Indiana Palladium, Volume 10, Number 21, Lawrenceburg, Dearborn County, 7 June 1834 — Page 2

. tYatvit AP THE IT- STATES.

Report of. the Committee of the House of Representative, appointed to investigate the affairs of the Bank of the United Slates. Pbesented May 22, 1934. The Committee appointed in pursuance of a resolution of the House of Representatives, passed on the 4th day of April, by which it was as far as practicable, the cause of the commercial embarrassment and distress complained of by numerous citizens of the United States, in sundry memorials, which have been presented to Congress at the present session, and of inquiring whether the tho United States has been violated, and also what corruptions and abuses have existed in its management; whetner it nab uu u& corporate power, or money, to control the press, to interfere in politics, or influence elections; and whether it has had any agency, through its management or money, in producing the existing pressure, a Select Committee be appointed to inspect the books, and examine into the proceedings of the said Bank, who shall report whether the piovisions of the charter have been violated or not; and, also, what abuses, corruption, or mal-practiccs, have existed in the management of said Bank; and that the eaid Committee be authorized to send for persons fc papers, and to summon and examine witnesses on oath, and to examine into the affairs of the said Bank and branches. And they are further authorized to visit the principal Bank, or any of its branches, for the purpose of inspecting the books, corres pondence, accounts, and other papers connected j with its management or business; and that the said committee be required to report the result of such investigation, together with the evidence they may take, at as early a day as practicable Respectfully submit the following Report, in part of their proceedings, so far as they have found it Dracticable to discharge the duties devolved on them. . Charged, particularly, to examine into the conduct and condition of the Bank of the United States, they have endeavored most anxiously to ascertain correctly the true character of that highly responsible and delicate trust. To judge rightly of the proceedings of the House of Representatives, and of its committee towards the Bank, it must be borne constantly in mind, that that corporation differs essentially from an ordinary banking company, incorporated for private benefit. The Bank of the United States was chartered for great public purposes, as an agent, deemed necessary to the Federal Government, in the efficient exercise of its high prerogative, to fix the value of money, and thereby secure the benefits of a sound circulating medium to the confederacy. It was designed to aid the Treasury Department to collect conveniently and disburse the national revenue of its stock the United States hold seven millions of dollars'. And its notes are by law made receivable, at par value, in payment of all dues to the Government. Concede, as we must, that the Bank was established for great public ends, and t Kof TTriicr r.F T? oni-nconto f i roc ic t li ffnnfl in. quest of the Union, and as such, has power to visit and inspect all Departments of the Federal Government, to correct their abuses, reform their errors, and confine the exercise of their powers within the limits prescribed by law to each, and it follows that the House has power to appoint a committee to make a minute and full inquiry into all the multiform operations of this powerful corporation. But that there might be no doubt of the existence ef the power here contended for, it has been expressly reserved in the 23d section of the charter of the Bank, which provides, "That it shall be at all times lawful for a committee of either House of Congress appointed for that purpose, to inspect the books and examine into the proceedings of the corporation hereby created, and to report whether the provisions of its charter have been violated or not." The language in which this authority of the House is described, is so plain and so full, that an attempt to illustrate it appears to be supererogatory. The committee to be appointed are to "inspect the books andexamine into the proceedings of She corporation" without exception. The section contains no reserved power to the Bank to designate the place where, or the persons in whose presence the examination shall be made. These modes of exercising the main power are necessarily, as its incidents, dependent on the discretion of the sovereign with whom it is lodged. A contrary construction would make either or both Houses of Congress dependent on the agents whose conduct is to be the subject of inspection. If the Bank can attach any conditions to its exercise, not found in the charter, then it could render nugatory the power, by which it was intended it should be checked and controlled. That the great conservative purposes for which such Committees of Investigation were to be appointed might not be thus defeated, the extent and character of their inquiries are rightly made to depend on the wisdom. patriotism, and justice, of either House of Congress. The only restriction to be found, in that clau?e of j the Bank charter which we are considering, is that which relates to the committee, and not to the House; and has reference, not the extent of the examination, but to the character of the report to be made. The committee is directed to report, among other things. ""Hther the provisions of this charter have be wd or not." The object of this Fpecific requirement is to be found in another clause of the same section of the charter, which provides, "whenever any committee as aforesaid, shall find and report, or the President of the United States shall have re?. ron to believe, that the charter has been violated, it may be lawful for Congress to direct, or the President to order a. scire facias to be sued out of the Circuit Court of the district cf Pennsylvania, in the name of the IJ. States, calling on the said corporation to show cause wherefore the charter herein granted, shall not be declared forfeited." ' b But if there ever had been a well-founded doubt as to the true and fair construction of this reserved power of the House, the committee did euppose it had been long since yielded. .I?T1813,?r" SPencer of New York, offered to the House of Representatives a resolution providing ftr the . appointment of a committee to inspect the books, and examine into the proceedings of the Bank. In the debate to which that resolution gave rise the opinions now entertained by your committee were well expressed by many distinguished gentlemen. For presenting short extracts from one of the speeches then made, no apology, it is supposed, will be needed. Mr. Lowndes said, he had no "mnr.. hensions of defect of power in the House to prosecute the inquiry in the terms proposed. He had no doubt of the power of the House, if the public interest required it, to direct a committee to make such "a report. The nation, said he, has a deep interest in the conduct and management of the Bank; our duty to the people whom we represent, the nation's interest, as owners of a large portion of the stock, its interest in the revenues being wholly payable in the notes of the Bank, will justify a constant and vigilant attention to its proceedings. If there had been a doubt whether the conduct of the Bank had been PROPER or not, the House xcas fully jusUfed in investigating into the facts, and inquiring tohether abuses had been committed or not. He would vote inquryt in ita broadest 6hape." The resolution of Mr. Spencer was adopted, and acommutee appointed, who visited the principal . uuk bi rhiladelDhia and some of ito t.nac They had free and unrestrained access to the books papcra of the Bank. They were furnished by ta eSetri With suck xtrata and copies fSOm tai

