Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-25

lea that
sue cannot be prevented from doing hat she pleases
mr. D. proceeded TO further violations of the charter
anu LOOK up those which fell under the 7th
article Of the constitution Of the bank 1t related TO real
esae and imposed limitations upon the banks
OF at species OF property The limitation prescribed that
e bank should only hold such real estate as should be
eesssary 10 It's immediate alton; or such as
aii nave been morgaged in good faith by way of secu.
OF conveyed TO it In satisfaction of debts prevc sly
IN or purchased at sales upon judgments founded
oh such debs-Aer stating this Limitation upon the ac-
QUESTION OF real estate Mr. went on to saw tina,
was no permission In the charter for the bank go on to
use me real estate like those using IL from whom
'hey got II; and TO supply this OMISSION and 10 obtain as
uch more charter would enable them TO use their re
@ anu mus become Landlords, Planters slave holders
else they pleased the bank had re to
its never-iang source Of authoy-the lawyers-and oh
tanned from them The following opinions:
FIRST LAWYER: OF The authority of the Bank IA
USE me lands tohich is entitled to hold as fully ana
erfensrety as any NATURAL PERSON uhatsoerer
see no reason TO doubt
SECOND LAwY 'Ihe section iv,poses M
on the USE of the properfy'
upon these opinions, MIR. b. made two remarks; first
'hat corporation being the creature of the statute
creates IT, could do precisely what that statute II
10 do and no more secondly that the Bank being
w nu money, was not intended TO be permitted TO dis.
quay Net Tor that business BY ves'inp its monev in
ea es'ae or in any other trade or occupation: and 10
10 me government or to the community, like common
1aI or broker, when applied to for loan, Sir have
aI our all our unds in buying and improving real estate
and have none left TO lend you. The Bank was NOT ia
tended 10 give such answers and with these two preim-
nary remarks, MIR b. 10 out the
consequences TO which the opinions of the LAWYERS h III
led in the U-Es to which the Bank of the United States
MAJ applied her real estate. First in The picture and in
very uak coofs stood the gangs OF slaves either cult
vang the staples OF The south. sold in MARKET which
had been already brought TO the notice Of the Senate and
on which he, MIR b. would dwell no longer. Mex, came
ofyhve tenements built Tor in the city Of Cincin-
na alter that two canal basins dug in the same city for
the same purpose; after that twelve warehouses; also
but IN the same city, Tor the purpose OF being rem
system oil internal improve yt developed
on the part Of the Bank; for nothing is more
Bile IN "ndfural person." holding great landed pos.
IN tho tttnrn
roads and canals Accordingly find the sum of & 500
contributed 10 the Wooster and Columbus turnpike in
ONO, and the same contributed Louisville and
Lexington Turnpike in Kentucky. The dates Of these
donations Mr. Is. said, were part of their essence
They happened TO be after the famous MaysvilIe
Veto Message and on the OF certain important
lions! and could not have failed make the most iyno
rant perceive how much better il would be for Kentucky
ana ONO to have 10 preside the
I pited States than such President as the thought
less People had elected in the person of General
TO proceed with the list OF which the Bank of
he uned States had applied her real estate, Mr. b. said
would be 10 consume the time OF the Senate for an entire
day. He held in his hand descriptive list of her real
estate which might excite the cupidy Of hall the Peer
age oil the BRUSH empire. 1t filled twenty one pa.
ges oil close print on small type: 1t comprised every
species OF real estate, houses aud lots and vacant lots in
cities, towns and villages; stores and
mills, disiileres, and breweres; cotton agging
glass works, and rope-walks tanyads orchards land
In every form oil cultivation and woodland not cultivated
al ALL SO hat there was no trade, occupation art myste
ry or craft, which could be on by the hands or
heads OF which the Bank could not carry ON i'm vir
oil these possessions, sanction nj
lawyers opinions, that il might lawfully its rea es
tate as fully and extensively person could
do! Mr. b. concluded this head with remarkng first
that the evils Of such accumulation of real estate in
the hands Of the Bank felt in the fact thai il
unable, pretended 10 be unable spare any money 10
the community; when the three millions of dollars in.
vested IN lands and houses, would be sufficient OH hand
to be loaned to quiet all the demand for money which is
now heard and secondly, that all these fragrant and scan
dalous breaches OF the charter known to the last
Congress- and led TO no step to punish, restrain the
great transgressor!
The violation of the ninth Fundamental article of the
constitution of the Bank, he x part of bs subject
which would occupy the attention of MIR b. He recite5
the article which was, that the Bank should not change
more Than at the rae OF six per centum per on its
loans and discounts
The loan OF the deprecated notes of other Banks Mr.
H. held 10 be fragrant breach Of this article and so es
tablshed by the Supreme Court OF the United States, in
the only Of the kind which had been carried I'd 10 that
tribunal The case had been often quoted and was too
well known, TO be further noticed than by reference TO
its title; the Bank of the u s. against the securities Of
OwDgs from the District Cour, Kentucky The ONLY cir
cumstance attending the trial which he should mention
was part OF the agreement rather statement made in
the course OF the argument by the Bank counsel r Ser.
gean that ii the Court decided that case TO be usurv the
charter Of the Bank washable be forfeited The Court did
so decide and the charter still remans Mr. b. said there
only one ohese cases carried 10 the Supreme Court
but in two Others at Cincinnati for SS5 900, and one
at Louisville for $50 900, the Interference the judiciary
was prevented by return OF the difference lie.
preciaed notes and real money The Bank refunded the
usuy and prevented further proce edings The three
cases together made abou, O0O nomnay and for the
ties became liable, though in reality only worth about hal
that in effective cash. These large in tbe
amount, and striking in their effects; but they were
;rile compared 10 what had gone beyond the reach OF
the law and covered aud protected by the salute
OF limitations. lie crediby informed, that about
5000 900 OF these usUfous loans made in Cincinnati
alone! that they constituted the bulk of the debt I'M
der the pressure for which that city almost
ed up by the Bank dozen years ago and that the
in Kentucky, by which so many substantial men wer,
ruined and many hne farms, and city lots and houses
fell to tho Bank, 10 great extent founded upon thu
usuous and oppressive operations operations b,
which the Bank loaned bank notes worth half what the
slled fo got peoples notes and mortgages on the pro
perry for their full nominal value got the uurous int
est for years aud ended by getting The morg gee
property for fraction OF its value The lapse OF time
and the foreclosure OF the mortgages deprived the iniur
ed parties OF their legal redress; but the violated chare
ought TO be made toPay the penalty The broug
before the last Congress, and the Of Witnesses
nshed 10 prove the extent OF the and the enor
nifty Of the mischief in Kentucky and Ohio but III,
witnesses not called; and The Bank, usual reret
triumphant from the balls OF Congress.
A further violation Of the clause against usuty
was in the abuse which tie Bank had made Of its powe
TO deal in bills Of exchange. II had made the purchase
Of such bills the cover, and disguise, for real loans
which the borrower, besides paying in advance six pei
centum for interest," had also 10 pay whatever the Bank
chose TO demand under the name OF exchange and which
In the West he, Mr. D., had been Informed seldom
lower than at the rate OF eight per ceHtum per
frequently ten and sometimes Twelve, The Loaf
Gnetest aud exchange added together besides the ex
penses and losses 10 the borrower Of the money Tor suc
in reality the forced seller Of the bill, in getting
accepor remote city, and sending funds 10
his BILL having IL taken up by another, re-dramn upo
the Bank from which the first started. The va
amount of these operations would be seen from the "a
pid increase in what, in the Bank language was Gale
the " bH'hne which bad ran up from one or tw