The Indiana Whig, Volume 1, Number 9, Lawrenceburg, Dearborn County, 14 June 1834 — Page 1

TWO DOLLARS A TEAR IN ADVANCE. EDITED BY JOHN tf'PIKE. Three dollars at the bxpibatio.v op the tear t VOL. I. LAWRENCEBURGH, SATURDAY, JUNE 14, 1834. NO. 9.

THE INDIANA WHIG,

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- , the room set apart for them in the bankingLATE BANK INVESTIGATION. j house, as soon as they understood the Compart op the mi sou itt REPORT. m'ttec f the Directors of the Bank to claim - . , - the right of being there present with their Mr. Everett, from tho minority .of the Com- books, during the inspection of the same, b mittee appointed to investigate the affairs jig true that, by a subsequent resolution, the of the Bank of the United States, submitted ! Committee of the House of Representatives the following Report. disclaimed having decided that they should, Tho undersigned arc far from intending to in point of fact, exclude the directors from the charge their respected eolleajoes, from J room, during the inspection of the books; but whom they differed with pais, with the dc-! they persevered in the assertion of the right sign consciously to institute a search of this ! to do so, as appears from the documents apcharacter into the affairs of the Bank, but pended to this report, they felt obliged to dissent from a cotwMcra- j This claim was regarded bv the under-

oie portion ot their measures, deeming them, ; in effect, (though certainly not intended,) to have all the essential characters of such a general and unlawful search. The justice of this remark will, as the undersigned think, abundantly appear, from a review of the principal measures adopted by the committee, which will now. tor this reason, lie briefly . Tv ' ' V csamined. I 1. the first sten taken was a rail hv tlm 1

Committee of Investigation on the Commit-! Bank from the custody of the directors, and tee of Dii actors, for "a list of the books of the j taking them into the possession of the CornBank, with au explanation of the purposes 1 mittee of Investiffation. This is a power not

for which each is designed, and the name of, the clerks to whose care and custody they are respectively committed This was a step preliminary to the proceB9 by which the committee of Investigation, in the judgment of the majority, could call for, and take into their possession, by a precept addressed to the clerks in the Bank, ony or aii of the books of the institution, in which Oie business transactions of the Bank are entered bv the said

clerks. The list was furnished by the Com- of the business of the bank, it should be eon- "ul a iui wmcn me uirectors w thoy had) either 0fthem, the custody or mittee of the Directors, with the statement.; gtrued rather strictly than liberally, and not i Kank wore at liberty to oeclinc a com- the control over the books and papers; the however, that the books were not in the ! draw with it, in implication, anything not , plwncc, thej wcreot course tree so to oc- .eilira -,,,Jy oftlie une tmg wi'b the custody of the clerks, but in the general cus- j necessary for its exercise. The 'entire con-' f uq tt?f. tir . " Bawd of IhAtora, who bad already appris tody of the Board. In consequence of this I fidence, which the undenrignnd feel, in the firS, TTnlo 'nmittee of the Houw, that they wnerf, no attempt was made to obtain I liberality and magnanimity of their coileaPies i obligatory the 'de-ianri for t hp ), had plactd them under the direction of a ' xif the booKs nyaaemalid ofb ; ioort memspection, as to cause (he j JJS, iT rf Committee, to be by that Committee sub- ' least possible inconvenience to the officers of the,D!lnk guch a demand the subscrWeS,! ilted for inspection, and that thev (the d similar character, but more objec-1 the Bank,couldnotauthonzean acquiescence depmed to unauthorized. If valid, in re au:'f1 and Cashier) were therefore un-

e. because tendinn more directly to the .... n l r : . t X . 1 institution oi a irenerai searcn, anu mimms n immolate nrormration for it. was the : risht insisted on by the Committee, of an i . ' ' i... - ii-.i i. exclusive occupation ofthe room in the banking-house, offered by the directors for their accommodation during the inspection ofthe books. The undersigned refer to the correspondence between the Committee ol Investigation and the Committee ol the Bank on this subject. They would only briefly observe, that a committee of seven had been appointed by the Board of Directors,to receive the Committee of Investigation, and submit i for the inspection such books and papers of; . . thn R .nltR rr mn-ht be necessary to exhibit !

