Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-01-23

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idea, that ,nerc agent was to do the bu-
siness OF his principal solely at the expense
Of the agent. And it is obvious from the
whole Transaction, that the purchase was
really on account, and, for the benefit OF
the bank, TO enable it 10 maintain IFS faith
with the purchasers of the debt, sold in
England. The apology for the bank IS,
that il was done underthe sanction Of figh
officer of the government. and although
the committee feel bound to say that it was
violation of the article before quoted,
yet, under all the circumstances, consider
ing that il was done in good faith, they do
not themselves think it such violation as
requires the interposition ofCongress.
On the subject of the facilities furnish
ed by the bank to the government, in the
Transmission and collection of the public
revenue. and its fulillment Of its engage
ment in discharging the duties of commits
sioners Of loans, and agents for military
pensions, the accompanying letter OF the
secretary of the treasury marked II. shows
its conduct has been satisfactory.
There appear to have been some con-
,tentions between The parent board and
some of its officers, but the committee have
not deemed them sufficiently connected
with any practical objects of inquiry, to
justify their going into the merits of these
controversies, which would be work Of
much time and labor, and would not repay
the trouble. And il would be uni .st TO make
any statement, without making it in detail.
In order to give the house full iniorma-
ton of the state of the bank since its insti-
tuition, statement exhibiting its condition
at different periods marked XIII. and va
rious tables and statements, compiled by
the committee, or by them verified, are sub
mitted; among them will be found state
ments of notes issued payable at each Of
fee, and Of notes returned TO the Offices re
spectively reports of the committee of di-
rectors previous to each dividend: COM
p!ete list of The stockholders of the bank,
No. |, exhibiting the names Of those who
were such at the first dividend, with their
places of residence, and the number Of
shares held by them respectively, at that
time, and at each subsequent dividend
No. 9, exhibiting the names of those who
became stockholders after the first diyi-
dend, and No. 8, exhibiting, those who be-
came stockholders after the second divi-
dend, together with list of those who held
shares as attorneys for others. Other let
tiers and miscellaneous documents, not spe-
cially referred to in the preceding part Of
this report, but calculating the facts stated,
will also be found. Statements, obtained
from the Offices at Richmond, and this city,
are also submitted, which will show that the
affairs Of those Offices have generally been
conducted with prudence and ability, and
that every effort was made by them TO exc
cute the directions of the parent board in
a manner the least inconvenient to their
customers.
In considering the question whether the
charter of the bank has been violated or not.
the committee have thought the expressions
used, mean whether in any instance the
provisions the charterhave not been COM
piled with? There may be many viola
tons of charter, which could not be con-
sidered, by court Of law, as producing
forfeiture. The principle on that subject
the committee believe to be this those acts
of usurpatiun Of powers not granted, OF mis-
user and of nonuser of those granted, which
defeat the very objects OF the institution, as
in the charter itself, would pro-
duce forfeiture and that all other instan-
ces of abuse of the powers granted, or ofu-
of powers, must be punished and
restrained either by the ordinary process Of
mandamus and quo Srarrdnto or by other
means than dissolution of the corporation.
The committee think they are required by
the resolution to report all instances Of a
violation of the provisions of the charter,
which have come to their knowledge but
they do not consider themselves called upon
to state which of them would in their OPT
MON produce forfeiture or any other legal
consequences and one inducement TO this
construction of the resolution arises from the
consideration, that, if they were to ccnhne
themselves only to those violations which
would produce forfeiture, and should give