Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-27
UNITED STATES BANK

n
Report Of The Committee Of fhe House Of Representa-
fires appointed 10 Investigate the affairs If The Bank
Of the United States.
Presented May %, 1881
Inc committee appointed in pursuance o resolution
OF the House OF Representatives passed oil the 4h day of
April, by which il was
ResoiOed That the purpose OF asccrning as far as
practicable, the cause oil the commercial embarrassment
and distress complained Of by ciuzens of the
United Staes, in sundry memorials, which have been
Congress the present session. and OF inquir
ing whether the charter OF the Bank of The United States
mas been violated and also what corrupons and abuses
nave existed in lite ansgemen whether il has used its
corporate power, money, 10 control the press inter-
producing the existing pressure, Select COMMITTEES he
appointed TO inspect The books. and examine into the pro-
SeeSs VI the said Bank, who shall report Tho
prov'ions of the charter have been violated or not and
wat abuses corrupiions, n.sIprsctces have ex
eu 10 The management Of said Bank aud that the said
COMMITTEE be authorized TO send for persons papers,
anu 10 summon and examine Witnesses OIL oath and IN
examine into the affairs Of the said Bank and branches
"u 'hey are further authorized 10 visit the prpcpal
BANK cray OF its branches for the purpose OF nspectp
oooks correspondence, accounts other papers con-
nee'ed with its business and thai The said
eouee DE required 10 report the result OF such inv
gauon togeherwih the evidence they may take at a,
W day as practicable
respectfully submit the following Report in mar, of
her proceedings, so Tar they have found il
10 discharge the du'ies devoved on them
oma'geu particularly, TO examine into the conduct and
.o"uon oil the Bank OF the United States they have en-
ueavered most anxiousy ascertain correctly The ,ra
character OF that highly responsible and delicate trust
r 9"se ngn'Iy oil The proceedings Of the House OF
representatives, and OF its committee tow ards the B,nk
must be borne constantly in mind tina, Thai cornora,;o
onefs essentially rom an ordinary banking company in
ca Tor private benefit The Bank OF the United
states was chartered for great public purpose. a go,
ueeneu necessary 10 The Federal Government in The
cient exercise OF its high prerogave, FIX ie yal,e 81
money, and thereby the benefits of souud ce "
iauhg medium TO the coniederary
was designed to aid the Treasury Department 10 col.
iec' conveniently and disburse the National
is stock the United States hold seven millions of dollars
hhd us notes are by law made receivable az par vain.
IN payment OF all dues the Government Concsde NJ
shab fo..
ENDS and that The House Of The in
the Union and such 10 visit and
an departments OF the Federal Government to correct
her abuses, reform their errors and confne The xercse
OF er powers within the limits prescribed by law 10 each
Ia. 'ns house has power TO appoint com
"ee 70 make minute and full inquiry into all, the mu;
uiorm Operations OF This powerful corporation
buttha there might be doubt of the existence or
'he power mere conended fo it has been expres.Iv re-
served in the Odd section OF the charter 81 III III
which provides-"1hat II shall be al all times awGi
ior committee OF either House OF Congress appointed
lor ha purpose 10 inspect the books and examine no
me proceedings OF the corporation hereby created and
70 report the provisions OF its charter have been
The language ia which this authority Of ,bs Hence :;
described is so PLAIN and fui tia, an aempt 10 Ilus
Fa,e II epPea,s to be supererngatoy The committee
10 DC appointed are TO "inspectke huok and xsnine in
the proceedings Of the corporation without excenon
The sec; contains reserved power to The Fank ,o
si be- enc made These moS. PEI e,
exercising The nein powerare necessarIy as m incida,,
dependent on the dcreIicn OF the SOVEREIGN viii, -
II 70 logged contrary construction would make eiI,sr
OF ooh ouses oil congress Oh: the agents hns
conduct is to be The subjec, Of inspection.
~ me baik can attach any conditions TO Ifs er.;so
not found IN The charter, then could render H.
