Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-05-15
VOLUME XLVI.-NUMDER 4

~ The Stockholders. To justify a procedure ca
announcement and ANOMALOUS implying, as il
| YOU'D, a ceDsufe OF The Boaid Tor misconduct or
| ihcapdcliy-admiliD also, virtual iehl Of
| dpp'al W all cases Ui appointment rom he DI-
| teciois ia the StoC khuidsis -WcaRpniDo TOO hat
! authority OF the Board over the subordina e ,tii-
| GERS oil the Company, 50 obviously mos pensa bic
10 the benehciai exercise al tic poweTs-w0nd
cera'nly require an extreme case No such case,
We conceive, IS made or alleged here. No
cnafSe Is maze Oh corrupt or Improper motives
~ the Directory. Al mos, there Is imputed 10
them an error Of judgment in he selection al
their Secretary. Whether the Board erred IN
THIS or not, is a question which We think nm er
the circumstances the Stockholders should no,
b. called on OF consent 10 decide. Less ac-
quainied, rs they must necessarily lie. wuh The
relative merits and preten>ons ~ applicants Tor
office, than the Board Of DIeclors-les> sc-
qualnled, TOO, han the Board, wI.h the paiti-
cular duties AMI functions OF The Office in upes.
,Ion-buI. above all, sensible, that, lor The fl
cieni transaction 81 the Compaay'> business. il
IS especially proper that The Seiecion o! Secfe-
aIy should De ei 10 Us ii.crerion, fject 10 IFS
general responsibility 10 he Stockholders Tor The
faithful discharge OF his duies-the Sloc lfers.
We conceive, ought not 10 proceed tuuner with
The proposed enquiry, or SIT precedent Ina may
Z,
haps much mischief, 10 The Company.
Your committee, therefore, in conclusion, Ie-
commend that ii IS nor advisable tuf lhe S eek
holders 10 take any infher action upon he com.
municaIion OF Mr. PoiiiaUx. All Of which is ie-
specially submiued. w. NJ. PEYTON,
Chairman
After The report was adopted BY the meerng
W. NJ. Peyton moved 10 reconsider the vole,
with The view OF moving 10 reinstaie that por-
ZION OF The report which was stricken our upon
he recommiIment and in lieu thereof resulu-
non ia inserted.
The fnl owing substitute 10 the All resolution,
as ai"ped bY The meeting and, after DISCUSSION
was lost bY majority OF three voles:
'ln the progress Of YOU Committees invest
,ation into the circi instances 81 The laie emb,z-
Element, they came ~ The knowledge ~ habit
which had spiuDg up in tie administration OF
h tunis ol the Company which nsy Consider
epiee with mischief and which they think
hou br promptly dscounenancei Of The
Stockholders.
The EVIL alluie 10 is his: By the ooh by law
10 money can be placed ont on account Of The
company, unless The warrant shall expires, IN
he bac. TOR what II IS dtaWD-lhe warrant To be
isnrd BY The Secretary ana cnun-Isionen by ne
PRESIDENT. These "a luiary checks winch rIpe-
ienee has laugh, Us are the only reliable safe
nafds against human rally and the neglect 81
viii h has been The true reason OF The lac DEAL
anon, nave been rendered al 10 avail ny The
sage which has grown IN, OF drposiiin. inncs
. NJ b nix Ia large amount suli.cr Ia he
heck Of thu Secretary. 10 Dr. used BY hun 10
ayins the Gehrs OF rhe Company.
This POSITIVE disregard OF a BY law, The tea
Tres Of which we d-em So essential 10 he pro-
cliun OF Iha Interests OF Ihe Company, we think
innot be loo severely r-huked"