Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-01
Rrs.v.. msas Of su,!.lmsn Mr. B. read N. follow


attribute 10 them he ENC EssIvE eutoiinent in the bu
siness Of me institution, tchieh has been. so SUDDEN
and oPPREssivE. and ,rhieh mol NECESSARY Ell
fher 10 NE EXTENT 10 rheh IL has been carried or in
the MANNER in ,chieh has been made 10 bear The
community Herr. said Mr. B, i. specific charge Of
the most serious nature made against the bank II charg
es them with conduct which is, IN the first place.
is'ion OF the charter; for by the charter. business
the institution il 20 be by
five OF whom are TO lie sppoin,ed by the Government
these directors are 10 board al which ever tlrec
has right he pr. sent ard AT which seven at
least must be ptesen, before their become lawful
Yet he proper business OF this hoad,thc immense
sness oil cuitaing debt Of 81 mions aud by which
co"pnni les have been ccnvulsed, and individuals ruin
els given 10 secret committee OF three, it'll
hori'y TO act they pleased report no the board
and 10 keep the Government Directors in utter igno.
rance OF what they did. The proceedings of tkis com
miuec, thus illegally vested with the whole power of the
25 directors next claimed moment OF Mr. B attention:
but as hese proceedings secret but little could lie
| known abou them Enough however was discovered
to est" ilsh the TACT oil ia. gossest Partially and avorsn
bo'h as TO sections of country classes of debtors
The whole region south OF the Potomac was exemp,eJ
from he pr'ssure aud whether that exemption implied
complaint, the that zion he would not nm
dtrike TO say AZ New Orleans a heavy pressure was
made; aud the wckedness and Of that pres
well prove by the fact that the mother INK
hongh Of $500 600 in specie from her branch that c
ty in the last days OF February, first days Of March
vs. Lnnis, cnr'almeat ordered upon a ccnpara-
lively tliling deb, Of about $500 600 while broker i'm
Philadelphia. Mr.. Thomas Bdde, exempted from
any reduction on loan OF million, about per cent
his Was sample OF the manner Mr.. b. said, in which
The enrichment was carried and the pressure prodnc
ed; yet the community he nv the hole Marty
OF tie Bank that the President CT the
aud oil attempt TO ascertain the truth the Banks ON
hooks aud testimony Of The Directors be resisted and
| refused. ~
MIR. Is said there parallel complaint against the
Bank oi England lew years ago Tor The commercial
Distress which took place ia the wear 1926 The Rank
was cha with having con rbne to produce the manic
and dsfesS conntiee OF 81 was arpoin.d 10
examine n'o the rulllo the ,ge aud no rronositon IN
renew the charter would be listened TO in sran,en
III 'he charge VAS iuly examined. Tile comntee was
composed upon parliamentary principles. II ajority con-
sis'ing OF the ME. OF the Bank every q, nti.msn h.
nag put upon IL who joined III she .ccu,aion. The Hank
suoued 70 TIE investigation, although there no
cIause IN ,he charter 10 require it, The committee re-
poteu, unanimously 'h"' every assistance had been Civ
~ ty tie Directors; all their books ely laid OMEN and
every question promptly and csudly answered. Such
mas the conduct OF the Bank OF England; what contrast
10 the late conduct OF the Bank OF United StaesI .n
uhhl the authority ot Congress was the
nHufgent Bank reduced and until IL submitieJ ia
the Of lis guilt ar innoc, nee which ,hs RAT
OF England submitted he should resist cvery pounsi
no" 10 treat II with respect confidence; and ipht
.htua'iy feel ii TO be his duty move TO repeat its
Another great breach of the charter and paInabe sbsc
was In the manner in which the branch Banks were eo
Vcrned The late Government direc had corn,nuuc
ted this abuse 10 Congress. BY the charter The broncr
were TO be under local boards TO the gene raj ep
a'ons OF the parent board but all this was reversed in
practices and the local boards made the instruments
oil subaern committeeman is cav OF the Presi,Ien,
Of the Bank itself governed by secret instructions
rom hs committee; and thus the branch Banks became
passive engines TO be worked by the President of lie
bank in any scheme OF policy which be nigh, choose TO
direct To sustain this alleg alton Mr. b. read The folo
ing statement from the late Government dir ctors To Con-
| gress: ~ w.
