South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1834-12-27
REPORT ON THE BANK.
Mr.. TYLER, in behalf of the Com


to the Senate Report on the subjeci
Of the Bank of the United States. II
was read OF the Clerks table, chiefly
by Mr.. TYLER, and occupied, in the
reading, nearly three hours. 1t will
be found to be highly interesting pa
per, and we shall seize the earliest
opportunity to display it in our COL
umns.
Meanwhile, having listened to the
reading Of the Report, we anticipate
the readers perusal Of the whole Of it
by briefsketch of its contents as they
struck our ears.
The Committee of Finance, it will
be remembered, were instructed to sit
during the recess for the purpose Of
examining into the condition Of the
Bank. For this purpose, they repair
ed to Philadelphia on the 18th Of Sep
TENDER, and proceeded forthwith to
perform the duty with which they were
charged. In pursuit of their object,
the report says, every facility was az
forded to them by the officers of the
Institution. No hesitation or reluctance
was manifested to furnish any book or
paper which they wished to examine.
Every avenue of information was
thrown vide open to them and, il
there be any defect or failure in the
developments which the Committee
present, il must be considered the fault
of the Committee alone. The inquiries
of the committee were not prosecuted
back further than the year 1920, when
the celebrated Report of a Committee
was made in the House of Representa-
lives, and acted upon by that body.
This action by the House seemed to
preclude re.investigation of transac-
tons anterior to that date, and the
Committee confined themselves, there's
fore, to the allegations against the man
agement Of the Bank which have been
subsequently made.
The first charge into which the Com
mittee inquired was that of violations
of the charter, and other abuses in the
and functions of the EI.
change Committee. To this charge
they felt it to be the duty of the Com
mittee to pay more attention, because
it was formerly enrolled in the Report
Of the Secretary oflhe Treasury, Mr..
fancy, among his reasons for remov-
ing the deposiles of public moneys
from the Bank. Proceeding thus from
a high officer Of the Government, the
Committee considered this charge to
demand the fullest investlg cation. They
examined it accordingly, and took tes-
timony of the Government Directors,
as we'll as officers of the Bank, as to
the rise, progress, and operations of
this Committee. In the whole matter
the Committee discovered any thing
but cause for censure of the govern
ment OF the Bank, concluding, on the
contrary, that the operations Of the
Exchange Committee have been legal,
advantageous to the Bank, and conve-
nient to the Public.
The next allegation against the Bank
which the committee examined was
that of the substitution Of Branch
drafts for the notes OF the Bank in
regard to which charge also the Com.
mittee acquit the Bank of all censure.
The next charge which they exam
inc is that which touches the payment
of the three per cent. stock, which the
committee examined with the greatest
care, because of its having been SOL
emily preferred by the President ofthe
United States, in his published address
to his cabinet ON the occasion of his a.
vowing his determination to remove
the deposites, as violation ofthe char
ter, &c. The Commute we're equally
unsuccessful, in this branch of their in
vestigatlon, in detecting any violation
of the charter, or deretiction Of duty
on the part of the Bank.
The next point Investigated by the
committee was the safety of the public
money inthe Bank, and the general sol-
vency of the institution. In the course
of their examination on this point, the
committee make the following state
ment of the actual liabilities and re-.
sources of the Bank, which, as it may
be of use to both our mercantile and
our political readers, we have with
some care transcribed at large:
Liabilities on November 1st, 1884.