The complaints were seemingly of the very evil so destructive to the former bank, and which as certainly as it shall ever be found t exist and be diffused, will consign the presen one to the same fate. The adrainistration int tends fidelity to the people in protecting ther interests, as well as those of a pecuniary kind, as others of a far loftier nature. Nor was the interference" deemed less respectful than preservative to a valuable institution. citizens do not forego complaint and remonstrance, because they are disregarded: with them, to be slighted, is to be roused. The patient hearing, and a fair investigation resuit as they may, soothe excited feelings, and inspire confidence for the future. To shrink from, or embarrass inquiry; to pronounce an accusation unfounded as soon as it is heard, or throwing off the attributes of judges to become the voluntary pledges of the accused prior to trial, and in the absence of all information, must produce, in this sagacious country, any thing but submission, acquiescence, and content.

That the invitation to their serious attenton," however, should emanate from the Secretary of the Treasury, or even indirectly bear the sanction of the ad ninistration, seems to have awakened the jealousy and pride of the board of directors. The incumbent of this department has in especial charge the financial concerns of the country, and in principle, law, and practice, he is the official guardian of the public stocks, funds, and moneyed interests. He cannot hear the depository of seven millions of capital, and of almost all the current revenue, assailed from a respectable quarter, and on topics of deep and dangerous mom ntum, with out anxiously looking forward, as well to de both the bank and the accusers justice, is to regulate his own conduct. Before he can be

tempted to exercise the authority with which Congress have invested him, to withdraw the public deposites, he will do as he has done, submit directly to your board whatever imputation may be made, and respectfully, resolutely, These remarks fix the belief that he would and confidently ask, nay, demand, the fullest have agreed with me that no more obvious duexamination; and he trusts that he may not be ty to the nation, or, if you please, the commumisconceived when he adds, that nothing could, nity, could well be conceived, than that of in his opinion, more imperatively exact this maintaining the operations of the bank free from energetic movement than a well-founde con- the persecutions or partialities of politics; and viction of the bank's being, as was said of its this is the duty to which I have asserted the predecessor, an engine of political party. right to invite the serious attention of your

To the examples afforded by the distinguish-board." ed gentlemen, who have so much more worthily Nor is it wholly irrelative to remark, that than myself occupied the public station now as your esteemed predecessor, Mr. Cheves, than signed to me, I at all times respectfully refer. whom no man could keep more steadily and Whether a parallel case ever occurred, during successfully in view the interests of the bank, their different careers of service I cannot pretend and whose talents, disinterestedness, and assito ay; but I do not entertain a doubt, that either duity, in the language of the committee of inof them would, under like circumstances, have spection and investigation, in October, 1822, pursued a similar course-certainly with greater" had placed its affairs in an attitude o safe and skill and ability, but with only an equal recti- prosperous, as that the burthen of duty devolv tude of intention. The relations between this ing upon his successor was comparatively department and the old Bank of the United light," constantly interchanged views and opiStates, would probably not be regarded as ex- nions with Mr. Crawford, untrammelled by any actly similar to those between it and your cor- suspicion of a design upon the honor of the inporation; nor had Mr. Hamilton, Mr. Wolcott, stitution, or the least notion that he was comnor Mr. Gallatin, the stimulating reminescence promising its safety or independence. At the of such an event and its incident, as the Con- beginning of a letter dated 2d April, 1819, regressional refusal to renew the charter. Mr ferring to a prior communication from Mr. Morris, whom you mention, had ceased all con- Crawford, he says, the board, with myself, nection with the Government long anterior to felt particularly obliged by the frankness and the formation of any National Bank. The sen- fulness of the information it contained, on timents of Mr. Dallas, as developed in his let points of the greatest materiality to the manage ter to the Committee of Ways and Means, da- ment of the institution." He proceeds: "we ted the 17th October, 1814, containing the depend on the fidelity, skill, an 1 obedience, of original plan," are too palpable to need com the officers of eighteen establishments, acting ment; and the very paragraph which you are under general rule, susceptible, necessarily, of pleased to extract from a letter of Mr. Craw-some latitude of construction, and therefore of ford, does not necessarily conflict with my own abuse and neglect." And he adds, "it would conceptions of the subject. The board has be gratifying to me, and no doubt equally so to a duty to the nation to fulfil; whether in a the board, to have your views on the subject, conflict between that duty and their duty to and particularly your approbation of the only the stockholders, the one or the other ought course which can afford us safety, if that be at to yield, and be secondary, although my patri- all practicable." On the 6th April, 1819, Mr. otism would not doubt, I submit to sounder Crawford writes: "Indeed, a full communica casuists than you or me." The acknowledg- tion of the measures of the bank, and of the ment of a duty to the nation," involves a re-reasons upon which they are founded, will not cognition of the right of the proper officers of only be acceptable, but can hardly fail to be the Government to interest themselves in its useful, both to the bank and this department. performance That Mr. Crawford regarded it It may not be improper to state that most of the the right and the duty of the Treasury Depart ment to interfere, and to admonish the bank of its duty to the community, as well as to the nation and the stockholders, cannot be disputed. In writing to the Government directors, upon a subject involving this consideration, he says: Under the same date, Mr. Cheves writes: In whatever point of view I have been able The very critical situation of the bank, which to consider the subject, it appears fraught with is becoming more so every hour; the great inmischief to the community, calculated to draw terests, both public and private, which are inupon the bank the public indignation, and ef- volved in its fate; and the intimate connection it fect its extinction at the expiration of the char-hus with your department, I hope will be a sufter It places the bank and the community in a ficient apology for the frequency of my com. state of open hustility, continually exciting to munications." And again, on the 27th May, acts of mutual aggression upon the rights and 1819, Mr. Cheves writes, "We have too many interests, of each other. In such a contest the branches, and the directors are frequently goGovernment will have no alternative. It cannot verned by individual and local interests and feel hesitate upon the course which public duty re-ings."