"1he correspondence that must pass betreen Tho RoL
anu ls cDIces cannQt but be and important
Letters occasionally read from the Presidents and
Cashiers OF the BIonehes but they appear he merely
ue reports whirh are made at stated periods. Those
which are written from the Bank, aud which of course
contain directions e"cing lis whole operations are rpr
submitted to tie Board either LOre or after hey are
seh Indeed tits notorious that The directors the Bank
frequently hear OF ihe operations Of the distant Offices
,hough putHc rumor or information from those places
0JOFc eny Is communicated 10 them The Board n ia
lot ia the recollection OF either us, ha, the srctiors
at any tinSe, by the PRESIDENT 10 the BRANCHES
during sAs last gear have been submitted to the
Having read this extract, Mr.. b. called upon the Sen.
ate recoliect, that the Government ctors va,
~ excluded from these committees v hich did The ms,
ness "l me baiki that the old rule which assigned t..
directors in rotation, month al a time TO these commit,
ieeS had been hst violated, and then and The
appointment oil tie committees put The hand, of lie
resident alone he himself always being one of them
me whole tweniy-'onr branches, them are under The
exclusive and cement OF the President, No
"ny the Governmen directors, bni whole board were
excluded; not only from the manag OF the concttns
OF we or@n'h's but even foina knowledge of hat " as
done IN them Aud il was by this means ,,at tho
branches were made last winter. TO play their part in the
great drama cf oppression aud alarm which for several
mon s, sgated aud afflicted The county Tue statement,
made by the Government directors is appalling that
hey Only hear OF what is done the branches throne
public per; and chat Of the sent TO ,e
branches duli"g the last year. had submitted TO The
boar! N'r Is demanded if itwa. possible b.t Congreo
cosd suffer the trade, commerce, property and whole
moued concerns OF Twenty States 10 lie At tic
mercy and TO be governed by the orders of one
single man in Philadelphia; wLen by the terms Of ne
charter board Of twenty-five directors iige OF then,
appointed by The Government, could alone exercise I'M,
Vasl ami important powers OF governing these branches
Here was clear 10 which the board was sune,s
eds aid SET aside,-i!e charter ampied under leo -ue
uoVefHe ut directors treated nOnehiiiies a: e tr,d
commerce, property, aud currency, twenty sove
Tsgn States, sutece 10 the despoic and secret control
OF one man Is this National Bank or The Bank OF one
man? " w
The next Instance Of systematic breach of The charter
IN ansactng business without the knowledge of The B,ar
OF directors, as in conducting all that branch OF hus
ness which came under The idea OF tori I
The iumeDs ~ OF this Mr. B. said might re,,i
be comPrehended from cole citing that the large ranc
Setoh oil Tie three per public debt in which The
orders 81 tie GoVernmeu, frustrated by The ba,L
Two years ago. part Of this business; and that ,
whole oil II was conducted By OF those subsl,ern
committees The ajeGovernnient Direcfors At mace 10
OF Their memorial Congress expressly sins az. az
Gerry &c stsnce Of his foreign correspondence is scoyc
tnotcn To them! ~ euoS seen on The f1JJe mr. ~
me foS1i cheTe The b0nrd meets. The letter booIs
containing the rdrious instructions and Oryrrs fo,o
me institution. as g5Uen by the President are ueyey
Suo"lHcd J0r their tusP ctiOa" And Tie Government
say OF I's lOregn corresp ondence precisely
h1t 'hey had said OF The correspondence with the branch
oahks-iha II IL not in their ecole ton that "a a.
Gone in The course OF the last year. OH this head had ever
been submitted 10 The board. "
MIR H. read irom The mortal of the Government nj;
oeciofs 10 establish the two points, irsi that the board was
superseded by subalefn committee la The Cavern
hent Directors were excluded from KNOWLEDGE and
participation OF what Jono The following were ie
passage read: ~
ln word, from the sye took our seats nj tho
board we have seen that Tie REAL business is nor fbsy,
transacted, nOr lis REAL oUthorifyfheye EXER. |
81.