therefore, ought to be of the greatest weight with the committee, if, indeed, it be not quite conclusive; for distrust and suspicion must have acquired a most unreasonable and excessive influence in our deliberations, if they can incline us for a moment to question or doubt the statements of that high and distinguished officer. In a letter of the Secretary, during the last session of Congress, the words of which I cannot quote, but to which every member may refer on the files of the house, he expresses, acccording to my recollection, a general approbation of the conduct of the bank, as having exceeded his expectations. In his letter of the 4th December, 1818, to the select committee of this house, (Documents, p. 95,) he states in detail how the specific duties of the bank towards the government have been performed. I appeal to that letter to show that they have always been faithfully performed.

But the manner in which the bank has performed its duties towards the government, the services it has rendered to the government and nation, cannot be more plainly evinced than by a statement extracted from the documents furnished by the select committee. The bank commenced its operations about the 1st January, 1817, excepting a loan to the government, of $ 500,000, made in December, 1816. The public deposites, on the 31st January, 1817, amounted to $1,147,772 97; in the following March they had risen to $11,615,017 62; the 30th April they were $11,345,796 75; and on the 29th July, $24,746,641 26. (See Appendix A.) This, sir, was when the bank had been in operation but six months. That this immense amount of $24,746,641 26, was the saving of the revenue received during that time, no one will pretend. It was the accumulation of revenue previously collected, distributed throughout the United States, in credits of state banks, variously depreciated, and of which the government could not be said to have the command, because they were local, and of course applicable only where they happened to be, and

where the public service did not require their expenditure. By this single operation, twenty-four millions were thus converted by the bank from depreciated, local currency, into specie, or, what was equivalent to specie, of universal circulation, and which the government, through the agency of the bank, might apply, without expense, wherever, and whenever, its wants or its service required.

Another conversion took place immediately after, highly advantageous to the government, and, I must be allowed to add, extremely unfavourable to the bank. With $13,398,438 02, part of the $24,746,641 26, which had thus been appreciated, and rendered available to the government, by the assumption of the bank, the government, on the 31st July, 1817, redeemed, at par, $13,398,438 02 of the public debt, belonging to the bank, which had been paid in by the subscribers. The report speaks in terms of censure, of what it styles the "unfounded and unnecessary complaint, by the officers of the bank, against this very prudent measure;" meaning the redemption of the debt. That it was the right of the government to redeem, I do not deny. That the officer at the head of the treasury, whose first duty is to the government, was justified in the measure by a proper regard to the interests of the government, I shall not at all question. I will admit, too, that, as the government clearly had the right, and chose to exercise it, complaint by the officers of the bank was altogether useless. But, that the operation was prejudicial to the interests of the bank, and might reasonably cause some dissatisfaction in those to whom those interests were confided, I deem most perfectly evident, and altogether consistent with that zeal for the real welfare of the institution, in which some other parts of the report seem to suppose them to have been wanting. By the original plan, a large proportion of the capital was to consist of public debt, bearing an interest, with liberty to sell in small successive portions. The value of such a possession, to a new institution, which

the report supposes ought to have "proceeded gradually, growing with the growth, and strengthening with the strength of the nation," (page 7) it requires no great financial skill to estimate. It was a sure resource for obtaining the means of extending their business, when that should become expedient, and in the mean time was productive. It was all redeemed at once, and it was redeemed at par, when the market price was considerably higher. But, passing by this loss on the redemption, the mere circumstance of withdrawing at once thirteen millions of stock, and throwing suddenly upon the bank thirteen millions of money, for which they were to find immediate employment, must have materially, and most injuriously interfered with their arrangements. There can be no doubt that it led directly to some of those measures (the extension of loans on stock, for instance) which the report most strongly disapproves. But, be that as it may, none can question the advantage of it to the government.

By the redemption of the public debt, and payments of the government, the public deposites in October 1817, were reduced to $7,743,899 74. In October last, (1818) the government redeemed a moiety of the Louisiana debt, exceeding five millions of dollars, and this, too, was done through the agency of the bank.

Looking back to the period when the bank was established, considering the state of things at the moment when it came into existence, considering how short a time it had been in operation, and the difficulties it had had to surmount, the effect is wonderful, and, to all unprejudiced minds, would seem to indicate a steady and faithful attention to all its public duties. Sir, that institution has been a servant, I had almost said a slave, to the public; a faithful servant, always forward and zealous, even at some expense to itself, to promote the public interests, in all their various and complicated relations. This is the spirit in which its affairs have been administered. It still continues

to perform all its public duties, without affording just cause, in this respect, either of complaint or of reproach. I might add to the list of benefits, received by the government and nation, the decided improvement which rapidly followed in the public credit of the country, both at home and abroad. If gentlemen doubt, let them consult the price current of stock here, and in England.

The only allegation, indeed, of any thing even approaching to a default in the public duty of the bank, is that contained in page 10 of the report, where it is stated, "that the amount done under that resolution (to discount notes for those who had revenue bonds to pay) was small, &c." This is certainly a mistake, as has already been shown from the letter of the Secretary of the Treasury-from the evidence of Major Butler-and from the fact that there has been no complaint. Such has been the inclination to censure, that you may rely upon it no well founded cause would have been suffered to escape. It is a mistake arising from the circumstance, acknowledged by a member of the committee, (Mr. M'Lane) that the inquiry was ex parte. If they had asked for information, they would have learned, that at every discount day the directors had before them a list of the bonds coming due, and that they uniformly gave a preference to those who were to pay them, as far as they could do so consistently with the interests of the bank, of which I beg leave still to say they were the exclusive judges.

The next object of inquiry is, how the management of the bank has been conducted in regard to the interests of the stockholders. This is altogether independent of the question of violation of charter, which will be considered separately hereafter.

In the progress of an institution like the bank, founded and established with a view to certain great public objects, perplexing questions might, and would, occasionally present themselves. The interests of the public might, in

some instances, be at variance with those of the stockholders. Which were to yield? If, upon every such occasion, the directors had allowed a paramount influence to the interests of the stockholders, and had sacrificed the public objects to the profits of the institution, the public would then have had some reason to complain. But, if every public duty has been faithfully and fully performed, even beyond any reasonable expectation that could have been entertained, it is certainly a very singular inquiry to be made by Congress, whether the utmost has been done for the interest and profit of the stockholders. That is an investigation which belongs to the stockholders themselves, and which they are competent to conduct, having the means in their hands of correcting errors, and of removing grievances, by changing their officers. But what is to be the consequence, if Congress, assuming their power, should be of opinion that the institution has not been well managed for the interests of the stockholders? To alter the charter-to take away the charter or subject it to the wasting and destructive process of a protracted judicial examination by scire facias? Have the stockholders made any complaint? Have they asked from us any relief? Not at all; on the contrary, they implore us to abstain. You have upon your table a memorial to that effect from Boston, a memorial from New-York, and an exceedingly well reasoned memorial from Richmond, which deserves the attentive perusal of every member of the house. If their interests have been injuriously affected, they have, on that account, a stronger claim upon the public. After we have gained so many objects of great national importance at their expense, would it not be iniquitous, yes sir, a national iniquity, now to deprive them, by a wanton exercise of unjust power, of all the hopes of an equivalent, founded upon the public faith pledged to induce them to embark their property in this concern? Can you restore them to the state in which you found them? Will you return that part of the bonus which has by this time become