Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-05-18

Accidentally meeting him, Herd says he
could not refrain from letting him know his
intention Things have coms 10 pretty
pass truly
From the National LnteNigsncer.
BANK OF THE UNITED SrArEs.-Ws
had an opportunity, yesterday, of hastily
examining the Counter Report of the Mi,
nority OF the Bank Committee presented in
the House OF Representatives by Mr.. Nc.
DUFFIE. 1t is from the pen ofthis gentle
man, but has the full consent of MIR. ADAMS
and MIR. WATMoUGH, who, with him. con-
stitute the Minority ofthe Committee.
we have never witnessed the operation of
That submarine instrument of war called the
torpedo but we can imagine its effect up
on any object against which it is directed
we can think OF nothing more figuratiye of
the effect OF the counter-report upon tho
ducument 10 which it is counter, than The
blowing OF vessel out OF her element by
that contrivance.
We will endeavor, in few words, 10 give
the reader an idea of the tenor of the Report
as 1t may be some DAYS before COW of IL
can be obtained for publication.
The Report begins by examining the six
a.
Jorlty, as subjects of imputation touching the
violation ofits charter by the Bank. These
lmputatlons are all unequivocally condemn
ell as unsustalnable; and in some of the cases
great credit is given 10 the Bank for the
very transactions which are in the maiority's
report subjected to censure.
The case OF the loan to the Editors
OF the New York Courier and ENQUIRER il
next taken up and fully examined, and the
Report tested by the evidence in The case
This branch of the counter-report is con-
Guided in the following terms " Under all
the circumstances ofthis case the minorl.y
OF the committee declare, without any re-
serve, that there is nothing in these trans
" actions calculated TO induce them TO doubt
the honor and integrity OF the Directors:
" and this they feel authorised TO saw is the
" opinion OF the majority OF the committee.
~ from the opinion publicly expressed by
- one OF lis Members, (Col r. NJ Johnson
" They also deem it due TO the occasion and
10 their own sense of Justice, that they
" should add that they do not believe there
" exists in the United States Bank Direc-
" ton composed of more upright, indepen
- dent, and honest men than that which
granted the loans in question:
The next subject examined by the Minor
ny is The transactions of the oank with
Thos. Biddle s. Co. which are thoroughly
probed. Ono incident is so remarkable az
TO deserve special notice. II is the refutation
of statement duplicating the President of
the Bank, by the fact, accidentally proven.
that for several days before, and several DAYS
alter, the alIedged date Of the transaction.
Mr. B1DDLE (the President) was absent
from the Bank, on business, at Washington.
" nus, says the minority, " was this art
- July devised story, which was intended TO
. blast tho reputation of high-minded and
:. honorable man, through one OF those ex-
- traordlnary interpretations by which Proyi-
dence sometimes confounds the contrivan-
:. ces OF the wicked, made 10 recoil upon the
" head of its inventor, who must forever
stand forth a blasted monument of tho
y speedy and retributive justice of Heaven"
In all transactions of the Bank with Thos.
Blddle & Co, instead Of finding any thing
TO censure, the Minority state that the Presi
dent OF the Bank appears always TO lave
acted with the most scrupuIous deIicacy.
Before the Committee separated, it further
appears, "a Resolutic was inaninlouslv pass
ed, acquitting Mr. Biddle of all censuro
on this head.
The counter report then goes on TO exam
Inc and refute various other positions taken
IN The Report of the Majority, respecting the
transportation of specie, exchange, &c. and
declares the opinion that there is no part of
the Union which is SO much benefited by the
general operations fthe Bank as The South
ern and Western States.
In regard to the comparison drawn by the
majority between the condition of the Bank
IN 1919 and now, the counter report saws that
the minority " cannot but regard the com
- parison thus presented by the report az
" unfair and partial, and calculated to pro-
" duce impressions on the public mind as
" absolutely erroneous as they would be DOS
" itively pcrnicious." This position is sus
tanned by facts and arguments at considera-
bic length, summing up thus " Upon tho
" whole, that the Bank is not only fully able
{" TO meet all its engagements, but is in
" state of the highest prosperity"
The counter report concludes with the
following unequivocal expressions Upon
" review of the whole ground occupied in
" the examination they have made the Mi
" nority are of the opinion that the affairs Of
" the Bank have been administered by the
" President and Directors with very great
ability, and with perfect fidelity to ali the
" obligations TO the Stockholders, to the
Government, and to the country. They
regard the Bank as an Institution indis-
pensable to the preservation of a sound cur,
rency, and to the financial operations OF
the government aud should consider tho
refusal Of Congress to renew the charter ~
great national calamity.
They will add, in conclusion, that thew
are equally decided in the opinion that
" Congress is called upon by the most weigh
" ~ and urgent considerations TO decide ihis