The charter which terminated its banking privileges on the
4th of March, 1836, continued its corporate power two years more for
the sole purpose of closing its affairs, with authority "to use the
corporate name, style, and capacity for the purpose of suits for a final
settlement and liquidation of the affairs and acts of the corporation,
and for the sale and disposition of their estate--real, personal, and
mixed--but for no other purpose or in any other manner whatsoever." Just
before the banking privileges ceased, its effects were transferred by
the bank to a new State institution, then recently incorporated, in
trust, for the discharge of its debts and the settlement of its affairs.
With this trustee, by authority of Congress, an adjustment was
subsequently made of the large interest which the Government had in the
stock of the institution. The manner in which a trust unexpectedly
created upon the act granting the charter, and involving such great
public interests, has been executed would under any circumstances be a
fit subject of inquiry; but much more does it deserve your attention
when it embraces the redemption of obligations to which the authority
and credit of the United States have given value.
Pages:
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217