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

/ The committee then are OF the opinion,
that the provisions ofthe charter Of the bank
of The United States have been violated ia
the following instances:
l. In purchasing two millions Of public
debt, in order TO substitute them forNtwO
other millions of similar debt, which it'had
contracted to sell, or had sold in Europe,
md which the secretary OF the treasury
| claimed the right OF redecming. Tbs facts
| on this subject, and the views of The trans
! action entertained by tie committee, lave
been already given.
ii. la not requiring the fulflment of the
engagement made by the stockholders on
subscribing, to pay the Cd and Sd 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,
LIST, that the directors of the bank agreed
to receive and did receive what they deem
ed an equivalent for coin, in checks upon,
| and the notes of the bank and other banks
supposed 10 pay specie. This substitution
! OF any equivalent whatever, for the speci-
&c things required by the charter, was in it.
self a departure from iS provisions but,
Cd, the notes and checks thus received were
not, in al cases, equivalentto coin, because
there was not specie TO meet them in the
bank f; Sd, that notes of individuals were
discounted ana taken in lieu OF the coin
part of the Cd inslalment, by virtue o, re-
solution for that purpose, Fassed before that
lnstalment became due 18th, that the notes
OF individuals were taken in many instsn-
ces and to large amounts in lieu OF the
whole OF the Cd and 81 instalmen.s, which
notes are yet unpaid.
ILL., inlaying dividends TO stockholders
who had not completed their instruments,
the provisions of The charter in that respect
were violated.
". BY he judges Of the first and second
election allowing many persons to give
more than thirty votes each, under the pre-
tence of their being attorneys for persons
in whose names shares then stood, when
those judges, the directors, and officers OF
the bank, perfectly well knew that those
shares really belonged TO the persons Offer
Ing TO vote upon them as attorneys. The
facts in respect of this violation are in DOS
session of the house, and establish j, beyond
the reach of doubt.
The committee are Of opinion that no o.
thcr instance of violation of The charter
has been established. In closing the re-
port of most laborous investigation, the
committee observe, that whatever. differ
ence of opinion can exist among them rs to
the results and inference to be drawn from |
tue facts stated. they unanimously concur
in giving, to the preceding statements of
facts and abstracts of documents, their |
sanction. They have not recommended !
the adoption of any measures to correct the
many evils and mischief they have depic-
ted. excepting that Of the bill before men
toned, because, by the provisions of the
charter, the secretary of the treasury has
full nowerto apply prompt and adequate |
remedy, whenever the situation Of the bank |
shall require it. And it, after the stockhol-
ders have become acquainted with the mis-
management of the institution, they shall
adopt no means to prevent its continu-
ance, or the directors themselves shal per-
sst in course of conduct requiring correc-
ton, the committee cannot entertain
doubt that the salutary power lodged in
the treasury department will be excrted,
as occasion may require, and with refer
ence to the best interest of the United |
States.
1t is due to the officers of the bank at Phi |
ladelphia to state, that every facility in
their power was rendered in explaining
the books, and assisting the researches of
Al