Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-26

l Indrg OF y 49,
s..h,. he equally an interference vita Inc r1'te..t
J,,;.s oftae GarernoTs Do iaey mol o,fee' n' =, -.
| md i, which he should execute a." WI 1"..,
.uorn 10 see faithfully e1ccntec: 10 nv ,.h
| I,,io,s sees 10 lake from han that rec f. -
| s,s zach 70 each department OF 'osef"a's'' 'V
! ,,o lre execution Of their respective i"nSae'' 49,
-. the responsibility or TINS House = '''st
,a % dopb, either tie WI! ngness or me ~a'a'.s -
II. Executive 10 discharge coiiec,'Te.y ara
~ go, conferred upon him hy Law. b&. ). Is sAi
advocates Of the resolutions they SirF'r f'a'4t'
',a.st to the Governor not 10 appoint lh",''"".'s
fvo-,b,e TO the reelection Of Or. Jno b;cc
and that the Governor val n; b. coaifo.!eu :: 20.
Surely the resolution IS GtS'gneo 10 o."'''' '',
and Of course IS liable 10 the objections 'a,t s-'
above If. however, they are not cesigneo 20 eoa
troll him. then submit whether I. IS mol oeies' 'is
DIGNITY Of this BODY even 20 entertain then y Is si1
,h, the Governor has called attention 10 hs Suo
iect and invited action. deny the lac. ',l. nc
ia. vi.ed our action proposed BY tnis
II i true he ha. called attention 10 Tue oi
the ,rrnose Of inviting legislation upon Inc saoecl o.
Banks But Geny that he has asked Us 10 a'd OF e"un
sci him in the discharge Of has cI.ies MOI Si pre-
,a-eJ 10 admit that the Chief Magistrate OF lhs So
monweah even ifhe were osPosso - 10y .. ;r tu'
Of the LEGISLATURE al OF the powers vested IN nun
ehe, nv The Constitution or BY the law, could dves
the Executive OF any power CT any one responsoi-
l;,v attached TO the oIice. Ny friend from kappahan'
mock has argued that the power Q; appointing ,ae D'-
recors on the part othe State, not vested IN tile Exc
cnve bv the Constitution, but is power conferred by
the hank charter: That IL IS not one OF the Executive
specified in the CoRStstntton and as Inc power
was conferred by the lau II may be reserved oy 'ne
same hand tina, conferred the power. shall presently
endeayor 10 show that the power that was conferred
ON the Executive to appoint these Directors, oeing
mart of the charter granted 10 the Bank OF 'iTSiha
by The Legislature odnnot be reSred D any proceed
nys unless by act Of Assembly passed Tor tai puF
nosa - il specially provided in the bank Chatter
The clause to which refer is in these words: FRO
yded that i. shall be lawful for the General Assembly,
a, ans time hereafter provide by law Tor the appoint
raent Of FIVE directors Of the principal BANK ana ionf
at the branches, 10 be made b. the tIeeatfe OF ''e
Scts or in all otter manners, the Legislature may
prescribe The House will perceive then, that whilst
The power is given 10 the Legislature 10 pass an ac'
providing for the appointment q: these directors IN
anv other manner the Legislature may prescribe, yet
until an Of assembly IS passed as Preser'aed ey
the clause Of the charter just quoted, the power OF APP
pointing these Directors is vested IN the Governor Of
the Common we aih and should not be thus indirectly
nerftred ,eiih Now if there any proposition be-
fore the House TO pass an act of Assembly, divesng
the Executive Of this power then the argument Oh my
friend from Rappahannock, nigh, be applicable Bot
in the proceeding in which are engaged, there is
an attempt TO controul the Executive IN the execution
OF power which he dearly has by law, and sure.
