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

terests were embarked, and OF course import
art to them, that lhcy should DO competent and
skiliui, and that they should be selected with re-
f'rence to their qualifications alone without regard
| to any ex,rafeous consideration or Circumstance
Whatsoever. By the provisions Of this law, !,
| was seen that the appointment OF these iour
Directors was conhded to the Exccutive-and
| the stockholders may well have been willing
TO accept tho provisions OF this with this ap.
pointing power thus bestowed, while they would
have been very unwilling to accept them IL It had
been coLhded TO incompetent hands, or even had
been reserved to be exercised by political body,
constituted like the Legislature. Could gentlemen
know that tho stockholders would have accepted
them, IL the appointment of these four directors had
been reserved to be made by vote OF that body, or
II they could have orcseen, that although the APP
pointing power had been conhded solely and exelu'
svely to the Executive, ye, that the Legislature
could or would, at any time, bring It's influence to
bear upon that functonary in the discharge of that
duty, and dictate to him what manner OF men he
should appoint MIR. Lee thought there were sew
eral obvious reasons why the stockholders may
have been willing to accept the provisions Of the
act with the power Of appointing the four State di-
rectots conferred upon the Chief Magistrate OF the
Commouw cath, to be exercised according to his
own unbiased Judgment aud discretion, with the
advice Of the Council Of State, while they might not
had this power been reserved TO be made by the
Legislature directly indirectly, according to its
will and dicaton; but MIR. Lee would not delain the
house by dwelling upon them.
| IL was true, Mr. Lee said, that gentlemen had
| argued this question rs If the power OF the Legs-
lature were extremely ample and comprehensive.
Their argument came directly up TO the track and
appeared to assume as general proposition that
| the power which made can also unmake; that
the hands Of ono Legislature were not to be
| bound by those of preceding one and that rights
| conferred by act Of law, were yet liable TO be
taken away by subsequent act: in short, that the
! doctrine of what is known rs vested rights, was
| iaLcious and unfounded. From this piopos ition
Mr. Lecwholly dissen,ed, and he must deem any
argument unsound which required that this should
be predicated Tor its support, or which egitimacy
followed out, led to this result. And here MIR Lee
said he would beg leave bri, Ay notice an argu.
ment or rather an appeal of the gentleman from
| Tyler (Nlr Stephenson,) TO the fears OF members
on that floor. The threat made by that gentleman n,
| the raw head and bloody bones held up ia ferrorem
| OF n removal OF the Capitol from Richmond, be-
cause OF the undue and improper influence eSerted
in the deliberations OF that body by the inhabta nts
| OF that devoted city. MIR Lee regretted that this
argument rather menace had been used by his
| friend from Tyler, uron that occasion. He sure
1t escaped him in the heat OF debate and that il would
not receive the appreciation of his dispassionatc
judgment. Time was when 1t might have produced
some sensation in that body and almost frightened
members from their proprety; but that day had
long since gone by. IL had lost all potency either
for good for evil. frequency Of use had disarm-
cd 1t oi all its terrors, and what once may have
cited dread. now only provoked smile. And as TO
the undue and improper influence OF tho citizens of
| Richmond IN the deliberations Of that body, which
seemed TO haunt the imagination at the gentleman
from Tyler, Mr. Lee utterly disbelieved IN its exist
ence. he though. 1t mere phantom fitting across
| the brain of gentlemen, but which vanished into
thin air, whenever they would bring their reason and
! Judgment 10 bear upon il. Mr. l.. had had no great
experience as member of that BODY but during the
time he had held scat upon that floor although he
had frequently heard alluson TO II, he had been I'M
able 10 appreciate lis force, detect its exist
ence; and lie verify believed that more had been
effected in that body by illusions 10 the supposed
existence oi such improper influence, and dispo-
siIion TO thwart It's operation than whatever infiu-
ence the citz Ms Of Richmond did possess, ever had
been able TO accomplish. Mr. l.. believed, indeed
that Richmond did possess certain degree OF inilu-
ence with tie members OF that body but it was thai
| ard that only, he conceived. which generous and
refined hospitality would exert upon the minds
of gentemon; and he felt assured that the member
of that body would ogtce with him, that such an
influence as that could rether be baleful and ma
licn, ror undue and improper
With regard 10 this doctrine of the easy revoca-
ton of rights and powers conferred by act of As
semby, according TO the good will and pleasure OF
the Leg Stature and at It's sound discretion, and also
this thu eatened measure of removal of the CAPITOL
from Richmond, MIR L. would make one remark en-
passani, as TO both. He would express his surprise
at the quarter from which they had cmanated.-
I Formerly, that doctrine was REGARDED as n LOCO
Foco heIesy, the offspring Of thorough paced Radi-
calism; and this measure Of removing the Capitol
as the ebul!ition OF Loco Foco rage. But
\ TemPoTa mutan'ur muiamur in ills;
ard what bad been formerly repudated as a Demo
, cratic heresy, seems now 10 have become sounC
Wing doctrine; ard measure heretofore condemn.
