Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-09-28

lion Of the facts Has Mr. 1ngham f.rrashed him with
any information the subject? 1t under MIR. Ing
hams administration of the department, that this state
menl said 10 have been Furnished and there any
such iniqutty performed Is asserted, why did Duis
pure rend Mr. lngham, suffer IL 10 lie concealed from
public view, and continue to hold office under the Pres
dent who had been thus guilty. lie did not resign when
this act is alleged TO have been commiteJ but continued
cling to the office with te enacy Of leech2 Dare
Duff deny that Mr. ngham has had finger in this pie'
Come forward, sir and expose your cloven FOOT and we
will supply you with boot to cover t-Bdh. Rep.
,,, :. from he wa;5i@s'G,e cSSol
THE VETO AND THE BANk.-NO Nv.
who,het he other side OF Atlantic will
Our is extracted from the speech Of Henry Clay
against renewal OF the charter Of the old Bank the u
States in 1871. 1t is not less true, because its author has
apo~tazed from his republican principles.
The capital of the old Bank cicren millions that of
the present Bank hrty;fre millions The debts due to
the present Bank serenity millions In our last num-
be we proved that this great capital and debt,
snow virtually managed and welded 10y ONE MAN
The President OF the Bank elects the Board of Directors
HIMSELF and they in turn make him President lie only
elects those who accord with him in his views al
ready prepared ,osupport his How great
must be ms power with seventy millions at his COM
mand, together with the OF immense sums of public
money, how dangerous may such man become in a re-
public
Could the stockholders be reused to vote themselves in
elecuons or give their proxies TO who would make
an independent Board the danger would he some hat
minshed. The President the Bank would have others
than his own creatures about him. and might be restrain
sd in his favorism and abuse But the act 10 re-
new the charter rapidly TO cut of even
hs oriorn hope OF an independent and impartial admins
tralion OF the affairs of the Bank.
by the report OF the Committee of stockholders Sep
,ember 1872 appears that the number of eign stock
holders the first of that month"; PA the stock
held by them was $40i 200 On the first January 1892
the number Of foreign stockholders Exceeded 100 and the
stock held by them 90 ,405, 500 IL hence appears
IN within three year. and four months prior the first
oil January last S436i0O0 Of the stock Of this Bank
passed out of the hands Of American citizens those Of
aliens.
1t is the shaking of the arstocra,ical establishments in
Europe, and especially in Great Britain which has Undue
1.-THE titled and mitred aristocracy Of region TO make
nve sne nts in American stocks The vampvres oi Eng
land warned by the convulsvo throcs their exhausted
victim, that they will not be permitted iaen much lon
ger upon the eblood of British industry are
TO hN themselves upon the rich veins of Young
We that their investments in the Bank OF the United
States have than doubled in little moro than three
years and had the charter been renewed without extend
ing To them an exclusive privilege even above Amer
can nobility there be doubt that five wears hence
little OF the stock would have been held this side the
Atlantic.
But the act on which the Preslentpa his Veto gave
an exclusive privilege TO foreigners, which must have
sent nearly the whole stock into England quick as il
could have been bought up transferred The ORIGINAL
charter establishing the Bank silent in relation 10 the
power of the States tax it, hany States attempto} N
tax It's branches; but that taxation declared ncons-
tuonal by the Supreme Court with an ntimation that
they might tax the stock held by respective citizens
In accordance with this intmaon the act lately passed
contained provision requiring the bank to furnish the
Troasurers of the States with the names of all
stockholders and the of stock by each The
opinion oil the supreme Court equivalent de clara
ton, that while resident stockholders might be taxed bv
.he States, under the original charter, foreign stock
holders were entirely exempt from taxation. The
late act instead OF remedying this defect by providing
that domestic and foreign stock should he placed the
same footing 10 taxation expressly recognized and
legislative sanction to the exemption OF foreign stock
which the Supreme Court had construed ont Of the
nal charter. twas equivalent TO direct enactment ba
me Stock held by american, citizens shall be subject
tdrdion by the States in tcich then n,av reside but the
stock held by foreigners shall be sub ject cha
'oecer' That this would have been its practical effect
man has had the hardhood to DENY
49, nat would have been the immediate consequence ,
have Ee ed By their a eze" ne .
per cent This would be deduction OF one per cent
from their profits TO which foreign stockholders would not
be subject The dividends of the Bank have long been
seven per cent per Under this system OF taxa
ton, the stock which would yield per cent to the
foreigner would nett but sac TO the citizen II would
sequenuy be valuable the foreigner than TO the
citizen in the proportion of seUen to sir IT, upon re-
newa of the charter it had worth SliO 10 the TO-
reigner would have been worth only S20 TO the citi.
zen, and so in proportion at any other rate.
Who does not perceive, that when the Bank shares
come to be worth twenty doars more TO the foreigner
than to the citizen, they will Immediately be bought up
by merchants spectators, and stockholders sold 10
foreigners? II would he the interest OF every American
to sell, and the interest of foreigners 10 buy This con-
curing interest must, the three or four wears
have sent nearly the whole stock the Atlantic No
American would have any indictment retain his stock
unless he desired the power Of the Bank for po
liucal or specializing purposes.
BY the list of stockholders on the first January last il
appears that Nicholas Bdle had only $1,000 Of sock
Horace Binney $500; and r. Cadwalider, 5000 These
three owning hut ST. 500 stock hy means Of pov
les in their hands an uncomfortable now
to elect the whole Board of Directors; and if nearly all
tho stock had passed into foreign hands, how easy would
II have been tor these men, and for the President
alone, 10 accomplish the purpose without the aid OF
proxies In his own hands, in the hands few friends
Just sufficient TO form the Board it, the whole
Stock held in the United States might easily be concen-
iraed More securely than he is now would Nicholas
Biddle become the MONARCH of the American Aristo-
cracy-a monarch whom they could themselves de-
throne He would hold his power by virtue of their
proxies which they might withdraw at will but bv vir-
tue OF his direct ownership and control of all the stock
which coniers the right of suffrage in the choice of D
The Management Of the Bank for time past, temps
us to conclude, thaimmediate speculation and ultimate
concentration OF The whole power of the Bank in the hands
OF Nicholas Bdde, and his lawyers, were the chief OBJ
Jects M view with those who dictated the late act II
would at once have added twenty-five per cent To the
value OF the stock to domestic stockholders and made it
worth ten twenty per cent foreign stool holders
In buying 1t up and sending il abroad, the Bddes would
have accomplished two objects at They would have
made hundreds OF thousands by the speculation and at the
same time concentrated in their own hands the whole
power and management Of the institution at home
We shall cndeavor in number portray the cf
ecl which would have been produced upon our country
and it' institutions by Bank thus owned and managed
From tho Mledgovilo JournaI1
JUDGE CLAYTON AND j. W. WEBB
ATHENS, Sept 8, 1892.
neS'rs. IEdifors:-I discover that James Watson