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

with the additional duty of signing the for cir.
culaton and the certificates OF stocks together with
the Cashier who is the chief Executive ohcer OF the
Bank, experimenting lis whole operations, including
ito general espondence, all other services equal
~ and qratuitony performed by the other members oil
the directions therefore, should any member OF your no
norabe body be under the deuson that the Director
mad. President gave additional security to the pro-
perty Of the Bank, or from being saaried officer his
da.v ate nGance there during business hours was as
Indispensable that Of the Cashier it's only necessary
for such 10 be informed that this can neither be the in
ention of the appointing power nor OF Inc incumbent
whom the office IS conferred; ior oesices oay pac-
lice we have seen the selection OF President from their
own BODY whose residence was ~ miles distant from
the banking house. who necessarily was absent one
third OF the year his Legislative duties, whose exist
nr debt they first compounded by loss OF ten thousand
dollars TO the stock hoders then allowing him salary
of 1000 dollars facilitate the payment of the interest
IN the remaining portion of II; system winch admits
Of such manifold modes of and pecuation, where
single case progresses under The daily supervision Of
President and Cashier, before detection, TO nail mn
lion of dollars when brought in review of The Legsia
ture YOUR memorasts confidently believe will not be
longer tolerated The changes suggested we are ex
pc ntally convinced would muse into the body OF
the Directors greater vigilance and responsibility, at
the time introduce rigid system OF accountability
and economy in every department. OF the Banks.
| From The document before alluded 10, your memo
rasts perceive their views in some measure, have been
anticipated by the Directors Of the Northwestern bank
and Merchants and Mechanics Bank, Wheeling, net
Their of these institutions allowing any liked salary TO
the Presidents AT the Bank of the Valley, which has
three branches the salary of the President IS stated 10
be 5000 at the offices $3.50 each the entire expense
of this Bank with three branches being l3ooO dollars
whilst one Branch of the Exchange Bank IS II ooO
dollars capital $40 600 that oil the Parent Bank OF
the Valley S4G3, 100; annual salaries SOLO, the capt.
tai each nearly the same the difference IN Lie cost OF
their administration sixty per cent.
Whether corresponding benefits have accrued TO the
,o,nr, ndd IN
number ofantecedent cases. where bank officers recev.
inp exorbitant pap their duties have been most neg
lected ian accurately be ascerlaned by your honorable
body calling for Of the earnings OF these two
banks.
Your mcmorialiss have further 10 remark, that the
State Of Connecticut whose finances are in more
prosperous condition than those Of any OF her sister
States and have large amount ofStae funds invested
in those Of their various banks found 1t expedent al
the last session Of their Legislature to abolish the vot
ing BY proxy for Bank Directors, which measure, ii
| adopted in this Commonwealth, your memorialIsts are
con vnced would greatly tend to restore confidence IN
and resusclae the present depressed condition ot our
State Banks would etectually prevent their
officers under the penalty OF dsnlsson, from conteun'
ing the authority of their employers or Initiating the
acts such as erecting eIuberan costly buildings ana
making negotiations their authority from when
serious losses have been sustaned assuming The at
titude Of those in the late Bank of the u D IN which
the salared officers SUPREME the balance OF Inc
Directors mere shadows and screens to deude the pup
lie the stockholders complete nullity, iurther lnan
Oh ects of deliberate plumber Such VIGOROUSLY nave
been the fruits Of the proxy system when oy
stationary President, which your memoriasts eager
" pruy both may be aboshed-wilh any other ettec-
tive relief in the premises your honorable oody may
deem mcet-such as requiring previous eIecuoh Oh
Directors at the Offices by the stockholders, where the
branches located TO be subsequently reviewed by
the personal ballots of their partners at their gene
raj mee,inus where the merits Of such nominations
would be mpartally canvassed at any event would be
check their continuing to be, as at present. the no.
mnees Of the Presidents.
