, 1841-08-14
CONGRESSIONAL.
II ISCAI BANK.
SPEECH OF MIR. BENTON
OF MISSOURI.

BENToN's motion 10 prevent the Govern
ment directors from being excluded from
a knowledge or paltici patton OF the ope
rations of the Bank.
Mr.. BENTON submitted the following
amendment:
"That no part OF The proceedings OF the Bank, no
any loans, discounts, or payments made ty it, nsl
any order given shall be made or kept secret FROM III,
Guvernmet directors, nor shall said directors be ex.
cluded from the free and full participation in all the
transactions and business OF the Institution"
Mr.. B. in support of his amendment. re-
ferred to the conduct of the late United
States Bank which, during the time Of its
war upon the currency. commerce, and bust
ness OF the country, and during It's opera
tons upon the press and the legislative pow
er. IN order to coerce it rccharter. regularly
and Systematically excluded the Govern
ment directors from all share in the mana
cement, and all knowledge of the procee-
dings, Of the Bank. The Government di-
%rectors, from about the year 1882 to 1886,
VIXEN the Bank charter expired, were denied
their rights as directors, and the most impor-
tant measures, transacted withou their know
ledge or consent. The famous mission of
General Cadwallader to Europe 10 obtain q
postponement Of the payment of the three
per centum debt of the United StateS-a
mission which was the first symptom of the
insolvency of the Bank which has since be-
come pparent-this famous mission. and lis
object, was entirely concealed from the
Government directors. and only became
known TO them, rs it did to the rest of their
iellow-citizens, by 4 paragraph in 4 London
newspaper. The great loans TO editors Of
newspapers and 10 members of Congress
were chiefly made without the knowledge or
consent Of the Government directors. The
business of the Bank was actually carried OIL
for several years without the knowledge of
these directors. They were treated as
spies, or interloperS, and shut out from 4
knowledge of what was going on in the
Bank; and that not occasionally, and by pas
sion or resentment, but Systematically. and
by rule. The excluded directors made 4 re-
port of this tyranny to President Jackson
IN the winter of IG33-34, and by him it
was communicated to Congress; but all to
no purpose. The bank was sustained in her
course, in thus expeliing the Government d.
~rectors, by its friends in Congress and out
OF Congress, and no measures could be taken
against her for such infamous breach of char
ter, and fragrant insult TO the Government
The exclusion of the Government directors
from a knowledge of the business of the
Bank, was a most viilainous breach of the
charter, and 4 blackguard, rufiiau insult to
the Government and its directors; vet no
censure or punishment could be inflicted on
the perpetrators Of such outrages; there was
no penalty for it. although forbid by the
ahortar. md NJ &c n 4 purrnsa Is npccrblo 20
provide Il penalty for such conduct in fu-
,ture.
Mr.. B. saidit was certain that the Gov
ernment directors had been evicted from
their proper places in the Bank, and it was
his intention TO place an instance Of that
eviction. and its consequences, before the
Senate AID the country; it related to the
panic enrichment, and fictitious distress.
made by the Bank in 1884, and falsely at.
tributed to the removal of the depusites.-
When the Bank plotted this wicked and infa-
nous attack on the Business of the country,
and this diabolical falsehood to cover it, Sc
crecy became Indispensable TO her success; and
accordingly a system of secret operations
were devised, which placed the whole pow
er of the bank in the hands of MIR. Biddle,
and exempted him from reporting his doing
to the board! This incredible conductwas re-
ted to the Government at the time, by tle,ex-
cluded directors, ard has lately been exhibit
ted to the public by Mr.. Biddie himself, in
five letters to Mr.. Clayton, in justification
Of his secret miiiionary loans to jobbers.
gamblers, swindlers, and spectators. !
Mr.. Biddle had done right to expose these
directors, who had impugned him for the ex-
.rcise of the power which they had granted
lin, and the exhibition of the yeas and nays
which he made on the passage of these reso-
.utions, investing him with dsspotic and Sc
ret power over the whole capita, loans, dis
,ounts, and debts Of the Bank. N every
exhibition of these yeas and nays. the five
Government directors appeared in the mega
i've; the twelve or fifteen Biddle directors, !;
including Mr.. Biddle himself, always ap-
'eared in the affirmative. Mr.. Biddle has /
one right to expose these directors; he has ?
lght to show their subserviency to him when c
e was powerful-Their assaults upon him. |
.ow that he is down. He has done well in C
his, but it does not legitimate the original f
!rong, that Of excluding the Government t
~irectors from their share and knowledge in 4