books and papers as the called for. They gammoned before them the Directors and officers of the Bank, and examined them on oath, touching their conduct and proceedings. And the Committee made to the House, on the ICth January, 1819, an elaborate report, from which we learn that their inquiries had been chiefly directed "o the general management of the Bank and the conduct of its officers." The transactions of private citizens with

tho Bank were then freely and fully examined. Individual transactions of the President and Directors of the Bank, in the purchase of its stock, were fully investigated, and those officers sworn and required to testify before the Committee. Though deeply affected, personally and officially, by these developements, they never hesitated or objected to obey the process or to give their testimony. The names of the borrowers from the Bank were published without scruple, with the amount of money due from each, whenever, and not otherwise, such a publication was deemed necessary to illustrate the improper conduct or mal-administration of its officers. This precedent, to which the Committee of 1832 strictly conformed, is entitled to high respect from the eminent character of those by whom it was established, and who have justly enjoyed high reputation for purity of purpose and distinguished attainments. If any additional reason for deference to this contemporaneous construction of the 2d section of the charter be necessary, it may be found in thp fict that the Directors of the Bank in 1S19 themselves assented to it. They conceded to the Committee of the House the right to inspect all their books and papers in such manner as that Committee thought just and proper. Besides, those who now have tae management of the Bank, in 18G2, without question of right, without hesitation, without protest, produced for the inspection of the Committee of the House, all their books, papers, correspondence and accounts, and appeared when summoned, and testified on oath touching the transactions of the institution u their control. With these preliminary observations for which it is believed ample apology, if any be required, will be found in the subsequent portion of this report, the Committee will proceed with a brief analysis of their proceedings in the execution of the duties devolved on them, showing the unexpected obstacles interposed by the managers of the Bank, to the progress of the examination, and their repeated refusals, in violation of their charter, and in contempt of the authority of the laws and of the House of representatives, to permit their books or papers to be inspected or their proceedings to be examined. The purposes for which your committee were appointed, are stated so distinctly in the resolution of the House, that they have experienced no embarrassments in deciding on the character of the duties imposed. They are required 1st, to ascertain, if parlicable, the cause of the commercial embarrassments and distress complained of by numerous citizens of the United States, in sundry memorials which have been presented to congress at the present session, and whether the Bank has had any agency through its management, or money, in producing the existing pressure. 2d. To inquire whether the charter of the Bank of the United States has been violated, and what corruptions and abuses have exited in its management. 3d. To examine whether the Bank has used its corporate power or money to control the press to interfere in politics, or influence elections. The powers designed to he conferred' on the committee, if they could have been exercised are adequate to the performance of the duties enjoined ; the y were authorized to send for persons and papers; to summon and examine witnesses on oath to visit if necessary the principle Bank and its branches and to inspect the books, correspondence, accounts and other papers connected with its man agement. Such are the duties and the powers of your committee conferred on them by the House with extraordinary unanimity, and which your committee felt bound to regard as consistent with the chartered rights of the corporators and their debtors. Under a deep sense of respectful obedience to the decision of ihe House of Representatives thus solemnly expressed, and feeling that they had no right to question its justice or its propriety, vour committee