Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-05-31


Of the United States shall receive new
charter or noti If the President and
any number Of the Directors, have been
guilty Of mu!,ersation in their Offices, the
remedy for their offence, is removal from
Office. They may be further RESPONSE
bic to fhe stockholders in their persons
and property. The Directors, appoint
ed by the President and ti.uato a.~, us
all times, removable by the President Of
tue United States alsne.s- The Presn~
dent Of the Bank is every year liable to
removal, both as President and as Di-
rector, by failure Of reelection as a Dir
rector by the Stockholders, or as Prcsir
dent by the Directors. No other Dircc-
Tor can be reelected more than three
successive years in four. Ifthe Board
of Directors have been guilty Of neglect
or violation Of their duties, the punish.
mcnt Of their delinquency is TO appoint
another set Of Directors in their place.
not to punish the innocent and iIjured
Stockholders by refusal to renew the
charter.
\ But for their faults, to punish the stock~
holders who bad no communion or prixt.
ty with them-for their errors, to deprive
the great mass of the community Of the
benefits and advantages secured to
them, and enjoyed by them through the
instrumentality of this great institution
over the whole Union, would proceed
from theory of crimes and punishments
uprivaIled by the Political Inquishion Of
Venice, or the religious lnquisition of
Spain. A theory by which the crime
would be committed by one set Of per-
sons, and the punishment inflicted upon
another-a theory by which the stock-
! holders would be mulcted in their prep-
! erty, because the Directors had been
faithlcss to their trust, and the people be-
rett of public blessings, because their
confidence in the integrity Of their a
gents had been betrayed.
Il IRREpRoAcHABLE CONDUCT OF 1HH
! PREsIDENT AND DiREcTons-cAsE oH
}, REUBEN Nj. WHITNEY.
Ii is with great satisfaction, the sub-
scriber declares his entire and undoubt-
ing conviction, as the result Of all tho
examination which under the resolution
, of the House, and the unbounded range
!, of inquiry sanctioned by tho majority Of
: the committee, he was able to give the
: books and proceedings of the Bank, that
: no misconduct whatever is imputable to
!, the President or 10 any Of the present
Directors Of the Bank. That, in tho
management Of the affairs OF this inl-
= mense institution, now for series OF
r nearly ten years, occasional errors OF
G Judgment, and possibly of inadvertence,
o have been committed, IL doubtless true
: i'm the vast multitude Of relations Of tho
$ Bank with the property Of the whole
G community, the Board Of Directors Ot
e rlie Parent Bank, or some Of its branch-
$ es, have some times mistaken the law,
Q and sometimes have suffered by mis-
Q placed confidence. A spirit of predeter-
s mined hostility, uncontrolled by liber-
: al sense Of justice, prying for flaws and
j. hunting for exceptions, may CRAFTY 1t
: self, and swell with exultation at Its own
r sagacity, in discovering an error or ar
k guing misconstruction of powers In
# the conduct Of the present President and
J. Directors of the Bank Of the Upited
&c States, no inte eutional wrong and no Inns
/, portant or voluntary error has been corn,
: milted. He deems this declaration duo
y from him to those worthy and respect
able citizens, in the face Of this House
e and of this nation, willing as he is tn abide
1t upon it the deliberate judgment Of after
a times. He deems It the more imperious-
IS ly required of him as signal Vindica'
a ton Of the honor and integrity of injured
10 and prosecuted men. 1t has been lng
&c possible for him to. observe without deer
n, concern, the spirit and temper will
,r which this investigation has been prose
nt cuted, particularly with regard to ths
l. President Of the Bank. As one exam
lt pie OF which, he would call the attention
DR. Of the House to the testimony Of Reuher
* M. Whitney--to the manner in which ]
er was produced, and to the catastrophe u
b. which it terminated.
IS, On the Cd Of April, the Chairman o
~ the Committee asked Of them, authority
i'll to issue Subpoena, to summon the at
ny tendance before them Of Thomas VIII
to son, heretofore, in tue year 1924,
ms Cashier of the Bank, 10 testify as I
10. witness. The subscriber inquired wha
c. il was expected Mr.. Wilson woul,
ITS prove, which question the Chairman dc
of clined to answer. The subscriber OBJ
Is. iected therefore to the issuing Of Oh,
he subpoena, and tho motion for it that da
MS was Withdrawn. go
Il The next day i was renewed, with
as statement in writing by the Chairman Q
nd several allegations, as the subscribe
ry conceived, amounting to charges again'
nit the President Of the Bank Of embczzlc
IN, ment of the moneys Of the Institution. -
rs, The subscriber inquired from who'
re- these charges had been received, whic