Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-27

manner they have been treated can forn hu, one o;
mon upon IL; aud to show that they greatly
eeu ana dd not deserve such treatment, and also for
"hat purposes they were appointed invite your at
enon TO the letter Of Mr. Dallas and 10 the debates at
| that time.
He says "The National Bank OUGHT not 10 he regard.
ed simply as commercial bank. IL will not operate upon
me funds OF the stockholders alone, much more upon
Tue funds OF the nation. Its conduct good or bad will
not AFFECT The corporate credit resources alone but
Inuch more the credit and resources of the
In ne, Is not institution created for the purposes of
commerce anu proht alone, but much for the pr-
poses OF national policy, auxiliary 10 the exercise of
some Of the highest powers Of the Government Under
such circumstances the public interest cannot too eau
uousiy guarded, and the guards proposed be
Injurious to the commercial interests of the institution.
right to inspect the general accounts of the bank may
9e employed 10 detect the evils OF NAL. admins
ou an interior agency in the direction Of its affairs ,o
oest seTre to prevent em This extract was written
expressly in relation to the appointment of FIVE
oy me Government, OF whom, according to his plan
was 70 DC president OF the bank who be appointed
oy The Secretary Of the Treasury, with the appreciation
OF The President OF the United Stdes. Now, sir IL uu.
derstand the meaning of English words there The slight
est shade OF difference, il any between the object for
winch Mr. Dallas intended their appointment and the pur.
pointed. " "
on motion to strike out the power given to the Pres.
den and Senate 10 appoint five directors Mr. FORSYTH saws
Ill was not a bank but bank Of peculiar cbarsc
ter which was required; had banks enough ALREADY
they ose like mushrooms, from every hot bed ia the conn
try IL was not moned bank only; a bank exclusively
regulated by the moneyed interest," and governed by the
Jealousy avace and iactious views of none yed men, ca
Ia
signing combinations cramp your resources and
your capacity to make either permanent or
loans II must be bank, having a national character
regulated by the national interest under the control ri
the national councils. II it this character lis fail
ue or success was Indifferent TO him. 10 be admit
ted on all hands, that we ought TO have interest in
the proposed institution. 1t admitted, too, that
we ought to have an influence; and the dispute was
between direct influence, by the appointment Of direc-
TORS or an indirect influences by the operation of the
system Ii would not be difficult TO emons,r,e
an indirect influence would be wholly insufficient" per-
init me 10 ask, how this bank have national charac.
ter be regulated by the national interest under the CON
troll OF the national councils, and direct influence bv the
appointment OF Directors fthose directors are cautousl
excluded from the important committees by whom all the
business oil the Bank is regulated and Transacted How
can that bank be nationa and regulated by national
councils! How Can the Government have direct inlu.
ence, by The apponim eDt Of directors when those very
directors are not permitted even TO have knowledge Of
The business Transacted, and the object OF that con-
ceaiment from the directors is conceament from the Go.
Vernmen and from the councils OF the nation!
MT Teiiair says:-"According TO these views then
the interest Of the stockholders not to be a.
holding priority OF station to that OF the Governments on
inc contrary The institution is 10 be looked upon as the
property oil the naon and that of individuals for political
considerations
Agan:-"The true policy in the creation Of a bank.
men, Is 10 give double characte combine in il The
elements OF public and private interest," but 10 secure to
me former control the latter; for the Governen
which creates this institution, is responsible Tor its fulfill
men OF the great objects OF its creaon and ii is wiser 10
use means oil precautioD, than to rest upon ultimate
means Of correction. The interest of tJ,, b,oL 49,,
DC hsde suoservien TO the interest OF the pubIcot
Tue people; and hence, wish for some control in s
direction Does the interest of the public hold a
priority OF station 10 the interest of individuals
This bank be deemed the property of the nation and nj
individuals Tor political considerations? Can this Co
VeIhmen be responsible for the fulhment of its great
onJec Are the interests OF this bank made
10 The Interests OF the public, by control in the direction
Gan you use the means OF precauion for prevention nv
an interior agency in the direction ra her than the nil
mate means OF correction, for The NAL administration OF lis
affairs, when your directors carefully excluded Gom
AL knowledge OF the most important concerns, for the
avowed purpose OF conceament from you of its conduct
aud 10 prevent your interposi,ion The gentleman from
pennsylvania must surely have overlooked the objects of
me creation oil the Government directors, he never
wouid nave venured the remark =" There is not sha
DO" OF difference between the rights and dues the pow
ers or the obligations, of any of the Directors
%. nave neen further told by him. hat when char
body OF the corporations the general mass of corporaops
lhey may delegate the power TO select body, who then
represent the whole body in their acts of iegisla.
uon. Sir, is with great Difference differ from that
gentleman upon legal subjects; bur the proposition is
only partially correct. The whole body Of The corpo-
rators can have power, even if the charter wer. 81
lent 10 pass any bylaws which are contrary 10 the
Constitution or the Laws Of the United States: but in
hs me charter is not silent The very section he has
read ihhois The corporators from passing any Jaws
ordinances, regulations &c. contrary 10 the
ton or TO the laws OF the United States" The whole
power could not delegate that power TO select body the
directors Therefore, the charter, which is a law of The
Uned states having provided that not less than seven
directors shall constitute board for the transaction of bu
sness, oil whom the President shall always be one The
corporatos have right themselves nor can they dele
gate any power 10 the directors pass any by law max
ing less number than sufficient to constitute a
board Tor The transactions they constitute seven
or any other number, board for that purpose unless the
President be one except in of his inability TO attend
when he must depute director to for him can.
not believe the gentleman from PENNSYLVANIA will CON
oyert this exception 10 his general proposition; and The
question recurs whether the business Of the bank has be
transacted by committees, more particularly the exchange
committee, consisting OF less than seven This seems NO,
10 be denied Tor almost the whole general Transactions of
the bank, since July and September, 1880, when the
powers were enlarged have been considered and perform
ed by that committee Now, plain, common. sense man
would suppose, from the name, the erchdnge c0Diftee'
only attended TO the purchase discounng OF bills of
lar more extensive Specification, and is 10 embrace
ihe d'scouning OF notes of hand and indeed almost all
the business oil the bank done by commit
IN calculations. Who discounted Webbs notes? Com.
NIT ee OF Exchange. no discounted Burron SIS
Committee Of Exchange. Who renewed Gales g. Sea-
tonst Committee of Exchange. Wbodscounted Noab's
notes. "Ihe committee, being authorized TO discount
any paper, The security Of which they might spproye
ag eed TO do them"
We may be told, this the business of the bank
intended by The charter be iransace ed by board
ssng oil not less than Ii may be, SIR but il the
powers granted TO that committee do not Include the blu.
sness OF the bank contemplated by the charter my scu
" perception 10 TOO obuse TO perceive what is that bu
siness. The gentleman from 5. Carolina, aware of lie
provision Of the charter and believing that what ought TO
be done has been done, has taken for granted thai re-
guldr reports made TO The board Tor their
and says The board met so frequently, that all Tie busi
ness done by the committee may be said be yirtu
done by the board Even this is taken away nv
the testimony OF Mr.. Biddle. When asked re fle ds
counts authorized by that committee laid before ,be Board
Tor their approval reecton" The answer is "Not
necessarily, generally, except for information They