Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-16
and 10 punish Them for negligence malpractice IN

and 10 punish them for negligence or malpractice III
ONCE.
a,c. ,. number of directors, Liza. ii is aristocahc 10
take power FROM a large and bestow 1t on smaller
number and tina, the proposition TO increase the com
nanea,ion il utirepubiicGn in its tendency These
affections sound oly in theory, and strictly cor
rec, in prac,ce But The mistake, the entire mistake
consists in their application 10 the present case nc
ever heard OF seeking the appointment OF oahh
director either from patriotic motives or tor the dsHhc
,iop II con,ers On the contrary, the accounts oil ma
nv of the directors from 1884 10 1887 prove that they
were under the influence Of much more powerful mo
live than the love of country or the love OF tame
And even if il were otherwise it may be safely athrm
ed that no greater more fatal error mas oeeh or cai
he committed, in regard to the management oil TN
banks, than that they ought 10 be conducted Oh VIVA
are usually termed popular principles Inc once
hank director certainly would be- Of all Others the mos
desirable if the capital Of the bank was increased BY
being constantly used, and every man could be sup
nlied with whatever amount his necessities required
whether he wac able TO pay it or not But TINS not De
ing the case the capital being borrowed, no man
to be permitted 10 borrow unless he be able ana WINS
TO nav Equally deusve and ruinous TO the o a;no
will be found the fanciful expectation OF mult;
compc,ent talents manage the laborious s,esdu
farous concerns of banking institution, wihon,
lcnsyely embarrassed ably and successsad, =. ,,sne
adequate compe nsation 1t may be reIv,te fa;r liza,
raj rule both regard TO public ann notnp fall most
those VINO are WILING w of hard bargains This
usually, under the denop'na refer 10 Offices which
remark does not, of cour,, .,;aL o.a dn,h,lass
confer great political dis oas 90, =, m en,re sacri
sought, in many in IKE necnnisrr emolument from
nee Of every .";e and the more ennobling feeling
love oil honest But so far as banks concern
OF palto.;se furnishes ample testimony TO the iac''
60, eaPe. present embarrassed condition Is owing
A. firm
gr.ere, who accepted the situations WITHOUT any
Glued compensation sufficient TO compensate man
IL ordinary capacity, with the hSed determination 10
compensate themselves Volunteers certainly answer
admirably in some departments oil service out eHpel'
ence has amply proved, that they not always The
cpnropriae corps from which to select bank directors
The most fatal tendency of the present course pursued
both in legislation and the management OF the banks,
is, that it will inevitably place them under The control
of their debtors Let this state OF things be once ac-
comnshed and il requires participation IN the spi.
ri, Of prophecy to oretr that The best directed legsa-
ton afterwards will be Of no avail
"Transaciing large portion Of their business on long
time has also been prolific source OF EVIL to thr
banks and ONE the effect Of which, they cannot much
lonoer withstand 1t is therefore, respectfully sug
pe.ed, that the banks be prohibited from discountng
INV nromssory note having than four months 10
run. and not TO be renewed in any case; and from
purchasing any bill of exchange having more than SIX
months secured by two good endorsers, and drawn
IF the ball. nr actual funds at the pnlnt where the bill
IN ba paid The present amount ofcIrcuiaon, which
is ebo.t spven Millions is believed to he entirely ade-
ouate 10 the sound business wants ct the country and
ough, not 10 be increased 1t particularly recommend
ed 10 enlarge the discretionary powers OF the drec-
tors regard TO The security and collection OF oebts
and 10 enable each bank to appoint marshal, with the
same powers in all in which the bank is plaintiff,
as are now exercised by the sher Of the respective
counties throughout the State. The salary OF the
bank attorneys entirely too low, and ought to he IN
creased By law left TO the board OF directors within
reasonable limit, beyond which they should not go.
81 also consider il my duty, though admit il is an
I'm unpleasant one to recommend that the banks be
eved at least for The present, from deiayng The eS-
penses Of The State Government. II rs maaim that
Ia tax and please any than 10 love, and be wise
is n difficult matter But it is also true, that taxa
ton in some form or other indispensable the sup
por, of Government; and my reflections long since
led me 10 conclude that if The amount was kept down
to The aclnal wants Of the Government, The more di
recly it was paid the better The people are then con
sanlly sensible Of the amount Of the contribution ex
acted from them for the support of government: and
thew take care that they exceed the amount alb
soIutely necessary for it's support, administered on
the most economical scale. Whatever may be the
correctness Of this view, have sufficient confidence
in the patriotism and magnanmty The people OF Ala
bama exhibited on so many occasions, to believe ina
they will submit cheernly TO the payment Of suih
cient amount TO defray the expenses Of the State Go
yernment; more especially when, by doing so, the.
will avert evils Of greater magnitude. Indeed, tee
fully satisfied, that the people will not, for moment
r-or thor high claims n'n''ry Ivy Loo y
ing oil the banks 10 defray the expenses Of the Stat
Government, when those institutions are not in stu
aticn to redeem their notes. 1t were superiuou
TO remind the General Assembly, that taxation is, o
all Others the most delicate operation OF free 60
yernment and that in amount it ought to be kept dowI
TO an economical standard and be so regulated as L
operate with as much equality as is attanabe in hu
man affairs.
"Tle aw setting apart $500 eco annually, in aid o
the valueess sixteenth sections operates most MUM
ousy on the interests and business of the banks,
ought TO be repealed. 1t is admitted that the appro
pration of this is directed 10 most commendable
and desirable object and if the banks in the iul
tide of operation, should not advocate TIM
withdrawal Of this appropriation, from an object dea
to every patriot, and deeply interesting II udicously
applied, to part the rising generation But TO b.
just before We are generous, IS maxim mat NOUS a
good in POLITICAL in moral legal, ethics; and II
the present condition Of The banks, it is departure
from the straight pathway Of common honesty, which
is always the best policy, to require them to perform
! acts os individual accommodation or public munih
cence.
1.-THE various laws now in force for the relief o
bank Debtors believed to have been sautary IN thei
operation, and while they continue to be properly ap
piled and enforced, need no alteration.
at is not improbable that some Of the views have
submitted may appear unreasonable, and that some 0
the have recommended may seem to be hars!
and rigorous. They have been reluctantly extoret
from me By the condition of the banks, and deeI
sense Of the high and solemn obligations Of official du
ty And, permit 10 add, in conclusion on this sub
ect, that if the Legislature, in their WISDOM shonls
be able to devise any other plan, more likely 10 efiec
luate The objects which feel satisfied we have alike
in yew it will receive my coria! sanction and appro
hation lmpelled by constant desire to preserve TIT
fai!h and credit Of the State unmpared; have NOR
than once recommended the proprety Of providing !
permanent and efficient sinking fund for the redemp
linn Of our State bonds and The egtingushment OF gu
public debit and avail myself OF the present occasion
express the hope, that the Legislature will keep TIM
object steadily in view
1T is impossible banking system, with
out being admonlshed that il based borrowed ca
ptal and that the faith and credit Of the State are SO
IemnIy pledged for the payment o: That capital AM
Alabama il 10 herself 10 her past history, ever
period Of which is sgnazed BY devotion to sound prn
ciples; she 10 her future fame and to The grea
and good TO whom she is indebted for the rich in
heri,ance of written Constitution, 10 pursue such
course will enable her al all times 10 redeem tn
obligations of her pghted faith with scrupu!ous hide
lily