Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-31

we're 1.-The interest oC his Ronk s5o,L,
DC made subserUien to the interest Of the pubic-of the
people, and hence he wished control its irec
non They did not "waGt merely a great n,onev ma
chine, but an institution Of national character and
therefore could not consent to part with those features
the bill, which gave the Government proper and ne
cessary eontroiorer the Bank
Its useless 10 extend these views. They were almost
unanimously avowed, the adoption of the charter to be
those which public Directors-selected and confirmed
by the President and Sena represent The Government
and people at the Boardwere deemed by the Legislators
whose votes created the institution, absolute condition
their consent The Bank would never had being unless
accompanied by public sennes detect expose or pre-.
vent .he er's OF Observation-Disclosures; to &C! checks
upon The cupdity and corrupt ambition springng from
keen and magnetic sense OF senteres stand between
the rights and liberties and morals of the community,
and the encroachments of great money machine"-a
power alike base in its modes OF persuasoD and fomida
bic in the mystery and extent of its operations.
Ana ye! we are now told, with hardihood which
no,nng but the pride Of the explain that the
public directors, thus devised for national thus
designated by the highest national authority thus
as national officers with national trusts and responsibilities
have no other attributes duties than the other
aud their circumstances treated with scorn, propor
honae to The numerical ascendancy Of the private rep
resenaves oil the stockholders. In other words public
and national agents, TO whom has been coned ma ona
trust oil incasulable magnitude, who have been selected
by the highest appointing power known TO the American
IePuohe' must oring down the great principles which
hey should act and Trim the ed aud patriotic mo-
yves winch ought to actua,e OF the people,
SO as 10 square with the selfish purposes pur
suit or the secret aspiraons OF ambitious moned con
cave Yes! The bank has the holiness to claim
IVY WIN the nauon 10 assert aud TO exercise,
can, me night oil sencing and despsing the legally
stitued public lunconaries of the naon to the
organs and representatives OF the people; and thus the
iuness OF money pride and preienson utterly TO set at
nought the people themselves
case parallel TO has never vet beer exhibited i'm
his country is !he case OF subordinate corporation,
purnhg al and virtually discardDg the agents those
by whom II was created; paying respect to the
exalted public sources whence their appointment imme
datey emanates; denying the true Of their trusts;
ana nuyng by preconcert and pretence the law Of the
land and its ministerial oIcers-Indivi and perso
naiy this arrogant and unequaed proceeding, conducted
under The semblances OF official FORMS affect us;
we are in fact relieved by il from many Iaors rksome
painful and Improbable; made silent and useless by the
force ola majority freed from much responsibility
and care. But TO our consiiuents-o the American ma
ton and people, the example is OF vast aud we believe
vital INTEREST," and to them and for them, feel duty
10 make the statement which submit 10 their as
sembled representatives With them alone il remains TO
decide whether they will assert the supremacy of the
laws support their public agents in the discharge their
dues aud conne within its proper sphere OF suborJna
hon and real usefulness an institution, Created not
own, bat their benefit.
We proceed 10 lay before Congress- the history Of
those transactions on the par, Of the majority drec
tors OF the Bank Of the United States, which are the
foundation oil the preceding remarks, and have called
forth this statement.
On the s of January, 1885, having been appointed di.
reciors, by the President OF the United Sa,es three Of
us attended the FIRST meeting OF the Board, being resi-
dents oil the city Of Plade phia On the appointment of
the standing committees to whom the preparation and con-
sderaion OF great deal Of the important busne IS
Is assigned and who consist altogether OF thirteen per-
sons neither Of us appointed any committee
thus evincing, by the very earliest Of the President
and the Board could fail to perceive a deter
mnaon TO deprive OF the best of information in
regard TO the nature OF its proceedings
This measure was followed very shortly after. by ano
Their, TO be ascribed only 10 the Being spe
ciay summoned Oh the evening Of the Goth OF January
long and elaborate report submitted by the commit
lee on exchange in answer to certain inquiries of the
Chairman OF the Committee of WAYS and Means of The
House OF Representatives Nearly three weeks had been
employed IN its preparalons reading occupied upwards
OF an lour- embraced various important statements of
it viii ifasu
PARTIAL ii not regard the conduct OF the in
stu'ion and the officers Of the Treasury-and much of il
others oil the directors who had been but short time
members OF the Board. After single rea,lng motion
was made for its immediate transmission to Washington
We asked for time 10 examine before it thus adopi-
ed We requested The delay of a week. or fe DAYS
Tor this purpose We knew that public object required
such unusual precipitation. Our motion was prompy re-
ected The report ordered be transmit and We
large number Of copies printed for imme
Wevery soon iound however, that this system of con-
ing the most important affairs by committees from
which we were excluded, was not merely asiona 1t
was, as we dscovered regularly pracsed in violation Of
the spht, ii not the letter oil the charter which declares
mat not less than seven directors shall be 10 the
transaction OF business; and which enrusts il to board
properly chosen and appointed We found also that this
PLAN the effect OF which was to transfer from the board
lew members so much power aud authority extend
ed TO The disposal Of the funds OF the
branch OF business which certainly ought be
ercised, except by the full representation Of their
required by the charter and which otherwise
has involved and involve the institution i'm transact
lions from winch Is dheuN 10 Withdraw without
1t was not long before we had practical instance of
the operation Of this unwse, il not Illegal deviation from
the mode authorized and contemplated by the charter and
by laws. On the 22d Of March, observed from the
books laid before the board that note OF Messrs Gales
Seaton remained due and unpaid and that il not been
protested. The bylaw OF the Bank declares in express
terms, that f bill note be paid the day OF
grace, it shall be forthwith Protested The omission 10
comply with this law appeared TO particularly exraor
binary, when ascersined that the debt OF bch this
was part had been allowed TO increase within few years
from Sll 900 10 upwards OF $50 000 that this large sum
was principally security OF unusual aud we believe
doubtful chardceTuuch oil acceptances of drauehts
awn by the same parties, certain trustees, holding
unds received from Congress, for edition OF state pa
pers; that these funds also partially
security for other Objects aud that the accepsnces, be-
ing themselves CONDITIONAL the neglect Of protest
endefed still singular both in relation to the security
the Bank, and TO the right OF notice which was due TO
he persons who might be called for the payment Ii
ppcarSd too, at the time that the account in ques-
oD then and since the month OF November proceed
ing had been, repeatedly overdrawn to a considerable
amount We thought it due TO the whole board that The
which such de Walton from the rules OF the Bank
had been made should be aceraned aud On cali
ing their ate non TO the facts IL resolved the motion
OF another director aud Without dissenting UOice, that
the account IN question should be ieiened "to special
committee OF seven including the three resident Govern
men directors " thus admitting for the first time into
participation OF the Ausness Of the committees. After
the adoption OF this resolution lust and pro.
per in ITSELF il with small SURPRISE that we heard
the very next meeting Of the board, three days after,
and before the account In question had been looked by
the committee, motion introduced aud voted Tor by all
present. except ourselves and the OF the original
solution, by wbich was altogether rescinded Nor was
this ALL 1t appeared by the books o. the bank that
while the special committee for investigating Lis az
count was actually IN existence, the committee Oh