Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1833-10-03

| il was then using for its own profit. Is
| fiscal agent 10 the Government, which
thus seeks to enrich itself at the expense
Of the public, worthy Of further trust?
There are other aud important facts not
in the contemplation Of the House Of Re
preventative. or not known TO the mem
bers at the time they voted for the resolu
ton.
Although the charter and the rules Of
the Bank both declare that mot less than
,even directors" shall be necessary to the
transaction Of business, yet the most i'm
poriant business, even that OF granting
discounts to any extent. is entrusted to a
committee Of five members, who do not
report to the Board.
| To cut of all means Of communication
with the Government in relation 10 its
most important acts, at the commence
ment Of The present year, not one OF the
Government Directors was placed on any
one Committee. And although. since, 10y
an uhusual remodelling Of those bodies.
some Of those Directors have been placed
on some of the Committees. they are yet
nirely excluded from the Committee OF
Exchange, through Which the greatest
and most oil ectionable loans have been
made.
When the Government Directors made
An eff ri to bring back the business Of the
Bank 10 the Board, in obedience TO the
charter and the existing regulations. the
Board not only overrued their attempt,
but altered The rule so as to make 1t con
form TO the practice, in direct violation OF
one If the most important provisions OF
the charter which gave them existence.
II has org been known that the Ptesi
dent Of the Bank, by his single will, orig
mates and executes many OF tine most inI
p0rtant measures connected with the man.
agement and credit of the Bank, and that
the Committee. as well as the Board Of
Directors, are left in entire ignorance Of
many acts done, and correspondence car
RED on, IN their names, and apparently
under their authority. The fact has been
recently disclosed. that an unlimited dis
erection has been, and is now, vested in the
Pie 'ident of the Bank. to expend its funds
~ payment for preparing and circulating
articles, and purchasing pamphlets and
newspapers, calculated 10y their contents
t. operate on elections, and secure a re-
newal OF its charter II appears from the
official report OF the Public Directors. that
on the 30th November. 1880, the Presl-
dent submitted TO the Board an article
published in the American Quarterly Re-
view, containing favorable notices of the
Bank. and suggested the exp-dency of
giving it a wider circulation at the expense
II the Bank; whereupon the Board passed
the following resolution, viz:
"Resored. That the President be authorized
10 take such measures in regard to the circulation
of the contents Of the SAID articles, either in
whole or in part, as h. may deem best for the
| interest Of the Bank
BY an entry IN the minutes of the Bank
dated March 18th. 1881, 1t appears that
the President had not only caused large
edition TO be is,uad. but had also, before
the resolution OF S0ih November was a
dopted. procured to be printed and widely
circulate u numerous copies Of the Reports
OF General Smith and Mr.. Med Iffi. ~ IA
vor OF the Bank, and on that day he sug
gested the expectancy OF extending his
power to the printing of other articles
which might subserve the purposes of the
institution WheIenpon the following re
solution was adopted, viz:
''Resolued, That the President is hereby au-
thorIzcd TO cause TO be prepared aud circulated
such documents and papers may communicate
to the people information in regard to the nature
and operations Of the Bank
The expenditures purporting TO have
been made under au'hori.y of these reso
lu'iOns, during the years 1891 and 1882,
were about $50 900. For portion OF
these expenditures vouchers were render
ed, from which II appears that they we're
incurred IN the purchase OF some hundred
thousand copies of newspapers, reports
and speeches, made in Congress. reviews
of the Veto Message. and reviews of
speeches against the Bank, sc SC. For
another large portion no vouchers what
ever were rendered, but the various sums
were paid on orders of the President OF
the Bank, making reference to the resolu-
ton of the itb March, 1881.
On ascertaIning these facts. and per,
ceiving that expenditures of similar cha
racter were still continued, the Govern,
ment Directors, few weeks ago, offert d
resolution in the Board. calling for a
specific account of these expenditures
showing the objects to which they had
been APPLIED. and the persons 10 whom
the money had been paid This reasona
bic proposition was voted down.
They also offered resolution, rescind
ing the resolutions of November, 1880,
and March, 1881. This also was re lect-
ed
Not content with thus refusing to re
call the obnoxious power, or even to re-
qnire such an account OF the expenditure
as would show whether the monty of the
Bank had. in fact, been applied TO the OBJ
jects contemplated by these resolutions,
Is obnoxious as they were, the Board re
newed the power already conferred, and
even enjoined renewed attention to its
exercise, by adopting the following. 10 lieu
of the propositions submitted by the Co.
vernment Directors. viz:
! Resolved, That the Board have confidence in
the wisdom and integrity of the PRECEDENT, and
IN the proPriety of the resolutions of Both Nov