It has long been known that the president of the bank, by his single
will, originates and executes many of the most important measures
connected with the management and credit of the bank, and that the
committee as well as the board of directors are left in entire ignorance
of many acts done and correspondence carried on in their names, and
apparently under their authority. The fact has been recently disclosed
that an unlimited discretion has been and is now vested in the president
of the bank to expend its funds in payment for preparing and circulating
articles and purchasing pamphlets and newspapers, calculated by their
contents to operate on elections and secure a renewal of its charter.
It appears from the official report of the public directors that on the
30th November, 1830, the president submitted to the board an article
published in the American Quarterly Review containing favorable notices
of the bank, and suggested the expediency of giving it a wider
circulation at the expense of the bank; whereupon the board passed the
following resolution, viz:
_Resolved_, That the president be authorized to take such measures in
regard to the circulation of the contents of the said article, either
in whole or in part, as he may deem most for the interest of the bank.
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