Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-04


Puoc luhds IN the Bank, for that institution is e
Pressiy founded upon tho principle that it is nece.
sary 10, ana constitutes part of tho Treasury of
the United States, can be appropriated to object -
directly, by the officers of that institution wbcn
the Government directly refuses to expcnd its reyc
nucs on tho very Same objects. The COMMITTEES
have looked in vain for any authority in the chart
or to give away the money of the stock holdcrs If
tho charter contains the lovers by which the
Bank is to act, and they to DO strictly pursued
there is then no grant to make gratutes for any
object whatever
The consequences Of the exercise of such n
right might be iraught with very great injury to
the stockholders; certainly of dangerous interference
IN the rival trade of different sections Of the coun
try, and Of pcrnicious influence upon the opera
lions oil Government.
The Committee approach the last ground, which
is the building houses SELL n erecting other
structures in aid of that object. They will merely
present the fact and the law, and leave the House
10 pace Their own construction upon the
by an extract from the Minutes of the Board of
directors, communicated TO the Senate the 10Th
day OF March last, the following facts appear VIZ:
Inc committee on the offices to whom was this
uny referred letter to the president, from George
W. Jones, agent, dated May Odd, recommending to
the pahk the construction of two canal basins, and
the erection of warehouses around one of Them ac-
cordhg TO the plan submitted by him, recommend
10 the board the adoption of the following resolu-
ton:
"Rcsolred, That the board approve of the forma-
n pi TWO canal basins at CINCINNATI proposed by
'ohcS, one OF them to be number fifty.
ve; (o5) and the other to he the square of ground
between Walnut and Vine streets and Canal and
o. cair on Court streets, and that he be authorised
erect forthwith, ,cdrehOuses on the margin of this
las. mentioned BASIN, not exceeding six i'll number
elhcr IN one block or separately, he NAV deem
most cxpcdcnt for the interest of the bank"
THESE SIX warehouses were built. 1t is also un
aerStood' says the same extract that several other
houses have been built by tho agent at Cincinnati;
out, az they were erected in part by contributions
debtors To bon
VINO mad no other means of payment, and, in part
ny u'rect disbursements, no accurate statement of
either their number or cost is file. The agent
mas been instructed to specify these details !,
order to complete this return
In reference to the foregoing, the committee be-
lieve 1t enough, merely to quote the following pro
VISION oil inc charter to wit: The land, tenc-
mcnts, and Entertainments, which it shall be lawful
Tor the SAID corporation to hold shall be ONLY such
as shall be requisite for its immediate accom,noda
tion in relation to the Convenient transaction of ifs
business, and such as shall have been bona fIc mort
gagged toit, by way of security, conveyed to it in
Satisfaction OF debts previously contracted in tho
course of its deaiings, purchased at sales upon
judgments which shall have been obtained for such
debts"
This closes the view of the committee on the spb
ject of the violations of the charter.
In considering the second general head as to anv
circumstances of Encouragement ofthe Bank YOUR
committee have fully appreciated tho delicate char
acter of some of the duties assigned them and tho
high responsibility Of the office or inspecting tho
books, and examining into the proceedings of the
Bank of the United States.
In discharging that trust they have not felt thom
selves at liberty to inquire into the private concerns
OF any individuals, of any denomination, unless tho
public interest was involved i'll their transactions
with the President and Directors of the Bank The
investigation was ordered .y the House under pccu
liar circumstances and in anticipation of a debate
on the renewal of a charter of national Bank
whose annual operations amount to two or three
hundred millions of money, whose influence extends
n hn ntnsf,,a tfc e tl,a T1,,o,,
ncction with the Federal Government gives it a
public character. Impressed with the Importance
OF the great variety of interests involved your COM
mttcc have executed the Office assigned them, by
inqulring, generally into the proceedings Of
the Bank, not only for the purpose Of as
certalnlng whether its powers had been
violated or abused TO the injury of the pr, alto and
pubic interests of the country, but with a view
to obtain information for the use of the House.
and to suggest, should Congress determine to con-
tinuc National Bank, such notifications as the
proceedings of the existing institution would seem
to have rendered necessary.
AdherIng to these rules, the Committee belle
we'd it entirely within their province to inquire
whether the influence of the Bank, acknowledged
by all to be ofvast control, and if improperly d.
recled, OF dangerous tendency, had insnuatcd it.
sell either into the management of the press or
the direction of the Government. This could only
be done by an examination of the transactions of
the Bank with editors and public functionarics.-
Ana here the Committee wish it to be distinctly
understood, that they do not pretend to set up the
absurd idea, that editors officers are excluded
from the right Common TO the res, of the citizens,
OF borrowing money when and where they please,
from Banks or individuals, without being answer
able, IN the slightest degree, to any person what
ever But while this admission is demanded by
the clear rights of the parties to whom it relates
IL will not be denied that if they obtain more ia
vorS than the rest of their fellow citizens it is, at
least, Just cause of complaint against the Bank,
and however innocent they may be of impro-
per or sinister connection with that institution it
does not, by any means, dsprove the fact, that
some other influence may have been intended to
operate upon their minds wholly unsupported by
them at the time. IT, therefore, it should appear,
that these individuals received larger loans than
those who arc its usual customers, that they receive
these loans without the security usually required
under circumstances not known in any other case
II would seem TO the Committee, that instead of
complaint from those whose transactions with
the Bauk have thus been Investigated, the grcv-
anccl entirely on the other side. Whether such
cases do exist, the Committee will leave to tho
better Judgment Of the House to decide upon tho
facts winch they have collected, and now respect
fully submit
1t had been repeatedly alleged that the Bank
had employed its funds for the purpose of sub
sldlzlng the press, and tho charge was roitcrat-
cd during the debate upon the Resolution
thorlzIng this inquiry. The attention of your
Committee particularly drawn to this sub
jcct al early period of their examination, by
a communication from an editor of a New York
paper, who had been accused, to member of
the Committee, through the president of the
Bank, The evidence relating to this case will
be found i'll papers marked and g. and in
which are presented the following fncts:-On
the 10Th of March, 1881, Mr.. Sas f.. Burrows
applied to the president of the Bank and
informed him, to the language of the pre-,