Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1835-01-08

2. An injurious discrimination betreen dpPh-
canis, in granting toans, because Of political
differences
The committee has carefully examined the
discount books Of the bank and the several
branches which it visited, for the purpose OF as
pertaining the course pursued towards those VINO
are known to be hostile to the bank. The'result
of that examination is, that many who are
known to be hostile it, publicly and privately,
VINO have CO operated in measures to destroy II;
who, in short. are its most uncompromlslng OPP
moments, are among those who, at some PERIOD
or other. have received accommodations at the
bank or some one of its branches. i ms re-
mark embraces men in public and in private
life. i'm the executive well as legislative depart
ments; in high as well as in subordinate ohces.
The committee do not feel that it is proper t" 60
into particulars and give names. In some IN
stances. TO do so, might only have the effect 10
iniure individuals, without doing the public any
service; but justice to the object OF their ap-
pointment by the Senate, requires declaratioh
thus emphatic, of the general results OF their In
quiry.
because he may, at some time in his lie, have
borrowed money Of the United States BANK. IL
is a money lending corporation, created lot mo-
new lending. The prime object OF the stock
holders is to make money by lending money, or
10 speak more properly, by an exchang e OF cfeo-
ample and sufficient security. and VINO is pune
tuai in his dealings with the bank, coniers upon
its stoc kholders an advantage, probably as great
as thew confer upon him. The committee sees,
therefore, noreason for making injurious ascr'P'
tons to an individual who stands, or may nave
stood in the relation OF borrower nor 90 tney
see WHY the bank should be censured Tor loan
ing TO all, indscrminately, who offer unqneS-
tionable security. The propriety OF making Inc
anplication is a question TO De settled oy the APP
niicant not the bank; il is for him TO decide up
on the degree Of decacy which may, or may
not be involved in the application. For the
bank to undertake to decide this Tor him, would
be Justly and properly, to expose it to his indy
ing enmity Its sole object should be to make
pro6t for its stockholders, by discounting, when
il has money To loan. all good paper without an
inquiry into the political complexion oil the Dor
rover; and so far as the information OF the COM
,nittee extends this has been done from lis crea'
ton to the present day.
In order to guard against misrepresentation, or
mistake on this sub ect, 1t is all necessary 10 re-
member that every man is not borrower OF a
pauk, whose name may be on paper which II dis
counts b, of exchange or promissory note
is qiven i'm the purchase Of goods or in other
transactions the holder may either keep the pa
per till its day OF payment, or he may at any time
before such day of payment, procure its discount
at a bank. Such dscoi cors'it' te large
such cases, there is no ground 10 say, that the
drawer of the note or bill is a borrower at the
hank or has received any accommodation at its
hands.
g. Unusunl loans on insufficient security, or wnu-
suai induigencies 10 persons supposed TO possess
enlarged political influences.
The committee has discovered nothing in the
proceedings of the Bank, to induce belief that
it has adopted any policy OF this knd-Ehch
Il, nit tho rIrlo NJ 10
bank; when the rules are violated, the violation
is followed by a protest, or such other proceed
ings, as are usually adopted in other cases. In
some instances, where the borrower has failed to
renew his note at the proper time, either from
i'm advertance. or from circumstances beyond MS
control, or neglected. to pay the discount upon
each renewal, or has changed his endotser, by
substituting one name Tor another, equally goon
or has drawn draft on one who declines ac-
cepting it, and offers another already accepted
nv person, or persons, entirely responsible
the bank may have failed to have the note pro-
tested In such cases, TO protest, would be, at
the best but a useless proceeding, injurious to
the individual and without benefit to the bank
II seeks t. secure its debt. and ii that be done
satisfactorily, all is accomplished which could
desire.
The committee are not aware of loan 10
any one possessed Of an enlarged political inf1u-
ence, OF an unusual amount, or in fact OF any
amount resting on insufficient security, unless
indeed, cases falling under subsequent head of
inquiry shall be supposed to form an exception
to this general remark.
T. Efforts Of direct bribery, ORDINATIONS of its
Money.
No case of this sort Is known to the commit
tee; no such case appears (of course where such
would appear) on the books OF the bank; and,
10 ascertain whether there might be some mode,
unknown to the committee, by which the funds
could be with drawn, without the fact appearing
on the books, they addressed inquiries upon
that subject to to the cashier, which together
with the answers, are hereto subjoined. marked
NJ, by which it appears, that every dollar drawn
from the bank. isregularly entered on the books
under its appropriate head
The committee also called before them the two
government directors, Mr. Macalaster and Mr..
Ingraham, and propounded tothem among other
things, the following questions:
|. Could any money go out OF the bank with
out the same appearing on the books?
Answer. We do not think that it could.
2. If such be the fact, We can conceive Of no
case in which money could be applied to cleo
tioneering or other improper purposes, unless
by allowing discounts, and the application of
the money TO purposes different from those in