Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-05-23
The EXCHANGE Bank al Norfolk.

very serious difficulty has arisen in the
Exchange Bank at Norfolk, by reason of the
recent appointments by the Governor, of Di-
rectors on the part of the State. We publish,
in another column, the proceedings of large
meeting of the stockholders, from which the
reader will be able to gather the principal
facts. The gentlemen, who were chosen
committee to wait upon the Governor, arrived
in this city on Wednesday evening, but found
that he was absent on a visiting tour down
the river In addition to the matters set forth in
the resolutions of the stockholders meeting, we
learn that, on the 10th inst. at the regular annu-
al meeting, Mr.. w. w. Sharp was unanimously
elected the first the list of five Directors cho-
sen by the stockholders. AT ter that day, and be-
fore Saturday the 18th inst, the Governor ap-
pointed Messrs. VIM. S. Mallory, John A. Hig-
gins, Thos. B. Irwin and E. c. Robinson, Direc-
tors on behalf of the State. The first NEE ing
of the Boa I'd of Directors was held in the Bank
on Saturday. Five unsuccessful ballots were
taken for the choice of President, "the Directors
on the part of the Stockholders voting each time
Ohe Norfolk Argus states) for w. w. Sharp,
Esq, while those Directors representing the
State cast their votes upon some other member
of the stockholders directory Mr.. Sharp de-
cned voting for himself but voted for some one
Director from the list which had been appointed
by the ckholders.'
tappears that large amount of paper was, on
Saturday, before the Board for discount and that
the Stockholders Directors proposed to pass upon
it notwithstanding the inability of the Board to
elect President; but the State Directors refused
to take this course, and the Board adjourned over
till IFS next regular meeting on Wednesday (the
2lst.) The resolutions of the public meeting
represent that the State Directors have declared
they will discount no paper whilst Mr.. Sharp is
President of the Bank; but the Argus learns 1--WE
presume from one of the State Directors them.
selves) that the proposition to act upon the paper
offered for discount twas resisted and opposed by
the Executive Directors until the President should
first be elected" The difference is important, fol
if the assertion of the stockholders is correct the
reelection of Mr.. Sharp by his own vote would
not enable the Board to transact its ordinary bust.
ness The Governors four Directors could still
put stop to discounts.
In any view of the matter, the appointments
binary. Until there is unquestionable evidence to
the contrary, we are bound to believe that he Sc
lected the four Directors, without knowing their
object in desiring to be placed upon the Board
The affairs of the Exchange Bank are known TO
have been SO well managed that it is impossible to
suppose the opposition to the President is founded
on any just pretext. The State has no interest in
lis business which is not idnnca al with tbat of I'll a
private stockholders. Their unanimous testimony
TO Mr.. Sharp's competency and fidelity should
have been sufficient to deter the Executive from
placing four opponents ofhis administration in the
directory But we will not yet suppose that this
wrong has been done Intentionally and for the
present. will be content to hope that Gov. Floyd
VIII accede to the request o. the Stockholders
1t would be difficult to mag CINE graver encroacb-
meht OF Executive authority than an attempt
through the power of appointment, TO control en-
tIrely the management of the banks, and the ac
commodations they furnish the public 1t must end,
wherever it is tried in stopping entirely the busi-
ness of the bank, and we understand. the Stock
holders OF the Exchange Bank are fully determin.
ed to wind upits concerns sooner than acouiesce in
the factious dctation of DIR. E. c. Robinson and
MS three associates in the Governors commits
sion.
The track of the Orange and Alexandria Rail
ioao - now advancing towards its destination at
'iie rate oi quarter of mile day. and has already
crossed The Mount Vernon Road, two miles and
.n.a '. .hi tie point OF beginning. Its progress
from this time will be from sx IN ten miles month
eachlng The vicinity of Broad Run in the month
Angus t.-AlerDndria GDzete