proceeded to Philadelphia on the 22d April, to commence the performance of their duties. On the 23d of April, their Chairman addressed to the President of the Bank, a communication, enclosing a copy of the resolution of the House of Representatives, and notifying him of the readiness of the committee to visit the Bank on the ensuing day, at any hour agreeable to him. In reply, the President informed the committee that the papers thus received should be submitted to the Board of Directors, at a special meeting to be called for that purpose. It appears, in the journal of the proceedings of the committee, herewith pre sented to the House, that this was done, and that the Directors appointed a committee of seven of their board, to receive the Committee of the House of Representatives, and to offer for their inspection such books and papers of the Bank, as may be necessary to exhibit the proceedings of the corporation, according to the requirement of the charter. In the letter of John Serganf, Esq., as Chairman of the Committee of Directors, communicating the proceedings of the Board, he says that he w is directed to inform the chairman of this committee, that the Committee of the Directors "will immediately direct the necessary arrangements to be m ule for the accommodation of the Committee of the House of Representatives," and would attend at the b3nk to receive them the next day, at 11 o'clock. Your committee attended, and were received by the Committee of Directors. Up to this period, nothing had occurred to justify the belief that a disposition was felt, on the part of the managers cf the Bank, to embarrass the proceedings of the Committee, or have them conducted differently from those of the two preceding Committees of Investigation. On assembling, however, the next morning, at the Bank, they found the room which had been offered for their accommodation, pre-occupied by the Committee of the Board, with the President of the Bank, as an cx officio member, claiming the right to be present at the investigations and examinations of this commit tee, l his proceeding the Committee were not prepared to expect. When the appointment of the Committee of seven was first made, it was supposed that that measure, however designed, was not well calculated to facilitate the examination. The officers of the Bank were believed to be the most appropriate agents of the Board of Directors to exhibit their books and papers. By them the entries in the books are made, and by them such entries are most readily explained. It is their duty too, to be daily at the Banking house, and on that account they could assist in the examination more readily than the Committee of directors. These objections to the special agents of the Board were felt and expressed, but they were waived, and no disposition has been manifested or felt by your committee, to conduct the examination in any manner not entirely acceptable to the board. Under these circumstances, your committee did think that a decent respect for their rights and pri

vileges, and much raoro for the dignity of tint body from which all their powers were derived, might have induced the Committee of Directors to forbear to make them feel an entire want of control over their own room. With a previous determination to be present when their books were to be inspected, thev could have waited to avow it

until these books were called for, and the attempt I made to inspect them in their absence. These J circumstances are now reviewed, because they then excited an apprehension, which the sequel formed into conviction, that this Committee of Directors had been appointed to supervise the acts and doings of your committee, and to limit and restrain their proceedings, not according to ihe directions contained in the resolution of tiie House, but the will and judgment of the Board of Directors. Your committee have chosen to ascribe this claim of the Committee of Directors, to sit conjointly with them, to the desire to prevent them from making use of the books and papers, for some of tiie purposes pointed out by ihe resolution, of the House. They are sensible that this chim to be present at all examinations, avowed prematurely, and s ibs quentlv persise 1 in with peculiar pertinacity, could bvi attributed to very different motives; but respect fur themselves, ;md respect for

