Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-05-14

We have never witnessed the operation Of that
submarine instrument of war called the Torpedo;
but we can imagine its effect upon any object
against which it Is directed. We can think OF
nothing more figuratve of the effect of the coun.
port upon the document to which It 10 coua-
ter, than the blowing Of a vessel out OF her ele-
ment by that continuance.
We will endeavor, in few words. to give the
reader an idea of the tenor Of the Report. as 1t
may be some days before copy Of it can be OBJ
tanned for publication.
The Report begins by examining the six cases pre-.
sented in the Report Of the Majority, as subjects
Of imputation touching the violation OF its char
ter by the Bank. These imputations are all une.
quivocally condemn ed as unsustainahle; and IN
some of the cases great credit is given to the
Bank for the very transactions which are in the
majority's report subjected to censure.
Tie case of the loan to the Editors Of the New
York Courier and Enquirer Is next taken up and
fully examined, and the Report tested by the evil
dence in the case. This branch Of the counter
report is concluded in the following terms: g Un-
- der all the circumstances of this case the mno-
"r,ty of the committee declare, without any re-
serve. that there is nothing in these transactions
{" calculated to induce them to doubt the honor
and integrity Of the Directors; and this they feel
authorized to say is the opinion OF the majority
Of the committee, from the opinion publicly ex.
" pressed BY one Of its members, (COl. K. NJ.
''Johnson They also deem it due to the occa-
sion and to their own sense Of justice, that they
i. should add that they do not believe there exists
sin the United States Bank Direction composed
=. of more upright, independent and honest men
than that which granted the loans in question"
The next subject examined by the Minority is
the transactions of the Bank with Thos. Biddle
& Co. which are thoroughly probed. One Incl.
dent is so remarkable as to deserve special notice.
1t is the refutation Of statement duplicating the
President of the Bank, by the fact, accidentally
proven that for several days before. and several
after, the alleged Gate of the transaction, Mr..
Biddle 1.-THE Presldent) was absent from the Bank,
on business, at Washington. Thus" says the
Minority, "was this artfully devised story.
" which was intended to blast the reputation o!
| 20 a his minded aud honorable man, through one
| of those extraordinary interpretations by which
| T." Providence sometimes confounds the contrl-
| ..vances of the wicked, made to recOl upon the
| head of its inventor, who must forever stand
| 81 forth blasted monument of the speedy and re-
| (" tributive Justice Of Heaven" In all transac.
items of the Bank with ThOs. Biddle & Co., in.
stead OF finding any thing to censure, The Minor.
ity 81 ate that the President of the Bank appears
always to have acted with the most scrupulous
delicacy. Before the Committee separated it
further appears, Resolution was unanimously
passed, acquitting Mr.. Biddle Of all censure on
this head.
The counter-report then goes on to examine
and refute varnus other positions taken in the
Report of the Majority. respecting the transport
tation 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 OF
the Bank as the Southern and Western States.
In regard to the comparison drawn by the ma.
iurity between the condition Of The Bank in 1919
aud now the counter report says that the minori.
ty {" cannot but regard the comparison thus pre-
scented by the report as unfair and partial, and
| " calculated TO produce Impressions on the public
/" mind as absolutely erroneous as they would be
| positively pern,cious." This position is sus
| tanned by facts and arguments at considerable
length, summing up thus: upon the whole. that
the Bank is not only fully able to meet all its en-
gagements, but is in state OF the highest pros
'perity.
The counter-report concludes with the follow
ing unequivocal expressions: ''Up pom review Of
| Z" the whole ground occupied in the examination
| ." they have made, the Minority are of the OPT
6 Mon that the affairs Of the Bank have been ad-
| ministered by the President and Directors with
every great ability, and with perfect fidelity to
! ''all the obligations to the Stockholders, to the
Government, and to the country. They regard
80 the Bank as an Institution indispensable to the
representation of sound currency. and to the f.
IS nancial operations Of the government; and
"should consider the refusal Of Congress to re.
'new the charter as great national calamity.
"They will add, in conclusion, that they are
"equaliy decided in the opinion that Congress is
"called upon BY the most weghty and urgent
g considerations to decide this important question
during the present session."-Naf. Int.
RICHMOND, May 10.
Tree Hill Races-Second hay For The pro-
nriet0r's purse there were eiyht entries One