Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-10-25


Book Store of C. Hall, Esq for the signature OF suc'
persons who consider their State and Bank o'ocS
ioopardi=,G from the present mode OF appointing u
Fl rrcicrs Of cur Banking Institutions, and the grea
urouson Of expense in their administration, combine
with ,,e rapid destructive lodgmen made on lie n
n,nces or The State BY the James River and kanawh
COMPANY who commenced their operations hy The un
,a,allecd act Of oppression in the forcibie SEIZURE
half million of Bank funds, through the CO ac';v
vote of the State Treasurer, which 00O0 every DIS
interested person will discover TO be 'fre'reYaoy SUNK
I'm their visionary scheme of uniting the James rive
Win the Obio-a distance of four hundred and sixty
Eve msso on examining the two verbose report
of that Company 10 the Board OF Public WORK:
IN December, 1888, and October, lcll-and VII
contrast the progress made in the SAID WORK, WIZ
The amount dsbursed, and how expended they will
find that nearly their whole funds have been squandef
ed in partially changing the old river route 10 ne'
one on its margin, between The cities OF h'chmono am
ynchburc although universally admitted, that the lot
mer one answered all the purposes oil safe aho chea
conveyance, nor have heard single person nc
ouan.d with lis localities assert, that this new rout
roud in any way increase the amount OF produce Ior
me,ly brought to the Richmond depot. Amongst othe
items of protusion the examiner will find IN the nen
;mDroreuenl disbursement account 2o0,2Oo "a have
been expended in the engineer department alone, be
sides very large consumed by multitude OF sala
ried officers Then glance over "Crozes map oil Inter
nal Improvement OF Virginia., when We are per
suoded the most scepca will be convinced oil Tie Ut
er
reach The Ohio and from the very nature OF their pro
eced construction, even completed, VIII at once
see the impossiby of their contributing, IN any man
ner to the prosperity advantage of the State, or IN
any event. yer being in condition to repay The con
r;butors 10 the work single dollar; which rreiragabIt
facts are established from the total future vi simila
works in other States far eligible positions
Nevertheless, the said reports give fearful forebodings
/ that the funds Of the Company may be found exhausted
on finishing the canal 10 Lynchburg which no doubt
Anra N
the Legislature new projects will be started, with re-
ne wed ZEAL to increase the debt and taxes OF TIE state
to continue in employment their crowds OF salariet
. oflcers-a proportion OF whose wages, out oil the
State revenue, we cannot avoid from being sadd!ec
with Not having been able to procure copy o.
|, The Cumpany's report for 1910, the Memoralist:
are ignorant Of the conditions or motives for The
State becoming their security on one and halt NIL
lions of their bonds; is it material, as we ure
satisfied the same will be found dead loss; also lis all
nua interest permanent charge on the
the very transaction having deprecated the value o
our State Stocks to fifteen per cent, which Aide
vourinr Sa;e connexion, unless arrested and hnallJ
dissolved by the next Legislature, and our Banks eth
GENTLY reformed cannot fail to rulnonsy depreciote,
not to render utterly valueless our State and Bank
Stocks.
II is therefore, confidently expected, that owner:
of such property every section of the State, will see
the ,mperious cessity of either supporting hrougf
their Delegates the ensuing Assembly, the Memoria
arones themselves and in order TO call the subject L
their pravest considerations copy OF our memorial Il
directed 10 be inserted week for four weeks, II
the Norfolk Beacon and Richmond Enquirer, by
i SIGSERs TO THE NORFOLK MEMORIAL.
To The Members of the House Of Delegates Of Virginia
Your Memoriasls, residents OF the Borough VI Nor
folk respectfully beg leave TO represent, 'hat they
are owners Of certificates of Stocks issued by the au
thores of the State and Banking institutions within
l.L:- ~ fromt he 9
Stocks in many cases. their prime pal reliance io
a support.
Your memorialists perceive from documents laid be
fore YOUR honorable body al lis last session, that the
Stale owners OF al ,92o shares 0! Inc saio DnhS
Stocks valued at 1872 GOO dollars and that the enor
nous sum Of 203,373 dollars, is annually expended "
saarcs alone equallng the amount dIsbursed by the
State for the Executive, Judicial, Legislative and vi,
litia departments of its government including 2s,o.'
dollars paid for the guard OF the city OF R'chmond s
said salaries being within n riae of two per cent. OF
the entire Bank capital; whilst some Of them are only
making dividends the rate Of four per cent per ah
num- others not a cent, at the same time are paying
salaries to officers within bundled dollars OF lhat
the Chief Justice Of the u. S.. win gloomy prospects
of much Improvement if reports which are IN crcuia
tion are well founded hlt The income # some Of Msi
Rronc6es hardLp .aJcts TO rtmuneratc tho necessary
e1nenss onJ pay cf their ero,ed Of errs, rhOsc numbers
and sries equal OTHER Banks times their business
nrd capital.
4 This omnous fiscal condition of banking nsii
tu,ions, in which the commonwealth, as we'll as your
memoralisls are deeply interested, yet no olllel
motive than that Of avertDg their own rum, could have
induced them bring the subject before your honorable
body, from the alienation such movements always ere
aes in private friendships afrcted by the charge; bu
the present crisis banking affairs, admits oil M
longer delay in presenting your consideration cera'r
amendments our banking system, which we have lonE
considered Detective and after their investigation o)
your honorable body, doubt you will perceive th
for tboir pntio
future administration of the banks and offices, on saer
more economical and actual responsible footIng whct
great primary objects your memoralists are pracuca
convinced would be eectualy promoted ny placing th
Directors of ell the Banks and offices on iooting
uerf.ct equality, so that the Presidents OF the varou
Banks. and Offices, shall not be eligible for longe
term of service than the other Directors, thereby IN
surng rotation in the presiding otiicers which Prn
cipe Of succession regulates the highest oHaces IN th
Common wealth, and is universally admitted TO be tn
sures check on every species Of malversaton IN ohce
Moreover, your memoralists invariably have founo
permanent President with shifting associates that,
very few years invests that stationary officer his annu
n election being mere matter of form) with an abso
ute controlling influence over the other members oil IN
BOARD who are apt TO consider themselves mere tenn
norary agents. Of transient responsibility. for tn
most part sensible that they owe their appointment
and continuation in Office for than one year
TO the favor Of the presiding officer, especially thos
termed "Stcckhoder Directors, who are general
elected through the agency VI "a .'
Bank and Offices which latter officers or their depue
attend the general annual meeting of the stockholders
bringing with them blank proxies collected in the.
respective neighborhoods, who after IN c0nclaye agree
inc ona list for The direction of the Bunk and It's ON
ces select some person in their interest to vote on the'
orGipa blank poxies-so that the balance OF the stock
holders however numerous, from their scattering mod
of voting might as we'll be absent as to 60 throug
tho idle Ceremony of ballottng for "Stockhoder Drec
tors" To correct this curious monoPollz'ng eva
sion of the existing law which inevitably must plac
the entire control of the Bank and Offices under IN
seIvtv of three or four salared officers, who FIRE
ouenty only own many shares of The stock of tn
bank as will make them eligible for Directors, who
mode of election readily accounts for the multitude an
ertrnvaoont salaries paid 10 bank officers and whic
renders any efficient reform in their expenses mpract
cable particularly the Offices, where such reconlmen
datons OF the stockholders of the Exchange Bank IN u
q meeting have been treated with an apparent scotiin
cyty as will be perceived reference TO their answers
10 the parent bank where any reduction either in mum
bers or in salaries is rejected evaded even at Office
no itq as