its proceedings according to the requirement : been put to no unwortny use uy iue vuur S(H1) ,t appeared tome unoersigneu vuai, of tho charter. A room in the banking-house mittee of Investigation. Such an idea could j whelhcr exercised or noi, the right ofan cx was by this committee, offered for tlie'accom- only suggest itself to lie repudiated. It is parte inspection was designed to be rcservmod'ation ofthe Committee of the House or sufficient objection that they would have j odj and that the inspection was required to representatives. It appeared at a vary early been put out of the custody of these respon- j be bad at the private room of the committee, Ktace of the proceedings, in a conleranre be-1 sible to the stockholders for their safe-keep-: t0 enahle the committee, if they deemed it extweenthebvocommitteeSjthattheCommittec jng. The most improper use to which toe , pedient, to act on that, reservation. All the oftbe directors proposed toexhibit their books I books, or any other property of an individu- Lhjections, therctore, which he to an cx in person to the Committee of Investigation, a) or a corporation, can be put, is to take partc ine)oction in the banking house, hold , ,i t .1 V ,U., ,.;,,Vi liil dU'llPr IinO ' ..L ...I i;. ...... r an f'-r 1tftf in muict (fill

' C ... . exorersin". at the same time, mcir expeciation and readiness to "wnnaraw iroui me room whenever the Committee ofthe House should sec fit,'1 in order to furnish the Committee of the House the opportunity to deliberate, without the presence of any one, not required or invited by themselves to attend.innnd manner ol conducting thc ex . o' .. .., , r iL.. amination was regarded by the majority of the Committee ofthe Houhc of Represent;',vesas inadmissable,and formed tbe subjccl r ?Jelon fence between them and' the fXmrT Tbe CommitCommittee ol the Jiirectorf. IlK uiiiiuu tec ofthe House adopted two resolutions, In one of which they agreed that their proceedings should be confidential, unless omerj the Committee; and by thc erson should be present at the - . . . , , ,i wise ordered by other, that nope: inspection ofthe books and examination ol the nroceedinirs ol thc Bank, ex' cent those red or per-w-hose attendance might be required or per -nitted by the Committee ot investigation. , , O Tufi.i dilution was regarded mcrciy. iucui.il." r.L-n... 5 - f , r underBtandmoa the part of th Com roitlee. ot invesilgauoii, iui " - oi "1VBBI.1SO.""", -- r . would be given by them, until otherwise o dered, to thc matters ma mi hp- - the course ofthe examination The under - signed assented w.to understanding oi me pannm,"., the sittings of every comm.ttee are open unlessordefedtobe secret by the House; ant that it was not in the power of the present , ni.,.. hv a vote of their own, cither to shut their doors, or impose secrecy on any parsons who might, attend. But they assented to the injunction of confidence, in eontor- :. ui. .,oonn which has prevailed m 1IHL WUI1 U lP"fc - . D n i.i UT I.,,,

themselves, and with the express reservation

mat uiu adoption ot this resolution should, in no degree, involve an assent to the principle asserted in the second. To that principle, viz: that no person should be permitted to atj tend during the inspectioh of the books of the Bank, and the examination of its proceedings, wiiose presence was not required nor assented to by the Board, tho undersigned were strenuously opposed. It was asserted as a right on the part of the Committee, and (as the undersigned supposed, and the Committee of the Directors of the Bank appeared also to understand it,) with an intention to enforce lie right. In pursuance of this indention. ( as the undersigned supposed,) the Committee of investigation ceased to hold their meetings in signed, as being without foundation and oi jectionable. In the first place, as has been observed, they believed it to be contrary to Iciarliamentana foracommittee of inquiry,

on its ow nauthonty, to claim the rights hoi-1 tniit a miti,. 1.,, vn... .,...1.,.. ,.c

....ui.uivin.1iumiiiiiiiivii6iiiuiimr, ( .- , . " utoiijiii 11,11111 w U uiU rCSOllllIOn Ol lUC ding its sittings, except when deliberating j U8C' for ? reaf " stofdoPa Committre Investigation. He immediand voting, in secret. It can only be consti-1 lf WZ f ronted and Directors ate the Chafeirman of the Commjt. ttltoit Q CAfNil unnnnitlnli l.,r nvn.icr f ' ' e Submit CCllain Of the llOokS Of ;, - f . , r .. . .. , ... , . ., .

ix covivi . '.iijii ir i,i - . uy U1UVI "Mini it - f the House. Secondly, this principle involv- theiBank e inspection of the commitlee, n. ,;u f,..;k.; ik r ,u at their room in the North American Hotel.

