Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-05-27
REPORT
REPORT
of the Committee of the House Of Representa-.
tipes, appointed to Investigate the Gtairs o.
the Bank of the United States.
TCoNcLUDED.

tipes, appointed to inpestigate the affairs Of
the Bank of the United States.
[coNcLUDED
The purposes for which your committee were
appointed are stated so distinctly in the resolu-
tion of the House, that they have experienced
no embarrassment in deciding on the character
of the duties imposed. They are required 1st,
TO ascertain, ifpracticable the cause the COM
mercial embarrassments and distress complain
ed of by numerous citizens of the United States,
in sundry memorials which have been present
ed to Congress at the present session, and whes
Their the Bank has had any agency through its
management or money in producing the exist
ing pressure
I'd To inquire whether the charter of the
s Bank ofthe United States has been violated and
what corruptions and abuses have existed in its
management.
Sd. To examine whether the Bank has used
its corporate power or money to control the
presto interfere in politics, or influence cleo
tons.
The powers designed to be conferred on the
committee, if they could have been exercised,
are adequate to the performance OF the duties
enioined; they were authorized to send for per-
sons and papers; to summon and examine wit
neSSeS on oath; to visit il necessary, the pfln-
cipal Bank and its branches; and to inspect the
books correspondence, accounts, and other pa
pers. connected with its management. Such
are the duties and powers of your committee,
conferred on them by the House with eXtraor-
binary unanimity, and which your committee
felt bound to regard, as consistent with the char
tered rights Of the corporators and their debt
OrS
Under deep sense Of respectful obedience TO
the decision of the House of Representatives
thus solemnly expressed, and feeling that they
had no right to question its justice or proprlety,
your committee proceeded to Philadelphia on
the 22d April to commence the performance OF
their duties
ooJo Sc fboir boir
ed to the President of the Bank, communica-
ton, enclosing copy of the resolution of the
House of Representatives, and notifying him
of the readiness of the Committee TO visit the
Bank on the ensuing day, at any hour agreea-
BILE to him. In reply, the President informed
the Committee that the papers thus received
should be submitted to the Board Of Directors,
at a special meeting to be called for that pur-
pose 1t appears, in the journal of the proceed
ines of the Committee herewith presented to
the House, that this was done, and that the
Directors appointed Committee of Seven
of their Board to receive the Committee of
the House of Representatives, and to offer
for their inspection such books and papers OF
the Bank, as may be necessary TO exhibit the
proceedings of the corporation, according to
the requirement of the charter. In the letter Of
John Sergeant, Esq. as Chairman of the Com
mittee of Directors, communicating the pro-
ceedngs of the Board, he says that he was d-
rected to inform the chairman of this commit
tee that the Committee of the Directors " will
Immediately direct the necessary arrangements
to be made for the accommodation OF the Com.
of the House ofRepresentatives, and would at
tend at the Bank to receive them the next day,
at IL O'Clock. Your committee attended, and
were received by the Committee of Directors.
Up to this period, nothing had occurred to
Justify the belief that disposition was felt, on
the part of the managers of the Bank, to en-
barrass the proceedings of the committee, or
+la tod from those n
the two preceding Committees of Investigation.
On assembling, however the next morning, at
the Bank they found the room which had been
offered for their accommodation, pre-occupied
bv the Committee of the Board, with the Pre-
sident Of the Bank as an er O6fciO member,
claiming the right to be present at the investiga-
tons and examinations of this committee. This
proceeding the committee were not prepared to
expect When the appointment OF the Com
mittee of Seven was first made, it was suppos-
ed that that measure, however designed, was
not well calculated to facilitate the examination.
The officers of the Bank were believed to be
the most appropriate agents OF the Board OF
Directors to exhibit their books and papers.
By them the entries in the books are made, and
by them, such entries are most readily explain
ed Ii is their duty too, to be daily at the Bank
ing house, and on that account they could as
sist in the examination more readily than the
Committee of Directors.
These objections to the special agents of the
Board, were felt and expressed, but they were
waived and no dispositi IN had been manifest
ed or felt by your committee, to conduct the
examination in any manner not entirely accep-
table to the Board.
Under these circumstances, your committee
did think that decent respect for their rights
and privileges, and much more for the dignity
of that body from which all their powers were
derived, might have induced the Committee of
Directors to forbear to make them feel an entire
want of control over their own room. With a
previous determination to be present when their
books were to be inspected, they could have
waited to avow it until these books were called
for. and the attempt made to inspect them in
their absence These circumstances are now
reviewed. because they then excited an appre-
henson which the sequel formed into convic-
ton, that this Committee OF directors mad been
appointed to supervise the acts and doings Of
your committee, and to limit and restrain their
proceedings not according to the directions
contained in the resolution OF the House, but