the gentleman who composed the Committee if j dent of the United Stutcs r.nd to Congress; and Directors, utterly forbids the ascription to them of ! to ascertain whether the Bond of Directors had a feeling which would merit compassion and con-1 viol ited the chartorof the Bmk, by authorizing the tempt much more than resentment. I exercise of ill -gd powers by their committers or This novel position, voluntarily and deliberately ! t flie rs, and whether tho Bmk had any rgency, taken by the Committee of the Directors, predrca-! through its m magerm nt cr money, in producing ted on an idna of equality of rights with your com- i tiie present pressure, or has us d its corporate powmittee, under your resolution, rendered it proh iMe, 1 r or money to control the pu ss, to interfere in and in some measure necessary, tint your commit-! polities, or infhn nee -lections, tee should express its opinions of the relative rights Without giving a specific answer to tbeso oils of the corporation ;md the House of Repreeenta- for books and papers, the committee of Directors lives. To avoid all misunderstanding and future ' presented a written communication, which was misrepresentations, it was desirable that each qurs- said to be "indicative of t!i j modo of proceeding lion should bedecided separately. Contemplating j d. emed light by the B;nk.' an extended investigation, but unwilling thai an a;- J The committee of the Board in that communica-

prehension should exist of improper disclosures being made of the transactions of the Bmk and its C'istomor?,youreommitleo, following theoxample of the committee of 13-', adopted a resolution d. cl iring that their proceedings should be confidential, until otherwise ordered by the committee, ;md also a resolution that tho committee conduct its investigations "without the presence of any person not required or invited to attend " A copy of these resolutions was furnished to the Committee of D'rcctors, in the hope that the rxclusive control ofa room at the Bank, (luring its hours! of business, would thereafter be conceded to your j committee, while the claim ot the Committee of Directors to bo pn?sent when their books were submitted for inspection, should be postponed for decision, when the books were called for and produced by them. On the 28th ult. this committee assembled at the banking house, and again found the room they expected to find set apart for their use, preoccupied by the Committee of Directors, and others, officers of the Bmk. And instead of such assurances as they had a right to expect, they received copies of two resolutions adopted by the Board of Directors, in which they were given to understand that their continued occupation of the room must be considered a favor, and not a matter of right; and in which the Board indulge in unjust commentaries on the House of Representatives; and intimate an apprehension that your committee design to make their examinations secret, partial, unjust, oppressive and contrary to common right. When this communication had been read, your

committee adjourned to meet at their own chamber,! liUn" 111 which they announced their purpose to adat the North American Hotel. Notwithstanding ' here to their resolution and refused to submit the all that occurred, the correspondence with the com- hooks and papers of the Bank, required by your mittee of directors was continued. If in so doing committee to be produced lor their inspection, an error was committed, let it be imputed to the These calls were made in the Bank and in the l . l -1 . . . r i it. i ..f l... 1 n i ,.i

oeuei inai great iorooaranco well became tneuommittee of the immediate Representatives of the People. While it was thus doubtful whether a room could be obtained in the Banking house, without conditions being attached derogatory to the rights and dignity of the House, and a concession in advance ofa claim set up by the Bank, which might serious ly incommode your committee in their business,

they determined to execute your resolution, if i COimnl,lOG are ot opinion, mat tho eh trier ot tho j not communicate d until evi ry oilier ineana oi propracticable, without intruding on tho Directors of K mk was vl0'aU :l"d a contempt of the authori- venting tho examination had proved unavailing, the Bank; they therefore, required of the Presi- ,v 0f die House of Representatives cominiltcd. ) ut for l.his conduct, wlfeh your coinmitteo can dent and Directors, in writing i0 submit for the in- our cmmnhtcp, acting under the instructions "d regard as distinguished by frankness and canspection of the commitlec,attheir committee room, f tho House of Representative-, without power dor, im? abscenru of your committee, from their on the 3d day of Mav, certain books and papers of ' to niOiI'0-' or enlarge them, charged to inquire, and! duties in tho House would have been cf much the Bank, which might have been thus produced j not authorized to accuse or to arraign, except in . shorter continuance.

without interruption to the ordinary business of the Bank. The requisit presence of the directors On the day named, ten communication to "that thev cannot comnlv with that mrt of tlio m solution ot the committee ot investigation which requires tint certain books of the Bank be sent to the North American Hotel, this day, at 11 o'clock." Your committee are of opinion that this refusal of t lie board of directors to submit the books of the j i j i - - lation of th Bank charter, and a contempt of the laws and authority of the House of Ren.es .ntulvn The reasons for this opinion need - - . peated or enlarged It has been maintained, and is right to inspect the books of the I it the power to perform that ollice banking house, if it cannot be done conveniently nd effectually therein, andyour committee cannot perceive mat just ground ot comnlamt exists against

