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PAPERS OF MIRABEAU BuoNAPARTE LAMAR
temptation to mismanagement, oppression and fraud, is there, in a degree, removed from the Directory; who, if they are but moderately influenced by a sense of common justice and the general good, will find it their appropriate, their solemn duty, to make the money power of the Bank felt to be, not only as innocuous, but as salutary, as beneficial and equal in its effects, as possible - the true and proper end of all Banks, and more especially those of a national character. There is an obvious distinction between a national Bank - that is, a Bank instituted for the benefit of the nation, (which is another name for the People;) whose stock shall belong exclusively to the nation; and whose business shall be regulated by the agents of this nation, made subject to the same responsibilities as those of its repre- sentatives in Congress - there is a marked difference, I say, between a Bank of snch character, and one in which half, or more, of the stock is owned and administered by individuals, independently of the supervision of the People. There is the old ''United States Bank,'' for instance; that Bank bore the name of a national, an "United .States" institution, where four-fifths of its stock, and, in that propor- tion, a preponderence in-its control, vested in individuals. Was this, then, in fact, a national Bank 1 Surely not. The "Bank of the State of Alabama," however, is an institution having the character which is properly meant by a "national Bank." Why 1 Because its stock is the property of the state exclusively, and subject alone to the con- trol of the government, through its agents, who are vigilantly kept to a strict responsibility to the sovereignty of the State. There has always been found as practicable and efficient a check as possible to the indulgence, by the Directors of this Institution, of partiality in the distribution of its facilities and favors, or to the exercise of its money po,ver to accomplish political ends, in the imrnedia.te con- tact of the. officers of the Bank and their constifaents, the members of the Legislature; who arc all severally elected annually, and there- fore all held every year to a direct accountability to THE PEOPLE, for the manner in which the public institution has been managed. It must be seen, then, that if a system of fraud, partiality or monop- oly, shall be practised in the conduct of the bank, in any given year, there shall first be an a6Tcemcnt to that effect amongst a body of the most respectable merchants and citizens, who are chosen, by joint ballot of the Legislature, to administer its concerns; - and, there being salutary provisions in the Charter for periodical inspec- tions of the state of the business and funds of the Bank,. and reports -0f the same to the Legislature, through Commissioners appointed for the purpose, if any irregularity or malversation which may occur is not detected and cstoppcd, there must, in the next place, be a col- lusion of the Senators and Representati,'es of the State themselves with a swindling set of Directors and Commissioners. Here, then, is as safe a check as would be found in interesfing individuals in the stock a-nd government of the Bank; or in any other scheme which has occurred to my mind. 'fhe '' Bank of the State of Alabama,'' therefore, is a type, in most -0f its features and details, of that which it is proposed shall be established by this Republic. 'l'he government should own all the
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