Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-29
'Ewemty-second Comgress.--scss. n.
HOUSE OF REPRESENTATIVES,
BANK OF TIE UNITED STATES.
MIR. ADAMS REPoRr:-( Continued. }

lac
tons between Messrs. Webb and Noah, and the local
banks OF New York with these statements and al
legations that Mr. Webb in August, 1881, applied the
PRESIDENT and Board OF Directors OF the Bank of the Uni
ted States for accommodation loan OF twenty thousand
dollars The President Directors considered il as it
had been viewed in the recommendation of the Mavor of
New fork--as business transaction. Yet, il did
escape their attention that political colouiing might and
probably would be given to it by the nveerac enemies
OF The Bank. They that ii the loan was
granted it would be liable the charge OF favor ispens
ed 10 purchase the aid aud support newspapers in
hai oil the bank, aud ii il should be denied it would he
charged as proof OF hostility to the Administration the
General Government and its chief Sure that they could
IN no event escape the censurc Of enemies pedsposcd
TO blame, they granted the loan which, afterwards in
December, addition of fifteen thousand dollars was
made Notes of Mr. We5b, endorsed by Mr.. Noah, aud
payable TO Silas e. Burrows, had been previously dis
counted for Mr. Burrows but without the knowledge of
Webb or Noah, they testify, the of seven
teen thousand collars OF these much has been
paid that there remains due from Messrs Webb aud
Noah TO the bank sum OF about eighteen thousand
dollars payable in semi annual instamens and from the
statements laid before the committee believed By the sub
scrber be as sale any other debt upon the books Of
the bank.
The transactions OF James Watson Webb and of Nor
deca NJ Noah with tho Bank of the United States form
ed i'm the opinion OF the subscribers proper subject
examination by the Committee, of investigation the
House. further than to ascertan, whether in those
tons, there had been violation of the law of land
Within the pale OF the law, if this be government of
laws, and not of men, Webb and Noah were amena
bic for their conduct their opinions 10 the House of
Representatives, OF the U. S. any committee by them
appointed.
In behalf of the United States, large stockholders in
the Bank general superintendent the proceedings
of the President and Directors OF the Bank is no doubt
vested in Congress But the subscriber does not believe
that the President any Directors of the Bank is or can
be accountable, 20 committee of either House of Con-
gress 10 the House ITSELF for the motives or reasons up
which he acceded objected any discount The
practice oil all well regulated banks is, be- that
declared by the Presidents of tE two banks in New York
TO be theirs. The oUeS for accepting or re-
Jectng ote offered for discount subjects of in
curry at the Board itself The of each Director
in his breast. His own colleagues at the Board
have right to inquire into them. They in his own
discretion.
1t is indeed within the bounds of possibility that this
discretion should be abused to the injury and damage OF
the stockholders But in the transactions of the bank
with Webb and Noah loss damage has occurred to
the stockholders nor is any to be apprehended.