;ion, in terms implied the l,m,l0U auulor,tv ol a committee, unaulliorizeil to j mns to execute loo duty devolved upon them,

tli Board addressed a writ-1 Tu , T' .J" ,, v ,str"cl,ons Jll,cat1l.v I Prov,s'"3 colter, to obtain tho tnspec- : (I t'lli.Ml. 1 lie i' frmli! rsnt ! i.- i o i I nr,-v,n tint i linn f.t tint linn' o it ll o . , ,r.i i. n.w,

a, .anuui power, n d commit tee oie.mer House , flIS,,( ,(1 y wh JO ot(irr Cll.s ftr reasons paper thev declare th it they do not produce tho of Congress, which, by the laws, and witn a w.se wh:dl w.in hi; f-mK, in their rosolulion jri the Ap- j books required becauso (hex nio not in the custoregard to ho pub .e. interest ,s conceded to uiC pcndix and which reasons deserve examination, dy of either of us, but, hs Ins been heretofore stajuuicial tribunals ot both the federal and Slate Go- V . i n . iv , .1 ,r,i i,.iri 1 ,1 4 , . , : vernments u j ;is manifesting too deliberate purpose ot toe Direct-1 teil, ot tho Board," and r.dd, ucons.deritjg that fl I ors to resist all uttcmuts to examine into iha nro-1 corporators and Dlrortor-s. wy .r. iirti" tn ih

1 c . . .. The facts already stated, demonstrate that a room couia not be procured in me Uamv tor the use ol 11 .1 Is 1 k I . the committee, without a concession not to bo re called, which would have made your committee ! oepenoeni on me courtesy 01 me mroctors ot the .1 . 1 . .1 . I . I l-V n . u-tiiii ai every step or me inquiry, ami mo various communications received from the directors and their committee, annexed to this report, will full v corroborate this statement. Having failed to accomplish the object of procuring tiie books of the Bank forinspection, at their committee room, your committee felt it lobe their duty to demand their submission for tha at the lank, ot the President and Cashier of the Bank, the usual and general agents of the corporation. For that purpose, on the 5th day of May

having apprised the committee of directors of their a careful examination, that the copies and stateintention, at one o'clock they repaired to the Bank, merits called for by the resolutions of the 20th

and then required the President and Cashier, each ot them respectively, to produce certain of the books of the Bank for inspection of the committee. This was refused by each of those oflicers, for reasons stated in writing, and to be found in the appendix to this report. In this refusal, your committee believe there was a substantial violation of the Bank charter, udj

a contempt against the authority of tbo II0U30 committed. They are of opinion, that your committee were under no obligation of right to recognise any agent of the Bank other than those generally known as such, and make their duty and right to inspect the books depend on the covenience or caprice of such deputation. If such bo the fact, then the examinations of the Bank will, in all cases depend on the disposition of the Directors to have their proceedings examined. Having been thus denied, by the officers of the Bank, and hiving been informed by the Directors, that they were not aware of having declined to furnish a room for the exclusive use of the committee, sincerely desirous to meet the wishes and directions of the House, believed it to be their duty to seek another interview with tiie committee of Directors, and by arrangement, metthi committee of the Board, at the Batik, on tha 7th day of May, at an hour fixed by themselves. Your committee then and there, in writing, required of the Committee of the Board, to produce to your committee, for inspection, certain books and papers of the Bmk, to enable your committee to inquiro into the truth of the representations made by the Government directors to the Prcsi-

j tio.'i, express tm opinion, that the inquiry can on ly bo rightfully extend, d to alb d"ed viol itions of! I the charter, :uid deny virtually tho rb'ht of tbo i House of Representatives to authorize tho inquiries j required in tho resolution. i hey also required of the committee of Investigation, "when they asked for books and pipers, to state specifically in writing, the purposes for which tiiey are proposed to be inspected; and if it be to establish a violation of the charter, then to state specifically in writing, what are the alleged or supposed violations of charter, to which tho evidence isalhdged to Inapplicable." To this extraordinary requirement, made on the supposition that your committee were charged with tbo duty of crimination, or prosecution for criminal offence and implying a right on tho part of the Directors to determine for whit purposes the inspection should be made, and what books or papers should be submitted to inspection, your committee replied , that they were not charged with the duty of criminating the Bank, its Directors, or others; but simply to inquire, amongst other things, whether any prosecution in legal form, should be instituted, and from the nature of their duties, and the instructions of the House of Representatives, they were not bound to slate specifically in writing

