Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-12-02
SOko NAEH--No. DIS


mono arc OF course given but to those who ask \
generally knows the signatures of tho onccrs 81
tho branches better than he does those of the Pa
rent Bank, and can mo-o easily change and renew
mem and third that they ere lc;: and safe,
ana the forgery of them punishable as if thew
were signed by the President of the Bank himself
Inns course seemed to be very obvious mode of
rsparing the defect But lest, by any possibility,
lherc might be an objection to it, the plan was SUBJ
united to three of the eminent iurists in the
Union, Mr. Binpoy, Dir Webster, and Mr. Writ,
the Attorney General, who no difficulty in it,
aud recommended its adoption. Their opinion
closes i'll this way:
81 am unable to discover any legal objection 10
the plan proposed and since it will facilitate the
exchanges of tho country, and the public
and the Banks from frauds it seems TO me to bo
! as eXpcdicnt il is lawful. Hon. BlNNEyn
81 concur entirely in this opinion ."
DAM. WEBSTER"
81 can sec no possible legal objection to the prao.
| niga. wv "WIprr
Il was afterwards explained to the Secretary of
Tho Treasury, who had no hesitation in asscnting
To It, The following is copy of his letter TO the
President OF tho Bank, dated Treasury Department.
January 81, 1928: e.. .s,.i.
al have had the honor to receive your letter of
the !0th inst. With its enclosures. As you state
that the amount of any of the dTufts 20 which 1t
refers wi;ch may ho received account of tho
United States, w'll b. paid in tho manner
notes signed by tho President and Cashier OF. the
Bank, & have to;t no hesiteton il directing that
such drafts be taken in payments to the United
States The specimens which accompanied ycn
letter arc herewith enclosed. .,.-.'
81 have the honor to remain, very respectfully
your obedcnt servant, r. RusB"
Under these sanctions, the Bank has continued
Tor years to isaue these drafts to tho great
HIencc Of the community. It remained only that
some case should occur to present tho matter to
tic coguizAncc Of the judiciury. This was done in
tie recent trial OF Sh9nirc, where tho Court re-
cogni2cd al once the legality of these drafts md
Of ,lI INr
Judge Baldwin, i'll dolivcrin. the opinion of tho
Court, suid:-- @As
There is no pretence that there is any express
or Implied prohibition making them unlawIuI."
And ugain: at is in opinion no answer te
these views that the law has not expressly authori-
zed the officers Of the branches 10 draw on tho
Bank. 1t is enough for this point that they are
not prohibited from doing 50. Ii is an act inds-
pcusGb!e to the transaction of their ordinary bust
ness in order to meet the wants Of the public ard
others" Again: -.
''It is u matter of mutual convenience whether
the old debt or duty shall be cxtinyushcd by pay,
Inent or taking paper, whether in the promissory
notes of the Bank or orders checks drawn upon
IT. They may be in large drafts, orders for rs
inittancc, or small ones for currency or circula-
ton, and in any form, with or without ornaments,
devices marks" And again: 1--WE are bound to
declare them to DC "ithin tic words, spirit and
meaning of the lag: equally with the notes Of the
BANK, or the checks or orders OF individuals" e,
The result of the whole affair is amply this:
The Bunk finding il impossible to furnish the ne
cessary amount ofcu.roncy, so long all lis notes
were signed by one single person sought some
other mode Of accomplishing the object. They
might have led other persons sign the gaotes
To- Lac President and Cashier, but then perhaps the
forgery of them might not be punished The power
OF furnishing for forged drafts was certain Accord
ingly, instead of notes, drafts were substituted.
These drafts were advised by eminent lawyers
agreed to BY the Treasury Departmcnt-and sane
Isancd by the Courts. They furnish a sound and uni
versa circulating n:edjun otherwise obtanabIe,
"hl :1e ..s..c.t praise winch be bestowed on
thcuI IS the very complaint Of the person who has
most objected to them irculatng,' says hc,"as
notes. and considered everywhere equal to gold and
silver (:;caasc they voluntarily cashed every
Branch, and enormously received at every Land OF,
ace and Custom House, they have given to the
Bank It's apparent prosperity" This seems to be
the very model Off currency, containing all that the
community could desire; and think that the
Bank should be rather applarded than roproacted
for aiorang great and substantial benefit to
the country.