Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-10


member since the commencement OF the present year
This committee is not even elected by the Board.
and the public Directors have no voice In their appoint
ment. They are chosen by the President OF the Bank
tho business Of the institution, which ought be
cicd or by the of Directors is in many
transacted by this committee, and no has right to
be pre- their proceeding but the President and those
whom he shalt please TO name mcmbers OF this com.
mi,tcc Thus loans arc made unknown Al the time 10
majority OF the Board, aud paper discounted which might
prob hly be rejected at ar"gulsr meeting OF the Dcc
or'. the mos, important operations Of the Bank some
times resolved on, aud executed by this committees aud its
measures are appears, desgnedy aud by regular sys
em arranged from the officers OF the Co.
vcrnmcni, Transactions In which the public nteres,
deeply hvoi, cd And this tact alone furnishes evidence
too strong to be- resisted that tho OF certain
important opera ions OF the rorpoauon' nom the officers
ol the Government OF the objects Intended to he
accomplished by me ans OF this committee. The plan
words Of the charter violated in order TO deprive the
people OF the United States OF Of the principal Sc.
cue., which the law had provided to guard their ine-
rests, and 10 render more saic the public money en-.
trusted to the care OF the Bank Would any i1Jvi
dual OF ordinary discretion, continue his money in the
hands OF an agent who had violated his lions
for the purpose OF hiding from hin, the manner in
which he was conducting the business conided to his
charge! Would he coniinus his property in his hands.
when he had not only alme had
been prac'ssd towards him, but when the agent avowc
MS determination TO continue in the course,
withhold from him, far he could all knowe
manner in which he was employing his unds' IL an iu-
dvdua would not be expected 10 continue his confidence
under such circumstances upon what principle could
different line OF conduct be required from the officers OF the
United Staes charged with the OF the public
The public money is surely entitled TO the same care and
protection, as that Of ndvidua If the latter would
90 bound, in justice to himself, to Withdraw his money
from the hands oil an agent, thus regardless OF his duty
e same principle requires that the money OF the United
States should under the like be withdrawn
IRON the hands Of their fiscal agentAnd as the DOW of
withdrawal conded the Secretary OF the Treasury
u was his duty 10 remove II on this ground alone ii
no o'her cause oil complaint had existed against the
Bank The conduct Of :he Bank in relation to the three
per cent stock of the United States is memorable
instance oil the power exercised in secret by the Ex.
change Committee and the abuses to which \, is
Tue circumstances attending that transaction have been
so uy laid before Congress and the public,
less to repeat them here. II a in which this
committee not only managed in secret a inonied ransac-
lion Of vast amount intimately connected with tho inter.
OF the people this country but one where the mea
sures Of the Government were thwarted bv the banL
ana the nation compelled to continue for time liable for
aeo' which was ready and desired to extinguisb. Nor
n's the only measure Of the kind which has come off.
caiy 10 my knowledge. have the honor TO present
herewith, report made by three of the public Directors
10 me PRESIDENT OF the United States the 22d of Apr
1888, (marked A. in which, 10 compliance with his re
quest that they would ate 10 him such inform,
non as was within their personal knowledge relative 10
mese unusual proceedings OF the Board Drec thew
disclose the exceptonable in which the power
conferred by law the Board has been ndered 10
he Exchange COMMITTEES; that this has been done evi.
IDENTITY with the design OF preventing proper and con
'enPated examination into the of whose
paper was offered for discount; that a mnorv nj tic
Board apparently sucien have prevented The Loan n
ihe security was bad, deprived of their votes upon
TN, h question; aud that the ong-esabshed byelsws of
the institution were set aside the purpose OF CARVING
these designs into effect with less difficulty or embarrass
ment. "
he fitu-
TED authorities Of the United States the appon,ment NJ
directors OH their part is idle cerecny and aor1 M
RE- :" he Puohc treasure in the custody of the
anu even legislative enactments, in re Iation IN
nis corporation are OF but little value if N NAV a, ~
pleasure disregard one Of the fundamental articles of m
consu'uuon anu transfer TO committee the us;
ness which by law, ought to be by the Board IL
sccey hecessary,n presenting this document to the
consideration OF Congress, notice am objection which
has been sometimes put forward against the nubl;c,o
Of any proceedings which relate to the accounts of n;
vae individuals The circumstances detailed are the
frame rlinno oIsl.-
nor do they involve private debtor and creditor 81
persons dealing with the Bank. which alone in
accounts IL The argument thus brought forward were
sound one, there could be such thing "a an
non Of any value into the conduct of the Bank
because Tie business of the Bank being with ;pJv;
uus' us Misconduct could be shown without bring
ing before the PUBLIC the individual transaction ON wbie
we cohduc' OF the Bank was impeached And IL IL cowia
make good the position, that are
10 be exposed TO the public, because individuals are
cened In them, would eGectualIy shut out all nseI
examination, and be enabled TO apply ifs money ~ he
mosl improper purposes, without detection or xposure
uss% a us eosduot mpeaehed on The ground
the investigation OF the charge is in It's verv na,ure an
inquiry INTO It's transactions with individuals And al
hough tne accounts brought forward on such oc
may be the accounts OF individuals vet thew are also the
accounts OF the Bank. and show its conduct Aud being
e agent Of the Government, with such immense
power 10 De exercised, for good for evil the public
safety requires, that all Of it's should be omen
,e s,lees. anu most rigorous scrutiny It's charter
may he forfeited by its misconduct, and would be ius
forfeited IL il sought obtain political Influence in m.
affairs OF the nation And yet such aempts on Tho r,
OF me BANK can never be proved except by the
"on ana disclosure OF its dealings with individuals
I'd lis not merely by its eaiments that the Bank
mas proved itself regardless Of duties Of its lis
interests will be found TO be its ruling principeapd
"e just claims oil the public to be treated with bur little
regard when they have into collision with the inter
rests OF the corporation This too plainly the
III the affair OF the three per cents mentioned
recent instance its rule action il not changed in
mat respect And the failure of the French nj
10 pay the Dill drawn Tor the first due nv the
treaty. mas been made the occasion of ende IN oh
tam from The public, the sum of $l5SS42 IT, 10 WHICH
no Ptincpe OF justice appears 10 entle it, The money
or "ch ,ne Dill was sold remained in the Bank The
expenses incurred were Of small amount and tic se the
Government are willing pay But the corporaon not
cohtent with the profits deriving from the ,n,l;ons
oil pubhc money then in its vaults, and which il was dali
usngi It's discounts endeavors convert the public dis
appointment into gaiDfuI transaction for itself and .
mahos be large sum above mentioned, wtbouf prefe nd
ing mat sustained any loss
surae WIN The amount IL seeks obtain from the Govern
nent' The hsca agent OF the public, aempts 10 avail
seI OF the unexpected disappointment of the prncna
ior me purpose OF enhancing its profits at the
oil the community.
3D. mere Is sufficient evidence prove that the Bank
mas used lis means with view to obtain polc, al nowsr
and thereby secure the renewal of its charter
The documents which have been bere,oCor I;d hoc-.
Congress- and are on its files will show that on The aI
OF December 1880, the aggregate debt due 10 the R,nL
was ,lVZ,3o4 "a and that the 3Ist of Decemhar
1881, was $63O26452 93, being an extension of ;,s
Ioans IN single year Of twenty millions of dollars and
m increase Of nearly nifty per cent? previous accom-
OF is extraordinary conduct continued to add r,;i ~,
'oan and on the LIST of May 1892 while is oa,i,ioo f.
"e renewal Of It's charter vet DE ndng betors g
s'es', 'ney amounted 10 $7042s,070 72 being am in