Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-02
POLITICAL.
BANK OF THE UNITED STATES.
I0the Senate and House Of Representatives. ofhe Unit
ed States Of America, in Congress assembled:

To the Senate and House Representatives. the Unit
Ell States of ydnerca, tn Congress assembled:
[CoNCLUDED.1
In conclusion we urged OH the board the propriey Of
resembling resolutions under which power 80 indefinite
and SO susceptible Of being carried beyond the intentions
Of those who granted it, claimed and exercised. IL
even right or justiable, the publications had been
all made, and il the system to be prolonged, ought
to be done by the open authority Of the stockholders
That our sentiments on these points might be fully
known-that il might be we had explicitly called the
attention Of the board them athat il might appear
the stockholders and the public, that this sys.
tenn discovered, desired TO have il exhibited to
them in its full extent, and in the most shape
and that might record efforts TO suppress Of
fered, the day. the 18th OF August the following
statement and resolutions so framing hem to obviae
we thought every objection and submit the natter
now STOOL in the cleares light, for careful nvesti
CATION and more deliberate action
whereas 1t appears by the expense account of the
Bank for the 1881 AMI 1892 that upwards eighty
thousand dollars were expended and charged under the
head of stationery and printing during that PERIOD That
large proportion this paid to the popretors OF
papers and periodical journals, and for the printing dis.
tributon and postage OF immense numbers oil newspapers
and pamphlets; and that about twenty thousand dollars
expended under the resolutions of 30th November
1880, and 18th March, 1881, without any account of the
manner in which, or the persons TO whom the
dsbursed.
And whereas it is expedent and proper, that the rar.
tcuars OF an expenditure large and unusual which
can now be ascertained only by the animation nume-
rous bills and receipts should be stated be readi
y submitted 10 and examined by the Board OF Directors
and the stockholders
"Resolped, That the cashier furnish 10 the board at as
early day possible, full aud particular of
all these expenditures, designating the of money
paid to each person, the quantity and the docu.
nents printed by him. and his charges for the
and postage of the same; together with full
may be, OF the expenditures orders under reso
buttons Of ooh November, $780, and Ilth March, 1891
That he ascertain whether expenditures of the same
character have been made any of the Offices and if so
procure similar statements thereof with the authority
which they were made.
That the said resolutions be rescnded aud no further
expenditures be made under the same"
Whatever sentiments might have been entertained, as
10 the proPety of the resolutions OF the Both Of Novem
ber 1885, and IIh of March, Is3i-or of the expendi
lures made by virtue Of them-or OF the which
they were made-or of the mode in which the accounts
and entries oil them had bee previously kept il appeared
to us, and still appears that the resolutions directing full
statement of them TO be prepared by the proper officer OF
the Bank and an inquiry as to their extent ought TO have
disappointed The same systematic determination already
often displayed still evinced Several of the d.
rec,os admitted their ignorance of the existence Of the
resolutions in question: well Of the expenditures I'M
der them More than half Of the present directors were
not at the times they passed The proprey of
the resoutionsor the power assumed under the
great OF expenditure they had led tor their ex
pediency-or the necessity OF their continuance might
have afforded some reason at least for deliberations Even
the request by members of the board for the stale
ments mentioned IN our resolutions might have been suf
6cen ground that they should be urnshed or that the
accounts should be examined; that the subject itself
should be taken into careful consideration. II ,cns not So
Our resolutions scarcely read, when the following
substitute for them proposed.
Resolped That the Board have confidence in the wis.
dom and integrity OF the President and in the propriey
the resolutions OF the 3oh of November $780, and i,h
Of March, 1881, and entertain full conviction Of the me-
cessy of a renewed attention TO the object OF those re So
lutons-and that the President be authorized and
ed TO continue bis exerlons for the promotion of
ject."
We scarcely prepared for a like this. Not
only was all Investigation refusednot only our re-
quest for statement Of the expenditures denied-but on
the Instant without calling for looking the
count TO which we reerred-wihout examination and
without delay settled purpose thus exhibited to
continue and increase the expcnditureso conduct them
in the secret and irresponsible way heretofore adopted
and 10 preserve in the accounts the obcury which
already existed. But the majority did rest here Our
remonsances against system OF eeding adopted un-
der resolutions OF the Board believed by be unwe
and Illegal encountered by reference to the perso-
nal character and motives Of the President of the Instiiu-
ton, which had never been drawn into discussion Our
resolutions had called them in question. We had de-
manded an investigation of the official transactions of
public institution, OF which officers; had
monstraed against them unauthorized by the charter
and wrong in themselves; and we had endeavored pre-
vent their continuance Was il answer, TO sneak of
the wisdom and integrity of its chief officer, which we
had not alluded
Thus denied the statements had asked for in regard
10 the general expenditures referred offered the fol-
lowing resolutions, limiting request those for which
could discover vouchers whatever and TO any sub.
sequent proceedings under the original resolutions OF the
Board
Resoved, That while this Board repose entire conf.
dence in the integrity ofthe President they
request him 10 cause the particulars OF the expenditure
made under the resolutions OF the 30b OF Nove..r IS?
and tn OF March, 1881, be stated that the sane
may be readily submitted TO examined by the Boa,d
Directors and the stockholders.
ResoIued That the said resolutions be rescinded and
no further expenditures made under the same"
These, like previous resolutions, promptly
eced the substitute passed by the Of all pre-
sent except ourselves and other the Boar
the system resouely adhered TO- in defiance of our
reDoDsrsnces; statement of the expenditures prepared
by the proper officer, and asked for by u.s. deliberate.
y refused; and left gather what Of
them could, rom the partial and imperfect examine
ton which, as directors, we were able 10 make
Alter this by the msority Of the Board, we had
hesitation as TO our duty. We had brought the cub.
Al
manner they treated it, We had required that full and
statements relative TO it, should be prepared by their
officers, under their express authoriiyit has
been seen this was promptly denied We determined al
10 report 10 The President OF the United States the
result Of what had discovered imperfect the course
Of the Board rendered knowledge; and 10 advise him
OF the necessity there Of investigation by an agent
senativcs we held TO be nagtanty wrong and which
should have been fsiiess TO trusts, II had
sented 10 assist in conceang.
But not only in the improper disposal Of the funds
or even in the unlimited authority given 10 The Commit
tee Exchange, that the ysteDa c
duct the affairs OF tie institution, without admitting
a teasonAbe participation in them by the Public Direc
tors, evnced. IL has been exhibited various, in
deed all possible occasiors IL was striking displayed
when the Important subject OF commencing gradual
duclion in the business OF the Bank, before the
Board. In May, a resoluton had been adopted, in.
sruciing committee "to inquire into the expcdency OF
making gradual reduction in the accommodation paper
Of The Bank and report to the Board scale on which
such reduction should be made" We had been constant
y looking Tor report n pursuance OF these Instructions
with such views TO the best mole Of cuaing the bu-
sness Of the institution the necessary inquiries OF the
Committee would enable them 10 inake bat the I3 II
OF August the following resolutions presented by
cNf a. -