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

nl;ance with his request that they would commu'
nicste TO him such information as was "''"'h
their personal knowledge relative 10 'nese a"u
snail proceedings Of the Board oi directors, mey
dis, ,use the exceptionable manner 10 when the
mower conferred by law on the Board mas osea
surrendered to the Exchange CommVee' '"at
this has been done evidently with the design Oh
nreventine a proper and contemplated examina'
finn into the accounts Of persons whose paper
was offered for discount: that a minority o. '"e
BOARD apparently sufficient 10 have prevented
the loan. # the security was bad, were uePrNeu
If their votes upon the questions; anu that 'he
limo established bye laws Of the institution were
set aside for the purpose OF carrying tnrse ue'
sions into effect with less difficulty or emoar'
easement
If proceedings like this are sanctioned oy !he
constituted authorities at the Unitfu S.a'ss' Wv
appointment of Directors on their part Is I'll 'd,F
ceremony. and affcrds no safeguard TO me pun,
lie treasure, in the custody ot the baDS AN"
even legislative eDactments, IN relation !" h''
corporation, are Of but little value. II u may.
at its pleasure, disregard one OF the 'u"aa"eh'a'
.r,;cls. If ito constitution, and transfer to q
secret committee, the business which oy 'aw'
ouuht to be transacted by the Board 1t is scarce
| ~ necessary in presenting this document TO the
| COnSlueI duuI w W.
tion. which has been sometimes put forward
against the publication Of any proceedings when
relate 10 the accounts Of private individuals
The circumstances derai!ed, are the regular ana
official transitions of the Board Of Directors, nor
do they involve the private debtor and crrdi'
&C count of persons dealing with the Bank wn,c"
is alone included in the distinction taken oy inc
charter in regard to private accounts. IL the
argument thus brought forward we're souha
one. there could be no such thing as an examna
ton of nv value into the conduct OF the Bank.
Because the business OF the Bank being with
individuals. its misc onduct could never De shown
without bringing before the public the IndIyidu'
al transac tion in which the conduct OF the BANK
IVES impeached. And if it could make good the
position. that such proceedings are never 20 oe
| exposed to the public, because individual, arc
concerned in them, 1t would etfectuaiIy smut oo'
all useful examination, and be enabled TO apply
its money to the most improper purposes "'t"-
out detection or exposure Nhen us conoue'
is impeached, on the ground that u mas sseo US
great money power 10 obtain Dolit'ca' i"huence'
the investigation of the charge IS in its very ma
ture. an INJURY INTO its transac tons with indi-
yiduals. And although the accounts brought
forward on such occasions may be the accounts
of indi,id, as, yet they also the accounts Of
the Bank, and show its conduct. And being the
fiscal apeot of the Government, with such I'm
mense pnwer to be exercised for good or tor evil,
the public safety requires, that oil OF It's pro-
ceednss should be open to the strictest and most
RIGOROUS scrutiny. Its charter may be forfeited
by its misconduct, and would be justly forfeit
ed. if il sought to obtain political influence 10 the
affairs Of the nation. And yet such attempts
ON the part of the Bank. can never be proved
except By the examination and disclosure OF ito
dealings with individuals.
! Cd 1t is not merely by its eoncealments that
the Bank has proved itself regardless OF the dn.
ties Of its agency. Its own interests viii be
found to be its ruing principle-and the just
claims of the public to be treated with but little
regard when they have come into coi'i'Ion with
the interests of the corporation. Ibis was out
too plainly the case in the affair Of the three per
cents abo,e mentioned. A recent instance
proves its rule of action is not changed in that
respect. And the failure of the French Govern.
meDt to pay the bill drawn for the ,nstament
due by the treaty, has been made the occa-
sion OF end-svoring to obtain from the public,
the sum of S158. II, to which no principle
Of Justice appears to enttle il. The money Tor
which the bill was sold remained in the Bank
The expenses il incurred were Of small amount,
and these the Government are willing to pay
But the corporation, not content with the profits
it was deriving from the millions Of public mo.
ney then ~ its vaults, and which it was daily
using in ITS discounts, endeavors to convert the
public disappointment into ganful transaction
for itself, and demands the large sum above
mentioned, without pretending that it sustained
any loss or Inconvenience. commensurate with
the amount it seeks to obtain from the Govern.
ment. The fiscal agent Of the public, attempts
to avail itself Of the unexpected disapDo nment
of the principal, for the purpose of enhancing
its own profits at the expense ot the community.
Sd There is sufficient evidence to prove that
the Bank has used its means with a view TO ob.
tain political power, and thereby secure the re.
neaal OF its charter.
The documents which have been heretofore
laid before Congress, and are now on its files,
will show, that on the 5lst Of December, 1880,
the aggregate debt due TO the Bank. was 842,.
4Oe. sos "a, and that on the 3lst Of December,
1881, it was S65, 026,452 9s, being an extentIon
of ITS loans in single year Of twenty millions OF
dollars, and increase of nearly fifty per cent,