iHvcn by the charter, which, as far as the hrinL-c am nrrnoinn n ultiiT'i'Toc u mmmttlnn only "to inspect the books." As the right j thus reserved bv the charter to Congress is not only one of 'the conditions of an agreement, but is in derogation of the rights and liberties ofthecitizen. and could not be claimed at common law, and its exercise at best, I and under any circumstances, must be highly i incomodiousnd create a serious interruption in a claim ol rigm wnouy to ojairuw to obstruct and hnnrr tn n cmn nip orrinnrv mtlceeollll: t L nrw.t intTB f IT the Bank ; m fact, to suspend the charier. - r - t , It was a claim to take the books out of the ! r.L j; . ,.,.,.ei-,n I possession oi tne oirociors uuo urc pusn-no..... , ofthe committee, to detain them as long as : hf-v nlRHKed. to carry them whithersoever ; thev pleased. (aright afterwards more dis-i tinctly asserted and attempted to be enforced,) and to put them to whatever use the Committec, in their unconirolieo aiscreuoii, migiu .u:l, w. Tho imrlnrRiirnnd afirain r- I

IU1111V -il.',. - ft) -T3 mnt ilmt it dftiwmtes in no detrree from tbe i objectionable character ot this daim, to urge that the books of the Bank, thus taken from - . . n .i i the possession of the directors, could have i ,, i .1 -I tnem away iroui won , - lawful guardian. I may tmnit l can uouui tnke care ol m' neiglibor's properry man i does himself, but I may not therefore take it from kirn, and administer it, even tor his own good; far less may I take it, without of law. in order to extract from its unlawful use matter to lie used, directly or eonsenuencc, tor iiir cnuiiuam-u. T'le books belong to the stockholders oi uic uaim, and are, by them, entrusted to the directors. They do not belong to the House of ReprcSent tives, nor to any committee of that Reniuim-s, ui . House; and a right to inspect Jcm J involves a right to take possession of them, isii r.ii-ij . .i ' , . . I,,, mnnpv 111 IIP VHllllS tnaa a nem w """" """J . . involves a right to take possession of it. It is a case of frequent occurrence in State : Banks, that commit iees are rai. " '-"i them, and, among omer tilings, 10 specie in their vaults. Should such a commiltee claim the right of going. nto toe vaus i..L mn.nni eoun'iiij' tne nioncv , I . .1 - ' IT .c ii Hn,,k or nrpoence ol tne Directors oi - presence ol trie directors oi uiu g ,nwrr.,nt , nc aim: ana no peisoii- - m nn(1 pr0. committee, would render such a , Uthe ,eBB unWarra..tablc. L.vUo fortify the right of tak- ' A to i. bv urpring that, ,ng ,o o JJy B ,n exercise it wouk n" f ed wboll) fa Jf the use ; undersigned, because they which was avowedly to be made oi them,was the greatest possible abuse. It was intended mnlnv them for the purpose of a general ! search, not only to ascertain, in the most ge- . r novel I inrm. whether the cnarier ui .....

think proper. The undersigned again re- jon, was not distinctly raised. Jiut con- " , . ? . j? .ilutr ' . . i.i u

raptfcns, abuses, and malpractice had ta-, tion ol tUe , and this cautious authori. ken place in its management) and" this, 1 v ,y by ,aw t0 one of ,he h j(Jdj. way of .nqu.ry, among other things, whether cial tribunals of the country, on an cxan.inaa criminal prosecution, in lel ! rora, shouk ll ,ion intoan alledged violation of the charter, be instituted, (see resolution ot Committee of, i. c.u. . , .

Investigation of 7th of May,) in which pre I ecution the directors, called to submit the) books, would have been the partv implicated, The undersigned believe, that, in a land of conrt.tutional liberty and law, it can need J, . o . """" " v..i., mi he part of a committee of either House of . , . . . .u , u.e general parliamentary power of inauirv. to demand, - . - j , r "" 1""""1"") 10 take possession of the books and papers beloncing to an individual or a cornoration in '"(,'" i" an lnuiviauai or a corporation, in . . . . . . . ...v,.... umuci nun-u

toiouna a criminal procedure against said dining to comply, are of course guilty of noi miltee of Investigation, further than they apindividual or corporation, is a claim at onre .onin., , r.i, u.. ' I .., . k. .. ' ...

