Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1851-06-03

publish lie IoIl llc 80
gus TO THE PUBLIC.
,r- l,rs;ncI State Directors Of the Exchange i'ahh
n Hfr ;ia at Norfolk, cannot, in justice To themselves pc
nit to forth 10 the public unanswered, The very eFI;
ry Ir9cdinrs .. certain Stockholders OF that
81 meeting hastily Up under the pressure o! an IL"
nGt,s!y ir.see! panic and where manwoTshp and over
Jealous friendship struggled Tor the mastery with absurd pto
Ten sion. and purse proud arrogance,
In r.,atactrzine these dongs as extraordinary we use
arua = !tcr than The occasion would justify Of the mis-
f,r ,;afuns and dcmuncations uf which have been
the object would seem 10 demand Bur as mean appeal 10
lin, m and sense OF justice of the community, not 10 ttt
prcudccs and fears, shall comment their proceedings
win that canness and orhcraEcc which becomes the cause
nr truh and the conscientious discharge Of duty
Our position is grave responsibility and imposes on
us unpleasant Duty which did expect Discharge
wi,huu coming in conflict with the fierce energies OF The
money power o The city which has been long permitted 10
wicld without question scrutiny the ample OF
powerful corporation, which are great extent DEEPEN
dent the business operations o the entire community
The executive in the exercise Of his discretion and by
virtue al law, has appointed Directors the Bank 10
rcprescn. The Stale who owns onehaf Of the Capital
Stock; and such acknowledge respon sbily 10
Mr. ~ or Mr. b. who for his own selfish purpose has OF
his accord invested his money in this institution The
private Stockholders represented by their own Directors
recently elected and some of em is believed went
into the Board with distinct understanding that they would
pursue line of policy that would bring them in conflict
with the State Directors in contingency which they
gurdcd likely speak paniy-rumors say the
s,ockhJdcrs) in circulation that the effort would be
made through the Governor to effect Gimme in the pres
dcncy Of the Exchange Bank; and persons were made D
who expected 10 sink swim with Mr. Sharp
aud took their The Board with their armor buckcd
on for the war.
The offensive attitude thus prcmatuely assumed ie, us
alternative but the have pursued and is the p-
cipal cause o the present condition of hngs that these
grave and reverend gentlemen, acting upon rumor placed
their representatives the Board in position where no dis
crcon could be exercised by them under
and by their conduct have proclaimed the world that
out OF five of their agents unfit for the discharge
Of duties VIII CHI death accident might devolvc Them
For they denounced in advance the Executive appoint
cnts is not 10 be supposed that they could regard
o these qualified Tor Re Presidency. should the hand Of
Providence the then incumbent. But this is mat
between themselves and they satisfied we certain
~ do not cOmpain We acknowledge allegiance save
the State and did moi derive authority from the
Stockholders do not think they have any right by lille
gal meetings. 10 control our conduct against the dictates Of
own iudgmt nj and sense of duty.
Four did undivided for one OF the
Stockholders Directors and in succession fox four
Of the five showing concusivcy that held them in high
Than those whose voice created them Bank Drec
torsan this is denounced lacous and outrageous con-
duet part By who have pledged themselves 10
break up the Bank avote cannot be continued in pow
and who deny u their agents any discretion whatever in
The selection OF presiding officer Of The Board Strip the
vi the mysticism thrown around it, and let any can
did this question: Admitting all 10 be true which
his friends say o his character and capacIydo you he
cvc that nobody else in this community is qualified for this
office but Mr. Sharpl Now four Directors think Mr. Sharp
oush, be President and four think Mr. Sharp hold
ing the balance of power, any BY his vote
elect Of his colleagues each party have equal right
their opnio but while Offsets the other and both are
Tor failure 10 eiect eight
abused and vcd while the others praised to the
skies. i this justice! l. il common sense? Who is il that
makes the Stockholders Directors! All The world knows
that few large holders stock have drawn around cen
votes enough control these elections and many hold
ing stock deem ii useless attend annual elections be-
practically they have The cards ue stocked
them before the day Oi meeting and they mere
pliers in the farce.
