In's'lon--iHure to perform as thoy ueht. the du
tes enIoined upon them respectively and on tba
due performance Of which the Stockholders relioJ
confidently, 'e"oo
In reply to the enquiry "who,her the interest of
the State docs not requifchat sid President shall
not DC reelected. y Your Committee answers thai
bcing convinced that the late dcfacation could moi
nave occurred, and that Il any defalcaton had oc-
CURED Il must have been comparatively triaing had
the Cashier performed his duty, or The bospJ oS
directors theirs, the President his appropri,te d,
ties as preidng officer OF the Board and as gensr.t
supervisor ard that II was particularly incumbent
upon him r. gu'arly at the proper time, 10 have re-
CURED an Inspection ofthe vault and 10 require Of the
subordinate officers Of the Bank n punctusl and
accurate dichargc heirdues, that the loss TO no
NockhOlders chiefly consequent upon neglect has
been more than ha'fa million Of dollars your com.
nltlee cahrot recommend the re-appoinmcnt Of the
President.
IL proper 10 add further that had the directors.
eaeh OF whom had right nj the board 10 suggest
me proptety Of inspecting the vaults performed this
GUY iis highly probable, in tho opinion of he COM
Int'ee, That tho loss conld not have occurred. In