Alabama state intelligencer., 1831-01-26
GEORGIA LEGISLATURE.
SENATE.-fRIDAY, Dec. l8.

lk, accompanying documents, Report:
 That having carefully examined the referred state ments, they are of opinion, that the Bank is in a sound and stable condition. So'f;r as your commit tee advised the limits prescribed by it's charter have been strictly observed and its requisitions fly complied with. The amount of specie in its vaults falls little short of the amount of capital stock paid in The amount obls in circulation considerably less than its capital stock would warrant consistently with the provisions of its charter Believing that the affairs of the Institution are managed with good faith to the public, and profit to the stockholders your committee would cheerfully submit a resolution ex- pressve ofthat belief and take leave of the subject But due respect to the memorialists who have pre- ferred charge against the Bank, and justice to the Bank itself requires investigation into the subject matter of complaint.
 The memorial alleges a violation of the l3.h sec sion of the act of incorporation which provides for prompt redemption, on demand of the bills of the Bank, and concludes, with prayer for an invesiga- ton into its atairs under the l4th rule of the 7th sec ton, which subjects its books papers, corrrespon- dence and funds at all times, to the inspection of committee, to be appointed by the legislature for that purpose. The allegation is extremely indefinite, in- asmuch it neither states whether not, the de- mand was made by or in behalf of any other Bank whether there was refusal to pay generaIy or only to pay in specie. There being provision in the charter ofthe Bank of Macon by which it is au- thorized, when its bills presented for payment by or in behalf of another Bank pay in the bills ofthe Bank so presenting and demanding payment Such statements in the allegation deemed necessary The allegation general it is wholly unsupport- ed by any evidence referred to your committee ex- cept copy of notarial protest Grey Champaign, which, in the opinion of your committee is sufficient l ted for by the affidavit of James Rea Cash fer, and the certificate of Grey Champlain.
 These documents follows:
 1st. Two letters written by T. P. Bond, Esq. to the present Executive of Georgia, and to his prede- cessor requesting the interference ofhose officers in in tha affn of tba Bank, and their answers, declining the interference sought.
 2dly. letter from T. P Bond and H. s. Cut ter, Esqrs. two of the memoralists to the Honora- ble Senator from Habersham, covering a certificate. and proposing seven individuals fit persons to con stute the contemplated committee of investigation three of whom are slgners of the memorial and one also sgner of the same letter.
 3dly. copy of a letter addressed by T. P. Bond Esq. to l. Wilcox, Esq Cashier of the Branch Banl, ofthe State of Georgia, at Macon charging the Bank with having loaned specie to the Bank of Macon on late occason to enable the latter to make fair ex- hibt; which charge, althouth unsupported by any evidence is clearly refuted, in certificate of the Cashier, referred on the part of the Bank
 4thly written opinion of fftytwo gentlemen that the Bank of Macon ought not to oppose an nyes tigation before the legislature.
 5thly. certificate of T. P. Bond Esq. setting forth the manner in which an examination into the affairs of the Bank by three gentlemen (herenafter referred to) was conducted.
 6thly A carfifrato nf Rnn nnrratt Es1 sta.ins that he did not sign the memorial against the Bank to which his name appears.
 7.hly A letter of T. P. Bond accompanying the two last mentioned documents.
 All these documents, your committee think afford evidence of the charge contained in the memorial which is itself bare written declaration of seven in individuals, not signing under sanction of an oath
 Assuming, however, that the charge is true 1t is, before observed remarkably vague and there fore susceptible of explanation That explanation Is afforded by the counter memorial of the Presi- dent of the Bank, which, while it does not contra dict the statement in the memorial supplies the pre- csion and ullness in which the latter is wanting It sets forth that the presentment of bills, and de- mand of payment on behalf of the Marine and Fire Insurance Bank of Savannah, and that payment was tendered in the bills of that Bank which, being refused, protest and suit at law en- sued. This last memorial, is, in the opinion of your committee, to say the least entitled to as much cre dit as the 6ther and by it the Bank is represented in the light of corporate Institution, violating the salutary provisions of its charter, but prudenty husbanding its resources by meeting pressing de- mand at safe to itself and consistent with the charter But had the Bank really violated the 18th section 0 the act of incorporation, that section pre- scrbes remedy by suit at law, which the party ag- greved Gf indeed there be a grievance) is now re- gularly pursuing. If therefore the memorialisls feel any sympathy for the sufferers, or any appre- hensions on behalf of the public, your committee would refer you to the party plaintiff in that action to whom their assistance in making out the case would, doubtless be highly acceptable.
 Thereis however, among the documents referred address to tho committee Banks, from T. P Bond and Il. s. Cutter Esqs. insisting on the charge already considered, and preiering three additional charges against the Bank of Macon.
 1st. The loaning of more than ten thousand dol lars to individual, which is forbidden by the 1lth section of the act of incorporation. proof of this charge, reference is made to the President and Cashier of the Bank of Macon, and to the Pre- sident and Cashier of the State Bank. Your com mttee not being invested with powers to send for persons and papers, could not avail themselves of this testimony, and are, therefore, in the dark on that subject
 2dy. The violation of the 18th rule Eth section regulating the keeping of minutes and in support of this charge proof has been offered.
 3dly. The purchasing of cotton by agent, contra " to the 18th rule, 7th section; proof of which has been submitted.
 Your committee connot suppose that it ever was intended to predicate extraordinary legislative inves tigation into the affairs of any Bank upon the state ments of two individuals unsustaned by evidence and the less when upon scrutiny, these statements assume the more airy form of vague suspicious that all is not right
 But the officers of the Bank of Macon, knowing that such memorial had been presented; in the ex- ercise of abundant caution have chosen to rest their there. Among the documents, referred, is statement of this Bank made on the first of Novem- ber the correctness of which is attested by O. H. Prince, Esq w. B. Rogers, President of the Branch Bank of Darien, at Macon, and John T. Rowland President ofthe Branch Bank the State of Georgia Notwithstanding, much business had been transacted by the Bank sought be crcumvented in the inter- val between the date ofthe first and the date last statement the latter represents it in less hours- ing and sound condition, than the former In addi- d., o,x tf ;., c.