Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-15
From the National Inteliigenesr Of Saturday.

From the National Inteligeneer Of Saturday.
sANk OF THE UNITED SrArEs-Wo had un op
fP%or.unity, yesterday, of hastily examining the
Counter Report ofthe Minority OF the Bank Com
mntce presented i'm the House of Representative,
| ny Mr. McDuffic. 1t is from the pen of this gen
,,iem9n but has the full consent of Mr.. Adams an,
Mr.. Watmough, who with him. constitute the Mi
| nority Fl the Committee.
| we have never witnessed the operation of tina
submarine instrument of war called the Torpedo
out wa can imagine its effect upon any objec
against which IT is directed. We think of no
'hing more hgurativc of the effect of the counter
port upon the document TO which it is counter, thar
the blowing of u vessel out of hor element by thai
| continuance.
we will cndeavour, in n few words to give the
reader an idea ottho tenor of the Report, it may
10 some days before copy of it can be obtained fol
publication
lhe Report begins by examining the six cases
presented, in the Report of the Majority, sub
Jects OF Imputaion touching tho violation of It's
charter by the Bank. These imputations all
uheluivocally condemned unsustainablc and in
some OF the cases great credit is givon to the Bank
Tor the very transactions which are in the MAORI
tvs report subjected to censure.
The case of the loan to the Editors of the New
York Courier and Enquirer is next taken up and
iuIiy examined and the Report tested by the evil
oence I'm the case. This branch of the counter
port is concluded in the following terms: "Under
al the circumstances of this case, the minority
"oi the Committee declare without any reserve,
that there is nothing in these transactions calcu.
lated to induce them to doubt the honor and in
egrty OF tho Directors; and this they feel author.
ized to to say is tho opinion of the majority of
1.-THE Committee, from the opinion publicly EXPRESS
ed Py one of its Members, Coll NJ johnson y
'Ihey also deem it due to the OCCASION and to their
"own sense of justice, that they should add that
they do not believe there exists in the United
Estates Bank Direction composed of more up
fright, Independent, and honest men than that
(which granted the loans in question"
The next bjcct examined by the Minority is the
transactions of the Bank with Thos. Biddle & Co.
which are thoroughly Probcd One incident is so
remarkable as to deserve special notice. 1t is the
retutation of a statement duplicating the President,
OF the Bank, by the fact accidentally proven that
Tor several days before, and several DAYS after the
alledged date of the transaction, Mr.. Bddle (thc
Presidency was absent from the Bank on business
at Washington. ''Thus," say the Minority twas
this artfully devised story, which was intended to
''blast the reputation of high minded and honor
cable man, through one of those extraordinary
"mterpositions by which Providence sometimes
"confounds the contrivances of the wicked, made
"to recol upon the head of its inventor, who must
forever stand forth blasted monument of the
speedy and rctributive justice of Heaven" In
all transactions of the Bank with Thomas Biddle
d. Co, instead Of finding any thing TO ccnsurc
the MInoritJ state that the President of the Bank
appears always to have acted with the most scru
puous delicacy. Before the Committee separated
1t further appears Resolution was unani,nously
passed. acquitting Mr.. Biddc of all censurc on this
head.
The counter-rcport thon goes on to examine and
refutc various other positions, taken in the Report
oil the MAJORITY, respecting the transport ration of
specie, exchange, &C. and declares the opinion that
there is no part of the Union which is SO much
benefited by the general operations of the Bank as
the Southern and Western States.
In regard to the comparison drawn by the major.
ity between tho condition of the Bank in 1919 and
now, the countcr-rcport says that the minority
cannot but regard the comparison thus presented
by the report as unfair and partial, and calculated
to produce impressions the public mind as alb
solutely erroneous they would be positively
"pernicious." This position is sustained by facts
and arguments at considerable length summing
up thus: upon the whole, that the Bank is not
"only fully able to meet all its engagements but
sis in a state of the highest prosperity"
The counter report concludes with the follow
ing unequivocal expressions: "Upon a review of
'the whele ground occupied in the examination
"thcy have made, the Minority are ofthc opinion
"that the affairs of the Bank have been admins
tered by the President and Directors with very
great ability, and with perfect fidelity to all the
obligations to the Stockholders, to the Govern
"ment, and to the country. They regard the Bank
'as an Institution indispensable to the prescrva-
"tIon OF sound currency and to tho financial
Operations of the government; and should consi-
'der the refusal of Congress to renew the charter
las great national calamity.
"They will add, in conclusion, that thew are
equally decided in the opinion that Congress is
"callcd upon by the most weighty and urgent con-
celebrations to decide this important question du-
ring the present session"