The Committee of Ways and Means in the American House
of Representatives, made two reports, on the 4th of March. The minority affirm that the President was-not justified in removing the deposits from the Bank of the United States; whereas the majority not only have reported strongly in favour of the measures of General JACKSON, but conclude a long list of allegations of misconduct against the Bank Directors, with the following im- portant resolutions.
" 1. Resolved, that the Bank of the United States ought not to be rechartered.
" 2. Resolved, that the public deposits ought not to be restored to the Bank Of the United States.
" 3. Resolved, that the State Banks ought to be continued as the places of deposit of the public money ; and that it is expedient for Congress to make further provision by law, prescribing the mode of selection, the securities to be taken, and the manner and terms on which they are to be employed.
" 4. Resolved, that, for the purpose of ascertaining, as far as practicable, the cause of the commercial embarrassment and distress complained of by numerous citizens of the United States, in sundry memorials which have been presented to Congress in the present session; and of inquiring whether the charter of the Bank of the United States has been violated, and also what corruptions and abuses have nisted in its management; whether it has used its corporate power, or money, to control the press, to interfere it politics, or influence elections; and whether it has had any agency, through its management or money, in producing the existing pressure; a select committee he appointed to inspect the books, and examine into the proceedings of the said hank, who shall report whether the provisions of the charter have been violated or not, and also what abuses or male- practices have existed in the management of the said bank ; and that the said committee he authorized to send for persons and papers, and to summon and ex- amine witnesses on oath, and to examine into the affairs of the said bank and branches ; and that they are further authorized to visit the principal bank, or any of its branches, fur the purpose of inspecting the books, correspondence, ac- counts, and other papers connected with its management or business ; and that the said committee be required to report the result of such investigation, to- gether with the evidence they may take, at as early a day as practicable."
On the other hand, the Bank Directors have published a report of the operations of the establishment during the five months ending on the 1st of March last, with a view to prove that the pressure on the money market was not owing to their proceedings. They state,
"1st. That the reduction of the loans has not been by upwards of four mil- lions of dollars its great as the reduction of deposits.
"241. That the withdrawal of nearly eight millions of dollars of those funds on which the Bank bad based its accommodations to the community, has not yet been followed by a reduction of accommodations equal to one-half the amount of funds thus withdrawn.
" ad. That from the 1st of January to the 1st of March, the increase in the line of domestic bills amounted to nearly two millions and ahalf of dollars."
As the Senate almost unanimously supports the Bank, and the House of Representatives the President, it is difficult to say what the result of this contest may be.
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