Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-04

sites might be deemed nasaf Congress "ouid nave ~
serted additional qualification IN the chafter. Dnt
the only restriction imposed upon the power OF the Sc
cretary, was that directing him. in the event OF re-
mova of the dcpostcs 10 submit his reasons TO Con-
gress for their consideration.
So ample did Mr.. Crawford consider the authority
of the Secretary, that he, when presiding over the
Treasury Department. asserted the right OF the Secrc
tary TO control the proceedings Of the Bank of the L.
S. sat any mloment by changiag Mcdeposites tn The S0te
Banks.' In lol7 Mr.. Crawford addressed letter 10
the officers of the Mechanics Bank of New York and
remarked that ''The right to withdraw the depos,cs,
with view to equalize the benefits resulting from Them
among the banking community, the situation Of the
several banks might require was expressly rescrced.
The right thus claimed by Mr.. Crawford, not de-
MED b. Congress the Bank: and he frequently d.
recled the public moneys 10 be deposited IN the State
banks Distinguished Senators did not then attemptto
get mp panic by denonncing President Monroe and
his Secretary and charging them with having seized
the public purse. The Bank had recently been Moor
pora,ed and the provisions of the charter were, doubt
less, we'll understood DO you believe that the states
men of that day were incompetent to interpret the
meaning of the Bank charter or do you believe that
The patriotism of orr countrymcn could only be de-
veoped by Gen Jackson and his Secretary of the Trea
sury?
-uanning.-I believe neither. IL is wonderful to me-
that Mr. Crawford should have acted as he did !
presume you will admit that the Bank Of the w. D
acted noby in always disbursing the public money with
department.
Mason While the Bank had the custody of the
public funds, it was bound to dsburse them promptly
and faithfully The conduct of the Bank in relation
TO the three per cent stock proves that it did not-ln
March, 1872, the Government of the u. S. determined
to pay of six and half millions of the three per cent
stocks on the first Of July following. The monthly
turns of the Bank shew, that the deposites placed
to the credit of the United States during the month
Of July, amounted TO nearly twelve millions OF dol
ALL
then required. Such had been the conduct Of the
Bank, extensively had it used the public
peys in enarging its discounts, that the institution
unable TO meet the just req'sitions Of the Co
vGrninent Of the United States. The Bank begged
indulgence until the month of October and hay-
ng agreed 10 pay the accrung interest," the Secretary
of the Treasury finally consented to grant the desired
Again, in July, 1882 the Government
issued notice of lis intention TO pay on the lst OF Octo
Der ensuing, Two thirds Of the amount of the three per
cent stock, aud The remaining third on the ls oil ia
nuary 1888 Unprepared 10 meet the calls Of the Co
vernnen,, The Bank despatched agent to Europe to
effect negotiation with the foreign holders OF the
stock An arrangement was entered into, by which
the holders of this stock consented to wait twelve
months longer for payment, the Bank agreeing 10 pay
the interest and the Government of the United States
TO be responsible for the principal, in
sequence Of the detention Of the Government ccr;t
Gates The amount Of money due 10 the United States
from the Bank the LIST October, 1889, (thc period
fixed for the payment Of part OF the three per cent
debit upwards OF thirteen millions and d'kaJ dol
lars, and the st of January ensuing he time fixed
for the payment of the remainder the deposrs due
from The Bank TO the u. S exceeded hoeirc and ha
millions. Notwithstanding the large deposes, the
Bank failed TO redeem lis stIpuatlons IN proper time,
and in utter disregard OF lis obligations TO the u S.
:tltuted negotiation, The object OF when was to de-
feat the Federal Government in It's audabe desire 10
discharge tire national debt, The interests OF the Bank
Of duty fiscal AGENT OF the
Government
The Bank charter provided, that there should be
wcnty. five directors, tive Of whom were to be appoint
ID by the President Of the U. States, with the
ence of the Senate The charter also provided, 'that
not less than seven directors shall constitute board for
he transaction Of business BY rcserving to the Pres
lent the right Of appointing five directors, Congress
designed have faithful officers whose duty it would
inform the proper authorities oil those acts OF mis-
conduct which would be likely to affect the public in
crests The directors the part of the u. S. had
light be present during the transaction of business,
,ut il was clearly sewn that they were Systematically
xcludcd from just participation IN and knowledge OF
many Of the NEST important operations OF that lnsttu-
ion Instead of board composed OF seven directors,
g the charter prescribed, much Of the most important
business was transacted by the exchange committee,
not by the twenty five directors of the Bank.
,u by its President, Mr. Bidde. Loans were made
md paper discounted By the exchange committee, and
many operations involving large amount of money
interests of the U. S. The charter pal pably vic.
ted, and the directors appointed by the President,
ycrc denied fair participation in the administration
f bank enjoying the use OF the federal revenues,
nd one fifth part Of whose stock was owned by The
government Of the U. 5. If the Institution acted
orrecty why should lis operations be enyeloped IN
MYSTERY
nanniny.-This violation Of the charter appears TO
ne TO be small affair. Do you believe that the Bank
manifested any par,iaty 10 any particular persons in
he way of loans If did, then there would be some
roprcty in making strong objection 10 the conduct OF
he Directors.
.Nasou-I will mention two individuals who oh.
aimed accommodations, and leave you TO draw your
wn conclusions. 1t appears from the official docu
nen;s tina, James c. Bdde, cousin of the President,
accommodations to the amount OF one mil
ion one hundred thousand dollars: and from evidence
urnished to committee of Congress by the Bank, il
ppcars that Thomas Bddle Il Co. procured loans be-
ween September, 1890, and February, 1c}2, to an
mount exceeding t,1enty-onc millions Of doiiars =
Thomas Bddle another cousin of Nicholas Bid
lie, the President.
.Nanming.-I wish had been another cousin TO Mr..
Nicholas Bddlc who really seems TO have been Uery
fecfionate relation. ] could have made my fortune
With more than by retailing goods in the country
having command Of the means, Mr.. Bddle showed his
ense by making his charity begin Eat home. As to
lie morality Of The thing, waive all discussion Pray
Ind the Bank of the u. 5. loan any money to members
f Congress during the war between that institution
nd Gen. Jackson, and about the time that the Bank
pplied for renewal Of its charter:
[uson-In $780, the National Bank supplied Jty:fee
members of Congress with nearly two hundred thou
and dollars; in 1881 ftfy nine members obtained from
he Bank three hundred and twenty-five thousand dol
ars; in 1892 fiyfour members had four hundred and
even,y.eight thousand dollars; in l53a tffyhrtcc
Members Rad from that institution three hundred and
evenly -four thousand dollars; and in 1881, ttyteo
members obtained nearly quarter OF million OF dol
ars. In addition to these sums, The Bank paid to the
awyers of,he u s. Congress, between and two
nndred thousand dollars $55,0OO were paid to Da-
,el Webster, $4,000 TO Henry Clay, and $4,000 to
ohn Sergeant These sums were paid for profession
i services. ,
.Nanning-PIensy of money has wonderful effect
lpon the patriotism OF Of great men, who ar
,ear to see better and look further with pockets filled
With money, than when they have their spectacles on
heir noses have no personal a!luson IN these re-
Marks and as to Clay, Webster and Sergeant they are
lot The sort Of men who can be purchased by money
f any of the members of Congress who were indebted
the Bank, gave a vote in favor of the Institution,
bcy did wrong and in truth the members ought not to
ave subjected their motives to suspicion BY procuring