ofthemostunfoundcl and pernicious char - .r.u . .. j-j j acter. They confidently believe that no court of justice in the United States, or any other free country, has ever claimed such a o JjJ . 1 . r

;ecutc it ' Thev have never liPi,rH ?at'a,n' "n,tbe 5,h f ' adoP,cd a resolu-' lween 'he committees bad been con6ned aln L2r 2 . i tlon(c document No. 32) that they would laio.t exclusively to the single ground of the ler S,r ;T,r ,o "s rePair .o'clock : t0 bes by other tribunal. And they would r,i.. x : ' ,. p,.mm;... . LLtLZ. .f .u-1. '1..

any s court or 1 .1 .. - . - , ther House of Congress, as an incident of id,reM - unwar - 11. 1 , , ,

uiami,ie,eAhimaibk dweIU h ftt a

Ti, u-..: -.uj c the committee having withdrawn from, ! . j ",ul6 "" 7-7-" .u ";"s (See Doc. No. 25.) With this requisition the Committee of the Directors declined com piving, ior reasons wnicn appiir in meir rel -j . j m oj n . plying, for reasons which appear in their re u lajuumuee w open to u.e oc Jectlons alread' u,r6ed aalJUBt an Partf j lnRPcfn c books, and toothers pecul-; w w . . r l" D Ils ' l"e "eaaoem aao ' :"ecU,rS are required to submit certain of Itnpir lirviLc tn tli iinMnvhiin rj thn P'iiiiitiiI. , . r . ' . ce ai theNorth'American Hotel. If, I.V the erm ratr, nothing is to be undor.tood orl;ncc. t0 the books named in the requis.- - , n.i i s lion, H WM ol course valid as to an Be dooks , , j. . d ,j itg branches ; which pantv 0f the committee might have rer , i i i j . i i ij: J qUirea to oe orougm 10 uioir luuguigo, lcro detained and used at their pleasure. The Question whether (supposine them i roUfrilt lo the committee's room at the North American Hotel) they should there be' submitlcd in person by the Directors, or mB,Jf.ft.;rJ ex parte by tne iommuiee oi mves.L..-, ,. nf rlfim-tlv rai.d. Rut conUOllliu, .i f ..... .w-v i.i,.int, tlmt the committee ceased to hold Ulonuiu - , , . i their meetings at the l.anKmg nouse,pieusely because the Directors insisted on their (.ubmittinE the books lor inspection 111 KtJ m .... i - J .1.. . i wim t4uiu iw rU)ljto) lt i .AAitin,. tn this, the reouisition of the books, to be carried away from the Banking bouse appeared to thc undersigned, lor other"reasons,of an inadmissible character. It was to take them away from the place wliereme lmponaiu imeiusin u. ...o u. require them to be, and to be used It was . . .i ir. .... ..,.. .t., ,. .... i ,0 cxpogo them to me nsas oi ir.uiBpor.ai.oi. , lhl.ough the streets, and detention in private roomS) not constructed lor the sale prcaervation Jf valuable papers. While it is the i iAiviA,n,B tfl dnno'iite .nstan. practice of d"'d' u safo kecpiiig ah ab e books and paper ! ... ll... van u nl IU' I .: I I I. . 1111 JJd. 11 nan ll." "" ... . - i quirod to remove its own books and papers, , cuntaining the evidence of pecuniary transactions 10 iue uuiuuui . cv.v --..- millions oi uouars uiniua..j , ... j tec room in the North American Hotel, a , bllc house of great resort ui ran. oe P m a. i ne unoersiiincu wr,,,v" " i : . ' c u ii;lriii i ars totally beyond the iruiiiiim ucin,i... -.

iron. the ueiie. uid. . u - - V - ; chairmau ofthe Committee of the Diauthority ofthe House; and thoy should h(, d the chairlnan Oftbeoo.n-

have deeply regretted a compliance wi n i by the Bank, which would have devolved on the committee the care and responsibility of a deposite so delicate ana vaiuauie w th aarl section of the charter, when ever a xcirc facias against the Bank is sued out ofthe circuit court oi rennsyixuiia, u shall be "lawful for lhe court, in exuimning .. iho h-nth nf the alleged violation oftbe til bit viiu - c m r charter, to require the production of such ot the books oftbe Bank as it may deem necessary to the ascertainment ofthe controverted facts." This is the only case ra which the contract between the Government and the stockholders authorizes a roquisi-

