Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-11
Tweniy-secosRd aJomgrcss.--sess. 4.
BANK ACKNOWLEDGEMENTS


tee have fully appreciated e delicate character of
of the duties assigned them the high responsibility of
the Office Of inspecting the books, and examining into the
proceedings of the Bank Of the United States
In dischargng that they have not felt themselves
at liberty TO inquire into the private concerns OF any ndi
vduals, of any denomination the public Interest
directors OF the bank. The investigation was ordered v
the House under peculiar circumstances and i'm .uc
non oil debate on the renewal Of a charter national
hank, whose annual operations amount three
hundred millions OF money, Whose Influence extends 10 tie
emoiest parts OF the Union, and whose with the
rSueiH government gives public character. Impress
Ell with the importance of the great variety Of interests
involved have executed the Office assign
e" nen'hy lhqulrng generally, iuo the proceedings of
the bank, not only for the purpo asccrann whether
its powers had been violated abused, TO tile injury cf
me private ana public Interests OF the country but, with
view TO obtain information for the OF the House and
10 suggest, should Congress determine continue ma
tonal bank, such modification The proceedings of The
existing institution would seem TO have rendered neccs-
sary.
Adhcria, 20 .joso rules, tie committee b,.livcd If on
uey WITHIN their province TO inquire whether the in
hucnceoi the bank ackuowe lodged bv all fo be Of vast
CONTROL and 1t Improperly directed, Of dangerous cudcn
cy had inSnuacd itself either into the Anaoc,ncut Of
the press or the direction OF The Government This coulI
ohy be done by an examination Of the transactions of the
bank with editors and public functionares And her, The
committee wish to be distinctly understood, that they do
not prctcndto set up the absurd idea at editors or ce
are excluded from the right common the resi-. of The
u@e'ot borrowing money when and where they please
from banks or individuals, without being answerabe i'm
me slightest degree TO any person whatever But willie
tins admission Is demanded by the clear rights of tho mar
lies TO whom relates, il will be denied that If ev
obtain more avOrs than the of their feo,citixes
il is, at least, Just cause of coupant aoaist No
and however they may innocent of any impronrr or
sinister connection with that institution does not by
any means diSprove the fact, that other influence
may have been Intended cooperate upon bcr minds Who'll
ly unsupported by them the time IT, therefore II
shonldaPPea ia these individuals received larger loans
than those who are is usual customers that thev receive
teSe loans without the security usually required under
circumstances not known in any other case il would seem
TO The committee, that instead OF complaint those
whose transactions with the bank have thus been nvest-
gated, the grievance is entirely the other side
Whether such cases do exist, the committee will leave to
the better Judgment of the House to decide upon he
facts which they have collected and now respectfully
submit.
1t had been repeatedly alleged that the ban,, had ON
poyed its funds for the purpose of substituting the press
and the charge reiterated during the debate upon the
resolution authorizing this inquiry The attention of your
committee was particularly draw to thssubcc at an ear
peiiod oil tnSr examination ty communication from
an editor of New York paper who had been accused 10
mehbGr oil The committee through the president Of the
naK Inc evidence relating TO this viii be found i'm
papers marked and o. and in which presented The fol-
lowing facts ON the 10Th OF March 1881 Mr.. Sias f.
Burrows applied TO Tie president OF The bank and Informed
DESTROYS OF beicndIng Mr. a,si3si i, II, n,
purchase OF S;afc ia newspaper; and he asked the
bank would discount the Of these parties adding thai
although merchant he did not wish TO appear as
borrower put his name on a paper not mercantile
necessary 70 secure the bank do not recollect (,s IN.
witnsss) whether hc then mentioned the inc ,vIich H.
notes would have 20 The committee being autloriz
cd to discount aay paper tle security of which thew
might approve sSreed 10 do them As Mr.. Burrows was
president i'm
me m0ney out OF nay own funds, and he notes az
teTwauls put into my possession They remained with
me long imc as bad no occasion to the funds;
nor was II al tie close OF the year that nay attention
was called 10 them by the circumstoncc that new
board OF directors and new committee of exchange
would be appointed thc committee which made
the loan should consunmalc it. had seen, also in he
public pilns. many roprOaches against the bank for
lending money printers and editors and ,yos I'M
willing that any loan made Ivy the bank should seem TO
be private loan from of IFS officers Having no use
Tor the money, ii would have been perfectly convenient
TO let the loan remain as was, bat hnugh it rirl
Uat TYGry ng done 10y lhc bank should always bc dis
uRc"y known and avovcd, and, therefore gave hc notes
10 the chairman Oh INC cUn"itt"o Mr.. Thomas p Cone
who entered them the books" This il Inc acro,ut M
ven by tie President himself the Transaction i'm i o
GIN ne money, $I0,oOo, was advanced on The goth Of
aFc" NC notes bear date on The lst Of April thereafter,
aud were ten in number, Tor fifteen hundred dollars each
with the interest added they respectively became
duc, winch was on the lsi OF April and October Of the
years 1892, 80 81 30 SO and amounted Win be in
tercs thus added, TO i7975 At the Zine they were en-
tered the books of tic bank ON The 2l of ior lac,
tie President received thcmOney for them. These notes
were placed the books Of the bank this time and
viii be seen on the 2d OF March they Withdrawn as
VIII appear hereafter Ga The OH Of August last, after
the foregoing Transaction had taken place j. " Webb and
NJ NJ Noah made application 10 the bank Tor loan Of
10000 dollars, accompanied by letter gentleman
formerly director OF the Bank Of the United States,
the President Of The bank, In the following words al
chccruIly forward the enclosed requested. sec no
reason against this application being treated fair bu-
transaction" This was accompanied with suudry
letters OF Webb and Noah and tic dispositions of persons
i'm their service their sovcncv aud ability TO p1v the
loan requested, all Of wcb viii be found marked No. O.
This loan, at six months granted, with other secu-
rty bat dat which is just mentioned, The largest oau
made on that day On The IGil OF December following,
another application made by these Same parties, for
loan OF $1,000 dollars which was granted for sis months
by the exchange committee, without any additional sccl-
1y accommodation. 81 Ibis ilnc, there d consi-
dcahe pressure in the money market and uauv notes or
he citizens OF Philadelphia rejected Il was one
among The largest loans OF the day Those loans toec-
ihcr With the loan made in March 70 BuwDw, amounted
10 the sum of 900 dollars, Which consisted Of notes
drawn and endorsed by tle editors only.