| From documents furnished the Board OF fuolIc
Works it appears the fiscal means of the James and
Kana villa Company on September lst lS4l, amounted
10 ST 500 O00 six and halt million oil dollars, including
one and half million Of bonds guaranteed by the STATE
Ssl3,200 of which were private subscriptions but as
SI56 d63 remained unpaid S656136 and - cts IS all
that has been contributed by individuals TO accomplish
this Wanted State work even the greatest proper
lion of these private subscriptions, IN oil probability
have been reimbursed them for services, and IN con-
demnaiion Of their lands, this last item IN tne &c
count Of anew Improvement disbursements amounts
to $500 So cents; moiety OF the private conr
buttons the balance of the capital, say 50 e432 have
been levied on the State, the Bank OF Virginia and
other public bodies, verifying the adage where uus-
tees found prodgal with other peoples means,
they are generally nggardy of their own, at the same
time furnishing conclusive evidence from the nature
and amount Of tie subsc ptons that IN every other sec
ton of the State beyond the margin OF James River,
public sentiment nntes in the opinion OF your Memo
riasts in considering the scheme of connecting The
lanes with the Ohio River the mere fiction Of clique
Of interested projectors TO tax the community for their
individual benefit: the project, we have been informed,
bv competent judges, that twenty FIVE millions OF dol.
lars would not accomplish; and any person VINO WIN
examine Crozes map of Internal Improvements, before
referred to- and compare the extent and expense OF the
work done with that projected, we are persuaded VIII
come 10 the same conclusion.
| The President, in his report OF December, leoo,
expresses his fears that the funds of the company VIII
be Exhausted finishing the cana to Lynchburg ano,
on porting over his said report OF l0l pages, we mo
SHE second grand dirison" Of the eornpanys prcfct
commences at that tora, 10 connect winch with Tie
Ohio, a distance OF 81 miles, an elevation OF about
900 feet has be surmounted, which requires canal
OF 81 miles, with &c locks and numerous aqneoucts
and yioducs railroad of 1873 miles, 6t miles OF tun.
Melting. then DAMS locks, sluces, deepening the bed
of the Kanawha river and steamboats, Disavowing
the remotest allusion or personal disespect 10 indi
yduals truth compels them to that 10 persevere IN
the attempt for the abortion certain, TO execute such
series of theoretical phantoms on the credit OF the STATE
nj least in the estimation OF your memorIasts, couid
produce other possible result than the creation OF tenn
norary local Jobs, with hosts OF saarled officers TO be
pensoncd on the State; for even admitting the ffes
dents estimate of eleven millions Will carry the Com
pany's works to the Ohio (but which their subsequent
ex pontedy reiutes) yet grant the entire
completion with that sum-the next enquiry Tor whose
beneftwoud their revenue even cover their daily ex-
penditure the solution Of which problem is placed be-
yond cavl by the recent published statement OF The ex
pense and product Of Penn which by canal and
railroad extend from Philadelphia to the Ohio through
deuser population than that Of Virginia and by route
60 miles shorter, yet their daily expenditure for the
last Ten years exceeded their income S5i25s2, besides
the additional loss Of million OF dollars paid IN
nteres, since they commenced operations, and to r'd
the public of such unnecessary burdens, the Legisla-
ture at lis last session have directed the sale OF the
whole of their public works, and to receive in payment
pennsylvania stocks at par whilst its market price was
at &c per cent discount-nor is there public work
in the State of New York. whose revenue pays its ex-
penses except the Erie Canal Maryland in her futile
attempt to reach the Ohoby canals and railroads before
advancing half way has bankrupted the State, besides
overwhelming in indulgence and taxation the city Of Bal
more, who have been deuded into the scheme by the
creation of corporation debt of 53le62o dollars
and such vitality will be the fate Of all public bodies
contributing to the Jumes and Kanawha projects, the
money advanced from being disbursed on works no.o-