The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-15

is favor. And Il may be indscretlon 10 confess,
farther, that il governed solely BY my own opinion
that instead Of the amendment offered should pro
badly have proposed that the Bank and It's branches
should each succeeding day OF It's discounts pre-
pare, in authentic form and exhibit IN some way TO
public inspection, lis exchanges and discounts OF the
preceding day, with all the parties names connected
with each separate transaction.
we'll know, Mr.. President, this opinion will be az
sailed BY those rte and hsckGeyed arguments which
the ADJ coates Of secrecy in lis application 10 the bank
ing system, are accustomed 10 lnlepOse Secrecy IN
secuai IN religious matters has possessed po-
tent charm at playngod vulgar creduly against hui
man reason and common
But LEI us restrain our preconceived oplnonE mo
ment TO inquire, what the evil this amendment con-
templates and what its fitness 10 redress il. The evil,
| in brief Is NAL fainistfaion. We all know this,
which is known 10 every body. The proof has
founded us times and over again IL is the evil
of all evils 10 which the banking system is exposed
and is working It's destruction mre surely than all
| other evils put together Doubtless much injury is
incurred to the system from inexpeIienee, mIsudg-
ment, and incompetency IN iis goNernmeni. But that
which results most frequently IN deceyIng the stock
holders and entrapplng the derostor-whch the pub
lie mos, deprcate, and from which the system has
most TO fear, is ieiI interpolation n The capital,
clique influences and partiaiity and faroritism, in
administering the accommodations ~ The Bank
The history Of our banking system, particularly the
insolsen, banks is but application of this charge
could exhau the day, IN detailing instances OF TINS
hulhs Az ID hho"h "
be in reference their possible abuses, the vlsl,ora
power Il inserted in all bank charters Ii Is &C
know lodged here that in view OF the increasing mag
nude of these ascertain ed abuses the committee have
enlarged the vsIiorlal power IN the present chatter
They have done well far as they have gone, They
have declared the power Alright but in my opinion
they have not permitted an application and assertion
Of the power to extent commensurate with It's
conservative policy and the increasing evil it proposes
To redress
consider then admitted nv the friends of this
BILL that the abuses alluded prevail and lncrcas
ing and that greater publicity than heretofore Is neces
vary TO check its onward march. And accordingly,
tins bill IN assertion of the power, has shielded moth
ing of the affairs of the Bank from its researches
from public exposition But the bill proposes execu-
ton of the power, only, by committee of the stock
hoiders,-a committee Of Congress, by the Score
iary Of the Treasury My purpose is to extend ii to
each stakeholder.
Experience and observation has satisfied me that
appointments similar u those TO whom the right OF IN
veStgation i. committed by the bill, too reluctant
and inert in getting into aclion and creduous and
confdng, or too indifferent in their researches when
in action, TO render them sufficiently effective 10
compiish the objects desired Heoce by this amend
ment, would employ all the wachful instincts OF self
nerest-nvoke the vigilance OF the partners and prin-
cipas in the conde less TO the lethargic
action of maorties, the very measured zeal Of he
trustees
And whence the alarm in all this; and what the OBJ
lection that those directly concerned in favor OF faith
iu administration, should be permitted to look into the
management of their own funds Is ii not morally
right that stockholders should have this privilege aud
in what respect is II politically wrongl DO pre-
tend, however, TO press this amendment, merely to
cure the stockholders But the better satisfied
that promotes the private right in harmony With the
pubic interest. For whatever subsefves protect the
one results in a correspondent security to the other
And our right TO do what duty thus doubly demands
is too obvious for controversy.
believe then, much good may be hoped for from
this amendment There Is no stronger incentive TO
evil than assurance of escaping detection. Assured
even oftemporary conceament man will hazard much
with the present and trust largely TO the future The
amendment holds up the admonition, if probable
sudden surprise upon the rent conduct OF those IN
government OF the Bank II threatens the discovery
of wrong in The act Of transgression IL holds up 10
the vision of the actors the open forum OF public OPT
MON. And its sentence OF condemnation Is betrayed
IN prophetic monitor, as the hand writing upon the
wall No one doubt the conservative influence OF
public opinion when brought TO bear upon the daily
transactions of bank directory. Admit il might em-
barrass the energies of Bank, and restrain to some
extent It's Capacities for good yet should 1t cure this
moral cancer So corrodng To It's vals do we not make
great gain Tear away this hiding place of abused
Power-let in the light where perfdious knavery new
skuks in darkness and while YOU di.countenance
evil, you encourage honesty the better policy II is
coneeaiment which stimulates the guilty banker TO his
acts OF fraud, tayoritism and injustice; which he
would shrink from and forbear if exposed to speedy
public criticism
But the poity of this measure is challenged with
much zeal and confidence Oui apprehensions are
appealed TO that We beware lest IN cxtrpatlng the
es in this wise, ilct greater in the appdeatlon
OF our remedy.
There is no subject Mr. President, on which
have less doubt than OF the utility and expectancy
(undcr all the circumstances OF our syse ~ OF UNI
ted States Bank. And am earnest To endow il
to promote lis best interests, and DESTROYS to
be courteous and lo bearing whvein believe It's
cess may be put TO hazard But my policy is 10 guard
1t with every RESTRICTION which may insure its gity
and not materially improve lis usefulness Tins is
one OF them
The amendment, proposes modification Of the
positire constituent powers of the Bank, nor OF any
change In the administrative pouers of the Bank.
1t Is simply further enlargement of the vsatorial
power TO The Bank and dlminshes the secresy of It's
operations. Ii limits vital operative function,
but leaves II with all those usual 10 Banks and which
the friends OF tins bill think 1t proper should pos
sess.
ment viii lead to investigations OF mere impairment
curiosltyto malicious disclosures of private dealings
and hence expe and destroy the business of TIE Bank
Now, IN considering this objection, it does ap.
pear TO ne very rational 10 ascrbe 10 this amendment
the power OF subverting The common sense and usual
MOVIES which actuate men in the affairs of life.
Viewing the matter practically who those patrons
and customers which Bank subjected 10 a current
publicity, would be likely to lose IL is reasonable to
expect that all brokers and stock gamblers who carry
on uade through these institutions; all systematic
spectators who, without any productive business
often special parasites in accommodations, by winch
To attain great imaginary profits, all men of doubtful
circumstances who resort To tricks and devices 10
raise funds and keep aoa shifting and false credit;
all these would instncuvey turn away with becoming
contempt from Bank that not pledged to conceal
their operations something too sacred for the gaze
OF the vulgar. But, IN losing all these, the Bank
will have gained much of the benefit tins amendment
is speedily designed To Nor the eSanina-
ton which this amendment VIII admit OF possibly gra-
ufy, with any extent OF interest impertincnt curl.