Litchfield enquirer., 1834-02-27

advice and consent of the Senate. Az the
 GOyeFnmeut owned one-6fih afthe stock of
 the bank. it was judged expedient to place in
 the hands of the PEesidenl and Senate fife RR- lpointment Vf One- fifh eti all the direetors.s-- But they aFen0f calted public directors, ,snBr officers off the G0vernment, nor public agents. Nor are they entitled, so faF As the committee
 can perceive, to either 0f these appellatiOss. any mere than the other directors. The fwhoie twenty-five dlrectOss are igi1t mana gers of a joint fund, each possessing pretiaelY the same powers, and charged with tho safiaa duties as every other. They derive their ape lPoiutment, it is. true, from different origiIs.
 but when appointed, their authority is tES same. There is O0t one word in the charter
 intimatiHgs in the FemOtest manner, that the l i've directors appointed by the Prssident and
 Senate have any particular duty, or are the objects of any peculiar tFhst. The charter lcalls them not G6sernment directors. not pub PNc directors. hut simply the directors AppOin-
 ted bysthe President and Senate. They are placed in the direction to consult with tha
 ,0ther directors, for the common good of the
 banks and 10 act with these others, and vote
 with them on all questions. They are, what cha J6sa 6alla lsrcy ytuFa Of the bank nOa
 agents of the Governnsent., They are ioint trusteds Miih others. ln | iaint intetesi. if any ching illegal or improper takes place in
 the board, they are hound to resist it by the l duty which thsy O.se the iDdisidpal ttpckhol-
 ders, as much as by the duty they owe tho
 GoverDnsht; hecauss Ahey ere agenta Ofthe indisi6tal stockholders, and have the eaEne authority 60 biRd tllem by their acts. as sp
 bind the Gevernmant and, ip like mannsr.
 it is the duty of those directors who are ap.
 pei0ted by the individual stockholders; Q give notice, as wellfe GoverRment as to the stock- iioldefs, if any thiug illegal take place. 0rsb0 Threatened. All,those directors act and Sato together On the smallest as well as 0n the hiah-
 est occasions and by their joint gOtes. bind
 the corporation. and bind both the Govern
 ment and individual stock holders to the ex-
 tent of their respective iDterasts in' the corP01
 ration. as@a .F
 If the directors appci0ted by the Presidsnt
 and Senate, had been excluded by the char-
 ter. iromany part of the power exercised bN
 the others i; # 1t had been forbidden them to Efpteffsfe; to the sAths sxtents aud with the same effect, as the rest, in tho G0nmon busi-
 ness of the bank, there might be some reason
 forsupposing that an uncofbrh0n character, a
 character aot SO much of action as of supsr-
 vision and inspection, was intended to be con- tfesred on ahem. But they do interfere. and justly. iD all transactions' of the bank They do vote apd act 0n all snbjects, like the other directors. Being then possessed of this com
 mon character of directors, and enjoying aIE It's powers to the fullest extent, the cammit- tee know no form of argument, by which m uncommon aud extraordinary character is to be raised by construction. and supsradded to ina common character of directors, Which thus already bgIUD6s to th6m- &ak5
 By granting the charter, and by accepting it, the Governtneut on iha one hand, and the Iindisidnal stockholders on the othev, have a. greed, that. of the directors. as joint agents of all parties. the stock khoIdefs shall appoint twenty, and the Government Ave-. The inter- est of an parties is cOniided tp this joint age0- cy; and any distinction in thsir powetsi as arising from Their different modes of appoint ment, is, in the judgDent of the committee, not t0 be sustained. They segssd such dis tinLtion as entirely inconsistent with the ga- ture Of tho agency created. and as dakiviDg
 not the ieastcoantenancs fram any thing con- tainFa ip the law, sitla aFl 6eap
 The committse, nevertheless. tO aseid mis- apprehension, wish to repent, that it is un- doubtedly the duty of the directors pointed by the President, and ofali directors, to give notice, both tO Government and tho stock
 holders, Of any violation of the chsrier cOnar
 mittsd v thrsatsnsd, l
 The Secretary of the Treasury has thought proper to observe. that the measifes of the
 committse of sxehange are, as it appears. de- signediy and by systeris 90 arranged as to conceal from Inc officers 0f the Government liransactions in which the public aye deeply involved. This. 1t must De admitted. is ys- l " serious charge. K impntesa col fnpt mos 1 tive. Tine committee have sought for tbe foMndation, either in evidence of afgumenf. 0n which this charge rests. They have fouhd neitheF. They fnd only the chaFge, to the first place; and then they find the charge i0a- mcdiately stated as . fact, and rolled on As the basis lof other charges. lsg.. <
 The seeoad reason specially reported by the Secretary as arising from the conduct of the back, respscts the biII Of exchange drawn by the Secretary of the TreasIsy ol the Gos- efnment of France. .and pGEchsssd by the bahk. 1, The gsneral iscts connected with this cAse By thelate treaty Ofinds,nnity betweenthe D. States and Frances t was stipulated that 1.-the French GayeFnmenf should pay t0ihat of
 the U 2. Sfntes twenty-Avs ,nilliens of francs.
 to be distributed among those American elfi- gems who had claims agsinst France Ter tue luniawfut seizure, capture, and condemnation of ihsir vessels and properly; the s!'ois snm Ito be paid in annual instalments nf four mi.i- Eions ene hundred and siKty-six thousand ssx hundred and sixly-six francs. each, tnlo sne hands of such persons as shali bn anlhos'zed Il hy tbe Goyernnsens ofths U. States to seeeivs lif: the Grgf insihlmeht t0 bo paid at ths ex Il Diraiiou of one year nest following the sx- N fA..A tt