Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-05-26

rect, or the President to order scire .facias to
be sued out of the Circuit Court Of the district
of Pennsylvania in the name of the u. States,
calling on the said corporation to show cause
wherefore the charter hereby granted, shall not
be declared forfeited"
But if there ever had been wel-founded
doubt as to the true and fair construction OF
this reserved power of the House, the commit
tee did suppose it had been long since yielded
In 1918, Mr.. Spencer, Of New York, offered
to the House of Representatives resolution
providing for the appointment OF committee
to inspect the books, and examine into the pro-
ceedings of the Bank. In the debate to which
that resolution gave rise, the opinions now en-
tertaned by your committee, were we'll express
ed by many distinguished gentlemen. For pre-
senting short extracts from one OF the speeches.
then made no apology, it is supposed, will
be needed. Mr.. Lowndes said, he had no APP
prehension of defect of power in the House TO
prosecute the inquiry in the terms proposed he
had mo doubt of the power of the House, ii the
public interest required it, to direct commit
fee to make such report The nation, said he,
"has deep interest in the conduct and manage
ment of the Bank; our duty to the people whom
we represent, the nations interest, as owners OF
large portion of the stock, its interest in the
revenues being wholly payable in the notes OF
the Bank, will justify constant and vigirant at
tention to its proceedings. If there had been q
doubt achether the conduct OF the Bank had been
PROPER OR NOT the House aoas fully justified IN
Investigating into the facts and inquiring aohe-
Their ABUSES had been committed or not. He would
vote for any inquiry, in its broadest shape"
The resolution Of Mr.. Spencer was adopted,
and a committee appointed, who visited the prin-
cipal Bank at Philadelphia and some of its
branches. They had free, unrestrained access
to the books and papers of the Bank They
were furnished by the officers with such eX-
tracts and copies from the books and papers as
they called for. They summoned before them
the Directors and officers OF the Bank, and eX-
amined them on oath touching their conduct
and proceedings. And the Committee made to
the House, on the 18th January lsl9 an elabo-
rate report, from which we learn that their in
quires had been chiefly directed "to the GENERAL
| N, Management of the Bank and the conduct OF ats
| officers The transactions of private citizens
with the Bank were then freely and fully exam
| med. Individual transactions OF the President
and Directors of the Bank in the purchase of
its stock, were fully Investigated, and those Off
GERS sworn and required to testify before the
| Committee. Though deeply affected, personal
| ly and officially, by these Developments, they
| never hesitated or objected to obey the process
! or to give their testimony.
| The names of the borrowers from the Bank
were published without scruple, with the amount
! of money due from each, whenever, and not
otherwise, such publication was deemed ne
cessary to illustrate the improper conduct or
| mal-administration of its officers.
| This precedent to which the Committee OF
| 1882 strictly confOrmed, is entitled to high re-
! spect from the eminent character Of those by
whom it was established, and who have justly
enjoyed high regulations for purity OF purpose
and distinguished attachments.
| If any additional reason for difference to this
contemporaneous construction ofthe 23d section
| of the charter be necessary, it may be found in
| the fact that the Directors of the Bank in 1918
themselves assented to it. The conceded to the
Committee of the House the right to inspect all
| their books and papers in such manner as that
Committee thought just and proper. Besides,
| those who now have the management OF the
Bank, in 1882, without question of right, with
out hesitation, without protest, produced for the
inspection of the Committee of the House, all
! their books papers, correspondence and ac-
counts, and appeared when summoned and tes-
tilted on oath touching the transactions of the
institution under their control With these pre-.
| Gminary observations for which it is believed
ample apology, if any be required, will be found
in the subsequent portion Of this report the Com
mittee will proceed with brief analysis of their
proceedings in the execution Of the duties de-
voved on them, showing the unexpected obsta-
cles interposed by the managers of the Bank, to
the progress of the examination and their re-
fusals. in violation Of their charter and in con
tempt of the authority of the laws and of the
| House of Representatives, to permit their books
or papers to be inspected or their proceedings to
! be examined.
To be Continued.
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