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

report to the proper officers Of the Government
every act of the Board which might affect in
juriously the interests of the People.
The whole frame of the charter, as well as the
manner of their appointment, proves this to be
! their true character The United States are
/ not represented at the Board by these Directors
merely on account of the stock held by the Gov
eminent The right of the United States to APP
point Directors, and the number appointed, df1
not depend upon the amount Of the stoslTp1 p;tad
every share should be solo, az " aitogether
States cease to be stool INTO 70 annoint five
= a.ss 49,. W. ~tn remain. In such case
III, ,,,,S -. the character of the directors2-
Thav would have right to sit at the board; to
yeeeson all questions submitted to Il; and 70 be
made acquainted with all the proceedings OF the
Corporation. They would not, in such case,
be ordinary directors chosen by the stockhold-
ers in proportion to their stock. But they wouid
be public officers appointed to guard the puolic
interests: and their duties must conform to tnelr
office They are not the duties OF an ORDINARY
director chosen by stockholder; but they are
the peculiar duties Of pubic omcer, Who 10
bound on all occasions 70 proiect 70 llie u'aioss
of his lawful means, the public interests; and,
where his own authority is not sufhclentto pre-
vent injury, to inform those to whom the law
has confided the necessary power Such, tneh,
Is the character, and such are the duties, OF the
directors appointed By the United States,
whether the public be stockholdefs or not sN
They are officers of the United States, ana not
the mere representatives OF st0ckholdef
The mode Of their appointment, ana thelf Ten
ure of Office confirm this position Ihey are
appointed. like other officers ofthe Government,
| and BY the same authority. They donot hold their
Offices irrevocabya year afterthelr appointment;
on the contrary, by the express terms OF Inc law,
they are liable to be removedf from ONCE at any
time bv the President, when in his judgment the
hall
therefore, in which the subject can be consider,
ed tits evident that the five directors, appointed
by the United States are to be regarded as pub
lie officers; who are placed there in order to
observe the conduct of the corporation, and 70
prevent abuses which might otherwise be COM
United.
Such being the character of the Directors APP,
pointed on behalf of the United States, it is obvi-
ousy their duty to resist and in case OF failure
/ TO report to the President, or to the Secretary
of the Treasury, any proceedings OF the Board
| by which the public interest may be lnJufl-
ously affected. The President may order a
scire facias against the Bank, for violation OF
| its charter; and the Secretary of the Treasury
lis empo wered to direct the money OF the united
! States TO be deposited elsewhere, when, in his
Indictment the public interest requires 1t TO be
| done. The Directors of this Bank, like all
Others are accustomed to SIT with closed DOORS
and do not report their proceedings TO any De-
/
return. which the charter requires to be made to
the Treasury Department, gives nothing more
than general statement of its pecnnlary con-
diton: and of that but an imperfect one. FOR
talthough it shows the amount loaned at the
Bank and its different branches, it does not show
the condition Gifts debtors, nor the circumstances
under which the loans were made. 1t does not
! show whether they were in truth accommoda-
tons granted in the regular and ordinary course
| of business upon fair banking principles, or
! from other motives. Under the name OF loans,
advances may be made to persons VIGOROUSLY
| insolvent, for the most corrupt and improper
purposes; and course of proceeding may be
adopted, in violation of its charter, While upon
I the face of its monthly statement, every thihg
! would appear to be fair and correct
| How, then, is the Executive branch OF the
| Government to become acquainted with the OF
! fetal conduct of the public directors, or the
abuses practised by the Corporation for It's prl-
vate ends, and in violation OF It's duty 10 the
Public? The power of displacing the pubhc
directors and that of issuing sclre taclas, and
of removing the deposites, we're not intended TO
! be idle and nugatory provisions, without the
means of enforcement. Yet they must be Who'll
| ly imperative and useless, unless there be some
means by which the official conduct OF the pub
lie directors, and the abuses ofpower on the part
! of the Corporation. may be brought to- the
| knowledge of the Executive Department OF the
! Will it be said, that the power is given to the
Secretary the Treasury to examine himself,
| or by his authorized agent, into the conduct
and condition ofthe Bank2 The answer is OBJ
vious. 1t could not have been expected or in
tended that he would make an examination, I'M
less information was first given to him which
excited his suspicious; and if he did make e. such
a general examination, without previous lnlor-
nation of misconduct it is most probable that
in the complex concerns and accounts OF
bank, it would resultin nothing, whatever abu-
ses might have been practsed.
1t is indeed, the duty Of every director to
give information Of such misconduct on the
part of the board. But the power to issue
scire facias, and to remove the deposites, pre-
supposes that the directors elected by the stock
holders might abuse their power; and it cannot
be presumed that Congress intended to rely on
these same directors to give information ofthelr
own misconduct The Government is not &C
customed to rely on the offending party to dis
close his offence. 1t was intended that the pow
er to issue scire facias, and remove the depo-
sites, should be real and effective. The neces-
sary means of information were therefore pro-
yidedin the charter; and five officers of the
Government appOinted in the usual manner,