Litchfield enquirer., 1833-10-03

w ODtutU tOf katS 1NE0HtttY eesss
 knowledge of all the facts which were neces- ] sary to guide his judgment. But it was not his purpose, as the language of his message will shew, lo ask the Representatives Of the
 people to assume a responsibility which did not belong !O lhenIS and relieve the Executive ! branch of the GOvernnlent from the duty which the law had imposed upOnie It is due | to the President that his object tn that pro-
 ceeding should be distinctly understood, and
 that he should acquit himself of ah suspicion
 of seeking tO escape from the performance Of his own duties, or of desi ing to intcrp0se an other body between himself and the people n
 order to avoid measure which he is called upon to meet. But although, as an act Of jus ! tice to hlpeelf, he disclaMs any design Uf so- liciting the OlbiniOn Of the House of Represen- | tatives in relation to his own duties, in order | to shelter himself from responsibility under | the sanctiOn of their counsel, yet he is at all times ready to listen to the suggestions 0f the Representatives Of the people. whether given voluntarily or upun solicitation. and 10 cOnsid-
 CT them with the profound respect to which
 all will admit that they are justly rnttled.- Whatever may he the consequences, h0wev-
 CT, to himself he must finally form his own Judgment where the constitution and the law
 make it his duty to decide, and must act ac-
 cordingly; and he is bound to suppose that 1 such course on his part will never he regar- ded by that elevated body as mark Of disre- spect to itself; but that they will. on the c"n- trary, esteem 1t the strongest evidence he can l give Of his fixed resolution conscientiously to
 discharge his duty to them and the country. l A new state of things has, however, arisen
 since the close of the last session of Congress,
 and evidence has since been laid before the President. which he is persuaded would have
 led the House of Representatives to differ
 ent conclusion, if it had come to their knowl-
 edge. The.fact that the Bank controls, and
 in some cases substantially o,cns, and by it's
 money supports some ofthe leading presses of
 the country, is now more clearly established.
 Editors to whom it loaned extravagant sums
 in 18Sl and 1882, on unusual time, and nOm- inal security, have since turned out to he in-
 solvent, and to others apparently in no better condition accommodations slill more extrav-
 agant, on terms more unusnal and sometimes
 without any security, have also been needless ] ly granted. The allegation which has so often circula- ted through these channels that the Treasury
 was bankrupt. and the Bank was sustaining 1t, 1 when, for many years, there has not been less, l on an average, than six millions of public
 money in that institution, might be passed
 over as harmless misrepresentation hut
 when it is attempted, by substantial acts, to impair the credit of the Government. and tar
 nish the honor of the country, such charges | require more serious attention. With six mill I ions of public money in it's vaults, after bayng
 had the use offrom five to twelve millions for
 nine years, without interest, it became the
 purchaser ofa bill drawn by our Government
 on that of France for about $9O0,O00. bring 1 the first instalnent of the French indemnity
 The purchase money was left in the use 0fihe
 Bank. being simply added to the Treasury
 deposite. The Bank sold the bill in England,
 and the holder sent 1t to France for collection,
 and arrangements not having been made by
 the French Government for it's, payment, it
 was taken up by the agents of the Bank in Paris with the funds 0f the Bank in their 1 hands. Under these circumstances it has, l through its organs, openly assailed the credit ! of the Government and has actually made, and persisis in demand of fifteen per cent. or 1 Sl l58, 8,842 77 as damages, when nO damage, or none beyond some trifling expense, has in | fact been sustsined, and when the Bank had in its own possession on depnsite, several
 millions of the public money which it was then using for its own profit. Is a fiscal agent to the Government, which thus seeks to en rich itself at the expense of the public, wor- thy of further trust?
 There are other important facts not in the contemplation of the House of Representa- lives, or not known to the members at the time they voted fnr the resolution.
 Although the charter and the rules of the
 Bank both declare that :. net less than seven directors" shall he necessary to the transac- ton of business, yet the most important bnsi- ness, even that of granting discounts to any extent, is entrusted to a cOmmittee Of i've members who do not report to the board.
 To cut of ah means of communication with the government in relation to its most impor- tant acts, at the commencement of the pres ent year, not one of the Government Direc-
 tors was placed on any one committee. And
 although, since. by an unusual renodelIing of those bodies some Of those directors have bRen placed on some fthOse committees, they are yet entirely excluded from the committee of exchange, through which the greatest and
 mast objectionable loans have heen made.
 When the Government Directors made an effort ta, bring back the business of the Bank tn the Board, in obedience to the charter and the existing Tegulations, ihe Board not only Overruled their attempt, hut altered the rule so as t0 make 1t conform tO the practice, in direct violation of one of the most important provisions ofthe charter which gave them ex- istence. s@ Y pa .@e
 It has long been known that the President of the Bank. by his single will. originates and executes many of the most important meas ures connected with the management and credit the Bank. and that the Committee, as well as the Board of Directors. are left in entire ignorance of many acts done, and rarrespon- dence carried On, tn their names and appar- |