it may deem necessary to the ascertainment of controvsrtcd facts sufficiently disproves hv Pch,ln ,1 ' '

j additional power, of the same kind, to an) j other tribunal. That the House of Rcpre seniauvcs, independent ot the charter, hns right, by one of its committees, to rcqui, ci i -v w wuiiimitM, iu ivtjuuc utc Pr-Wm uon of any or all of the books of th fiTTl, ; l- ij:i i r, ih uic ivugiiign ui uiu voiiinimec, or any where a sp, the undersigned cannot brine therowlverto ndmit At nil PvPnT g Ule,eUcs t0 "dm,t- At.a" een s as no authorita live form was mvAn tn ih rnnil sirion. HIP rtirprtni-u in rpcnooirn ln i . . . I . .-..j.. ...... uv "i; ' A AI tv . m.. ... j

rlied , iZ T, V'11' 'Jt for information, .. to a great ivlT? T ? f 'ty of m.t'ters, a. appear, ' n H , I , PrUCed,tat thef ,Nortb , the resolution, in the appendix The American tlotei the Committee of Ivcsti- corresnondence which hud taken ni. u..

wi mat uav iu iiihpeci rne uooks specinea in ..,., , rnn- ' , , . : copy of tkis resolution was sent to the Chair - 1 -,i. o r Wm . , . luaii yji ibu vyolllulllLCe Ol llie UITCCIOTS. DUI wiicii me comiiiiuec 01 me uirectors W,B n, . T. . i was not in session, and a short time before the hour named in tlie resolution of the v iocniiui5c vy h-uvi . umi 11 wouiu oe im)racticablc to re-assemble tlie Committee of Directors in season to submit the books for inspection thai day, but that they would be reassouibled w ithout unnecessary delay. Ti.i. n-,m;t( j j J1 "e corrmittec. however, deemed it expediwjuouu iu mi- oiiiiKiiiu iiuubu ai iue nuur numod, and then and there to call on the President and Cashier of the Bank to sub rmtcertain of 1l)cir lM)U t0 the CommitteQ. Thig acoor(ingv took placc first in tlje ,a hd ofureknking house, and then, by D . . . . . . . ' repetition, in the President's room. The Pregi(let and Casbicr doc,ined a y. ance w o,is reqoesl, on the ground that r,tm-t, ,-,NY..'th Hie demand of the am tb(; ,,nFWer to u? lUVfiKTIttMi.,... u'ritirifr nnHwill hr CnnH n mi .. then reduced to (Nob. 35, 36) appended to this report. napcrs This proceeding was but a repetition, in a form a little VHried, of the attempts before made to acijuirc the means of conducting the inspection of the books, apart from those to whom thc directors had confided the duty of submitting them to the committee of the uuu. .......w,, intended only to make up, in another form, the " j " im which it si unnn.el would be created .. , .u.n l...r l uviwccii nit, uaisih. uu iue vuiuuimci. ui m,,(.,tj (iD b lhe faiIule of thc Committee to olftajn tbe )(lk, lhu, r ired oftbe Vreti. dint and Cashier. It waB known to tbe Committee of the House that the direclors, ly ; an authentic act, of which a copy had been , C'luuinnicutcd, had placed thc books at the disposal of the Committee of the Board, to be OV mem suuiuuicu iu pcr.uu iur iii&iji;cliuii tu ...i,i r . f ,i.. a,., ,, ho(, twice positively made known their inability to depart from the instructions of the board in this respect. i lie committee oi tne itouso were apprized that the books nuked lor were IIOl U1U Or IIIK lliHirucLiUMB ui tut; uuuiu. ut nu; li.r. di.nosal of the President and Cashier. and thc demand mnde of these officers by j the committee in person at thc Bank, was not m fT " 1 'W '-Jo ob-nr hee cun,iderftUo,, lbc undersized opposed n,.. rrsnnal drniand for the nroduction ofthe j ll0()k6 n,)W IuiCr consideration, as a measure - . . . . i . r whicll Biu,t, lir the reason stuteu, prove ineifecti, unnecessary for the making u,. of the desired issue, and open to the objection of wr.ri,,s a vexul.ons appearance. To make a lliirt unii icution for a voluntarj kubinission bookB in a manner which it was know, jna,,inis6jbl at tDe 6ame time no ... , ... i i i recourse was hurl to compuisorv process, couiu not lmve cffecti tboug) cerUillljr Bol ; w illtenuedi of gratuitously throwing upon uirecior. u.eoo.um . .c,m..u ..u..... Uie rcquu.i. oi .oc - ' However this may be, as the fact .. undo.ibt- . - - " be" 1, o7"ta'e .. , .L . u, ,i ....... :.ui . ; a8 l"ar"5" lu " , miUee 0f Investigation that the former could n(jt fae embied, at the very short notice j but ,hould be so, without unnecessary delay, towbmit the books lor inspection; as the books were not, in point offact, in posses - uos ofthe officers called on; the undersigned feel confident that, in respectfully declining to . , nroduce tnem i I06e omcers wcic gumv ui no 1T, r she ...thontr ofthe House. 0. But whatever difference of opinion might at the fir.t have etistcd between the Committe of the House and theCommittee ot the rector. a. to tbe prttpriety of permitting the fatter to retain tfce onstody of the book., and submit them m person to the Committee f the House, fuHher consideration appears to have

