Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-05-26


t;rss. appointed to Investigate the affairs Of
me Bank of the United States.
PRESENTED MAY %, 1884.
The Committee appointed in pursuance of a
resolution of the House of Representatives
passed on the 4th day of April, by which it was
Resolred, That for the purpose of ascertain
mo. as far as practicable, the cause of the CON-
mercal embarrassment and distress complain
cd of by numerous citizens of the United States,
in sundry memorials, which have been present
Oh 10 Congress at the present session, and of
mourning whether the charter of the Bank of
the United States has been violated, and also
what corruptons and abuses have existed in its
management; whether it has used its corporate
mower, or money, to control the press, to inter
fere in politics, or influence elections; and whe-
Their it has had any agency, through its ma
nagement or money, in producing the existing
pressure, Select Committee be appointed to
inspect the books, and examine into the pro-
ceedngs of the said Bank who shall report whe-
Their the provisions of the charter have been
violated or not; and, also, what abuses, corrup-
lions, or mal-practiceS, have existed in the ma
nagement of said Bank; and that the said Com
mittee be authorized to send for persons and
papers, and to examine into the affairs of the
said Bank and branches, And they are fur
Their authorized to visit the principal Bank, or
any of its branches, for the purpose of inspect
inc the books, correspondence, accounts, and
other papers connected with its management
or business; and that the said committee be re-
quired to report the result of such investigation,
together with the evidence they may take, at as
early day as practicable
Respectfully submit the following Report in
part, of their proceedings, so far as they have
found il practicable to discharge the duties de-
volved on them.
Charged, particularly, to examine into the
conduct and condition of the Bank OF the Unit
ed States, they have endeavored most anxious
y to ascertain correctly the true character Of
that highly responsible and delicate trust
To Judge rightly of the proceedings of the
House of Representatives and its committee
towards the Bank it must be borne constantly
in mind, that that corporation differs essential
y from an ordinary banking company, incor-
porated for private benefit. The Bank of the
United States was chartered for great public
purposes, as an agent, deemed necessary to the
Federal Government, in the efficient exercise
of its high prerogative, to fix the value of mo-
ney,' and thereby secure the benefits of a sound
circulating medium TO the confederacy.
II was designed to aid the Treasury Depart.
ment to collect conveniently and disburse the
national revenue-of its stock the United States
hold seven millions of dollars. And its notes
are by law made receivable, at par value, in
payment of all dues to the Government Con-
cede, as we must, that the Bank was establish
cd for great public ends, and that the House OF
Representatives. is the grand inquest Of the
Union, and as such has power to visit and in
spect all Departments of the Federal Govern
ment to correct their abuses, reform their er-
rors, and confne the exercise of their powers
within the limits prescribed by law to each, and
it follows that the House has power to appoint
committee to make minute and full inquiry
into all the mutiform operations OF this powerful
corporation.
But that there might be no doubt of the eX-
Stence of the power here commended tor, 1t has
been expressly reserved inethe 23d section OF
the charter of the Bank, which provides That
It shall be, at all times, lawful for committee
OF either House of Congress- appointed for that
purpose, to inspect the books and examine into
the proceedings of the corporation hereby Gre
ated and to report whether the provisions OF
It's charter have been violated or not"
The language in which this authority of the
House is described, is so plain and so full, that
an attempt to illustrate it appears to be supe-
rerogatory. The committee to be appointed are
to inspect the books and examine into the pro-
ceedings of the corporation" without exception
The section contains no reserved power TO the
Bank to designate the place where, or the per-
sons in whose presence the examination shall be
made. These modes of exercising the main
power are necessarily, as its incidents, depend
CHt OIL the ulSCTeuOH Vi TIE SOFClClSu "iIu "hOul
1t is lodged contrary construction would
make either or both Houses of Congress depen-
dent on the agent whose conduct isto be the
subject of inspection.
If the Bank can attach any conditions to its
exercise, not found in the charter, thenit could
render nugatory the power, by which IT was in
tended it should be checked and controlled
That the great conservative purposes for which
such Committees of Investigation were to be
appointed might not be thus defeated, the ex-
tent and character of their inquiries are
rightly made to depend on the wisdom, patrio-
dsm, and justise of either House OF Congress.
The only restriction to be found in that clause
of the Bank charter which We are considering,
IS that which relates to the committee, and not to
The House; and has reference not to the extent
ofthe examination, but to the character of the
report to be made. The committee is directed
oreport amongst other things, whether the
provisions of this charter have been violated or
not" The object ofthis specific requirement is
70 be found in another clause of the same Sec
uon of the charter, which provides, whenever
any committee as aforesaid, shall find and re-
port, or the President of the United States shall