~ no argument be urged IN favour OF that attep',
rom the mere fact that we have the p0rer 10 pass
!a1 tchtch iQr have not passed. Gentlemen are
perfectly aware that the clause OF the act TO which
have referred cannot avail them III the present ener-
gency because FIVE Of the Directors having been ap.
pointed by The Stockholders, act of Assembly could
reach them so as to give the State the majority IN the
presep: Board of Directors 1t IS therefore that ts IN
reference with the execution Of the existing las IS al
tempted.
come now TO view this question, as il affects The
rights Of the Stockholders in tins institution no Psn
cpe he believed wss more universally recognized By
the judicial tribunals Of this country, than that eli
charters granted By the Legislature arc contTacts-
contracts between The Legislature as the representative
OF the people the hand and the individuals VII"
subscribe for the stock such corporations on Tue
ether and that law can be passed altering or ab!lcg
ing the terms OF such charters or contracts Now, an
individual before lie became party - this charter.
by subscribing for this stock in the institution would
have examined the terms Of that charter, and lie
would then have found that the institution was 10
be under the control Of nine Directors, five 10 be cho
sen by the Stockhodcrs, and four by the Efecure Of
The State Now he should consider tue mode o! APP
pointment of the officers of such institution 10 be
and essential part Of this charter or contract
The Stockholders clearly have the right 10 insist on
the appointment of these Directors according to the
terms Of the Charter-they have the right TO insist
the appointment Of these Directors, urinfEenced and
uncontrolled b. the action Of The Legislature. Now,
what is the effect Of these resolutions but 10 transfer
the aopointnen,s from the Executive 70 tie Legsla
ture Is this substantial compliance with the terms
of the charter to which you are party: i not at
least a violation of the spirit OF the dgrctmenL Might
not the individual stockholders have preferred that the
appointment of the officers should be made By the
Executive of this State, who from the h.gh charac-
ter with which we are to suppose him to be endowed
from the experience and ability which are to sup
pose TO belong the Chief Magistrate al tins Com
IN ath-than by the numerous body OF WINCH this
Legislature is composed made up Of individuals n'ne-
tenths oi whom are entirely unskilled in the manage
ment OF srch Institutions 1t is evident then, the ap
poin,went Of those Directors By the Executive was an
essential part If the contract, and Notwithstanding the
agreement on your part, you are now seeking hevaGe
HI fn6l md
the proceedings violating the spirit oi the agreement
The gentleman from lyle. has ccnsnTcd IN very strong
terms the conduct of the stockholders, IN proceed
ing elect the FIVE Directors, and amongst them the
Presiden, Of the Bank, as they were authorized By
the charler TO do lie could earthly ground Ter
complaint from any one. The stockholders By the law
had the right Of choosing five Of the Directors and the
State fourThey proceeded MS they had right-clect
ed the five they had right to elect Now SO TAR from
their deserving ccnsure for not waiting the action Of
this body he thought they would by contrary course
BY fobearng exercise their undoubted rights. have
behaved rather suppants for legislative favor rather
as asking legislative clemency than as men conscious OF
their rights and daring TO MAINTAIN them Bat there IS
one view 10 which Will beg leave particularly 10 ask
Ike attention Of the House: The FIVE Directors hare
Leen elected IN the stockhoidrs it is impossible that
can do than to defeat the election Of Dr. b. What,
them is the Inevitable consequence either that there
should not be any election Of the Presdcnt That the
five Directors elected by the stockholders s!ionld yield
TO the four appointed By the State. Does II corport
with the guardian character which The State should cx
ercsc towards all Of its citizens and al Of its ns-
tutons, that sho.,d thus Acquire Tor smaller
interest in the institution the control their larger
interest Now effect or the other IS inevitable,
either that stop the operations of the institution,
that we force the five Directors appointed by the stock
holders TO vote for President selected By the four
Directors appointed by the State. Now the State BY
the charter has the appointment of number Of Direct
ors much larger than her proportion Of the stock which
she holds. But il that not satisfied with the
power which we reserved in the charter, but must
endeavo- 10 get the entire control. II was argued by
the gentleman from Rapaphannock that the Legislature
was the guardian Of the interest Of the State and had
of course the power TO interfere. deny that the L.
eislntu.e can absolve itself from her engagements
whether be the guardian OF the public interest in this
Bank not. The State, in this instance has guar
dian Of her interest in the Executive of The Stale, and
in the Directors appointed by him But il is asked by
the gentleman from Tyler whether, this House had
The risa. to order investigation they had not the
power net that investigation? The question
thea recufs, in what way are we to act: Was there