Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-09-25
POLITICAL.
TIE VET

THE VETO AND THE BANKING. ILL
One OF the most prominent objections to the Bank OF
the United States urged by the President is the facility
with which its power may be concentrated in a few
hands BY careful examination of the documents al
ready before Congress and The country, shall find that
result which the President looked upon future, has
already been accomplished. at the last election If Di-
TectOIS, completely la the pOlCer Of the President
and tCo Of The Directors 10 elect themselves amt the
Whole board This position shall prove by reference
to the documents.
The Committee of Investigation called for ga state
ton of Directors since that of 1928, the whole number
votes given, the number given in person. and the nusber
given by proxy, aud, in the latter case 10y whom. With
this call the President did not think proper TO comply
The partial Information given by him, enables infer
with much confidence the OF facts which, in his OPT
mon, made Il ineNpcdicni 10 give this Information.
In the Report Of the Majority of the Committee, page
2S3 find the following question put TO President Bid
die, vZ;-"llow many votes have you, any of the D
rectOrs given by virtue OF proXes Instead OF giving
the question, he replies-The annexed state
ment OF the proxies on file in the Bank yn show their
AMOUNT AND rRIBUTIoN." lie gives the "anount
and distribution of the proxies at that time; but does
state chow many votes" he "or any OF the Directors had
given by virtue OF proxies" Instead of that he
to state that he greatest difficulty is to induce the stock
holders at ALL that the distant stockholders have
been in the habit of dclcganS their powers, either
some residents in Philadelphia, or TO some committee in
their own State who IN turn at the approach of cleo
ton, substitute resident Philadelphia, in it is
announcement TO attend in person. that the stockholders i'm
PhiIadep ha grill not PIT Themselves to The incOnueni-
Of coming To the H0Rk for The purpose IF uoting
and that i'll consequence, the responsibility If noting
Stockholders" lie then speaks OF the individual espon-
sbility, and says-'so Tar from desiring it, have en-
deavored divide it, by procuring the appointment OF
delegates from the Pennsy yana stockholders, and
forth proceedings OF the board that subject, il
December 1928. He concludes, by saying, 81 very
rally dsrued my iu gmcnt and, therefore, soWgh
the aid Of Others, In assist me in the important duty
selecting the list IF directors IF the Bank"
Is not the inference plain? Why did Mr. Biddlc seeI
ad' in December, 1928 II must have BEEN because he
habit not befOre He sought air. ''to assist in
letting me dst NJ DTectors;' OF course he had done i
before i0h0ut aid Nicholas Bdde had elected himself
and the whole Board OF Directors prior that hmc The
resident stockholders did not voe-and by virtue OF the
proxies of distant stockholders held by him. he controlled
the eecton and through Directors of his selection
managed the whole affairs OF the Bank. Hence his fail
to the inquiry of the committee. IL woul,
have been startling, if Congress, least the
American people, TO that ONE MAN controlled al
the fiscal of the country and held in his hand
the money of the government the destiny of the STATE
Banks, and the fortunes Of thousands, Here was an ade
quate motive for not giving the information But let u,
how far the Information actually given, makes the
matter better, this time. That we may not be
accused Of Misrepresentation give entire the table o
proxies furnished by the President himself See re
port OF Majority, page 25i