Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-09


"S preamble; aud that the Cashier be request send
ooirs OF The above lee Presidents and Direc the
ola, BiUhs w reVues, ,at hsis determination On
die.
These resolutions. the effect of which woull have
bteh 10 produce concert oi action among the banks
The relief OF the mercantile community nj per rod OF it.
.heuy, aud 10 display The part OF the Bank OF the
Ne" S's'es determination 10 afford IL, which could
sn'' nave oeen uhsuecessi,-the ard refused even
'eons'der they were rejected in the usual summary man
"er, nni The whole subject remains as before, in the
power o The committee on the Offices.
IL VIII thus be seen, that while the unlimited au,ho
riiy oil the President expend the funds of the bank had
been deliberately coniirmed--s6d while the committee
Oh exchange, selected and appointed by him, had been
officially permitted to discount uo:cs and carry on, the
proper business OF the board now addition all this
The measures OF the institution in the regulation of s
business al .hs most important crisis toere hfrHsf
ed 10 he committee the offices also selected and an
P0,med OF me fresident, accompanied by explicit
refusal 10 require them 10 report anu of their acis 10
the 5o0Yd."
Mr. B coninuei--
twas not to breach Of the bylaws that he alluded as
a 6rsach Of the charter.
ih's high function OF the Board was delegated TO n
committee. ms was equivalent to deleg alton by
Congress to one oil its legislative pow er
winch the Constitution vests in the two Houses Of Con-
gress.
Here an an hoii'y is given 10 committee 10 make an
eh'fi'ous ieduc ie--an authority too unlimited by the
terms OF the resolution which bes,ows il. The whole
power oil the Board is surrendered to subatern Board
SIR said Mr. Benton denounce il aocious viola
Voh OF tue charter oil the Bank. lie hoped the eson
would be brought, Ter decision before ibuna com.
patent TO try The law and the facts, whether this wa,
violation oil the charter and forfeiture OF it,
Does the Senate hear me- exclaimed Mr. b. Lest,
thSre MAS single individual whose had no, caught
me words he would read them again lie reads and cx
The five Government Directors appointed bv the Pre-
Sid, MT aud Senate OF the United States
.ons 0. Puonc STOCK, aud TO act as guardians
greater amount OF puc deposi,es, lett in the dark
as 10 the Immense business which might be by
acomni,;ee, left 10 ind out what donc like mere
strangers 10 the board!
One OF these resolutions was that the Bank of the Uni
ted States should act in concert with the City Banks in
The adoption OF measures for the relief Of the money mar
ke In what manner il received by this imperious
Board! They would not consider il They did not
CONSIDER and then reject i-bu, they refused TO consider
a. They lett their course its resuits-be lie eC,c,
on Tie community whatever IL might.
have not, Mr. President, said Mr. Benton in IN.
enarse which have made-no, sir. cannot be consider.
cd Is having made tt;-but the charge which I have
brought out of the document which both Houses have or
dercd TO he printed as public docuneut-aganst the
Bank Tor having violated and for feed its charter In Nh.
mode OF curaineDt which il has carried on one branch
oil the charges was, that the of cuame nj II
ga-he Other was that it was unequal and para-and
" was now Tor hin 10 prove the assertion He would
have recourse 10 the same report of the Government D
rec'ors Qage ny Two facts only, out of number. he
would bling before tie Senate, which would show The
iavorid'm and inequality of this curtaiment On The
10th OF August we find the of the authority assu
ea one hundred thousand dollars loaned TO one ind
vidua " ~ '
On the 10Th Of August, we perceived striking in
stance oil The extent authority they assumed "
'ha week before, single loan of less than
Sioo,oVo was made by the committee, TO one person
without any authority from the board-al,hough il had
been IN session that very dayahough the proposition
Tor e loan must have been made before the meeting OF
me ooafd, 'orh was Submitted 10 the committee by it.
chairman Immediately on the a,iournment-and althouoJ
me board had ON the same day. refused good
paper "hen we made inquiry, ascertaned IN at IN
loan was not in fact done for the person whose
entered on The books. but for bank of which he was
DIRECTOR and account Of large debt then due from
TO The Bank OF the United States the regular payment
oil which was thus postponed We canro, doubt ,bat
he board would have refused this proposal had il
I'm hnty H.,
the assumption of such power, exercised in snch
manner by the committee is TO be sanctioned unless
me o'her members OF the board have become utterly
useless ''y
Although the Board had, the same day. refused the ma
per oil good men, merchants in the city, on tho 10Th dav
OF august, when the curaiment in full operation
the Exchange Committee, without the authority of the
Board discounted one hundred Thousand dollars to an in
dividua and refused the business paper os mera,;i
men, though we'll indorsed He held that il was An i'm;
proper Partially, at the very when the screw
were turning on the merchants OF Philadelphia TO make
lie hg;res at the head OF memorial praying for the re-
soraon OF the deposiies He was one Of those who
were busy IN getting up public meetings and fac sinie
memorials, in favor oil the restoration OF the deposi,es
which were to be repeated in showers from every mari
oil the country like the memorials which two wears apo
We had IN iavor oil the renewal Of the charter Could
any thing be more remarkable evidence OF ryor;tism
anu Partially, than this screwing Of part of the com
mnmy WIN one hand and with the other, pouring out
d'ofs upon those who 10 aid The Bank in getting TN
eXc,iemehts and sending memorials to Congress-
MIR. ID. read again:
"'"e' Instance was idtely exhibited oil the iniust
arising from this unlimited and irresponsible power OF
the committee on exchange The policy adopted by the
BOARD mas caused curtailments in the
muni'y 10 great extent. These ought at least TO he
general IN their operation. Yet on a loan for n very
large sum, secured on STOCK being offered for
on the Sih November, all reduction was refused on The
ground That had been originally made by the conni,
tee Oh exchange, years BEFORE for an indefinite me-
rion aid that the faith OF the bank was therefore
pledged Tor lis continuance. These resolutions
Three years since al time when there was gre abun
dance oil money, "auborized the committee on exchange
10 loan large sums approved collateral securities
Assuming, by virtue OF these power which we beli.ye
the board never intended 10 confer, they have thus
tered ii seems, into contracts which will EXTEND IN the
termination OF the charter, II not beuond it, These
contracts, too so lar learn were not reduces
TO wIlhng-n Tact the notes themselves were drawn Al
The usual short periods. 1t is at least APPARENT In
these proceedings were at variance with The frue
OF The institution and that they operate nneonoIv on
The community whose interests ought to be pariiav
9 consulted"
The name OF this Individual was not given I'm, tbers
were circumstances which would enable him (Mr BY 10
menu'y INN. The committee appointed, two years ago
TO investigate the affair OF the Bank pored that oa,
oi eleven hundred thousand dollars made at one lime
TO broker, who relative Of the President oC ,Is
Banka loan 100, for indie finite term of wears and ~
hVe per cent interest This SIR the loan on which
10 reduction was 10 be NADIA loan standing at five nc,
cent when the merchants driven TO the btoets o,
money al exoiihan premiums TO maintain their credit
ihere was an entrecIass oil debtors TO the Bank who
were not subjected at all 10 The curtailmep but tba
were politicians and friends, and men who were bysv in
getting up meetings Tor The purpose Of producing in
Simultaneous action which restore the deposite N
the Bank, without any examination Into the ;r, of n
charges made against IL.
trust Mr. President continued Mr. b.. that have
now made on The cause OF ilIegaly, paraly, favorsm