Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-07-06

% At Bank directors. l. must ec d"", =. 90
.i,ca, charge MI. ). cOnendra iha' u '"e ~; u
r;nIc b. adopted, il would prevent 'nVes.nis.'s
ouf banks, and would lower the sochs niV ~.
over, BY giving The power - 'he onrs;dc.
people might well suSPec' 'hd' F"''''ea
ra,inrs would prevail. ;,
M, SHEFFEY saw no good 10 come our VI
he discussion AMI he moved the previous ques'
nan. lie sald tia, the Code provided INA, III
case Of CANCER the Legislature should nave ms
mover TO provide for the appointment Oh ma
in,ily OF The directors. -,
Mr. FERGUSON trusted the House Wou''
no, sustain The previous question, especia''S %
the gentleman had made his own speech a''
had sheltered himself behind the previous ques
ton. This was course often pursued oy so"'o
gentlemen. 80,
The previous question was lot sustained
Mr.. FERGUSON said that if there was any
thug lmunsirous in his proposition, :. Na ~
himself but the reyisors who have ihciuueu '"o
mower in the Code, and which the gentleman
would no, move 10 change. He Mr.. - Simply
proposed that the Legislature should exercise
now tha mower which is given TO them 10 oe
| exercised by them at any time. MT r saiu 'na,
in very LARGE proportion Of The Incorporated
companies. the Stale owning majority oil Inc
stock had minority Of the directors reso-
luton had passed the House OF delegates ~
structing the committee (ol which the gentleman
from Alexandria was MEMBER 10 repol.
nroyison similar to that be how offered, oul wa,
con nitlee had failed to do It's duty. MT. +. hau
never bees and never would be bank director,
but the facts Of the unfairness OF BANKS nc hau
| obtained from persons IN whose Veraci's n''1
curacy he had implicit confidence. W. $. ieau
,he law 10 show that the very provision req'hr-
-, limit
of the directors, was calculated, under the pre-
sent system to effect contrary object. MT. +.
| saw no force in the argumeh. that such cnahge
would drive ca tal out oil the State Ihese
Ranks are public institutions, for the public De-
ne6t, and all should have fair and equal chsnce
MIR F. commended that there was much less dah-
ger Of pc ticsl influence being exercised oy me
Executive than by the Banks, whose fresioenta
and officers were the most active politicians IN
the State Mr.F. alluded to the evils oil shavers
and brokers.
MIR. ROBINSON moved the previous question,
az there was 10 be party fight, the Wings on
one side and the Democrats on the other.
Mr. sCOTT-He trusted there would Do a
fgh, for the country and not for party.
MIR ROBINSON then withdrew the previous
question
Mr.. SMITH discamed any party feeling
This was question in which party should not
al all enter. MIR 5. asked the House If, upon
vague charges, without specifications, against
the Banks, it was prepared 10 adopt tins anti
Republican principle, that minority OF STOCK
should have a majority of directors de ap.
peaed 10 the internal Improvement party 10 saw
II such principle was 10 hs applied to the IL
,ernal Improvement clmpanies OF the Slate; ior
they stand on the same basis AS the Banks. In
II M ~ thai he MIR =
, was an imported citizen of Virginia, Mr. S gave
sketch of his exet,ions in bringing Alexandria
back TO the Old Dominion. He had succeeded
; better than the gentleman, who last winter had
! tried to restore portion OF Kentucky TO Vir'
, ginia. Mr.. S. called for specifications agalns
the Banks.
Mr.. MOORE would ike 10 know what RICH
we have impair he contract made with indi
viduals, who have pait their slock-so as 10 give
, The State, with minority OF stock, majority
directors.
Mr.. SCOTT said that there was no doubt tha
The Sale had the rishi-but ne did not oeIs,t
mat the House would decide IN favor oi NE ex
nediency Of Inc measure In spite Of The appears
. II tie gentlemen from Logan and Norfolk, Mr.
