Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-10
ALEXANDRIA GAZETTE.
REPORT

of the Public Dsposiies from The Bank Of the
United Stafes-made 10 both Houses Of Con
gress, December 4th, 1888.
coNoLUDBD.
With these positive proofs Of the efforts Of the
Bank TO obtain power. and to influence the mea'
sures Of the Government, have not hesitated as
TO the path of duty. II, when this evidence was
before me, had failed TO withdraw the deposites
Of public money from the Bank, II would nave
been lending the c0unteDance and support OF TINS
Department to measures which are Out TOO wen
calculated to destroy the purity oil our institu-
,ions, and endanser thereby the liberties OF the
people = Ii cannot be supposed that these expeh-
ditures are justihable On the ground that the
Bank has a right to deiend itself, and that
the money III question was therefore properly
expeuded Some OF the items accounted tor,
sufficiently show In "ha, manner 1t was endea-
voriny to defend its Interests. Ii had entered
the field of political warfare, and as political
partisan, was endeavoring to defeat the election
of those who were opposed to IT'S views. Ii was
striving BY means of its money to control the
course OF the Government, BY driving from pow
er those who were obnoxious to its resentment.
Can II be permitted to great monied corpora
too to enter on such controversy, and then
Justify its conduc, on the ground that it IS de-
tending its own interests? The right Of such an
institution to interfere in the political concerns
of the country for any cause whatever. can never
be recognized; and defence like tins, On the
part OF the Bank, could not be tolerated even II
the ,ndivi dua stockholders alone were thus using
their own money 10 promote their own Interests
But it is not only the money OF Individuals
which is thus applied. The one fifth OF the capt
tai Of the Bank, amounting to seven millions oil
dollars, belongs to the United States, and the
one-fifth of the money which has been expended,
and is yet to be expended, under this resolution,
is the property Of the public, and does not belong
TO private individuals. Yet the Board Of Direc.
tors assert the right, not only to authorize the
expenditure Of the money of individual stock
holders, in order to promote their individual in
terests; but have also, by the resolution in ques
ton, taken upon themselves to give the like au-
thor,ty over money which belongs to the United
States.
Is an institution which deals thus with the mo-
ney of the people. proper depository for the
pubic fundss When such a right is openly
claimed aud acted on by the Board Of Directors,
can the money ut the United States be deemed
safe in It's hands? The same principle that would
sanction the application OF one portion OF the
public money to such purposes, would justify the
like use of all that may come to its possession.
'rhe Board of Directors have no lawful au.
thority to EMPLOY the money OF the United
States for such objects. So far as the nation is
cone eraed in the character of the Bank, the peO
pie, through their representatives IN Congress,
can take Of their o"n rights and vindicate
the character of the Bank, il they think il is un
Justly assaied. And they do not need the aid
Of persons employed and paid BY the Bank, to
learn whether its charter br constitutional or not,
nor whether the public good requires il to be re-
tha.. al Tho. sIanf
and Directors of that Institution. to expend the
public none, To enlightep them on this subject.
The resolution IN question is, moreover, in di-
rect violation Of the act OF Congress bv which
this corpora ,Ion was established. And it is diff.
cult 10 imegine how the Unlimited and irrespon-
slblr power over the money OF the Bank, which
the Directors have given to their President can
be re,Onciled TO the clause in the charter which
requires seven Directors to form Board for the
transaction of business. If the expenditure of
money, for the purposes c0nte mplated by the res
oluion, be legitimate part OF the business OF the
corpuration. the Board could not lawfully trans
fer il e. one OF its officers, unless they can, by
resolution surrender into the hands Of their Pres.
idenl the entire power Of the corporation, and
commit to the care of single individual, the cor
porate powers which the law has declared should
be exercised by the Board Of Directors.
Chief Justice MarSnaii, IN Tue case OF the baOk
of the United States We. cambridge, when speak.
ing OF the bonds required to be given by the
Cashiers of the Bank, SAYS, II requires very
little knowledge Of the interior of Banks to know,
that the interests of the stockholders are commit
ted, to a very great extent, to these, aud other
officers. IL was, and ought to have been, the in.
tention OF Congress, TO secure the Government
which took deep interest in this Institution, and
TO secure individuals, Who embarked their for
tunes IA it, on the faith Of the Government, as far
as possible, from the NAL practices Of its officers"
Bat the Directors Of the Bank seem to have acted
on principles directly opposite to those stated by
the Chief Justice. And instead of endeavoring to
secure, +" as far as possible" the public and in.
di'iduals from the malpraciices OF its officers,
they place the funds OF the Bank under the con.
troll OF single officer. from whom neither securi-
ty nor specific vouchers have been required. II
is true, that IN the opinion which the above pas
sage Is quoted, he differed from the rest of the
Court But the difference was on other princi-
pie>. and not on the one above stated.
In formirg u,y JUDI ment on thus part of the