The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1819-02-03

m our heart OF hearts. i. was such ss might
have been exp xpected-spongy, po - pous, W wordy
and oncusive--fuil of sound and fufy sig
nifying nothing; aod, as usuai, sugared over
with piety, humanity, "aDd all that sort OF
thing" But the General Is not a mouse TO
be demolished by the push of Bull, Rush,
and still stands his ground in the sifections
Of the people, whom he has lwicc saved from
white and copper .coloured ssvsges, some
times aliurcd by !" Beauty and Boosy,' and
sometimes by the seen, of blood, or the cries
OF murdered ch''dfcn.
~ ~zes6T>>S~
E IT, . B.4|k
The committee appointed 10 investigate the
concerns Of the u. S. Bank made q very
lenghthy report, which closes with the fol.
loving
The committee then are Of tho opinion,
that the provisions OF The charter Of the
Bank Of the Unred States had been violated
10 the following instances.
81 In purchasing two millions Of public
debt, 10 order 10 substitute them for two 9TH
or millions of similar debi, which /, had con.
trscted to sell, or had sold 10 Eu ops, and
which tho Secretary Of the Treasury claimed
the right of receeming. The facts on this
tcrtained 5y the committee, have been already
given
"II In no, requiring the fulflment Of the
esgagemen. made BY the stockholders on
subscribing, to pay the I'd and ;, st instalments
on the stock, in coin and funded debt The
facts on this point are fully before the House,
and they establish, beyond all doubt, st that
tho DIRECTORS OF the Bank agreed 10 receive
and lid receive what they deemed an equiv
alent TO, coin, IN checks upon, and the notes
ef the Bank and other Banks supposed to pay
speci- This substitution OF any equivalent
whatever, fer the specific thiags eqalrcd by
tho charter, was in itself departure frs@ its
provisions bot 2i, The notes and check shus
received were not, in all Gases, equivalent to
coin, because thets Was MOI specie To meet
them in the bank Sd, that notes ,f indvid.
uals were discounted and tskeo in lieu Of tho
coin part Of Cd instai'nen,, by virtue of a res.
olu.ion for that purpose, passed before that
iustalnebt became due. 4,h, that tbs notos Of
individuals were taken in many inNances and
TO large aOaounts IN lieu Of the whele of tho
I'd and % instslrnents, which notes are yet
unpaid.
gill In Paying dividends to stockholders
who had no, completed heir install nents, the
provisions Of the charter in that respect were
violated.
"iV. by the judges of the fru and sec.
ood election allowing many persons to give
more than thirty vo,es each, under the pre-.
tence of their being attorneys for persons in
whose names shares then ood, when those
Judges, the directors, and officers OF the bank,
perfectly well knew that hose shares really
IL 4 A. II.
on them as attorneys The facts in respect
Of this violation are in possession Of tho House
and established il beyond tho reach Of doubt.
The commi,tee are Of opinion rhat no OH.
er instance Of a violation Of the charter has
been es abIshed In closing this report Of
mos, iaborious investigation, tho committee
observe, tha, whatever ference of opinion
can exist among them az to tho fosults and
inferences TO be drawn from the facts stated,
they unanimously concur in giving, to the I
preceding state ments Of facts and abstracts
Of documents, their sanction. They have
not recomme ndcd tho adoption Of any meas
ores to correct the many evils and mischief
they have depicted, excepting that OF tho
bill before mentioned, because, by the pro-
visions OF tue charter, tho Secretary Of
tho Treasury has foil power to apply a
promp, and adequate remedy, whenever the
situation Of the bank shall require il. And
if, after the stockholders have become &C.
quaio,ed with the mismsnasemo OF the in
sutu,ion, they shall adopt no means to pre-
vent It's continuance, or the directors thsm-
selves shall persist In course of conduc,
'equiring correction, tho CON mittee canno
entertain . doubt thss the sa'u.s'y power
dyed in the Treasu,y Department will DC /
exerted, as occasion may require, and with
reference to the bos, imsrss, Of The United
States.
"lt Is due to the oficers Of the Bank q,
Philsdelphis to state, that every facility In
heir pcwer vas rendered 10 explaining the
'oaks. and assisting the researches Of the
>ommiuee tt
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The Nsw-Yatk papers state that NJ
shecvss 10 spokes Of ~ the successor to NJ
I.,~s IN ,hs - a sitrurv n The Rank aI m,