: ) did no, believe tina! the House would sustain
: me proposition on parry grounds. Il Mr.. ) be-
Iteved that he Banks were used as political ma
: chimes, he should 60 Tor repeating their charters
J The charges made against The Banks arc yer.
araye-and the house is not now prepared 10 vol
! mon the important issue, whether these charge
: are true or false II the charges are true, AMI IN
Banks have Indeed proved themselves Ia be pa
,v machines The people will not stop with IN
" nronuseG remedy ,hsv will not be Wiling 4
= p,ace more dangerous pc yer IN other hands
VIZ. OF The ExeculIye-lhey will go LOT lhe 10
: tai abolition OF the institutions. The Hous
y snonlt ask something more substantial than IN
! hearsav assertions OF The gentleman from Legal
Before il gives its legislative efndqrse men 4
: relieve he BANKS ltuin the SANDER il the char
! yes bc mol substantial o. the trutn--h!r :. ask
| FL il IL was less likely that The Banks would be
come party machines when under the control o
the executive, than under The control ni stock
holders, who have invested heir money in III,
! Banks. Is II no, on the contrary, the purpos,
i OF The nllemcn t. make the Banks politica
machines IN the hands OF a political Executive
c Nr. 5. projected 10 show the mischievous efec,.
n 81 sucn system. In 1887 owing 10 their >ns
i pension, the Banks mad 10 throw themselves a.
; | Legislative mercy, 10 obtain renewal ot then
cha;iers-ahd The Legislature thought prone,
then 10 reserve 10 Itself the right 10 exercise Inc
d power Of appointing majority OF The directors
2 But, why "as moi he power exercised then. OF
sincel Beca SC i was not thought egnciient -
\ lew days since the House had decided in ,be
| Lt>C VI Improvement Crlnpautes
ieare the control ~ the siuckhulirr whnse n
dvidua interests wonid bette, .ubserye he in.
: eresis Of the Company. The same principle
applies 10 Banking inslitntions-and should he
carried ou Mr.. ). askei why, al an Extra
Session like Ihi' called 10 revise our system 81
laws, these questions should he introduced 10 ex.
cite parry ieeng-a and he called upon The House
q put heir seal OF reprobaion 90 The attempt
tlr. FERGUSON desired 10 put himself right.
Tie did not Know what right The gentleman from
t'ananie' had 10 say hat his (Mr. F's) nurnose
'ras TO array parry on ihis question. llc denied
! 'utdlly. he had designed To saw nothing on
lis subject, b0t being called upon by The gentle,
man IRON Fairfax 10 state his reasons tor movno
ne Amendment Bn in addition to lhe fact Of
ne Banks being political machines no one had
denied The charge that the Banks never issued a,
any place The notes PAYABLE al the same place
When he was on The eve q leaving Richmond
~ rom lh!s very circumstance alone he haa
ncen pad oy The Banks IN their NOES PAYABLE in
| ii,cnmonc--he appealed 10 The members OF tic
II use u say il it vas not universally The case.
| mat ne Banks refused 10 issue iheif poles paw
ahie Al To- places OF issue Mr.. L. had said no.
hing o. Wings or Democrats. There had been
several Wing Governors, and there might be
/! again. Therefore his amendment could mol have
seer 'nicnded 10 operate Tor the benefit Of Inc De-
| inocralic parry The gentleman i(om FauGuer
had referred 10 thc iac' hat The Governor had no
iniriesi IN The Banks this was OF itself recon-
ne"dal.on Of his amendment he wished no
hank-bought or bank-buyine Governors. AS TO
rcpe"ling Bank charters, 10 which the gentleman
| nad referred, that could not be done without seri-
nus damage 10 The whole community, and The
hanks had grasp upon the Legislature and The
| p'"9'e. But, u " give this pcwcr 10 The Exec.
i've, We can coni'oi Inc evil lcr the benefit q! tie
/, 1ahli,.
NJ. COOK called The previons question.
HH'ca ~es sustained and Mr. MULLINS asked
| he ayes AMI noes.
| Nj. FERGUoON'S motion was LOST. ayes "a
! noes - =. io!io rs:
irEs-Nessrs Hopkins, (speaksr,l Cheatham, Har-
rson OF Brnnswick, Edwards of Franklin Baiy Car
roll, aacn Of Gfeenesviile, Basse Mnllins Lane Of
l"e, Ferguson, Newman, Arnrtt, Tanzry, Rohinson.
ranniii' Inner, Rives, Harrison Of Prince William,
gaze fnian Siber, Har:raye and Geotee-as
no.s-:iessrs. Finnry, la,t, Watson. Smith Nil.
ard Sh.rsy. Brown, Mitchell, Faulkner Byrne Of