led the Committee of the House to admit the reasonableness of this mode of conducting the investigation, so far at least as to acquiesce in

rectors from any charge of contempt in the it a consideration which exonorates the di,t 7 IT. without waiting their right to rduct,on tU book. at t.hei Accordingrequire the their lodgings, and required the production of certain of the books of the Bank. It will be observed that, up to this time, , . ' r "- '--, i uoin "s. arr"?eQ " 10 mode or conductine the nsoection bevoud the sin,l. i . ... , . . - , . " ' ,. ' V7J A ? . . v'"m 7' e the Hou" of RePre'entt'. that the books should be submitted in person by ii..r : r ..- m . i i I. No objects 01 inquiry had been announced by the Com "hich the Committee was raised, and in the npnr in hi. rp-in nlmn nf Ik. Ilnt, 1 .u i...iu iUOn...iuU wi tuc uuum 01 On the arrival of the Committee at !,he ranking house on the 7th of May, ' .nli .J. k r 'r I the Board, in pursuance of the follow- ! " " mawc Ull UIC volllllll IVC'C Ol ie resolution: I 6 Mat 7th, 1834. Resolved, That the Committee will proceed to examine into the truth of the statement made by the Government Directors to the President of the United States and to Congress, and for that purpose will this day call for the production, for inspection, of the minute books containing the proceedings of the Directors of the Bank, and (he expense books and vouchers for expenses incurred. As preliminary to a reply to this de(rtMrif! tho fr Irt ttrenn nonnr nan mhi. J L. ! " pll J 'l" V KB TI , C.ha,rman of th Committee of the nOarn Board Mar 7, 1834. Whereas it appears, from the resolution ofthe House of Representatives of the United States, appointing the Committee of Invesligation, that two distinct inquiries were contemplated, one of tfiem directed to asccilofn wtiemei the I charter bad been violated, and limited to the acts ofthe corporation: and the other so very general and indefinite, as to make it difficult, if not impossible, to say whether it has any limits at all, eiihcr ci o to (he matters to be inquired into, or the mode of pursuing the incmls7: and wnereas it appears, from gation, b'nhJty. committee of Invetiwide range, em bracing," TSK? a veT things, an extensive examination acts, transactions, accounts and letters of individuals, and thus instituting a 1 - , - V . . more nbiectionable. became, if it have ! f . ,ZZZZTZ.7 "IT" an v nnrnnRP hi nil. lr tnii bt hp rn rr m. f 7h inH vid imU T w "11.. he Mt tnose inaiviauais as well as tne r-.r is without any assignable object, and would be an injurious invasion of private interests: and whereas, under these circumstances, it is the duly of the i gi ... 11 I r I . i Committee, by all lawful means to proled the rights and sacred confidence j I entrusted to their keeping, and to yield nothing by consent which cannot bcledemanded from (hem; anrJ wbere. I a c I J J ! aS' af(er Careful anJ anIOU6 COUSldera- ! lion, they are oi opinion that the inqui - ( ry can only be rightfully extended to ai- , tegcu iuinuoug oi ine ciianer, ano this inquiry ought to be conducted ac - ! cording to some certain principles and rules: meiciore, Resolved, That (he Committee of Investigation be respectfully required,

