The Portland gazette., 1819-01-26

to COMMITTEES of the whole ON the state of the
union.
The REPORT upon the United States
Bank by the Committee of the House Of Rep
reentadves, was made on the 18th inst The
National Inielligencer was issued on Sunday
following, in order TO publish this document.
Il consists Of eight compact columns Of matter
and the following is The concluding part OF
it -
In speaking, therefore, of violations OF the
provisions OF the charter, the committee wsI
10 be understood as not expressing any opn
ion whether such violations would cause io,.
feiture or not They present the facts, anc
Ire House will determine whether under those
facts, it be or be not eXpedient TO direct the
issuing a scire facias, 10 ascertain whether the
violations are such as to cause dissolution OF
t.ie corporation.
The committee then are of the opinion, that
the provisions OF the character of the Bank OF
The United States gave been violated in The
following instances -
|. In purchasing two millions of public
debt, in order TO substitute them for two 9th
or millions OF similar debt, which it had CON
tracted 10 sell, or had sold in Europe, and
which the Secretary OF the Treasury claimed
the right of redeemng. The facts on this sub
Jet, and the views of the transaction enter
tained by the committee, have been already
given.
III. In not requiring the ful6lment Of the en-
gagement made by the stockholders on sub
scribing, TO pay the second and third install
ments on the stock, in coin and funded debt.
The facts on this point are fully before The
house, and they establish, beyond all doubt,
Isl, that the Directors of the Bank agreed 10
receive and did receive what they deemed an
eqmvalens, for coin, 10 checks upon, and the
NOES Of the Bank End other Banks supposed
10 pay specie. Thi. substitution of any equiv
alfnt whatever, for the specific things required
blythe charter, was in itselfa departure from
its provisions but, Cd, The notes and checks
thus received were not, in all cases, equiva-
lent TO coin, because there was not specie to
meet them in the bank Sd, that notes of in
diTSduals were discounted and taken in lieu of
theseoin part of the Cd instaIment, by virtue of
aresolution for that purpose, passed before
hat nstalment became due !; 4th, that the
notes OF individuals were taken in many in
stances, and TO large amounts, in lieu of the
whole of the Cd and Sd instalments, which
notes are yet unpaid.
Ill. In paying dividends TO stockholders
who had not completed their instruments, the
provisions Of The charter in that respect were
violated.
IV. BY the judges of the ist and Cd cleo
tion allowing many persons TO give more than
80 votes each, under the pretence of their be-
ing attorneys for persons in whose names
shares then stood, when those judges, the di-
rectors, and officers of the bank perfectly well
kne that those shares really belonged TO the
persons cffering to vote upon Them as attor-
neys. The facts in respect of this violation
are in possession of the house, and established
beyond the reach of doubt.
The committee are OF opinion that no 9th
er instance of a violation of the charter has
been established. In closing this report of
mot aborious Investigation, the committee |
observe, that whatever difference of opinion |
can exist among them as TO the results and in
ferences 10 be drawn from the facts stated, |
they unanimously concur in giving, 10 the pre- |
ceding statements OF facs and abstracts of doc |
4meu;s, their sanction They have 40! re-