Delaware State journal, advertiser and star. [volume] (Wilmington, Del.) 1832-1833, 1833-09-27

further trust!
There are other important facts not in the
contemplation of the House Of Representa- {
ives, or not known to the members at the
time they voted for the resolution. I
Although the charter and the rules OF the
Bank both declare that ''notless than seven
directors" shall be necessary to the TRANSACT
ton of business, vet the most important bust
mess, even that Of granting discounts to any
extent, is entrusted to a committee OF hve
members who do no. report to the Board.
To cut off all means Of communication with
1.-THE Government in relation to Its most I'M
portant acts, at the commencement ct the
present year, not one of the Government d.
rectors was placed on any one committee.
And although, since, by an unusual remodel
ling of those bodies some of those Directors
have been placed on some of the Committees,
they are yet entirely excluded from the Com
Imittee of Exchange, through which the
greatest and most objectionable loans have
been made.
I When the Government Directors made an
effort to bring back the business of the Bank
tn the Board, in obedience to the charter and
the existing regulations, the Board not only
loverruled their attempt. but altered the r lie
SO as to make it conform to the practice, i'll
direct violation of one of the most important
provisions of the charter which gave them
existence.
1t has long been known that the President
of the b, nix, by his single will, originates
land executes many of the most important
, measures connected with the management and
cretlit of the Bank, and that the Committee,
las well as the Board of Directors, are left in
entire ignorance OF many acts done, and cor
respondence carried on, in their names, and
: ldpIiarentiy OH tncir authority. Ine faCt
Ihas been recently disclosed, that an unlimited
: iii yati has hoe mi ic in he
: President of the Bank to expend its funds in
f payment for preparing and circulating arti-
: Giles, and purchasing pamphlets and news
papers, calculated by their contents TO ope-
rate on elections, and secure renewal OF its
charter. 1t appears from the official report
of the Public Directors, that on the 3Oth
November, 1880, the President submitted to
the Board an article publishe in the Ameri-
can Quarterly Review, containing favorable
, notices of the Bank, and suggested the expo
diency of giving it wider circulation at the
= expense of the Bank; whereupon the Board
passed the following resolution, viz:
: "Resotved, That the President be all
e thorsed to take such measures in regard to
e the circulation of the contents of the said
e article. either in whole or in part, as he may
deem most for the interest of the Bank
C BY an entry in the minutes of the Bank,
: dated March 18th, 1881, it appears that the
President had not only caused large edition
: of that article to be issued, but had also, be-
d fore the resolution of the S0th November was
e adopted, procured to be printed and widely
! circulated, numerous copies of the Reports of
S General Smith and Mr.. McDuffice in favor
S of the Bank, ;and on that day he suggested
the expedency of extending his power to the
a printing of other articles which might SUBJ
!, serve the purpose of the institution. Where
= upon the following resolution was adopted,
d viz:
:, Resolved, That the President is hereby
G authorized to cause to be prepared and cir
) 'culated, such documents and papers as may
s. communicate to the people information in
!, regard to the nature and operations of the
J Bank
l. The expenditures purporting to have been
% made under authority of these resolutions,
o during the years 1881 ard 1882, were about
6 $4,000. For a portion of these expendi-
IS lures vouchers we're rendered, from which
l. 1T appears that they were incurred in the
e purchase of some hundi ed thousand copies of
IS newspapers, reports and speeches, made in
J. Congress, reviews of the Veto Message and
J. reviews of speeches against the Bank, &C. &c
II For another large portion no vouchers what
II ever were rendered, but the various sums
: were paid on orders of the President of the
: Bank, making reference to the resolution of
II the 18th March, 1881.
" On ascertainlng these facts, and perceiving
It that expenditures of a similar character were
1t still continued, the Government Directors
, rev weeks ago, offered a resolution to the
If Board, calling for a specific account of these
e expenditures, showing the objects to which
C they had been applied, and the persons to
$ whom the money had been paid. This rea
l. sonable proposition was voted down.
They also offered resolution, resembling
n the resolutions of Nov, 1880, and March,
5, 1851. This also was rejected.
c Not content with thus refusing to recall the
Z Obnoxious power, or even to require such an
: account of the expenditure as would show
J. whether the money of the Bank had in fact
d been applied to the objects contemplated bv
IS those resolutions, as obnoxious as they were
IS the Board renewed the power already confer
l. red, and even enjoined renewed attention to
1t its exercise, by adopting the following in lieu
d OF the propositions submitted by the Govern
&c ment Directors, viz:
t. "ResoiOed, That the Board have conf
= aence IN the wisdom and integrity of the Pre-
: Siaent and IN the propriety of the resolutions
n OF 30th November, 1880, and lIth March.
1881, and entertain full conviction of til,
/ necessity OF a renewed attention to the OBJ
y Ject OF those resolutions, and that the Presi
y dent be authorized and requested to continue
N his eXeitions for the promotion of said oh
ic .jcct.''
ID Taken in connection with the nature of the
1t expenditures heretofore made, as recent,
to- disclosed, which the Board not only tolerate
r but approve, this resolution put the funds o.
cs the Bank At the disposition of the President
* f.r the purpose of Employing the whole pres.
II OF the country in the service of the Bank, to
'el hire writer's and newspapers, and to pay ou
it such sums as lie pleases, to what persons and
IL Tor what services he pleases, without the res.