Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-05-29

u the express terms OF the law, they ar
IS liable TO he removed from office at an
$ time by the president, when, in his juds
10 ment the public interest shall require j
st In every respect, therefore, in which tn
e subject can be considered, it is evider
10 that the five directors, appointed by tn
IS United States, are TO be regarded a
e public officers, who are placed there Il
J. order to observe the conduct of the col
e Poration, and to prevent abuses whicI
o might otherwise be committed.
Such being the character of the direc
b tors appointed on behalf of the United
! States, il is obviously their duty to re
: slst, aud, in case of failure, to report tc
!, the secretary of the treasury, any pro
: ceedings of the board by which the pub
: lie interest may be injuriously affected
r The president may order scire focia.
t against the bank for "A violation of its
charter, and the secretary of treasury is
empowered to direct the money of the
United States to be deposited else where
when, in his judgment, the public inter
est requires it to be done. The direct,
ors of this bank, like all others, are ac-
customed to sit with closed doors, and
90 not report their proceedings to any
department Of the government. The
monthly return which the charter re-
qulrcs to be made to the treasury de-
partment, gives nothing more than
general statement of its pecuniary con-
dition, and of that but an imperfect one.
For although it shows the amount loan
ed at the bank and its different branches
lit does not show the condition Of its
debtors, nor the circumstances under
which the loans were made. 1t does
not show whether they were, in truth,
Accommodations granted in the regular
and ordinary course of business, upon
ialr banking principles, or from other
motives. Under the name of loans. ad-
vances may be made to persons notori-
ously insovlent, for the most corrupt and
improper purposes, and course of pro-
ceeding may be adopted, in violation of
IFS charter, while upon the face of its
monthly statement, every thing would
appear to be fair aud correct.
How, then, is the executive branch of
the government TO become acquainted
with the official conduct of the public
directors, or the abuses practised by the
corporation for lis private ends, and in
violation ofits duty to the public? The
power of displacing the public direct
ors, and that of issuing a scire tacias
and of removing the deposites, were not
intended 10 he idle and nugatory provi-
sions, withoutthe means of enforcement.
Yet they must be wholly imperative
and useless, unless there be some means
by which the official conduct Of the pub
lie directors, and the abuses of power
on the part of the corporation, may be
brought to the knowledge of the execu-
tive department of the government.
Will it be said that the power is Civ
en- 10 the secretary of the treasury, to
examine himself or by his authorized
agent, into the conduct and condition of
the bank? The answer is obvious. II
could not have been expected or intend
ed that he would make an examination.
unless information was FIRST given to him
which excited his suspicious; and if he
did make such general examination
without previous information Of miscon-
duct, it is most probable, that in the
complex concerns and accounts of the
bank, it would result in nothing, what
ever abuses might have been practised.
u Ii is indeed the duty of every direct
or TO give information Of such miscon-
duct, on the part of the board. But
the power to issue scire facias, aud
TO remove the deposites presupposes that
. the directors elected by the stockhold-
: ers, might abuse their power: and it
: cannot be presumed that congress in
tended TO rely OH these same directors to
give information Of their own miscon.
r duct. The government is not accus.
: toned to rely on the offending party TO
y disclose his offence. 1t was Intended
| that the power TO issue seize facious
c and remove the deposites, should be re-
o al and effective. The necessary means
S of information were, therefore provided
y in the charter; and five officers Of the
!. government, appointed in the usua
v manner. responsible to the public, and
b not 10 the stockholders, were placed a.
e sentinels at the board, and are bound b,
e the nature and character Of their office
e to resist, and, if unsuccessful. to repor