Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-05-28
REPORT OF THE MINORITY OF THE
BANK COMMITTEE.

BANK COMMITTEE.
Mr.. EVERETT, from the minority OF the COM
mittee appointed to investigate the affairs OF
the Bank of the United States, submitted the
following Report:
The undersigned, members of the Committee
for Investigating the affairs OF the BANK OF the
United States, having differed from their col
leagues as to the extent OF the powers OF tne
committee and the mode OF PURSUING we f.L;s
tigation. beg leave to submit the GROUNDS oi tils
difference. and their reasons for not concurrlhg
in the report of the majority of the committee
The twenty-third section OF the law, appfo
we'd on the 10th of April, 1916, commonly cai-
led the Bank Charter makes the following pro
visions 1t shall at all times belaWtul Tor COM
mittee of either House Of Congress, appointed
for that purpose, to inspect the books, and to
examine into the proceeding of the corporation
hereby created, and to report whether the pro-
visions of this charter have been, by the same,
violated or not" This provision is, IN terms,
an express grant of power and without THIS mel
Their House Of Congress would have possessed
the power. To suppose that either House OF CON
gress would have possessed the power, although
fhe charter had been silent on the subject, is to
suppose that so much ofthe twenty-third section
ofthe charter as gives the power is mere surplus
Observation-Disclosures and inadmisSlble suppose
ton
If the power reserved in the twehty-thlrd sec
ton had been already possessed by either House
of Congress, it must have been IN virtue OF us
general authority to institute inquiries, ana 10
send for persons and papers. But had the Con-
gress who granted the charter understood that
this authority to send for persons and papers
extended to the inspection of the books OF the
Bank they could not have deemed IT necessary
to provide that it should be lawful, at any time,
for either House of Congress to appoint COM
mittee for such inspection.
The resolution passed ON the 4th OF April last
under which the Committee Of Investigation
was appointed, is expressed in the following
terms:
THE resolution has already been given.
The committee. thus appointed, is clothed
with the power granted to either House OF Con-
gress, by the twenty third section of the char
ter, the same being given to it by the express
words of the resolution, which authorizes 1t to
&C inspect the books and examine into the pro-
ceedngs of the said Bank" and "report whe-
Their the provisions ofthe charter have been vi
olated or not"
Had the resolution stopped here, its interpre-
| taton would have been easy. 1t would have
been (and would so have necessarily been un-
derstood) a resolution creating committee I'M
der the power granted by the twenty third sec
ton Of the charter, and for the precise objects,
and no other therein provided for But the
resolution Of the House goes much further. 1t
| purpors to authorize the committee to engage
in much wider range of inquiry than the VIC.
| Iation Of the charter. 1t declares the objects or
investigation to be three-fold, viz 1st, the eau
ses of the commercial embarrassment and dis
tress alleged to exist; Cd, violations ofthe char
ter; Sd, corruptions and abuses in the manage
ment of the Bank, Of which several are alluded
| to in very general and comprehensive terms,
as will be perceived by recurrence to the reso-
luton just quoted. Of these three objects, the
second only is the one on which a committee,
raised in pursuance Of the twenty-thrd section
| of the charter is authorized to report
| AS the resolution of the House enumerates
tobjects Of inquiry not named in the charter, so
| it specifies means of attaining information, not
provided for in that law. 1t authorizes the COM
mittee " to send for persons and papers, and to
| summon and examine witnesses on oath, and to
examine into the affairs of the said Bank and
| bra nches."
The point of chief question in this matter has
been, what extension of the powers possessed
| by the committee, in virtue of the tWenty-third
section of the law, is effected by this additional
detail ofthe objects to be investigated, and OF the
| means for attaining knowledge concerning them.
| The subscribers understand their colleagues,
! the majority of the committee, to claim, under
| the terms Of the resolution, an unlimited power
of inquiry after all the conceivable corruptions
and malpractices of the Bank, and Of sending
for the persons of its officers and directors, and
| for any and all Ofits books and papers, IN order
| to ascertain whether any such corruptons and
malpractces exist The subscribers believe
that no such power of general search is given
to the committee by the resolution: and that it
was not competent Tor either House ofCongress
to give it. In their difference of opinion from
their brethren Of the majority on this head, will
| be found the chief source of their dissent from
most of the important measures proposed by the
committee.
Before explaining their views more distinctly,
| they would observe, to avoid all misconceptions
that it is no part of their purpose to maintain
that the power of the committee is confined to
| an inquiry, whether the charter Of the Bank has
been violated The undersigned believe it is
competent for the House to inquire into any al
legged abuse or corruption whatsoever, to the
utmost latitude required by the public good
and authorized by the principles of Justice and
law They believe that the committee, of which
they are members, was authorized to make such
inquiries. They believed, however, that these
inquiries were to be conducted according to the
charter; that is, according to law; and accord
ing to those general principles Of equity and
constitutional right which cannot be transcend
ed, in virtue of any resolution of either House