It was foreseen
that this great moneyed monopoly might be so managed as to endanger the
interests of the country, and it was therefore deemed necessary as a
measure of precaution to place at the board watchful sentinels, who
should observe its conduct and stand ready to report to the proper
officers of the Government every act of the board which might affect
injuriously the interests of the people.
The whole frame of the charter, as well as the manner of their
appointment, proves this to be their true character. The United States
are not represented at the board by these directors merely on account
of the stock held by the Government. The right of the United States to
appoint directors and the number appointed do not depend upon the amount
of the stock, for if every share should be sold and the United States
cease to be a stockholder altogether, yet under the charter the right
to appoint five directors would still remain. In such a case what would
be the character of the directors? They would represent no stock and
be chosen by no stockholders. Yet they would have a right to sit at
the board, to vote on all questions submitted to it, and to be made
acquainted with all the proceedings of the corporation.
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