Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-22


hied tina, Office As statesman, he eminent in
ry department.; and inancier, he had no SUPERIOR
His opinions have almost become a law. Intimately
acquainted with the nature Of Government, and the
spirit Of the Constitution, his quick perception and acute
discrimination, enabled him readily to detect and
ravel the Of sophisry; and the soundness Of his
Judgment directed his mind 10 the mos, correct
customs He was the guide Of my boyhood, and am
i" 1875 @ 1ss ,,eaa my %suGsr ysar uho
tells MT Bddo, If the bank the political Tor
purposes he ,aall exercise that power to
ham, have already been laid before you, and Is
cessary for me again 10 read them Mr. Bidde the Pre-
,ary Aware of his power aud Of his strength he acqui
esses In his claim, and dares not put him to the trial.
claimed, admits Mr. Crawford both claimed and exer-
cised. the power of removal
, But ii is said this powet is too great This is not
'he language which the friends of the bank have al
ways held There has been time when the advocates Of
Inc Bank srunk from scire Jacas and glad TO shell
ter themselves under this very power OF removal Then
there were four violations Of the charter reported and
among them not found the refusal to pay, want
Of safety OF the public funds; and it was eonended there
was no necessity for scire fdcias This power
val was amply sufficient protect the public interests
During the session Of 1914 year memorable to tho
tee was appointed to inquire into her maversations,
aud report the proper measures to BIO adopted. Mr..
miftee. made an elaborate report stating four instances
in which the bank had violated its charter, and
cluded by declaring scire tacids was unnecessary as
the power of the Secretary Of the Treasury amply
sufficient to protect the interests Of the United States
The friends OF the Bank rejoeed to get even that respite.
deeming themselves fortunate that stronger
not recommended ask the attention Of the House 10
part Of that report.
"The committee, then, of opinion, that the provi-
sons oil the charter Of the Bank the have been
violated in the following instances:
"ls In purchasing two millions Of public debt, in
der TO substitute them for two other millions Of similar debit
which had contracted TO SELL had sold in England,
and which the Secretary Of the Treasury claimed the right
oil redeening The facts Of this subject and the views OF
the transaction entertained by the committee, have been
already given.
I'd In requiring the fu6lmen Of the engagement
made by the stockholders subscribing pay the second
and third nstaments the stock in coin and funded debt
The facts on this point fully before the House and
they establish beyond all doubt I That the Directors of
the bank agreed to receive, and did receive, what they
deemed equivalent fer coin in checks upon, and the
OIL the bank other banks supposed pay SPECIE
This substitute OF any equivalent whatever for the specific
things required by the charter, in ITSELF departure
from its provisions 3D. The notes and checks thus
ceved not in all equivalent to con because
there not specie to meet them in the bank Sd, That
Of individuals discounted, and taken in lieu Of
the coin part Of the second nsalment because Cue; 4,
That the notes Of individuals taken in many instances
and 10 large amounts in lieu OF the whole oil the second
and third iDsalmens which notes yet unpaid.
"3d In paying dividends TO stockholders no had not
completed their nstamen the provisions Of the charter,
in that respect, were violated.
:" 4h BY the judges oil the first and second elections
allowing many to give than thirty votes each,
under the petence of their being attorneys for others in
whose shares then when those Judges the
directors and officers OF the Bank perfectly we'll knew
that these shares really belonged to the persons Offering to
violation in the possession of the House, and establish
beyond the reach Of doubt The committee are OF OPT
MON that other instance OF violation Of the charter has
| been established.
"In closing this report of most Iaborous investiga.
ton. the committee OBSERVE that whatever difference of
opinion exist among them, to the results and infer
TO be drawn from the facts stated they unanimously
in giving TO the preceding statements Of facts and
abstracts OF documents their sanction. They have
commended the adoption of any immediate to
correct the many evils and miscics they have Depicted
excepting that Of the bill before mentioned, because,
by the provisions Of the charter the Secretary of the
qua,e remedy whenever the situation of the bank shall
reqre it, And it, after the stockholders become ac-
quained with the Of the institution, they
shall adopt means to prevent its continuance the d
themselves shall persis, in course OF conduct
qung correction, the committee cannot entertain doubt
that the saluary power lodged in the Treasury Depart
ment will be exered as occasion may require and with
| reference TO the best interests OF the U. s.
The committee it will be seen, reported four violations
OF the charter and sill thought sre acas
ry. Why3 because, by the provisions OF the charter
the Secretary OF the Treasury has full power to apply
prompt and adequate remedy whenever the situation of
the bank may require it, and it, after the stockholders have
become acquainted with the Encouragement Of the nsti
tuition, they shall adopt TO prevent its connu
ance the directors themselves shall persist in
OF conduct requiring correction, the committee cannot
entertain doubt that the salHary power lodged in the
Treasury Department will be exerted as occasion
require, and with reference to the 6eSttnGesfsV the u
| States"
| The bill alluded 10 in the report Of the committee was
Withdrawn, bpt Mr.. Timbe, OF Kentucky, submitted
resolution TO institute sce acas, and Mr. johnson, of
Virginia, TO bring in bill to repeal the charter IL is
worthy uf remark, that Mr. Sergeant, Of ylvaDia,
then the able advocate OF the bank, exerted all the
his great mind against these resolutions and in favor
Of the report of the committee The House rejected the
resolutions and the friends OF the bank rejoced, in
this poor sembahce of victory. We have then, the
of committee, the opinion OF Congress ITSELF and
the acquiescence OF Mr. Bddle support the conduct Of
Mr.. Craw ford and the claim Of Mr. lngham.
| Tho gentleman from Tennessee alleged that the old
| Bank OF the u. s. charged with interference in
poll les, and conended properly think, that il the pre-
sent bank were obnoxious such CHARGE it would al
ground for the 6erposion OF the Secretary of
the Treasury. The warmth and earnestness with which
the old bank defended by the gentleman from Penn
syvania excited the most pleasing and gratifying seDsa
tons The advocate lost In the and the simple
defence IL :hc glowing and animated zeal OF the frend.
But honest and sincere that defence
PEELED the history OF those times 10 believe that the
Judgment Of the lend obscured by the extent Of bis
feelings and the goodness oil his heart The charge made
nv the honorable gentleman from Tennessee was, that
the bank was guilty, but that she was suspected Whether
true or false many persons beevec TO be true; and tho
fusing TO renew the charter We supported by high
authority in these declarations. Mr.. Clay Of Kentucky,
then distinguished member OF Congress- voted against
re the old and for the charter OF the present
bank; and speech 10 his constituents explaining the
inconsistency, gave as one OF the prominent rea-
sons that discrepancy, at the old bank was charged
with interference in politics. and that the charge was
out satisfactory to his mind Whether this bank has been
also guilty, we will inquire hereafter But for the
proof.
"Tbe next consideration says MI Clay, which induced
him 70, opposa the renewal OF the old charter was that he
believed the corporation had, during portion Of the peri
od of its existence abused It's powers, ard had sought TO
subserye the Uie,os of political party Instances OF s