Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-16

Institution In question, as towards the Government and
msni took seats among the directors Of the Bank
we have been The objects Of systematic oppos onour
rgms ramped upon, JUS, interference prevented aud
Offices rendered utterly useless for ali the purposes
required by the chsrerand TO show that the statements
by the maori,y Of the board in the document which
we REFER account oil their proceedings and con-
duct altogether usory and Incorrect"
"A case parallel TO ours has yet been exhibedin
hls coonry II Is the case Of subordinate corpora.
on spurning at, and virtually dscsrdng the agents oil
those by whom IL created paying sort Of respect
to the exalted public sources whence their appointment
immediately emanaes; denying the true nature of their
trusts; and nuy by preience the law
Of the land, and its ministerial officers Individually, and
personally this arrogant and uneauaed proceeding con.
us we In fact, relieved by IL from many labors k
painful and unprofabe made silent aud useless by
the orce OF majority, we freed from much resPon
sb,y aud care But TO our consituenis-o the Ameri-
nation and people, the example is Of vast and we be-
heye, vital interest,"; and to them, and for them we
'eel duty to make statement which we now SUBJ
init to their assembled representatives With them alone
remains 10 decide whether they will assert the supro
macy oil the law; support their public agents in the dis
charge OF their duties; and confi0e within its proper
sphere. Of subordnaon and real sefness institution
created, not for its own, but their benefit"
1--WE now proceed TO lay before Congress the history
OF those transactions on the part OF the majority OF tho
directors Of the Bank Of the U. States which the
foundation OF the preceding remarks, and have called
forth this statement
on the 9Th of January, 1888, having been appointed
directors, by the President OF the United States three Of
Us attended the first meeting of the board, two being
sden's o the city Of Philadelphia. On the appointment
oil The standing committees, TO whom the preparation
and consideration Of great deal the most
business Is assigned aud who consist altogether OF thr-
teen persons, neither oil us was appointed, on any
commiee-thus evincing by the very earliest Of the
President and the board, could not fail TO perceive,
determination TO deprive US Of the best of nfor-
nation in regard to the nature Of its proceedings.
" We very soon found however, that this system Of
conducting the most important affairs by committees, from
which we were excluded, not merely occasional.
1t was, we discovered regularly pracsed, in violation
ot the spirit, not the letter Of the charter, which do
cares that not less than directors shall be necessary
10 the Transaction of business; and which intrusts
board properly chosen and appointed We found aIso
that this plan, the effect OF which was TO transfer from
the board to lew members much power and auihori-
y, was extended TO the disposal of the funds the
sockholjersa branch Of business which certainly ought
not TO be exercised, except by the full Of
their interests required by the charter and which, other
wise conducted has involved and must involve the ins
ution in transactions from which ii is difficult 10 with
draw without loss"
"In word, from the moment VIC took our seats al the
board, have that the real business Of the nstu-
ton not there transacted its real authority there ex-
erc'se,hat there exists beyond is CONTROL power that
can be and is exeIted, promptly, secretly, and efficiently
IRON end oi the country the otheand the just in
srumeDiliy OF the directors has been curtaed either by
the mode OF operation gradually ntroduced by positive
regulations from time 10 time prescrbcd-and that their
duties must be inadequatey performed, if they willing
to remain passive instruments under such system, in.
stead OF asserting their rights as representative agents,
charged with an important and highly responsible trus
1--WE have thus endeavored toirace, as well as we can,
The course oil policy adopted by the bank towards the pub
lie directors. Excluded, is SEEM we have been and
still are, merely from any participation The measures
OF the board, but from the xannaon of its docu-
mens we have been able only to state OF the promi.
nent instances oil nnjnsiidble Infringement rights.
full and proper inv would augment their
number, and display their impUprety in light still
EM'ng YET, as its we confidently appeal to the expo.
sIon we have made to sustain in asser,ion that
IRON the moment took the board, syse.
matte policy has been porsued OF conducting the affairs
oil the institution, as 10 exclude the decor- appointed
the part Of she United States, from participation or
knowledge ofits mos, Important transactions"
Alter reading these extracts, Mr. Ii. say that
insa ant Ietr
exclusion from the business of the Bank, which the Co
vetamen Directors enumerated 10 sustain their general
dec hraion The instances were numerous and important,
and conn@ed from the first day they took their to
the end OF the last month, when their OF
pred But there was one instance, Of nature too striking
10 be omitted and because il contained in itself entire
system operations. IL application the part OF the
Government Directors TO have impartial committee APP
pointed TO examine into the expense the Bank
to ascertain whether the Government Directors had un-
truly represented the account expenses supposed 10
have been incurred on amount of and poI
iica Objects The Board refused consider the
solution, and thus left the Government Directors without
the means OF making the examination and report which
was essential 10 their honor ell the interests
OF the US.
MIR. b. would show the resolution they red and the
fate OF il, promising that this took place 18th of
DecemIe That is TO in the l.-t month Of the service
Therefore, ResoIped. That committee OF six mem
bes Of this board be appointed, three Of whom shall
pubc directors, Tor the purpose Of examining the
pense account OF the iDstoon under the head of sta
uoney and printing, from LIST July 1929 LIST july 1888
nat ey state the nature aud amosnt OF all expenditures
therein, Tie persons 10 whom payments made, the
number and names OF the documents printed the cost
oil distribution and posage-aO the nature and amount
the current xpenses OF the bark printing and sta
tionaryaso, any extraordinary expenditures under that
head, Tor ne bank notes other puposesand parcu-
larry enumerated Items Of The said account which
enormously stated in the said report Of the public Di-
reeiors, II any there be.
That the said committee obtain and include a State
ment oil the particulars OF the expenditures orders OF
the President referred 10 in the epor the persons
paid, the amount, and the services performed.
That the said committee prepare the sSid statement
as soon possible, in such form that IL may be submit.
tel 10 the public and ockhoiders
The majority refused 10 consider these resolutions by
the vote of all present but the public Directors and
other"
he Government Directors excluded from their par
tcipa leu in lie usness OF the Bar X, from the beginning
TO the end OF their errns They sat pdeed at tie board
bus the Committee Exchange did The real business Of
the bosri, and ~ ON that committee they vigorously
excluded Once only, The President of the Bank relaxed
for and put OF the Government Directors
The infer Tor committees, but quickly returned TO his
former policy, and stopped them from all The following
is heir account oi this shofty hcnHt:
"Shorliy aier the resolution referred TO- placing us
expressly committee, Of us appointed the
Committee OF The Offices and another of US that Of the
state OF the Bank; from that Exchange, by which the
power OF the Board have been, have seem virtual
Iy assumed, we continued 10 be excluded when the
committees we're again appointed were again exclud-
ed from them all
MIR b. here remarked upon The appointment and du-
ties ol these committees which had been assmildted by
The Senator from Kenlucky, (Ir CIyO TO the appoint
ent OF Committees by The presiding ohcer OF the House
OF Representatives aud by chairen Of all pubic meet.
inos A. was in tIis manner that the annointmont Of