In the original charges presented TO the House by the
chairman OF the committee there of s5sidizing
ne Tess-and these accommodations TO Messrs. Webb and
Noah were understood TO be among the most prominent
eXempcauonso of that nameless crime which an invesiga
ton OF the Affairs OF the Bank would disclose the world
1t would happily he ritess search find in the crim
nal code OF this Union, of any of its constituent
States such crime as su5sdizi,ig the Press when thn
charge first brought forward by the chairman of the
committee in the House. it impossible TO ascertain of
what overt or covert acts this offence, thus novel and I'M
Defined consisted; except in the proceedings of ma
onty OF the committee can the subscriber yet compre
bend what the elements of this and still unen-
cd offence. The majority OF The committee, Immediately
Gite entering upon the discharge of their phia-
depha, commenced search the accounts with the
hahk oil Editors Of newspapers In the TO this
demand II was found that ebh and Noah far from heinz
solitary cups in this unheau-oi tansgression were in
the very respectable company of the Editors of tie Ma
onaf lnelgencer, of the National Gazette of Tho TT
cd States Telegraph, of the Globe, of the Richmond
Enquirer This information scarcely i'm the posses
sion OF the committee before it found way into the uu
lie Journals and thus all the editors those welknown
prints stand, by exhibition OF their private accounts
charged before the public conductors of presses suJ
dtEed Gy the Bank The committee did in no other in
stance than that OF the New York Courier and Enquirer
go into investigation OF the reasons or motives for which
the discounts or the loans had been granted Political mo-
uves were unequivOcally and explicitly dsclancd b the
DlrcctOrS fO Tho Il
while in this, as in all other Banks, the practice is uito
OF never assigning the reasons either for discounts or re-
lection, they are not and cannot be made subjects
uWony Every member oil the Board has his own reasons
which may not be known TO any other member One
member, therefore, is responsible for the reasons of any
hcrmemher nor is the board responsible for the reasons
of any OF its members. Motives can then be made =
subject OF scrutiny only upon suspicons-political susp
cons, sharpencd by the collisions Of personal pecunary
interests.
The subscriber believes all enquiry into the motives of
Bank facilities or accommodations TO bc moi o,I,, nr,
with injustice TO individuals but utterly beneath the dig
nifty Of the Legislature Their rights OF enquiry are co,-
mcnsuratc with the law. For actions within the bounds
OF law, to scruIinzc moves is tantanount TO an inous
lon OF rehgioI oPmons-a species of moral and intecc
tual torture, fitted 10 the age of Tibcrus (pear ~
Rome, than TO the liberal spirit of the present time The
discount oil notes at Bank whether a large or small
amount i'll be considered as donations or
tues. They contracts of mutual equivalents for The
benefit of both parties, in which the Bank is no moro tho
bencacor OF tie customer than the customer of the Bank
As the period OF time is approximang at which the pre-
charter OF the Bank of the United States is TO exre
become object Of great and increasing public Interest
The duties OF the President and Directors of the Ban II,
protect and promote the interest of the Stockholders nar
rally make 1t an object of intense ard earnest desire 10
them Independent OF all personal and individual inter
of their own, these obligations TO the comp,pv rer
Of them to use all fair and lawful means to obtain renew
al Of the charter. Were it even true that under these
circumstances they should indulge disposition TO The nj
most bounds Of beraity consistent with Justice and dscrc
ton TO one or eminent Editors OF public journals
but extending only to discounts Of their papers at tho
regular remuucrang interest," the rate OF six Der
converted into biibe? In every State in The Union
there Is large capital Of s citizens invested in Stoke m
multiplied State Banks. Most Of these arc rivals in b
sincss with the bank of the United States and they have
all boards OF Directors, and most OF them cocagucd
with newspapers, all eager for the destruction of the Bank
the system Of safety funds the State Of New York; mas
much as heir discount at the rate Of six per wear
cra ono per cent Of the dividends which otherwise bv
The laws OF New York. they would be enabled 10 levy
upon tic community 1t is therefore, surprising that
IN the city, and even IN the State of n York that aninos
ty against the bank Of the United States Of almost o
The local banks should have been so great as even 10
spread its influence into the Legislature OF the State The
same operation IS active under feebler excilcmens i'm
many other States These not brides. But the con
cert Of opposition from State Banks in almost every quar-
Ter Of ie Union organised with harmonious epergv in
santly operating upon The public mind unfavoraby by
means OF tie Press, made Il Indispensable necessary for
those to whom the welfare Of the corporation was inrus.
defend themselves, occasionally md from time time
90 the same manner.
IT, while hundreds and thousands Of the conductors Of
state banks imPeled by private aud personal interests
are hng the popular public journals under their influence
by means OF discounts and facilities granted Withdrawn
with every charge that suspicion conceive or soj-
nation ean invent to invoke popular Jesenmen and nde