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


| could mention many others, and will, if you desire
me to do
.Naanias-I have heard enough Of them, in all con.
science, and the information Is astounding Tor had
been led TO believe that the Bank Of the United States
had not only kept the currency steady, but that the
,rAole paper currency Of tie different states had been
wisely regulated and sustained at uniform value from
Maine to Missouri. At all events, you will admit tina!
no one ever pretended To charge the Bank OF the
United States with having violated lis charter until
after General jackson became President he as ell
the world knows soon declared war against the Bank,
and caused its downfall That the Bank OF the
United States avoided the sin Of violating It's charter,
is no small praise when consider how prone Banks
usually are disregard their charters, when interest
is put into one scale and duty into the other.
| Nason.-On the 10th January, 1919, committee of
Congress- which had been appointed 10 investigate the
affairs of the United States Bank, made report, CIV
ing an account of the operations Of the bank and con-
Guiding with declaration, that il had violated lis char
Ter in four particulars, viz In purchasing two millions
OF public debit in not requiring the stockholders to pay
the second and third instruments Of the stock in
and funded debit in paying dividends to stockholders
who had not completed their Instruments and in sut-
ferne certain individuals, under prc,ext Of their being
attorneys for Others TO give more votes for directors
than the charter allowed.
Mr. Spencer the chairman Of the commi tee offered
resolution TO cause SIRE faeias to be sued out, to
call on the corporation of the United States Bank TO
shew cause why its charter should not be forfeited
| Mr. Johnson offered resolution TO repeal the char
ter of the Bank. This resolution was supported by
thirty members, and opposed by one hundred and
twenty-one; and Mr.. Spencer, discovering by these
votes the disposition Of the House, withdrew his reso-
| luton
awe learn, says Mr. Niles, in his Register Of Fe-
bruarv 1912 "tha about Jorty members are stockhod-
ers-some OF them heavily hope that none ot
them rord in their o,cn The grca, danger Of in
coronation is says Mr. Niles, ''that the chef mem
bers of them are governors judges and Legislators;
and thus their individual interests may be placed be-
tween the people and the justice that they claim
MANY wears ago, Mr.. Jefferson said (when speaking
of the nerpcious effects of banks) "Their principles
take hold of the good their pe of the bad, and thus,
those whom the Constitution has placed as guards TO
s por,als, are sophisticated suboraed from their d.
ties"
In lslG, during The discussion on the bank bill in
Tho House of Representatives, Mr. John Randolph, in
The course of his speech against the grant Of The char
Ter said at was unpleasant to put one sell IN array
opanst great leading interest in community, be they
knot of land specula tors, paper obbers or what no
but said he, every man you meet IN this mouse or on'
ne i with some rare exceptions, which only served 10
move the rule, was either stOekhoider president,
cashier eierk doorheeper, runner, ensrars paper
maker or mechanic, IN some rdy or other, ton bank
.uanning-What melancholy picture of the depra,
vv of human nature have you presented IN that orei
extract from Mr.. Randolphs speech in lolo. Ana III
1910 Mr. Niles understood there were forty members
o. ~
hone they gave vote in which their own pecun'ary
interests were involved certainly cannot excuse The
hank for violating its charter, but IT It went unPunlsheo
IN 1919 il received full measure OF punishment, ahc
vengeance too when Gen. Jackson ordered the dePo-
sites to be removed The removal Of The deposItes was
clear and papabe violation Of the Bank Charter, Tor lie
stockholders of the Bank had paid large bonus, IN or
der that they might have the Of the revenues wicn
not needed for the service of the Government ana nc
Secretary of the Treasury had ever dared to touch OF
remove the dcposites, before Gen Jackson went in'o
mower and became despot.
Hason-The authority to carry on the operations %
Bank with thirty-fve millions of dollars as cap',ai
10 establish offices of discount and deposiie IN lhe aii
ferent Staes accompanied by the pledge on Inc par
Of the Federal Government TO receive the notes OF .e
Rank in payments of the public dues, and the aodi-
,onal pledge that no other National Bank should De
established urng the continuance oil the sa'd
rate body constituted the consideration Tor whch 'e
bonus was paid. The Of The deposltes cannot DC
considered as forming part o! the consideration o'
which the Bank paid when It is recoliected nat ION
oess explicitly reserved TO the Secretary oil the rea
snry The right of withholding the public funds IRON
the Bank Of The United States. Can it be believed
| that the Bank would haze paid, or did pay, Ger
lain and fixed amount of money for privilege unccr
a;n as 10 lis duration, because dependent upon the e2
erc;ss of power conded 10 the Secretary OF the lea
sury, The 10th section Of the charter enacted, tina
The moneys of the IT, S. should be deposited in th'
Bank of the u S. and its branches, unless the Sc
cretarv Of the Treasury SHALL at any time, otherwIs
order and direct" This was full reservation on tn
mart of Congress- that the Bank mi ht have the use
the deposites long the Secretary OF the lreasn
should not think it necessary otherwise 10 o,oer-
act of incorporation did provide that so long as LIT
= Rank of the IT, S. continued to be q sale depository
the public funds should be deposited therein: on y.
contrary the charter delegated to the Secretary oil In
Treasury the right to withhold the public moneys, no