Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-09

Ceeu
:, raj ;nstIv forfeited the confidence OF the Gov'
ernment. and that it ought not to have been 'or'
tber trusted as the depository OF public money.
The limited States. BY the charter, reserSeo
the riyht OF appointing five Directors OF the Bank.
II was intended by this means, not only 10 P'o'
vide Guardians for the interests OF the puoic' !"
the General administration OF its affairs, out a'so
n have faithful officers, whose situation "ou.u
enable them to become intimately acquainted VIII"
all the transactions Of the institution. ana whose
duty i, would be. to apprlse the proper au'"o''
ties Of any misconduct. on the part OF the eo1Po.
ration, likely to affect the public interest Inc
fourth fundamental article of the Constitution VI
the corporatiop declares that not less man SIEVE"
directors shall constitute Board Tor the Trans
ac,,,n If business. AT these meetings OF the
BOARD. the Directors on the part OF the Oni'eo
States had. of course, right to be present. anu
commemorative, If the business OF the corporation
had been transacted III the manner which the Ia"
reuujres, there was abundant security that no
thing could be done, injurously affecting the in'
,erests Of the people, without being lmmed'a'e'y
communicated to the public servants VINO were
authorized to apply the remedy And 1t the
corporation has so arranged Its concerns as 10
conceal from the public Directors some OF us most
important operations, and has thereby destroyed
the safeguards which were designed to secure the
interests of the United States, u would seem 10
be very clear, that It has forfeited us e'a''" 10
confidence, and is no longer worthy oil trust In
tho ordinary concerns of life. among individuals,
no prudent man would continue to place his funds
in the hands of an agent after he discovered, that
he was s,udiuusly conceaiips from him the man
ner in which they were employed. The Puohc
money ought not to be guarded with less vigilance
than that of an individual. And measures OF
conc eament, on the part of this corporation, are
no, only contrary to the duties Of its agency, but
are also in direct violation Of the law, to when
il owes its corporate existence. And the same
miscondu c.. which, in the case Of private Ind'''-
duas, would induce prudent man I" DISMISS an
agent from his employment, would require ST.
m,iar course towards the fiscal agent OF the Go
vernment, bv the officer to whom the law has en-
trusted the supervision of its conduct, and gwen
the power of removal.
Tried BY these principles, il will be found that
the conduct of the Bank made it the duty OF the
Secretary of the Treasury to withdraw, from It's
care the public funds.
LIST. Instead Of Board constituted Ut at least
seven Directors, according to the charter al
which those appointed by the United States nave
right to be present, many OF The NEST import
ant money transactions of the Bank have been.
mittee denomlnated the Exchange Committee, OF
which no one Of the public Directors, has been
allowed 10 be a member since the commencement
of the present wear This committee Is not even
elected by the Board. and the public Directors
have no voice in their appointment. They are
chosen BY the President Of the Bank; and the bu.
siness Of the institution which ought to be decld-
ed on by the Board of Directors, is in many IN.
stances, transacted BY this committee, and no
one has right to be present at their proceedings
but the President and those whom he shall please
to name as members Ut this committee mus
loans are made. unknown at the time to mao
rity of the Board. and paper discounted which
might probably be rejected at regular meeting
of the Directors, the most important operations
Of the Bank are sometimes resolved on, and exc
cuted by this committee; and its measures are,
it appears, designedly, and BY regular system
90 arranged as to Conceal from the officers OF the
Government, transactions, in which, the pubic
interests are deeply involved. And this Tact
alone furnishes evidence too strong to be resisted,
that the concealment OF certain important opera
tons of the corporation, from the officers OF the
Government, is one Of the objects intended to be
accomplished by means Of this committee. The
plain words Of the charter are violated, in order
to deprive the people Of the United States OF one
provided to guard their interests, and to render
more safe. the public money entrusted to the care
Of the Bank. Would any individual OF ordinary
discretion, continue his money in the hands OF
an agent who had violated his instructions Tor
the purpose of hiding from him the manner IN
which he was conducting the business conhded
to his charger Would he continue his property
in his hands when he had not only ascettalned
that concealment had been practised towards
hlm, but when The agent avowed his determine
ton to continue in the same course, and to with
hold from him. as far as he could, all knowledge
of the manner 10 which he was employing his
funds? II an individual would not be expected
to continue his confidence, under such circum.
stances, upon what principle could different
line of conduct be required from the officers OF
the United States charged With the care of the
public interestsi The public money IS surely
entitled 10 the same care and protection. as that
of an individual, and IL the latter would be bound
in justice to himself, to withdraw his money from
the hands Of an agent, thus regardless Of his du-
ty, the same principle requires that the money OF