, 1841-08-14

the loans and discounts of the Bank, and es.
pecidlIV 0cer the cUrt0ilment rhich u1S medi.
tated, ,oih an express authority not to report
their proceedings 10 the Board, Now these
committees consisted of three members each.
Two Of these were appointed by the Presi.
dent of the Bank; and the president himself
was, er yDfciO, 4 member, and the first men,
berthe chairnan Of each. The result was
that BIddle alone constituted the committee,
and the committee constituted the Bank
All power was gone 10 one man, and that
man Was not even 10 report his doIngs to the
board of directors. Thus clothed with Sc
cret and despotic power, the panic and pres
sure was begun. A cruel curtailment was
made among the business men OF the South
and West. and even in the Atlantic cities;
large loans were made At the same time to
brokers. favorites and family connections in
Philadelphia; and all the money wrung from
the hand of industry, was shipped 10 the
Earrings in London, 10 remain there until n
rise in the rate of exchange made it prolita-
BILE 10 draw for it. In this manner the sum
of near four millions was shipped to London,
and lav there until foreign exchange. which
ha been sunk by the panic and pressure TO
five per cent. below par, vas raised 10 eight
per cent. above it. This was in August fol-
and then the Bank drew for her four
millions.
This, said Mr.. 3. is what has happened to
our Government directors, and may happen
10 them again. All the crimes of The Bank
were hid from them; the orders & machinery
for making panic & distress in 1884, were
,,n,a,l,I Tr,r, tI,o,n tho o.t,,Es ,,pCn
the purity Of the press, and OF legislation,
were in like manner concealed from them.
They were excluded from all knowledge of
what was done during these times of afro
cious and diabolical yillany. To prevent
such things from being done in future. and TO
those who did them, Mr.. i. now
brought forward his motion TO prevent Gov
ernment directors from being hereafter ex-
from a knowledge and a participation
Of what was done in the Bank.
mir. BERREVE would only observe that
was provided for in the hill in the most iull
and ample manner.
Mr.. BENTON referred to the experience
IF the past TO show thai an infamous outrage
lad been perpetrated by the other Bank.
md instanced the case of directors know 10
nave been insoleniIy excluded.
Mr.. BAYARD. Suppose Government
did not attend. were they to be in
Of all the proceedings by note or
otherwise! Confidence was to be placed
and, after all the guards thrown
around this bill. he did not think any thing
TO be apprehended.
Mr.. BENTON insisted that il was done in
he case of the old Bank, and that the Gov
,rnment directors were not aware OF many
IF lis transactions. until informed Of them
the med um OF the public papers.
Mr.. BAYARD. Then al! ! have 10 say
$, that it was Il gross abuse, and 4 violation
IF the spirit of the charter.
Mr.. SEWER was clear fnr making every
collation. Of The charter felony, as they would
make the em5ezz.ement Of the funds felony.
Thequestion was taken on the amendment,
nd decided in the affirmative as follows:
IEAS-Messrs. Alien, Archer, Barrow,
buchanan, Calhoun, Clay, Of Ala
Cuthber,h, Fulton. King, Linn. Nc.
Roberts, Mouton, Nicholson, Pierce, Potter,
Sewer, Smith, Of Connecticut.
Sturgeon, Tappan, Walker, Williams, Wood
Jury. Wright. and Young-2G.
NAYS-Messrs, Bates, Bayarj, Berricn,
of Kentucky. Clayton, Dixon, Evans,
Huntington. Ker, Mangum, Mer-
ick, Miller, Morehead, Phelps, Preston, SIM
mons, Smith of Indian, Southland. TalImad-e,
and Woodbridge-22.
"