Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-25

luuic to the Legislative and Documentary History
of the Bank of the United States, compiled by the
indctatglblG research and industry of the Clerk of
thc House of Representatives, and his associate
| But a large portion of the questions might, with
more propricty, he addressed in circulars To the
Presidents of the Banks in the four quarters of the
| Globe, than to the President of the Bank of the
United States. And it may be doubted whether of
many of the enquiries, convention of all the
bankers i'll the world would not be reduced TO the
| necessity of leaving them they found tlom--to
he solved only by the ingenuity Sagacily of their
author. The subscriber o.! j2ctcd to them as they
were presented in clusters; not but that some OF
the questions might be within the compass of the
powers and duty of the Committee, but they were
buried in such mass Of Heterogeneous matter
that il would have occupied the Comtmitte. to the
last moment of their happily limited time to ex-
tract tho pertinent matter from its incaScmcnt
! The subscriber believed quite unjustiiable under
! the authority of the Committee, to make of this
enquiry general disputotion upon banking
With regard to the numerous matters of VII nj
Importance in the reorganization of the Bank,
spuCie payments, domestic and foreign EXCHANGES
| investments i'll public debt by the Bank in 1924 and
1925, and its ability to make loans to the Govern
ment, the influence of tho operations of the Bank
upon trade on the increase of the representation
! of the Bank, its agency in diminishing or enlarge
ing the circulation of local Banks and the means
of permanently regulating our general circulation
SO as to prevent its injurious effect upon the trade
and currency ofthc country, concerning which the
| l.
ted number OF inquiries TO the President of the
Bank: copy of the answer of the President of the
Bank to these inquiries has already been submitted
to tho House 1t is hoped these Will be satisfactory
To the House, and that they will contribute with
other considerations TO the conclusion that the
| Bank OF the United States ought, with such modi-
t'catons as may he deemed cxpcdicnt by the Lcgis-
laturc, 10 be Immediately rc-clartcretl.
| The subscriber has long entertained the opinion
that the existence of National Bank is indissou-
bly, connected with the continuance of our Nation
| al Snion. The fiscal operations of the Govern
cht III all It's branches he believes, cannot with
cut the aid OF such institution, he conducted he
Will not say WELL hut at all. He does not say that
| the present Bank ofthc United States is indspen-
sable, and his mind has sometimes hcsatcd upon
| The question, whether at the expiration of the pre-
sent charter of the Bank, the establishment of ano
Their, though similar institution, might not be more
| cNpcdcnt than the renewal of the chartcr.-Inci
ming rather to the latter of these before
the institution of this inquiry, he has been very
strongly confirmed i'll that opinion by the result of
| the investigation in which he has shared.
| The management of the affairs of tho Corpora
ton during the administration of the present Pre-
sidcnt, not exempt from human error and infirm-
lty, has yet appeared to him marked with all the
| characters ofsOurd Judgment, of liberal spirit of
benevolent feeling, and of irrcproachablc integrity
\ large proportion of its officers in subordinate
trust arc ofthe Society of Friends; u class of citi
zcns peculiarly qualified for the performance of
| duties, and the exercise of qualities appropriate to
the successful management ofmonicd establishments
industry, punctuallty, temperance, and consci-
entlous discharge of all moral obligations.
lin considering the numerous and important pub
lie services, and the large contributions of the pre-
sent Bank to the Government and People of the
! United States, he thinks the least return which
they Justly authorised to expect from the eouilv
of the nation, is the renewal of their charter The
benefits and profits of tho Bank have been cnioyCsI
by the nation far beyond those shared by the indi
vldual Stockholders Besides the bonus of Il million
and half of dollars paid to the public Treasury
the charIpr-hpSlpS he IF tbo
of loan Offices for the payment Of the public debt
principal and intercst---bcsidcs the obligation of
transferring the Government funds to and from
every part of the Union, as the public exgencies
rcqulrc-the nation has held onc-fifth part OF the
atock from the commencement of the institution to
this time, without payment of one dollar TO it's ca
Pta until the last two years. 1t has received the
| dividends i'm common with the other Stock holders
las exercised the exclusive right ofappointing one
fifth the Directors; has been supplied with loans
| Whenever the occasions of the Government needed
them, upon terms more advantageous to the public
IMAM could have been secured from any othcr inst
tuition or company of individuals: while the Bank
by its salutGry control, and its universally extended
credit, has compelled the restoration of cash pay
ments' and furnished currency equivalent, in sub
stanlIal Value TO specie, throughout the Union
These have bOcn the advantages of the Bank to the
nation, while the individual Stockholders have re-
allied, upon their invested capitals, scarcely more
than yearly interest of six per cent, even ncIn
ding the advance of tho stock at this time in the
market This circumstance has afforded proof
nothing short of demonstrations of the rashness and
folly of all those projects for the establishment of
a now Bank, which have been presented to Con-
grcss, with lure of enormous premiums for the
grant OF charter. The subscriber has no doubt
that the destruction of such an establishment would
be speedy and inevitable, either by the absorpiion
of all It's profits to pay the PREMIUM or by forcing
its direction into wild and reckless extent of bu-
sluess, rumcus to the commerce of the country
not less than to- the Bank Itself.
= In considering the cXpCdenCy Of renewing the
charter, the subscriber discards all considerations of
the interests or wishcS-not only Of the President
and Directors OF the BUnk, bat Of all the individual
Stockholders OF the corporation. In the question
between chartering new corporatIon and re-
chartcrng the old one, it the interests of the ind
; VIdua advcnturcrs to be considered at all like
I opposite quantities in algebra, they annul each
other.-lt Is the public interest alone that can de-
, tcrmlns the question: and in that view alone the
subscriber would prefer tho renewal of this insttu
ton to the establishment of another. The present
establishment has the advantage OF long ex pcriencc
" OF system maiurcd by the acquired knowledge
OF many years. and by the correction of it's own or.
rors. That knowledge has been purchased at no
mconsidorabIo cost, and a set of new Undertakes
would most probably have to pass through similar
nOyciate. The result of his examination has baen
an entire conviction, that with view TO the pub
lc interest alone, the charter of the Bank of the u
States ought forthwith to nc renewed.
In the free and unrcSCryUd aumadvcrsion upon
the course OF proceedings pursued in this Investi.
CATION by the majority Of the Committee and IN
on the consequences to which they necessarily led
which he has felt it his duty to indulge, he trusts
1t Will not be undcs God as his intention to sneak
in ccnsuro of any individual member of the Com
! mlttee. lie lmputcs injustice of intention TO
any one, even where he Vt most fragrant in the
result of measures. IT, in the examination of The
! books and proceedings Of the Bank a penetrating
and severe scrutiny into the official conduct of the
President and Directors of that institution v,os
! within the scope of the labors of the COMMITTEES