The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-01-28
THE HANKS.


9 THE HANKS
Z Mr.. MAcrARu~rp addressed the Cs~s.st.
see On Bdsks Of the House Of Delegates in
heir Han on Thursday night, on the subject
Of the rechartering Of the Bank of virginias
ne Farmers Bunk Of vi, inia, and the Ex-
change Bank. 4fe acquitted himself with
very considerable ability. He maintained
that the Virginia system Of Banks with
branches. had, after a trial Of fifty years..
proved itself to be sound, safe and eonye-
nieut to theSsate and the public that its ope-
xAticn was 10 elaalise the currency Of the.
SKATE, and by the limited variety and distinct
character OF the notes Issued under 1t, TO IA
nAiiiarize the people with them, and protect
them from counterfeits-that it distributed
advantageously the capital Of the State-and
that it avoided 4-ivairies and contentious to
increase business and extend the circulation,
which were injurious to Banks, and to COM.
merce. These positions he maintained Ella
borately, and with elearness and force.
Mr. MAoFARLasD declared it be the de-
sire of the Banks to be protected in their
charters agains. thepower of the Legislature
70 alter them or 70 impose any burthen in
violation of them. en- two points, viz: as to the
taxation of tn cir capitals or dividends-and
in the relative representation of the State
and private Stockholders in the Directory
He contended that it was just to the corpora
tors that they should beprotected against any
exactions, which, under moment OF tempo
rary excitement, such as the most intelligent
and patriotic bodies were at times liable to-
might be imposed upon them. The amount
they should pay upon their property in the
Banks, and for the privileges accorded to
them, should be fixed and unalterable during
the term for which they may be chartered.
AS to the Directory, the private corporators
owning the larger part of the capital Of the
Banks he contended that upon the plainest
principles Of justice, hey were entitled to the
majority Of the Directors. AT present they
had fue to the States fur that this relative
proportion ought to be continued in the new
charters, he felt was the very least require
ment of justice, especially when it was re-
nembered that the capitals Of the Banks
would, of neeessity, be increased and the dis
parity between the amount held by the pri-
waite stockholders and til at held by the State,
be still greater.
A member Of the committee Intercepted
Mr.. M. as to the propriety of the individual
liability clause, whether or not it would be
obnoxious to the Banks. He replied by
earnestly depreeating the incorporation of
such principle IN their charters He con-
tended that it would operate most unjustly,
since the State was a large stakeholder, and
would not share the same responsibility with
individuals. While men would be willing to
hazard their investment in Bank stock, they
would not be likely to hazard more than that
and he did not think it ought TO be required
of them. He could not but regard the pro
vision as highly detrimental to the public in
terests, as well as unjust.
Mr.. NJ, in the course of his address, went
at considerable length into the discussion of
the modus operandi of Banking, ofExchange,
&c, showing himself to be a highly accom-
plished Banker. Incidentally, he entered in
to criticism of the operation of the Inde-
pendent Banks, and especially of those based
on State stock. He believed sys EN- of In
dependent Banks W ould be less efficient, less
useful than the ohlasystem of Virginia, and
he considered any Banking system based ON
property, whether real estate or stock !, lbs
illasory, and highly dangerous We have
not room to so Into q statement Of his argu-
ments A@9 g. @+,e t'. -
Were the question anew one, we are not
prepared to say what opinion we would ad-
Yocate, as between the present system and
Independent Banks. But the old system of
Virginia, of Banks with branches, has been
so long pursued with such safety and ease to
the business and commerce of the State, that
we are decidedly in favor of its continuation.
We believe. to be the disposition of the Lee
gislature to continue them with some addi-
tional restrictions. We trust that these may,
not be such as are mischievous only. The
Banks have intiinated their readiness to ae.
quiesce in several. and their disposition to
accept any which may not cripple their ope
rations without benefit to the public. The
subject is one deeply interesting to the whole
State, and should be approached with theut
most calmness and with the most earnest de-
sire to do that alone which will be just to all
parties, and prudent and proper for the pro
lection Of the public Interests. 80
The LYScHBuRG REPUBLICAN gives il, as
ats opinion, that the publication IN this pa
per, Of the letter relative to the Lexington
tragedy, which appeared immediately after it
Occurred, was improper. as it was calculated
TO prejudice the popular mind agains. young
Christian. The Republican further states
shsfit has heard story, which, ii i, be rue.
win exonerate him from all blame"
Now. as to the improperly OF the pablica.
ton, that is the Republicans opinion, which
may Or may not be correct, according to cir.
eunstances. 1t would be gratifying 10 alll
humane persons I" learn that there were CIV
Senuating circumstances in the case. "a 70.
heve the murder of young blackburn 10
some extent of its revolving features but as
70 whether It can be made to appear blame