any ch irg s against the Bank, or any special pur- i extended comment. But confiding in the disposipose for which they required the production of the l'on of the House to maintain its own rights tn d books and papers for inspection. dignity,and tosustain your committee in the faithful

A specific answer was requested to the calls wnien nail been mau. The Committee of the Board, after deliberation, t i i mule a communication to your committee, in wri presence oi mo omnnuee oi me uoaru, anu men and there a compliance with them was refused. Not feeling authorized to regard this unexpected and unequivocal refusal as the act of the; Board of Directors, your committee submitted the proceedings of their committee to tho Board, and they were by the Board "fully approved and sanctioned." In this act of refusal, which nothing that had occurred had prepared them to anticipate, your ... . - I 'J""r report to me House itseJi; armed with but the inquiries with which thev wcic charged, without tho aid of tiu power of the House of Ileprtsuuta - tives

or theif committee. punish, were necessarily compelled to the conclu- all reasonable means depending tololy upon tho

Anxious, however, to perform their duty without : Clerk. They, thereby, on the Dth inst. dircctod complaint to tho House, and in Conformity with-'ba Marshal of the Kastcrn District of Pennsylvathe proceedings of the Committee of Investigation 1 n'a to summon Nicholas Diddle, President, and

ot i&i'jar.u iNyj, your commit tee called oa the b 1,1 ,:i scs of resolutions, to state!KCnts aml ccrlrun cxtracts cnP!fS f,U!I1 & mittee of Directors, and tbo information furnishi d. Though us .fill, it was comparatively unimportant, 'Plm T,.-rl i'.r 1 Iriir-O .i-c" !lflr it til or-ltWMi r. I I II'. U'UIU l UIUV.IUI., ...i. .r 11..1.1 iir.ii, II.- ! ceedin."s of the corporation in th j latitude rcnuiied bv vour resolution. They say, that the Biv.rd of Directors do not feel themselves at liberty to comply with tli' requirement of tho committee of Investigation, be ' cause "part ' of the part ot me copies called t rl,rclato to mat teas over which the Board have no control.'' Phis reason, it is plain, cannot have had much weight in producing the decision of tho Board. If only a part of tho information desired was beyond the control of the Board, tint fact could have been stated, and this committee would havo cheerfully receicd the residue. i-'d. Tiie Board say, they cannot comply, because it would bo impossible for thctn to do so y. i "within any reasonable time, bavin? ascertained bv ultimo alone, would require the uninterrupted la ooroi iwo cierKs ror at least ten months. ' This reason.it is also fair to presume, could not have materially influenced the decision of the Board. If, in truth, an entire compliance with all the resolutions would require great labor, still tint did not justify the refusal to comply with any one O.I 1 . 1 . . ..'. ... ofthcrn. Besides, the whole objection could have

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been avoided by tbo employment cf mora rlt?rki than two, the compensation to whom, ifpiid citber by the Bank or this committee, would havo been well expended in gratifying the requirement of tbo House of Representatives. od. The Board say they cannot "comply, inasmuch as in respect to a part of tbo papers called for, the iff ct wculd h'i the sime as the surrender of their books and papers to a secret and cx parte examination. Who can read this list reason for refusing, given by the Directors, and fail to perceive tint this committee is justified in declaring, tint without the aid of compulsory process, they cannot obey the direction of the House. If cxtiactsfiom their own books, made by their own clerks, will not be furnished, because they might bo used to cenduct an cx parte examination, what benefit ciuld this committee expect to derive by access to tbo books themselves? Permission to take extracts for themselves could, and probably would, bo denied for the same reasons; and u committee of the House, without power to compel obedience to its demands, would have power to make no use of the books, which wa not approved by the Directors themselves. And tbo House will be at no loss to determino wh it latitude they would be willing to give their inquiries. And without authentic extracts, such im wcto unhesitatingly furnished by the Bank to both the former Committees of Investigation, your committee could very imperfectly convey to tho lluuso the grounds for their conclusions, or tbo result of their inspection and examination. In what condition, then, ii your commhtco jhccd? Tho House Invo commanded them to inquire "what corruptions and abuses Invo existed iu4tbc management of the Bank,' whethent has used "its corporate power, or money, to interfere in politics, or influence elections." To do this, they have attempted to use tho only

