Elizabeth-Town gazette., 1819-01-26
BANK OF THE UNITED STATES.

The National Intelligencer of the 18th instant
contains the report of the committee appointed By
the House of Representatives to investigate the
concerns of the Bank of the United States. This
report is very lengthy: the following is the con.
cluding part of it.
In speaking, therefore, of violations Of
the provisions of the charter, The commit.
tee wish to be understood as not express.
ing any opinion whether such violations
would cause forfeiture or not. They pre-.
sent the facts, and the house will deter.
mine whether, under those facts, it be or
be not expedient TO direct the issuing
scire facias to ascertain whether the viola.
tions are such as to cause dissolution Of
the corporation.
The committee then are of the opinion,
that the provisions of the charter Of the
Bank Of the United States have been VIC.
lated in the following instances -
|. In purchasing two millions Of public
debt, in order to substitute them for two
other millions of similar debt, which It had
contracted to sell, or had sold 10 Europe,
aud which the Secretary Of the treasury
claimed the right of redeemiDg. The
facts on this subject, and the views Of The
transaction entertained by the committee,
have been already given.
III. In not requiring the fulflmeut o
the engagement made by the stockholders
on subscribing, TO pay the second and
third 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, lst, that the Directors
of the Bank agreed to receive, and did
receive, what they deemed an equiualfrt
for coin, in checks upon, and the notes Of
the Bank and other banks supposed to pay
specie. This substitution Of any equiva'
lent whatever, for the specific things re-
quired by the charter, was in itself de-
parture from its provisions but 3D. the
notes and checks thus received were noI'
in all cases, equivalent to coin, because
there was not specie to meet them IN tns
bank; Sd, that notes Of individuals were
discounted and taken in lieu Of the CON
part of the I'd instalment, by virtue Of q
resolution for that purpose, passed before
that instalment became due; 4th, that Inc
notes of individuals were taken in maOy.
instances, and to large amounts, in lieu Ol
the whole of the second and Sd instalmens'
which notes are y ct unpaid.
III. Ia paying dividends to stocknol%
ers who had not completed their lns!st
ments, the provisions of the charter IN 'n@
respect were violated.
Nv. BY the judges of the first aaa
second election, allowing many persons y
give more than thirty votes eacft unas.
the pretence of their being attornIes ".
persons 10 whose names shares theu stOoS' ~
when those judges, the directors, ana ON, ~,
GERS of the bank, perfectly well knew lna
those shares really belonged to the per-
sons offering to vote upon them as a!'ui'
nies. The facts in respect OF tins VlO'"
tion are in possession Of the house, anu 9
tablish it beyond the reach of doubt: :,
The committee are of opinicn tna' "
other instances of violation OF the cnar
ter has been established. 10 closing .lI'
report of most laborious investisa''vv1s' ~
the committee observe, that whatever on.
ference of opinion can exist among 'nc"
as to the results and inferences to be dras"
from the facts stated, they UNANIMOUSLY
concur in giving to the preceding s'''V