Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1822-11-30
S55,5O4,106 %

from expressing an opinion upon the in-
ture prospects OF TIE Bank, leaving each
individual to draw bis own intcrences
from the facts exhibited yet your com
mit,ee are unwiilinsto omit the express
sion of what they believe to be a well
grounded hope that The profits OF the
bank and its pubic utility will coniinne
to increase with the gradual Develop
men, OF its resources. II the bank has,
under the embarrassment and perplexity
in which it has been placed, not only sns-
tanned its own credit, but tina, OF the Cir
cuating medium OF the country, With
which its interests and prosperity are in
lissolubIy connected, il can scarcely be
doubted that, these difficulties being sur
mounted, and more ample field open
ed for the exercise Of its energies, an in
crease of profit will result from cor
responding extension Of its business
And whilst your committee have found
it impractcable to view this institution,
in any other light, than as an establish
'nent to effect great naiional objects, they
have been compelled TO remark that,
though those objects have been most ful-
~ attained, the institu,ioa itself has no,
received the support, which it is clearly
the interest Of The patton to afford.
The past history OF the bank has
proved that, where a enscoi moral obi
CATION is wanting, the existing laws are
Inadequate 10 deter the agents OF the
bank from the commission of frauds up
on its vaults. Your committee, there
fore, advise that the President and Direc-
Tors present to Congress respecliui
memorial, praying, ls,, The enact'nen;
Of eflicacious laws, that adequate punish
mems may be inflicted upon such agents
Of the banks as may be gnilly Of malver-
sation in Office. Slly, That they ask an
alteration in that part Of the charter
which requires that all the notes OF the
bank, which are payable on demand,
shall be received in payment of debts due
TO the goyernm ent, inasruch as this re-
QUESTION, as heretofore construed. has
hot only the tendency to esentthe bank
from restoring to some sections OF he
, country sound circulating medium, 5u.
it may occur that the bank cannot safely
place to the credit of the governme emf il
cash, notes at one Office, which, accord
ing 10 the contract on the face OF them,
are payable at different and distant Of
flee alone, and where, only, funds have
been placed for their redemption.
Though your committee are aware
that not only the convenience of the pub
lie but the interest of The institution, re-
quire an additional emission of its notes,
and although they believe that, with a
reasonable degree OF exertion on the part
of the cashier, these may be executed and
put into circulation, while the business OIL
the bank is confiaed to its present limi,
yet they are satisfied that a considerable
extension Of the ordinary business Of the
institution would render it wholly inpos
sible for its officers to perform this ser.
vice; it is therefore resp ectfully suggest.
ed, that Congress be prayed also to pass
law, authorizing other Agents oftbt
Bank to sign its notes, and, in the meaI
time the committee recommend that tht
best means in the power ofthe Presiden
and Directors be taken, to put in circu
lation large additional amount of notes
not exceeding the denomination Of q
dollars.
1 Your Committee have not discovered
that any serious consequences have re
suited to the interests Of the Bank Tex
cept those which have been followed b,
| a public exposure from want Of obt
i dience in distant agents; they, ncverthe
less, deem it proper to advise, that th'
President and Directors of the Paren
Bank keep steadily in view the absolute
necessity Of enforcing its own order
through oil the various departments .