Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-09-27

used Tor their private interests paaed by pretences
totiosy unfounded and insinc.re, would have justified
the instant Withdrawal of the public depoes Tie nego-
ation itself rendered doubtful the ability Of the Bank
to meet the demands OF the Treasury. aud the mi.rep
resenstions by which IL attempted to be justified,
proved tina, no rehance could be placed upon its arga'
ticrs
~ the question Of removal OF the drposiies presented
ts.lt 10 the Executive IL the attitude that appear
ed before the House OF Representatives their last ses
sion, their resolution Ia relation 10 the safety u the de-
po'l'es would lie entitled 10 more wtifo', s""oug" 'nr
decision OF the question 81 removal la, been cohued ny
Law to another department Of the Government. But the
question now occurs, attended by other circumstances and
new disclosures o the most serious import IL is tue that
ia the message ofihe President which produced this nqu
~ and resolution the part o! the II. o
1t his object obtain he aid OF that body in making
nomination into the conduct and cUnlnon OF
Bank and it, branches in order 10 enable the Executive
Department TO decide whether Tho public money was
longer safe in Its hsnds. The limited yewer of the Sece
taiy OF the Treasury the subject, disabled him from
making the investigation fully aud satisfactorily AZ II
could be done by committee Of the House oil hePrese"
taives and hence the President desired the assistance oil
Congress obtain for the Treasury Department full
knowledge OF all the facts which were necessary
to guide hi: Judgment, nut was -, not ms pur.
the OF the people to responsible
~ which did not belong TO them, and relieve the Execu
tive branch OF the Government from the duty which the
law had imposed upon it, 1t is due the President that
his object in that should be distinctly under
.too, aud that he should scqu himself OF all suspicion Of
seeking TO escape from the performance OF his duties
or OF desiring 10 inerpose another body between himself
and the pc pie, in order avoid measure which he is
called to meet But although, OF Justice
himself he dsclams any design of soliciting the opinion
Of the House Of Representatives in relation his du
ties, In order shelter himself from responsibility under
the sanction OF their counsel yet he at all times ready
to listen TO the suggestions OF the Representatives OF the
people, whether given voluntarily upon solicitation
and to consider then with the profound respect 10 which
all will admit that they are justly entitled. Whatever
may be the consequences however, to himself, he
finally form his Judgment where the Constitution and
the law makes his duty decide, and accord.
ingiy and he is bound to suppose that such
his part will never be regarded by that elevated body
mark Of dsrespect 10 itself: but that they WILL the
contrary esteem the strongest evidence he give OF
his fixed resolution conscienousy TO discharge his duty
to them and the country
state OF things has, however, arisen since the
close Of the last session Of Congress- and evidence has
been laid before the President which he is persuad
ed would have led the House Of Representatives to a dill
ferent conclusion, If it had their know
The fact that the Bank controls, and some cases sub
saniay oons, and by its money supports some oil the
eadng presses OF the country is clearly csa-
blished. Editors 10 whom IL loaned extravagant sums in
1881 and 1882, on unusual time and nominal security,
have since turned be insoven and to others appa
rently in no better condition acconmoda atoms still more
eXtravagant, on terms more unusual and sometimes with
outany security have also been heedlessIy granted:
The allegation which has often circulated through
these channels that the Treasury bankrupt and the
Bank sustaining ii, when, Tor ny years there has
not been less on an average, than six millions Of pubic
money in that institute a. might be passed harm
less miss NATION; but when il is attempted by sUb
stana acis TO impair the credit of the Government and
tanish the honor OF The country, such charges require
Sc ous attention. With six millions Of public money
10 its vsuls, al or having had the OF from five
millions for nine years. with ut interest, became the
purchaser OF bill drawn by Government on that Of
France for abu 900 900 dollars, being the first
ment oil the French indemnity. The purchase money
left in the Of tho Hank, being simply added TO
the Tr asuy depose. The Bank sold he bill 10 England
and the holder sent 10 France for coec on and arrange
ments not having been made by the French Government
for its payment taken up by the agents Of the Bank
in Paris with the funds OF the Bank in their hands Und,
these circumstances il has through its organs openly
sailed the credit OF the Government and has actually
made, and persists in demand OF fifteen per cent or
SIoSSi2 n as damages, when no damage, beyond
some ng expense has in fact been sustained and hen
the Bank had in its possession dspo.e, several
millions OF the pubic money which was then using for
thus seeks enrich itself at the exp nse of the public
worthy Of further trust?
There other mpor,an, facts in The contemplation
OF the House oil Representatives not known 10 the
members at the time they voted Tor the resolution.
Although the charter and the rules OF the Bank both de-
clare that "not less than seven directors shall be
ry to he tran acion of business yet the most important
business even that OF granting discounts any exen
en- rusted 10 commi tee OF five meabcrs who do
port 10 the Poard.
To cut of all means OF communicat with the Govern
ment in relation to its most important acts the
mencemcnt oil the present year, not OF the Government
though since, by an unusa reodelng of those bodies
some OF those directors have been placed of
committees they are yet entirely excluded from the Com
mittee of Exchange through which the greatest and most
Objectionable loans have been made.
When the Government Directors made effort 10 bring
back the business Of the Bank the Board in obedience
to the charter and the existing regulations the Board not
only overruled their attempt but altered the rule so as to
make conform 10 the practice in direct violation OF one
OF the most important provisions of the charter which
them existence.
Ii has long been known that the Preside nj of the Bank
by his single will, originates and executes many of the
most important measures connected with the IN
aud credit oil the RaDk, and that the Committee as ell as
me board OF Directors, are left in entire ignorance OF
many acts done and carried on in their
names and apparently under their horty The fact has
Deen recently disclosed, that unlimited disc ton has
oeen and now vested in the President of the Bank IN
exPend lis funds in payment for preparing and
articles and purchasing mphlets and ne cacu
sd by their contents to operate elections and secure
renewal oil its charter II appears from the official port
OF the Public Directors, that, the 3Uth November 1870
the President sub ned the Board an article in
the American Quarterly Review containing favorable
noces oil the Bank, and suggested the expedency of civ
ing wider circulation at the expence of The Bank
whereupon The Board passed the re solution viz
ResoiVd That the President authorized 10 take sncb meo
uIes regard the circulation contents of the said r
ethe, 10 whole or IN no may The Of
ny an entry in the minutes OF the Bank dated March
ih 1881 appears that the President not only caused
Large edition oil that article be issued had also be.
tore the resolution Of 30h November was adopted pro.
cured to be printed and widely
oil the Reports OF Gen. Smith and Mr. McDufie in favor
Oh The Bank and on that day e suggested The
OF extending ms power TO the printing Of other articles
Wnch mlgh subserve the purposes OF the institution
"heTeuPon me following resolution adopted. viz:
Rsoi1d That the Pesidcn, Is hereby authorized 10 cause IN bo
pep,o 10 Inc o uen and papers
81 the Bank" - w. '' '"' 'Po'S'onS
The expenditures purporing TO have been made under
uhOrIy ot these resolutions during the wears 1891 and
1892 were about $50, 600 For portion OF these exnen
futures vouchers were rendered, from which il appears
lat tbey were incurred in The purchase of some hundred
thousand copies Of newspapers reports and
IN Congress reviews Of the Veto Message and reviews nj
portion no vouchers whatever were rendered but The
,ouS sums were paid OIL orders OF the President of the