Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-31
POLITICAL.
BANK OF THE UNITED STATES.

senate ana House OF HtpTeSenfdfreS or me Cnif-
ed States of .anerica in Congress assembled:
| The Memorial Of Henry ID. Gilpn, John T. Sullivan,
and Peter Wager, Of Pennsylvania and Hugh Eldsry Of
Maryan Directors Of the Bank Of the United States ap.
pointed by the President by and with the advice and
sent OF the Senate, respectfully shows
Selected by the President and Senate, Directors Of
the Bank Of the United States we have endsavOred, dur
ing the present year, faithfully 10 discharge the duties Of
that responsible trus-Apponted without solicitation de-
irving from the Office emolumen we have been gnid-
ed In our conduct by no views but determination TO up
hold, so far was in power, those principles which
we believe acuated the people OF the United States, in
tablishing National Bank, and in providing by its char
ter that they should be represented at the Board of Drec
tors We have regarded that Institution not a
OF profit TO individuals, but organ Of the
established by the nation for its own benefit. We have
regarded ourselves, agents of those whose
funds have been subscribed towards the capital of the
BANK, but as officers appointed behalf Of the Amer
can people. We have endeavored to govern all our
conduct as faithful representatives OF them. We have
been deferred from this by system TO de-
prve US OF rights, by impeachment OF motives
by no false views policy by course Of management
which be supposed to promote the interests OF those
concerned in the Institution, the danger sacrifice of
the general good We have left the other directors GO
themselves they may think best for the interests
oil those by whom they chosen For ourselves, we
have determined, that where any differences have asen
involving the hand, that open and
which Is beneficial 10 the whole community and on the
other what supposed 10 be the interests the Bank
efforts should be steadily directed uphold the for.
mer our Inconsistencies against the latter should be
Lutte and constant, and when they proved unavang
appeal should be made TO those who innedi-
aely intrusted with the protection Of the public welfare
In pursuing this have been by an orga.
Missed system OF opposition, the part OF the majority.
Our efforts have been thwared motives and actions
have been misrepresened rights have been denied,
and the limits Of duties have been grauouy point
ed out TO as, by those who have sought curta them
meet their own policy not that which we believe led TO
the creation OF the Offices hold. Asserting that injury
has been done 10 them by the late of the Secre
tary Of the Treasury in removing the public depostes
elaborate statement has been prepared and widely circu
lated and taking that their basis has been resolved
hu tha maIO IN nj aI 10
House OF Representatives. We have and do not in.
terere in the controversy which exists The mao.
rity Of the Board and the Executive Department OF The
Government-but unjustly assaed as have been, in
this statement, the language and manner of which
were alike uncalled-for, respectfully claim the
same right OF submitting conduct 10 the same r
bunal, and asking of the assembled Of the
American people, that impartial hearing and that fair pro
lection, which all their officers, and all citizens have right
10 demand. We shall eDdeavor TO present the view we
have taken Of the relation in which placed as well
towards the institution in question: ards the Govern.
ment and People oil the United Staes-o prove that from
the moment took seats among the Directors of the
Bank, have been the objects Of systematic opposition
our rights rampled upon, just interference pre-
vented and offices rendered utterly useless for ali the
purposes required by the charer-aDd TO show that the
statements by the majority Of the Board in the cument
to which we REFER convey an account of their
and conduct altogether iusory and incorrect.
Ii has pleased the majority Of the Board of Directors
in the document TO which refer, in order, we suppose
in degree TO exenua;e their conduct syseHaical
ly nuying the representatives Of the government and
people, TO deny that the public Directors at the
Board in any other relation than them depy the
existence OF any difference in the official character and
duty OF themselves and This extraordinary denial Ia
the face oil all experience, OF the familiar his ory of the
country, and Of papabe reasoning, must rather he as.
cribed to the presumption which moned power is apt 10
inspire, than to the Ignorance or willu
OF those who make it, Nothing be palmer, than that
the public Directors devised instruments for the
attainment oil public objects; that their being insisted
in the charter se in obedience the will of those
who elected The legislative body by which il was passed:
and that their appointment was given to The President
mi nf fbaS Il IL.
States mot 10 the mere fiscal representative in order to
clohe them with all the character OF official representa-
hon and TO- exact from them discharge Of all the duties,
pubic, POLITICAL and patriotic, incident con.
feTed five mistaken in this, acknow ledge that
our socitude about the rights and morasthe practical
purity and freedom OF our counrymen-bas misled us
But we know that not.
In the celebrated report Of Alexander Hamilton, in
$780, that eminent statesman and nancier, although then
Impressed with persuasion, that the government Of the
country might well leave the manager of a national
bank, 10 the keen, steady, and il were, magnetic
sense oil their own interest," existing among the private
stockholders yet holds the following remarkable and preg
nan language III the paper OF bank is permitted 10
nsnuate itself into all the revenues and receipts of
country; If il is 10 be tolerated the substitute Tor
gold and silver in all the transactions Of business il be-
comes in either view, national concern of the first
magnitude. As such, the ordinary rules of prudence
require that the GOVERNMENT should possess The means
Of dscTfdintng, WHENEVER 1T THINKS FIT, that SO
delicate trust is executed toih fidelity and care
Of this nature is not only desirable respects
the government, but ought to be equally 10 all those
concerned in the institution, additional title public
and private confidence and a thing tohch can oniv
be formidable to practices that imply mismanag cement"
In the letter addressed by Alexander James Dallas the
author Of the existing bank TO the cham of the com
mee national currency, in 1915, the sentiments Of
that truly dsDe ushed ami patriotic statesman are expIi
city conveyed upon This very point Z" Nor can IL be
doubted he remarks that the department Of the 90.
which is invested with the power OF appoint
ment TO all The important Offices Of the sate is proper
department to exercise the OF appointment in ea
ton a national trust of incuIcudbe magnitude The
national bank ought not 10 be regarded simply as com
mercial bank. IL will not operate the funds of the
stockholders alone, but much the iuAds OF tie
nation. Its conduct good bad, will not affect the cor
porate credit and alone but much the
dit and resources OF The government In ue, IL
institution created for tho purpose Of and profit
alone, but much more TOR the purposes of national
policy as an auxiliary in The exercise of some Of
the highest poWers IF the government. Under such
circumstances, the public interests cannot be too
be injurious to the commercial interests OF the in
su,ion. The right 10 inspect the general accounts Of
the bank, may be employed TO detect the coils of NAL
administration, but interior agency in the direction
of its affairs ucH best serue TO preuent them" This
last sentence, extracted from the able document Of Secre-
ary Dallas, develops al glance what had been the
perence OF the American government and people, in the
period which elapsed between the time OF Alexander Ha.
milton and that Immediately preceding the formation of
the present Bank. Hamilton conceived that right
inspect the general accounts Of the Bank, would enable
government "to detect the evils OF NAL administration
aud their detection he thought sufficient lie was mis-.
taken. At least so thought Congress and their cons.
ents in 1915 Hence the innexble spirit which prevail
ed at the organization Of Bank, in establishing can
interior agency IN The direction OF its affairs, by he sp
poniment OF public officers through whom the evils Of
NAL administration might be carefully watched and pre-
vented.
IN the progress Of legislation the Bank thus project
ed by Secretary Dallas The character and purposes Of the