mcaus that can, by possibility, to enable the in to fulfil this duty; and they are refused by tbo Direct" access to tin se means which are in their cr.s tody, and which, by their charter, they are bound to furnish. Because, say they, tho inquiry this committee has been charged to make, "can only bo rightfully extended to alleged violations of tho charter." And even theso violations of charter are not to be inquired of until tho Board is fum'hed with specification of all the charges intended to bo inquired into." Should supposed iolationsof charter be specifically charged, then the Directors aro to decide whether the facts, if true :3 stated, would amount to technical viol it ions of charter, and then, and not till then, will your commiltoo be? permilted to "proceed with them in order as stated." It must bo said, that these pretence;, by which tho Bank would justify its bold disregard of the provisions of its charter, arc, in themselves, derog itory to the dignity, and contemptuous to tho authority, of tho House, to w hich it in fixtou c s its being. The committee believe, that the:o proceeding of the Bank Directors, denying vital and essential powers to the two Houses of Congress, and asserting, in effect, a paramount and coutiolling authority ever both in executing a power, devised as a, I check upon the Bank itself, would justify a mote, j discharge of their duly, they present cs a part ol this report tho various resolutions adopted by your committee, with those received from the agents of the Bank, as an appendix, declaratory of the powers believed to bo possessed, and tho purposes of your committee. They believe tint these resolutions will of themselves vindicate their conduct and procecdit.gs from all those imputations which arc to be found in the various communications of the Directets, and their committee, and will servo to show tint thev have afforded no justification whatever firths extraordinary position ultimately taken by tbo Committee id' Directors and the Boatd. But that their determination i.ot to permit any conduct of their not involving bruuch of chatter, lo be investigated, must hive been cntciiuincd long befi.ro it wai undo known to vonr committee and that it wan i . . j J lieving Un y fiad now exInusU d in their cfj too were at hst tcluc antly compelled to icsoit to ! the subnirnas which hid been furnished to them unidcrtho seal of tliis House, and attoted by its thirteen other persons, Directors ol the Bank, to atd at their comm.ttecroom, on tho next day, U U tlock at ,100,, lo ttify concerning the matgibe izcd tr books set tle 'ar- . - - . ,w,v i"iiiHiiin i; .out I'll sti it .u Vdiuiit a.-i.:iili9jl fl ll'ilf An j cotuniunic ation signed by each of them, ns th j answer ofeach of the requirement! of the subjKtmi 1 fvlof'li Sc In lli.i r t n ii i . 1 1 v ... .,. f .-. .IT. I vii ij ill ui ! I'lH. WW l. 11113 l.IUIlil illlUIS ' Proeeedinrr we donot'roncpr r,urw-elw bound tn testify, and therefore respectfully decline to do so' Your committee 'will not dwell long to answer thee technical excuses for this contempt of tha law ful mandate of the House. They aro to be found at large in the written document above referred to. Most of them, it is believed, have been already satisfactorily answered. Tho hvo novel exi cuses herein sot foith, cannot but bo condemned & insntlicicnt. Tho first is founded on a very refined distinction between the power of the Directors of persons and rs corporator.. Tho smo persons have and have not power to submit the books. As corporators, tbo custody of the books is in them; but as individuals, although collectively assembled, the same books uro not under theircontrol. Thus, by an attrntuatcd technicality, the lawful authority of tho House is to bo defied. If, in ono tnoin of tho Bank they must h ? esteemed as individual citizens," who may lawfully disregard a subrxcni duces tecum, because thy have not the book demanded if, in another room of the s ame house, by a transmigration not know to Heathen philosophy, their identity is gone; they have become mere idehl creature?, on which not even a subpepna&d lestifi(can Jam can be terved. To mako this excuse