PoWerpy "hcht was intended 1t should he checked ami
"uDie'l' nat me great conservative purposes for
"ch such Committees OF lives igaiion were In bc an
pointed might not be thus defeated the exten, chr
raceT OF their inquiries rightly made to dcpend on
the VISIONS patriotism, and justice, either House of
Congress ~ "
The only restriction TO be found in that clause of the
pahH chaf'er which we are considering that hcb re-
anil e.. -
terence, not 10 the extent OF the examination bu, IN b
character OF The report TO he made. The committee E i
reeed TO report, amongst other things neither tie no
VISIONS 81 nus Charter have been violated or not" The
oJect OF THIS specific require 10 be found in an
er cause OF me same section OF The charter which
provides wh'iher any committee said shall find
and report, or The President the Unired States
nave reason TO believe that the charter has been vio,
may be lawful for Congress TO direct or the p;,
20 oIdeF scare JGelas, TO he sued the Circuit Cou,
OF the district OF Pennsylvani, in the name Of th ~
States calling on the said corporation show cause where
feed" NV " '"'eu hut
But if there had been we'll founded doubt 80 70
me Uue ana lair construction Of this reserved power of the
yielded ''e" 'O"so SINCE
In 1873 Mr.. Spencer, of New York, offered ,o tho |
"se OF representatives, resolution providing for the
appointment oil committee 10 inspect the books and ex
anime into the proceedings Of the Bsnk In The eba n
winch that resolution gave rise, The opinions now enter
aihed ny your committee, well expressed bv MANY
distinguished gentlemen. For pre- septjng short sx,
om one OF The speeches then made no snologv Il 49,,
POSeu' WIZ De needed MIR. LowDdes said, he had no
PeHensiot Of defect oil power la the House 10 ptose
cute Tie inquiry in tie terms proposed He had M 3o,,b
oil The power OF the House, If the public interest re
w. 70 direct a committee 10 make such feporf Tic no
uon sai ne has deep interest in the conduct and man
"geheni oil the Banks our duty the People whom we ron
ne hao"s interest as owners OF large portion Of
me slock, IFS interest in the revenues bsnp ,.o -
bic IN The notes OF The Bank will iustiiy cons,,,, ID
vgiIant attention 10 liz proceedings II there had besr
aouot ehether Inc conduct NJ The Bonk had bcen pnopr
on NOT the House 'cds Jiy justified in inpesigafing
"'io leJdefS aud mquUfng tohefher ABUSES had bee1
so,N''e9 or n0 lie would vote for any inquiry init.
broadcast shape" f'''' ''i''
The resolution Of MIR Spencer was odooteJ and 4. o
Ittee appointed, who visited the pucp Al B,nL AZ pL
uelPha aud some Of IL brsDches They had rec me
ansd accc-s The books and papers Of the Bank Thev
we're uIhsbed by he Officers with such extracts anil en-
pes rom the books aud papers they called for ne
ummoned before ihem the Directors aud ogire,sortb
BANK, AMI examined them oath touching their cond
'nd proceedings. And The Committee rads a. a. |
ouse' on The 10Th January 1872 an elaborate renor
I'm "ineh we learn that their inquiries bad been chiefly
~ s, 20 We GENERAL management OJMe Bda6 and
.i';,n & US W'c@s| The transactions Of private
'.Nsns "ib TIE Bank were then freely and f,1iv er,
"eu Individual if5nss clions Of the Pfesident snI IN
&c ois o. the bt1k ~ the purchase az lie a,oeL -
Wy nFsslg"eu and those officers sworn and ,,nni,ed
q 'esuy oeo'e ihe Committee. Though deepIv sGe,t
~, pe,O'ony ain oc'@Hy by these deQeiopenents tbev
heir testimony. FVO'S' " 70 give
he names OF 1Ie borrowers from Iie uank ,yos. 81
'eo without sctuPle, with the amount Of rno,o, IT,.
, eeen Whenever, and not Otherwise such onyi,
y' "' ugensd necessary 10 illustrate me inotoss, Co.
u ,r o mat administration NJ it, officers ~ "
fhis precedent, 10 which he Committee n aoo .,.,,
y"O'he" " entitled 10 high respect from tle en,i,a,
ndFacler on those By whom u wac esfsblished 80 80
ave lus"y enjoyed high regulations for purity o a,r
nj Distinguished siianmen's F'''P " purpose
II.nff Hi.