Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-10-03

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thls Institution, creator and moro stable than /
at any former epoch, but the manner in which it's
great public and private trusts have been perform
edits public trust towards tho Government !
and tic People of the United States and It's ina
mediate private trust towards the Stockholders,
and those who have confided TO it their funds and
their credit. The perfect harmony of these inter.
csts under the operations OF n Bank organized as
the Bank of the United States has been by law
and administered il now is, is believed to DO de-
monstrated; and it would DO waste and SUI
perfuity the committee to attempt TO add either
to the cogency the variety of the considerations
by which the board of directors has completed the
demonstration The committee will not however
deny themselves the sat isfaction of submitting TO
the stockholders few of the nfcrenccs which the
communication, taken in connexion with the past
and known history of the United States and the
Bank, appears to Justify,
LIST. That the Bank at its origin, and at d great
cost and sacrifice, ciectually promoted the restora
ton OF specie payments; and that its able admins
traon for several years past has finally established
currency, as universally sound within tho United
States as can ever be expected is essential
TO the general welfare; and that this has occurred
IN community whose currency for Il part of the
time has felt the influence of active thourh tempo
rary causes of arrangement, and is at all times cx
posed to danger by the number and variety of its
banking institutions.
ID That the Bank through the whole course
of its operations has cifectuay assisted the Trea-
sury in the collection and distribution of the public
revenue and that OF late years it has been sgnally
efficient in preventing the discharge of the public
debt from disturbing the operations of commerce.
or the course and value of pecuniary Investments.
Sd. That the Bank by it, iudicous intervention
in the business of domestic exchange, has given
such facility and regularity to this indispensable
instrument of iuterna. trade that neither the want
nor Tho cost of 1t any longer exists 10 embarrass
| any operation whatever.
4th. That by its extensive operations in foreign
exchange, the Bank has for several years held in
its hands, and has at times used with striking ef.
tect the of lrrCsfinu ,ll su1Ipn and
fluctuations i'll this branch of commerce. and promi-
| SEES by the same means greatly to economic the
use OF the precious metals in the future trade of
| the United States with China and India.
9Th. That these public services of the Bank of
| the United States, the peculiar result of an in
stltution organized and administered this has
| been; that the organization of any bank body
Whatever, essentially different, would fail in the
attainment of most all of the great objects advcr
tod to; and that efficient administration is alone
necessary to develop the powers and public Of
the Bank in its existing form.
! 9th That while the Bank has been administered
for several years upon those principles which are
demonstrab!y the best both for the public and for
tho stockholders, and yet that adverse crcumstan-
ces' Mt an earlier day, and among them, chiefly,
the cost and sacrifice attending tho restoration of
| an unsound currency, by which immense loss,
that would otherwise have fallen upon the Treasu-
ry and People of the United States, was assn
med by the Bank, have prevented the Stockholders
from deriving the usual returns of money invested
at the lowest rate of intcrest-thc original subscri
bers not having realised an interest equal to five
per cent. per annum. paid Substantially, and sub
scquent purchasers of the stock at an advance ha-
| wing generally received less.
Ith That the stock of this Bank is distributed
IN such amounts, to such variety of persons, and
| Tor such different purposes and trusts, that all
charge or allegation of monopoly by any body of
men Whatever, is shewn to be without foundations
whereas, the same circumstances prove the deep
and critical interest which widows, orphans chart
table societies, and other trusts have in the pros
pcrlty and continuance of the Bank.
9Th. That the welfare ofthis Bank is now iden-
tilted with that of the People Of the T.. States from
those who WELD the largest operations of com
inercc, TO him whose interest in the currency does
not go beyond the just compensation OF his daily
| labour.
These differences your committee believe TO be
sound, and that no partial interest which they noy
| nave as stockholders ought to prevent them from
using their privilege eitzens in stating them
| Their proof may be made manifest to all who
know the history of the Bank and the country. by
! peruslng the communication of the Board of Di
rectcrs.
! There is one other subject within range of the
reference to the committee, upon which they deem
! 1t their duty to report.
| The charter of this Bank will expire by its pre-
| sent limitation the Sd of March, 1886; and
there will consequently be but triennial meet
ing after tho present and that at point of time
too near the expiration of the present charter to
authorize measures in regard to its renewal. 1t is
nj, IN the opinion of your committee that before
100 'SN"ii'5
Directors, to prosecute them ifthey think proper
This power should be large and definitivc not
merely to solicit renewal, but to abide, if they
THINK right, by the terms which Congress NAV
impose. n Board ofDirectors who have admins
tered the Bank III the manner detailed in their re-
cent communication, safe repositories Of the
entire power of the stockholders on the subject of
! a renewal of the charter.
With these remarks the Committee terminate
their dRty by offering TO the adoption of the meet
ing the following resolutions:
Rcsolred, That administration by which the
interests Of the stockholders and public are
July blended is that system which is properly cha
ractcristc of the Bank of the United States: and
that TO the present able administration of the Bank
the stockholders and the public are indebted for
the full, efficient. and profitable development of
such a system.
RcSotred, That tho thanks of this meeting be
presented to the Board of Directors for their com
prchcnsvo and lucid Report upon the operations
ance that the Stockholders place an unabating con-
hdcGce III their wisdom aad fidelity in the further
administration ofits concerne.
ReSolred That the confidence Of tho StochhoI
ders continues to be due to tho able and faithful
President of the Institution, and that their thanks
be given TO him for the enlarged andsljboral views
winch have distinguished his administration of Inc
Bank, and for the skill with which he has united
IN It's operations regard to the public welfare with
Steaey Support of the rights and interests of the
Stockholders.
Resolued, That if at any time before the next
tTienRlal meeting of tho Stockholders it shall he
deemed cIpodent by the President and Directors
10 apply TO Congress foT a renewal Of the Charter
OF the Bank; they hereby authorized 10 mako
such application in the name and behalf of the
Stockholders, and TO accept such terrss Of renewal