when they ask for books and popers, lo another purpose not authorized by law? state specifically, in writing, the purpo- It is plain that if this could be done, tbe bes for which they are proposed to be limitation of the right of inspection inspected, and, if it be to establish a j would be illusory and worthless, b violation of the charter then to state I Jn order to tender the limitmtioa etsV specifically, in Writing, what are the al- j cient, tbe Committee of Directors r leged or supposed violations of charter quired of the Committee of Investigate which the evidence is alleged, or (ion to specify the objects for which

supposed to be applicable. Resolved, That, in the opinion of this Committee, it would very much conducc to the purposes of justice, as well as to thc convenience of all concerned,1 if the committee of Investigation would furnish a specification of all the chaiges intended to be inquired into, and proi rru n irn 111 niun .inii.u. A 1. KAm 4-., .lqt.il 1 The tmderstgned opposed the Call aDOTe recited, made On the 7th May, j fm production of books. They feel , ,- , . .. j ! tbem?elves, therefore, called upon to - nlnin hrip.flv the considerations which influenced thena. The undersiened bv alreadv stated that they conceived the committee, of wbicb tbey have the honor to be members, to be clothed with a two fold power, and to be com

petent, or rather required, by the order of the House, to act in a two fold capecitv. They were a committee of visi-

1 tation, appointed under the 23d section of tne charter. At sucn, they were au thorised to visit the Bank, to inspect the books, and to examine into the pro ceediogs of the Bank, and report whether the charter had been violated. They were, also, a committee of inquiry into the causes of the present commercial embarraMment and pecuniary .. . . pc.uuinrj distress, and into the corruptions, abu ses and malpractices of the Bank. In the former capacity, the had a right to inspect the books of the Bank. Thev had ibis right by the charter, and would not have had it without the charter. In the latter capacity, they had no right to inspect the books, unless voluntarilysubmitted by the bank, because the charter does not give them that right for such purposes. The Bank is obliged, by the charter, to submit its books to the inspection of a committee of visitation, authorized to report if the charter has been violated; and it is not bound to submit them to a committee of general inquest authorised to report on malpractices and corruptions. The right ot inspection possessed by the commit, tee, as a committee of visitation, cannot be used by it in its other capacity of a committee of general inquest and accusation, as an instrument of search after crimes and misdemeanors in general. But the Directors of the Bsak had been apprised at the outset, by the Resolution of the House of Rspnentatives of the 4th of April, that the committee was of a twofold character, as stated. That resolution distinctly enumerates, as objects of inquiry, not only violations of the charter, for which the books might be inspeted,but various acts of mismanagement and corruption, for which they might not be inspected, unless voluntarily offered for that purpose. The Committee of Ivestigation had addressed various calls, by way of resolutions, to the Committee of the Directors, touching matters concerning which the charter does not require the Bank to submit its (viol Car inspection. The call nf ih 7th of Mar. nn (ho 1 jof to the banking house, is for certain of the books ol tne Bank, to enable the committee to examine into the truth of the statement made by the Government Directors to tbe President of CoHed States and to OW"5 That e. ment ewcm nutters which neither ar, nor are alleged to be, violation 0f the charter; and, consequently, in erence to which the Directors afa aw required to submit their books for in--gion. sentatVesio38. c one of visitation,1 tirentv-flSS section ofthe charter, anifbw al inquiry, under the power 1K House to send tor persons and papers, these two committees would not hare been authorized to amalgamate nor interchange each other's functions. The committee of charter visitation would not have been authorised to engage iaa general inquisition, nor would the cow mittee of inquiry have been authorised to dcn.and the books for inspection. But to what avail has tbe ct limited the objects for which the ! may be inspected, and protected the , corporation, and thole who business with it, from the annoyance . and misctneis oi a general searcn, ii a ! committee of visitation may be clothe with the fuactioiH of a committee of i general inquiry: ana, Having got tne j books into their hands tor authorised by tbe lr, may Ihey demanded tbe bookl. For ' objects the demand of til according to law: for being bound by law to yield tnem, QM Directors were at liberty to withhold them, or to submit them, according to their discretion. They, the re fare, ! ded a specification, to enable them to discbarge their duty under tbe charter, km well as to protect them in their rights; to enable them to distinguish, in tltoM, quisitions of tbe Committee of Investi gation, how much was autboritive, unoer the statute , and how much, not they were at liberty withhold. There was toe more rOtoon in.rosist- - 1 ing on this riht to

being aathontattve,

to concede or ta