It is true, that no act of Congress has preOctober 9th, 1829. scribed the modes in which the administration SIR: I had yesterday the honor of receiving, shall conduct its communications with the bank, and have this day submitted to the board of diwhether orally or in writing, by one officer or rectors, your letter of the 5th instant. They by another, circuitously through the govern have instructed me to say in reply, that, observment directors, or directly to the president. ing, as they do with great pleasure, that the That would be a legislation little reconciliable views which they thought disclosed in your preto the wisdom or dignity of national representa- vious correspondence, are disclaimed, the whole tives. If, indeed, they had desired to enter in- object of the board in renewing it is accomto such details, and to multiply the obstacles to plished; and you will have the goodness to conany approach of Executive influence or act, sider the remarks bearing on the presumed asthey would naturally have bound the govern- sertion of those views as no longer applicable. ment never to transact business with your insti- We may, therefore, both be relieved from a tution, except amid all the solemnities of pen, correspondence, in every respect painful, but, ink, and paper, under the responsibility of the in closing it, I take advantage of an occasion, highest officer of finance, and by documents which may not recur, to add a few words of neopenly laid for inspection before all the intelli- cessary explanation: 1st. I think you have misgence and all the integrity of your board; and apprehended the disposition of the board in reyet their utmost ingenuity might have failed to gard to the office at Portsmouth. In answer to devise an expedient of safety which has not cha your letter transmitting the complaint, they racterised the origin and progress of this cor said at once that they would "not fail to exrespondence, as far as respects the Treasury amine the allegations of Mr. Woodbury, and, Department. should they appear to be well founded to ap Hving thus, at a greater length than was an- ply an appropriate corrective," that they had ticipated, frankly unfolded my views of the re-taken especial care, as a point equally of duty lations between the government and the bank, and of delicacy, that none of their agents as wel for the just fication of thos with whom should abuse this trust by injustice towards the I am as ociated, as of myself, I feel authorised existing administration or its friends, being alto expect that I shall not be subjected to further ways ready to apply the most decisive rehef impulations of improper design or pretension, against such a perversion of its power." In the resung upon the foundation of dislocated lan- same strain General Cadwallader wrote to you guage, assumed facts, and strained inferences. that if it can be shown that, in any quarter, Such a course can only tend to disturb the har- the officers of the bank have lent themselves as m ny which, as agents engaged in the discharge ministers of a party, or have used the power of of their respective functions, the incumbent of the corporation to political purposes, not a nothis department, and the board of directors, ment will be lost in visiting such offences with must be equally anxious to preserve. No one the utmost severity of censure and punishcan more fervently desire than I do, that the ment." This purpose was immediately carried bank shall, in all its ramifications, be absolutely into effect. The election of Mr. Mason was independent of party; that it shail so conduct postponed until an investigation took place A its affairs as to accomplish every purpose for committee of the board was charged with the which it was intended, and stand above the inquiry, and the presiding officer of the bank, reach of the least plausible suspicion. No one with one of the cashiers, went to Portsmouth, can see, with more unalloyed satisfaction, its where they devoted six days to the examinaflourishing condition, or has borne more cheer tion. In the mean time, as Mr. Mison, alful testimony to the character of its present though personally unknown to me, and to almanagement. Having labored ardently to create most all the board, was still a fellow citizen and it, I may not be supposed the first to con amaten offic. r of the institution, it was thought an or decry it; but, however imposing is atsitude, act of justice to him and of courtesy to you, to once satisfied that the powers of its charter, explain that, hitherto, his conduct had furaish

