Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-05-29

Governor Floyd vs. the Exchange
Hank.


Governor Floyd W. the Exchange
Bank.
Considerable excitement existsin Norfolk
on account Of the difficulties with which the
mercantile community Of that cityisthreat-
end by the action Of the Governor of Vir-
GINA. From some cause not made known
to the public, it appears that Gov. Floyd
wishes to misplace Mr.. Sharpefrom the office
of President of the Elk. Bank at Norfolk;
and with this view he has appointed four
Directors of that institution, ON the part Of
the State, who are known to be uncompro-
misingly opposed to Mr.. SIS reelection
The other four, appointed by the Stockhol-
ders, are equally resolved that Mr.. Sharpe
shall not be thus causelessly displaced. In
the consequences ofthis unfortunate and dis
graceful struggle for power, if no one was
involved but the authors Of the mischief, it
would be matter Of less concern to the
public, though the transaction itself pre-
sents questions for gravcst consideration !;
but not the Governor and his Directors on
ly, but the whole commercial interests of
Norfolk are most seriously affected by the
obstinate refusal of the directors to discount
any paper until they succeed in electing
President of the Bank. The Petersburg
Intelligencer very properly remarks that,
"if such course as this is persevered in,
most serious injury Indeed, in many cases,
utter bankruptcy must be the consequence
must be inflicted on the mercantile COM
munity of Norfolk. Viewing the matter in
this serious light, the Stockholders in and
about Norfolk held an informal meeting on
the goth inst, at which they adopted
series of resolutions, couched in plain and
manly language. setting forth the facts of
the case, and appointing a committee to
proceed to Richmond and urge Gov. Floyd
to annual his appointments. These reso-
lutions particularly dwell upon the sound
and excellent condition of the Bank, as
made known by the report to the late NEE
ting of the Stockholders, and upon the
skill and ability with which Mr.. Sharpe has
presided over the Institution. Mr.. Sharpe
is VIGOROUSLY one of the most estlmable
gentlemen and excellent officers in the
State, and we trust will be continued in
office. 1t may seem strange that, as Mr.
Sharpeis Democrat, good and true. this
movement should have been made against
him; but, without pretending to more dis
cernment than our neighbors, we happen
to be apprizcd of few facts which give
us the clue to the whole proceedings" -
What secret motive the Intelligencer here
mysteriously hints at, We have no means of
knowing, but if Gov. Floyd has pFoslituted
his office, as we are 10th to believe, to the
qualification of his personal piques or the
promotion Of his private ends, he not only
deservesimpeachment but punishment, and
would receive as he would well merit
the execration Of all honorable men, But
we willnot assume the Governorto be gull
ty ofany such manifest abuse Of power I'M
til we have better evidence to warrant such
opinion. And yet it must be confessed he
appears now to occupy position at once
critical for him and dangerous to the pub
lie interests. He has practically underta-
ken without authority of law or right, to
make and unmake Presidents of Banks
according to his sovereign will and pleas
ure-he is the State, and his will the law
thereof! Napoleon, in the plenitude of his
power, never assumed more despotic
prerogativc.
If the Bank had been in an unsound con-
dtion, if its affairs had been injudiciously,
unskilfully, or corruptly administered, it
was the duty of the Governor to call the
attention of the Legislature to the subject,
but this he failed TODD. If hehad suspect
ed any improper management in its affairs
since the adjournment of the Legislature,
he ought to have procured an investigation
into the facts, before he assumed the exis-
tence of offences and undertook to punish
those on whom he chose to fix guilt. But
the facts prove the Bank to be in sound
condition and its affairs to have been ad-
mirably managed. Its stock, we believe is
now commanding from to 10 per cent.
above its par value, and this certainly re-
fleets much credit on the skill and fidelity
of its Directory, and ought to modify the
hostility even fGov. Floyd. 1t is high
handed and dangerous assumption ofpow-
or for the Executive Of the State, to under
take to bring the purse under his control;
for if he once gets the Banks committed to
his keeping or, what is tantamount to it, to
the keeping of his plant tools, he becomes
invested with power as dangerous as it
is controlling.
The Norfolk Argus, published at the
place, though a thorough going Democratic
paper, has the manliness aud the honesty
to denounce this assumption of a "prerog
alive, unsustaincd either by law, right, or
justice" in BETTING terms; and though tbs
"aware that for several years past, GER
tain malign control has been attempted to
be exercised over the weak and unsophisti-
Gated, but at the same time aspiring Chief
Magistrate, ofthe Commonwealth" it had
''no reason to expect such decided orert
act of hostility on his part" These and
the Intelligencer's mysterious insinuations
imply something sub rosa, but we hope in
justice to the public and to the Governor,
the whole affair, with all its secrets will be