Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-12-13

institution for the purposes cannot be less clear
IL has moreover, the sanction Of the Executive lcgiSa.
tive and judicial authorities majority OF the pco-
PIE Of the United States, from the organization OF the
bc considered the inCiibe expoundcr it i, among the
scundest commentators of,he Constitution. Its unobt-
cdly the wiscst guide, and only effective check 10 those
TO WHOM the administration OF the Con i. conicl:
and - bci'cvedho ia free and enlightened States tho
harmony not less than the welfare of he community
best promoted by receiving settled, those great ucs-
tons OF public policy in which the con itncl auiori
ties have long concurrcd, which they have been
sustained by the uncayocal expres ion of lin, will of
the people.
The Indispensable necessity such an institutions for the
nsca operations of the Government ia all its departments
or inc regulation and crvaion OF sound currency
the al OF commercial tran action generally even for
the safety and utility OF the local Banks, il doubted and
as believed has been shown in the past experience of
The Government, anl in the general accommodation anil
operations OF the present Bank.
The present institution may, lalccd be considered az
PECULIARLY the otstag o, that Sprnging from
We incoavcnicnces which followed the first loss of the
Bank OF the United States and the in
ciuen to the excessive, and, in instances fraudulent
ssues OF the local Banas during the war. The propriey
o. continuing is To be considered in reference
TO the expectancy OF banking generally, than regard
the actual state OF things and TO the multiplicity of STATE
BhnSs already in existence and which neither be dis
placed nor in other controlled in their Issues of
per by the General Government, This il evil not To
be submitted to- and the remedy present applied while
preserve'a sound currency for the country large, pro-
notes the real interests OF the local Banks by giving
ness 10 their paper.
IL the necessity of banking in ;ituton lie conceded or
shown, that which shall udciously combine the power of
Tho Government with private enterprise, is believed lie
most etcacio;ts. The Government would obtain the
benefit of individual sagacitv i'm the general MANAGEMENT,
ot the Bank and by Of deposcs and share in tho
direction possess the necessary power tc prevention of
abuse.
Ills not intended to assert that the Bank of the United
states as AT present organized il perfect that the c
sona objects OF such an institution might he attained
by means OF an entirely organized upon prop,r
principles, and with saluary limitations II mus, be d-
however that the good management of the present
Bank, the accommodation il has given the Government
and tho practical benefits it rem Tered the community
whether 1t may may not have accomplished all that
was expected from iand the advantages of its present
coniuon, are circumstances in its favor entitled TO great
weight and give it strong claims upon the consideration
CongreSs in any future legislation upon the subject
, 10 these may bs aided the knowledge the present
Bank has acquired Of the business wants of tho vorou
portions oil tins extensive country which, being resul,
oil time aud experience advantage it must
possess over any new institution.
II. to be observed moreover, that the facie, off
capital actually afforded by the present institution 10 IN"
'Sncutura commercial, and manufacturing industry of
all parts of the Union could he withdrawn even bv
transferring them TO another institution, without severe
SHOCK 10 each oi those interests and the relation of
ciey generally.
10 similar con idsraion. it may be pre- 'umcd he
traced the uniform policy othc several States of the Union
OF re-chartcrng their local institution with oiiica
IONS as experiences may have Dictated preference
creating new
Should any objection be felt or entertained on the score
OF monopoly, might be obvilted by placing through tho
means OF sufficient premium, the present Institution up
on the footing of new AMI guard its future opera
tons by such juiicious checks aud limitations as expert
ence may have shown TO be necessary.
These con ddsraGon and Others which will be advert
I'd TO in subsequent part of this rcpor,thc experience
OF the Department in the trying periods it's history and
the convictions of his own Judgment concurriu with tbosc
al the eminent who have preceded the UNDERSIGNED
in its admin siraon.inuce him reco,nmc nd the ,xpo
dency re -charerinp The pre sent B,nk AZ Tho ~;
ana with such notifications, without irnparnr i,s
usefulness TO the Government the community nav hc
circulated to recommend to the appreciation of the Exc
cuuve AMI what Is vitality important the confidence of
the people.
Should Congress deem it p,licnt to authorize the
s'ie " no bank shares for less than eight mi
on OF dollars the reimbursement the public debt on or
before the 81 March 1889 may he confidently ancipa
cd and from thai period the amount of revenue appIico
bic to that object will be no longer required
me revision and alteration in the existing duties which
WIZ be called for by this of things cannot too early
ohgesc me attention oil Congress. The Indignation re-
que TO the establishment of scale of duties upon p,r
,noI' ana satisfactory basis will require tme and sys
"m III whlch so many important interests involved
w he better su5scrved by prospective eg station than
by sudden changes. ~
ne revenue derived from the present duties cannot be
safely dispensed with before period assigned for tho
tngohment of the public debt; but revised system
as Congress may in its wisdom previously provide NAV
WIN ehe proprety be authorized to take effect from ana
alter the 3D. Of March, 1888.
independently of the charge for the public debt the re-
venue Tor the expenditures of the government as at pre-
sent authorized need not, it is estimated, annually
the sum of SI3,500,0OO
1t is believed hoy,vcr flat tl,ere arc o,cr ,,,, ~
expenditure oil obvious cxpedicncy, If not Of indispensable
necessity which itmay be supposed have po poned
by the higher obligation OF paying the public debt The |
present occasion is deemed propous provide for those
objects in manner to advance the glory and prosperity
oil the country without Inconvenience 10 the people.
Its therefore respectfully rcconmcnded that in aidi-
ton 10 the expenditure authorized appropria
lions may at the proper time, be provided for the following"
OBJECTS For algmenting the naval and military
ces extending the armorcs; armng the militia of The
several Statcs increasing the pay and cfnouments the
navy officers 10 equality with those of the army and
providing them with the means of nautical instruction
enarging the navy hospital fund ghening the from
uer dclences; removing distractions from the Western
waters, Tor making accurate and complete the
coast and Tor improving the and harbors the Union
50 "a to afford greater facilities 10 the aud nay
CATION OF the United States The occasion would also be
favorable one for constructing and ware
houses IN the principal commercial cities in some of which
they arc iudispenaby necessary for the pur2scs of the
revenues nlkewisc providing for the proper permanent
accommodation of tho Courts Of tho United States and
their s.icers
la many districts the compensation Of the officers Of the
customs IN the present state Of is insufficient
Tor their support, and inadequate their services As
part OF the general system, however, cioctally TO
guard the revenue, the services Of such arc neccs
sary without regard 10 the amount of business: il
believed expedcnt to make their allowance commcnsi.
rate with the vigilance required and the duties TO be per-
formed. "A further improvement may be made in the |
mode OF compromising the officers OF the customs by sub
s'liutng salaries for fees in all the collection districts bv
which, at comparatively small expense the Treasury
commerce and navigation would be relieved from burten
always incOnvenicnt, if not oppressive.
II ~ believed that the public property Offices al the
seat oi Government, require Improvement aud extension
ana that further appropriations might he made adapt
them to the increasing business of the country.
Inc salaries of the public ministers abroad must he
acknowledged TO be utterly nalequatc either for the
dignity oil the Office the of