ed no ground for the interposition of the board. (from politics, and never suffered it to be what To this explanation, you seem to attach an un- that bank was reproached, whether justly or due importance, while too little is bestowed on not, with being an engine of party. It is prethe facts of an innnediate offer of an investiga- cisely for that reason that, in all the changes of tion, and an immediate actual investigation. parties, and of administrations, they have speBut I think you will perceive that the board cially avoided that class of persons whom they have evinced a strong desire to do justice to all consider most calculated to mislead them--the parties, and that the observations ascribing a officers of the Government. But, in doing disposition not to examine the case, or to exa-this, they have not the slightest disposition to mine it partially, are without any foundation. shun any responsibility, authorized by law, and 2. The difference to which you allude be- the assumption that they seek to withdraw tween my first and second letter, is easily ex- themselves from a rightful control, or indulge plained. The reason is simply this: Your first in party feelings, or entertain any political decommunication was avowedly the expression of signs of any description, is so entirely gratuiyour own individual opinion. As such, the tous, as to require no disavowal. For, if they board quoted with just commendation your re- were disposed to make any sacrifice of duty to marks on the principles of credit, and the dis- party, the accession of a new administration savowal of any wish to derive political aid from would be the most propitious moment to make the bank for yourself or your colleagues. That new friends. If these can be gained by a faithcommendation is cheerfully repeated. The ful performance of what is due to the country, principles of credit were just and sound; the it is well; but they have never yet sought, and disavo al proper and gratifying. But the will not now seek, to increase their number by whole aspect of the question was changed, other means. As to the course which you intiwhen, in your second letter, you urged anew, mate that your duty may require you to take toand in an altered tone, this investigation, which wards the bank, the board do not presume to had been already promised; when views hither judge of it. That course, they cannot doubt, to deemed your own as to the mode of choosing will be influenced by proper considerations, and dismissing the officers of the bank, and on and anxious as both the directors and yourself which, from an extreme unwillingness for con- are to preserve the bank from the spirit of partroversy, the board had forborne all comment, ty, they will not anticipate any future difficulty. were now presented as coming officially from All they require is, and this they would deem the administration; when these views seemed to it their duty to maintain at all hazards, that, in lead to very dangerous connexions with poli administering the concerns entrusted to them, tics; and, finally, when contemporaneous move they should not be subject to the influence or ments from other quarters, all tending towards control of political persons, whether in place or the same point, indicated that there was abroad out of place. This they deem vital, not merely great misapprehension of the true relation of to the pecuniary interests of the bank, but to the bank to its officers. It then became essen- the far higher interests of the country, and the tial, in the opinion of the board, to come to a safety of its institutions, and neither the loss of distinct understanding in regard to their rights, the good will of any administration, nor the and they accordingly stated what they presum- withdrawal of the funds of the nation by the ed were the views of the administration, con Treasury, or the refusal to renew its charter, trasting them with their own opinions. Tais would have the slightest weight in inducing the they did in a manner perfectly respectful, im- board to surrender a principle which admits of puting no improper motives, and seeking only no compromise. a mutual understanding on points essential to their cordial co-operation in the public service. Even the interference of your subordinate officer was not ascribed in any degree to you; it was only mentioned in illustration of the danger of the theory you were understood to main tain