The Delaware gazette. [volume] (Wilmington [Del.]) 1809-1810, 1809-10-07
FROM THE AURORA.
SCENE OF .dN.ATIONAL BANK.

Let an act OF congress pass, ESTABLISHING
one general and na,ional back. and assum-
ing HE stock of all private banks, with their
capital and debts, due.
lie, the stockholders first draw per
cent. and then half the surplus, not exceed
ing per cent.-the remaining surplus TO
go to the use Of the government.
The directors TO be appointed, one lourth
by the president, and the rest elected BY the
stakeholder |within the states.
Every deposit Of cash to draw per cent.
interest. whether il be private or public pro-
perty, wiki privilege to take stock at the
end of one year, at price to be fSed at the
preceding annual term by Congress, and
the profits of the sale Of Dew stock 70 go to
the use of the government.
Minor details omitted.
The benefits arising out of such an esta.
blishment are many and important. In the
first place, all nterest of perhaps per cent.
on 100 900 600 of dollars, would 50 to the
national treasury, or 100000 per annum.-
In the next place the string of nconvenien.
ces arising from having SO many different
kinds of paper IN circulation as there are
banks, would be avoided, whilst the alarms
of one bank suffering a ruin from others
would cease, and all doubts about the safe
~ and security OF bank paper would soon
be forgotten, and this paper become the en-
tire medium, giving stability to govern
ment finances, and attachment to monied
interests. Nor is it of small importance to
bring this subject within the graep of the
general government, if only to prevent the
abuse into which it will surely run from the
increase Of banking institutions, from rival
states, towns and persons carrying the
banking business TO excess, and from bcirg
more difficult to detect coun,erfeiis, where
! the kinds of paper medium are so nrme-
rous and various.
Three millions annually to the treasury,
| with the other public aud private advan,a-
ges being of serious concern to the nation
It remains TO enquire what are the objec-
tions to it. Will the present stockholders
refuse to surrender their charters and blend
their interest in hodge podge!
Without entering into the inducements
| which stockholders would find in general
amalgama,lon of bank stock, under the fos-
terng influence Of governmental shall
consider the power of congress to force
! them TO acquiesce, or cease to be stoclhold-
ers; there choice would therefore be the re-
suit ofnecessity, or choice of the lesser evil,
which, if not the most pleasant, is always
the most sure ground to 50 upon.
| Ii is well known that before and during
the revolution, bills Of credit were emitted
by the states and by congress, solely for
the public benefit and no such thing as
banks suffered. These bills of credit sup.
ported the state and general governments,
and would have supported the war, but Tor
the excesses of the emissions, which reduc.
ed its value, and finally sunk it into nc va.
lue, which though not without its advanta.
pes TO the public, fell very heavy on the mo
MED interest. That, at the formation of the
general constitution for the union, il was
thought pruden, to take from the states III,
! right to issue bills Of credit; IN order tc pre-.
vent such another catastrophe-hence, VIZ
find it provided 10 section 10, article /, "Nc
state shall coin money, emit bills Of credit,
&c. Here then it is clearly onconstitutlon.
al for state to emit bills Of credit-and b,
Inference of sound policy what cannot b.
done directly, cannot indirectly. 1t there
fore only remains to examine If bank not.
be bill Of credit, to determine whether The
charters granted te the banking companie,
by the states are valid. To try this ques
ton, suppose the states to issue paper cur
rency 10 the words of bank note, would
such paper be constitutional! AS this ques
lion is answered, it will follow either thai
the charters are void, or the states have
shanaetully thrown very important inter
est from the people into the hands of a mo
MED few, and which indirectly violates the
provisions of the state constitutions, which
declares that ali la1vs shall be equal, and ye
suffers these chartered stockholders TO draw
9, 10, CT ~ per cent, while other laws for
hid more than 6, under the penalty of for
feitu,c and fine.