ed the ouipouring of Democratic bile, appear.
now TO c; the apprObliIon OF the gentleman from
Tyler, who Ia few sympathes with that school.
MIR. Les SAID, that the objections which he had
been considering To the proposed action of the House
were with him insuperabe and conclusive; hut in III,
uTrnE, ats sDsa0IlIn. tai body should differ with
or should think they might be overcome Mr. WOMB
beg leave TO pass TO She nderF OF the
Itself, Inc circumstances attending IT, and the qua NJ
tum end extent of DR.. BIS responsibility therefor
and this ne would eodeavor 10 treat briefly as the
subject would permit, partly because he had alrea
dy occupied more OF the time of the House than n,
had at hrst intended. and parity because that branch
OF the case had been already very ably discuss ed bv
| gentlemen who had preceded him on the same side
And here Mr. Lee begged leave 10 say, that he
vas very lar from thinking that the Pres III, nj of The
Bank was not justly obnoxious 10 eehs.re il. refe-
renee 10 this dedication; the contrary from the
evidence which had been exhibited he believed thai
he had been guilty. Of grave neglect and serious ois
sion OF cuiy he had trusted Loo much and too deep.
ly IN an individual, who suddenly, TO the asionish-
ment and amHzemeBt of this whole oommunitv
proved that he was utterly unworthy Of the conf
dence repos IN hun -iorgetful that eternal yo-
lance vas the price OF safety well in the condnct
OF Banking institution as OF political aifaTs But
for his sins O omission land they were of no eener
dye,) though pOurtrayei ia the strongest coors tb,t
could be employed, there were many e1ienuating
circumstances To lie acknowledgements
which, II they did not wholly excuse the negligence
OF which be had been gui'ty, yet wen; very Iar TO
explain nnt account for its occurrence and ought
IN the opinion Of MIR. H., certainly to exempt him
from the very severe, he had almost said, c. pital,
punishment proposed 10 be inflicted.
Mr.. Lee thought Il teemed 10 he generally conce.
dsd that this deia'caion might have been detected
ara arrested m eiiher of two ways either by rar.
sonal examination Of The account Of Green & Mer
rl, 10 its earliest stages ~ STRICT conformity to
the regulation Of the Bank, which required ausr,er.
ly examinations 90 he made Of the contents OF the
yauIts and gentlemen had argued that the President
had beea wholly remlss and grossly negge II in
falling 10 detect tne uedl-eton through personal
examination Of this acc luni, well a. oni,tng 10
cause the quarterly examination OF the vaults TO e
regularly and rigidly made. But while Mir. t. did
not deny that there had been neglect of duty. ms
we'll on the part Of the Brosj,n, rs of the other Di-
rectOrs, IN emitting theie quf Gisfiy examinations
he did wholly dissent from the opinion OF those
who linined that the president was culpable for
failing 10 maEe that psrionnl examination Cf the nc
count of Merrill md Green, which would have led
20 the DETECTION OF this deinlcatiOn. lie conceived
that those dules. tie punctual observance orwhich
would have prevented the Oyefeheck king OF tic pri.
yate accounts Of dealers, or speedily deteaied il
when II did happen 10 occur, constituted a part ri
those detais in the internal management Of its ~.
fairs. which DID mol and could not properly fall
within the range and routine Of the ordinary duties
oi the president Of on extensive banking institution
IKE that q tie Bank of Virgins. They devolyed
upon other officers md not UPON the Ore sIdent who