Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-14

TIE Representatives. oil the people, SHOULD, th'ouh
Committee and the House acting upon The result OF he
Investigations and elaboration, have power 10 checR
downward course and eectualy guard the interests OF
the people: For his part, he had no doubt was
both the spirit and the meaning Of the act OF 1901. ne
wourd now enter into an stigato OF tie conduct OF
the President OF the Bank.
He had come there for the purpose oil exercising
his private synpathics but of discarging his duty to
the People ofthe Commonwealth. His private feelings
and private sypaies not TO be exercised at the
expense of the People of the Stale. However dIsposeo
his own feelings might lead him be, hug Dr. Brock.
enbrough in his arms, it not his duty TO DO so, II
the State appeared TO him to call for his removal lie
was sent there to perform public Duty TO dscnaFge
sacred rust-and he forgetiul OF his consttu
ents forget that trust, and in opposition 10 their
interests, to employ the power with winch they mao
clothed him, to ward off from Dr. peterborough the
censure proposed by the resolution tie did not mean
to trust TO his opinions; he meant that lie fcopie
should know the true state OF the question involved,
not from partizans, from the enemies Of Dr DrocKen
5rough but from the admissions o. himself and trends
and This evidence SO furnished to the country would he
would contend, be found amply sufficient to convict
that officer of gross negligence. lie would ask the at
,enion of the House 10 the following portion OF the re-
port of the Bank Commissioners appointed last sum-
mer by the Executive:
ain answer to the enquiry which directed TO
make whether any OF the bylaws of the Bank, or OF
the general laws regulating banks, have been violated
or neglected we have to report that have not dis
covered any such violation, neglect, deserving no
tice except in the following particulars, which have
reference to the 9TH bylaw adopted in lS01, the 18th
and I4th regulations for the internal government OF the
Bank, adopted in 1888, and certain resolutions Of the
board of the 9th February, 1885, copies OF winch are
| herewith returned.
"Jhc 9Th bylaw requires that Committee al the
Board consisting of at least three members, elected
monthly b. ballot, shall visit the vaults in which the cash
and other effects deposited, at least once IN every
month, and make inventory Of the same, to be CON-
pared with the books, in order to ascertain whether
they perfectly agree herewith
ssThis by law appears to have been strictly
regarded. Down to the year 1916 committees were
appointed under it, varying number from 10 SIX,
and generally three each year. In lSl7 and Isis
there was no committee From that time 10 1850,
committees were appointed varying from one to three
Zach year. Since that time committee has been IA
nualiy appointed, and The last examination oil the
yacls, preceding the flight Of the first teller,
made the 18th January, 1889. In practice, for
many years past the examination 81 the wants seems
20 have been always nearly con,cnporaneous with the
destruction d. notes selected unfit for circulation,
md therefore cancelled. There an obvious con-
in this arrangement, and the two processes
CURING little tine and aboIr, each was postponed
until both could be performed.
sin respect The 18th and 18th regulations, and the
resolutions of February 9Th, 1880, have asceralnod
no facts worthy opinion, 10 be reported, excep,
snch relate the amount of money placed or per-
United from time to time To rcmnn, in the hands oil
The first teller. Upon tins subject enquiries have
been carried back beyond the year i>.S the re-
ports ofe vault committees prior to that year net be-
ng entered on the minutes BY the reports OF that
and the subsequent years, all Of which entered
pe frd that Al the examinations Of the vaults from
l-26 10 leo the money III the teiers hands varied
from about SOC 600 10 less than 100000; from 1880 10
ls'6, inclusive, it in instance much exceeded
SlO0, goo; in 1857 il exceeded SS0o,oGO in 1855, ST.,
200 0GG; in January, 1889, 5 HnG; and al the time Of
nabneys fight the elise Of u April, $50, there
should have been in his hands 81 500 30
The House would see, from the extrac; just read,
that b. the eth by law adopted i'll S5i the President
and Directors Of the Bank required to appoint by
ballot committee Of three members, whose duty ii
was to examine all the of the Bank al least
once a month How had that duty been performed
Why, il appeared that, for two years, committee
had been appointed, and that when committee was
appointed, they very rarely performed their duty
WAS this neglect Of duty the part OF the Prcsi
dent: Had that law been acted upon it ought 10
nave BEEN the late dealcaion would have been render
ed impossible. Undsr the charter, too committee to
inspect ordered TO he appointed every three months
THIS had also been neglected The teller TO have
in his hands only sufficient capital for the daily con-
SUMPTION vet the President had allowed him II have
pwards CT million Of dollars time in his hands.
Had the President then performed his duties in any
one of these particulars Was this general superln
tendence Of all the affairs Of The Bank and OF all the
officers: The President the only Director who re-
ceived salary-he presided Al The Board, and pre-
sunied TO know much more than the other members,
who received pay, met but occasionally and would,
of course, look up 70 HIM and be guided by his udg
ment. 1t appeared on the face of the report, that If lie
had performed his duties that dedication could never
have occurred. He relied upon the evidence furnish.
ed by the President himself and his friends ar
gument irresistible against the re-appointment o! that
office. He would ask the attention of the House TO
the following extracts from the amendment 10 the re-
port presented By the gentleman from Richmond city
"No sufficient apology however, had been offered by
that officer for suffering the Cashier 10 allow Dabncy 10
keep for months and years together the large amount
of funds daily shown by his settlements 10 be in his
hands. On the contrary, the committee deem it TO have
been grave neglect Of duty his part not 10 have
required the instant correction of SO loose and hazard
Gus state of things, and to have invoked, if neces
sary TO that end, the authority of the Board Of Drec
tors
"Another means by which the president and direct
ors might have detected the dedication before, at least,
had proceeded very far by count of the moneys
Of the bank once month, directed by tie seventh
bylaw IL is doubtful whether this bylaw was ever
strictly observed. Ii is certain has been but partially
pursued for long series Of years. and for the last ten
years the settled practice to have been 10 make
the count but once year. Your committee can see,
however, little, f any, extcnna;ion OF the negectal
any time of this requirement afforded by previous I'M
authorized Practice and the president, not only as
member Of the board Of directors, but as the chief e1-
ecu,ive officer of the bank, ought in the opinion of the
committee mainly to fall the blame Of the omission
From this testimony from his friends, they saw that
the President had totally neglected his dutythat he
had never enforced any by-laws,-that he had
nege ted and set at nought the solemn requirements
of the charter In consequence of this neglect ofduy
the dedication had occurred, dcfalcaiion which
might have been prevented had he thought proper
obey The plain and positive requirements ofhim Ii
rne that the Bank had sustained the loss;-t true
that the law had been neglected, and it true thai
had the law not been neglected. the loss might have
been prevented; yet, although all these things
true, and no could deny them, yet they were
old forsooth that the interests of the State required
HE reappointment Of The President This was the
stranscst reasoning he had heard in his life, for
tantamount 10 declaring that the interest of
the State lose their capital Surprising The Bank in
stead of losing 100000, had lost $2,o0o,000 by
mar neglect, would members have held the same
! opinions then now' Surprising the President
re.arpoin,cd, and that during the summer another
hall million disappears, would his friends hold the
saiue language in that they did now-al-
though would they not be compelled at the next
v L. t,n Inv, linn