Having secured this controlling influence the next thing
is 10 manage the Executive and the 4h resolution adopted
the Indignation meeting Of the Stockholders clearly shows
that all this turmoil results from the failure of cnue 10
make Gov. Floyd subserven 10 their purposes. The strug
Gle is 10 cpetuate power in their own hands for the benefit
vi their family connections and iavortes but this is
under the disguise o love for the dear people and The
rests Of the institution
The present law gives the discretion the governor to a
pon, Others than Stockholders Directors the part of the
State, and ii done enable him put in the Board men
who in tclr action would independent Of the Stockhud-
The true issue then between the State and these gen.
cmcn, but they seek 10 nulY the law, by assaing the
humble instruments who represent the constituted antho
tics acting in obedience the spirit and letter Of the statute
Since il organization the Stockholders rather should
say, few Of them, have elected all the officers Of the Bank
The State having had voice in the matter though
nI "nc-li the Sioc"; and now il is deemed the leigh, Of
npudcnCr for her Directors to question the high acruga
tive o: these men, doubt the absolute pcriecoiy Of
their instruments. \ change in the policy vi the mother
bank W believe To be demanded by the interests oil this
nunty. That change could only BE- brought about By
change q: who, from their position il is presumed
shaped u this policy AMI force and effect and
offence consists in cndeayorng in mild but firm
II BRING about this result. This "c have done aud
md "hu willing all the responsibility thai
properly attaches I" our position We laugh 10 scorn the c
fort sI!! with ;ial which belongs Others The So
sccur thought OF the people viii make them father the
. offspring which they have laid at our door.
In examining the records vi this institution shall find
that the honor o! being Director OF the Exchange Bank
has been confined TO certain coIerie wiIe all others, not
welded It's interests and implicitly obeyng lis commands
have been Systematically excluded from lis management 1t
is Of Round Roji Society" that enarges the
magic circle Of names, elnbodying they suppose all the
financial skill and prudence o; the community. We shall
not be guilty OF the ndeIcacy OF paradng lh names be-
hiA
ample, but would enquire if they whose ibc
alty in fostering enterprise and schemes of Improvement
has been such as to entltc them to the aPpelaon OF public
bcne;Iciors.
The petty annoyances-the ds,rust-,he suspicion and
rcXaous exercise Of moned power-hc most odlous oi all
yrannics which marked the closing of the Branch OF
the United States Bank, under regime Of Joseph L. r."
bers cannot be forgotten for if onehaf that is rep"tc
be ue we have changed masters while We have not bctered
our condition. Long continuance of power al Inc same
hands always abuse and destroys sympathy IN me
governors for those subjected 10 hc: rule Rotation IN office
is SCUM! doctrine and cmncntly salutary in lis practical
effects; our oreltrrs wisely ensraited II on our political
institutions and experience teaches their descendants that
is equally demanded in the management Of our powerful
moaied corporations
Having thus explained position towards the Stock
holders and 10 the State, will ourselves Tor the
present with comments on their resolutions para
dcd in the papers OF Wednesday last We do desire
nJure The institution in the estimation Of any, either home
or abroad though in secence and make good the de-
caraon that The Exchange Bank be conducted with
more profit Ia the holders o its stock and be made to afford
greater accommodation 10 the public aud by doing enlarge
the business and trade vi the city, may, future day.
cuntras, lis cement with that similar institution, in
this and the RCighburing States
Their meeting vas utterly illegal being called without pro-
per notice. and while il purpOrts meeting OF The
ocHodcrS, these only who reside in The city could know
o It's existence and all u these did attend For the most
part II was gathering OF that very party against whose
nalgn Influence first position taken, and hence
the bitterness and want courtesy which characterized their
proceedings
To the wrought eulogy passed the late incumbent
We have nothing To Sayud is great and Mahonel is his
Prophet But while of US have been charged with
acting from personal motives should be pleased could
IN charity believe that there of those
feelings in the active that But We
do denur 10 the declaration that the sound and excellent
condition OF the Bank" furnishes evidence Of the faithful
and ski1 performance of duty the par, OF the President
aud Directors Of the Mother Bank for the credit is due
malny 10 the Branches The quarterly statements and
turns o the institution WILL we believe most concussey
prove on the which could have induced one u the
committee WHO reported this resolution thus praise his
Notwithstanding been member Of tn. last 5oardwc
orbra 10 speak. "Ds guSibuS est dispufdadum"
where, would ash have been realized the profits which
justified he large dividend lis stock! Surely in Nor
folk: Tor like the ran in Holy Writ their talent buried
for tear y loss and their greatest boast is that ney
have iostrcd the commerce OF the city and EXTENDED
helping hand 10 honest labor but that they hare made
debt.
The second resolution refers ndeIicaely the Safe