Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-12-06

ut CHzcHs OF Wt UmIcd States. Another OF these pe-
cSlar privileges consists in using both the name and crcdis
Of the United States, in sustaining the value of their pnpcr.
anu IN carrying on under them a most profitable specula-
uon, from which their other fellow citizens arc excluded:
Also, in holding large amounts Of government funds. nm
or such circumstances as enable profitable Banking ope-
rations to be Prcdicatcd on such depositcs, without paving
a cent of interest thereon to the government. This last
privilege assumes additional importance FROM the rccoiiec-
ton, that they have the right of paying the whole rcyc-
nue. OF the government in their own bills. md that such
revenue probably amounts TO twenty-five millions Of dol
lars per annum.
2nd. We arc opposed TO re- charterinc. because the ;n,f-
vidual property of the stockholders is not liable even 10 tbe
amount oil miir stock. This is a great defect in the char
is no danger that the Bank would eyer fail TO meet IFS en-
gagements- The answer to this may be readily found in
the history Of all such institutions. 0ver-trading and stock
Jobbing have broken many of its predcccssorsSUnrcs tho
individual property of the stockholders is made liable, for
both the regular and even irregu and Unauthorized issues
when made IN The name oil the Bank, were a failure TO
take place, thousands might be reduced by il TO poverty
anu want WHIST ue SSocNhoiders might be living in aflu-
enee ana 'rlendor. The American people cannot feel too
much dissatisfaction at this defect in the charter, nor the
General Assembly of the State of Tennessee ever consent
TO its renewal, until il is rcmedicd.
Bird. We are opposed 10 re- chartering, because foreigners
are owners of one-Gnh of the stock. The capital consists
oil ~thirty-hvc millions of dollars, of which it is said, that
seven are owned by foreigners, twentv-one by individual
citizens Of the United States, and the other seven mil
lions by the general government. This is the common
estimate, but il is highly probable, that the amount o% aos
by foreigners, through trustees, for their benefit. Is m,,cK
greater than seven millions. Hence, its very name has
Dcen called a deception on the public, and that il had as
well be called the English Bank, as the United States
Bank BY the general policy of our laws, foreigners have
~ g. w hWu iSu property III III uHicrcnt states, but by
THIS combination or partnership with our oun citizens and
government, they put aside the state laws, Become land
holders IN the country, and have American citizens Cor thoir
tenants. we are aware that foreign stockholders haVs no
vote In the choice OF Directors; but experience and obscr-
ya'ion shcw, that money has its moral as well as actual in
tuence, and that in times Of great difficulty, whenit should
least OF all be felt, this moral influence would be most apt
to be cNcrted. Besides this, there is something httn;ia-
ing IN The very IDEA OF our own government engaging in
partnership concern with the subjects of France, Germa-
ny, or Great Britain. We desire never again TO sec it en-
gage in a money -making alliance, which its Pride as a 20
| ' erflincnt, and the spirit OF its pcODlc Ouohf alike TN reiccf
4th; We are opposed 10 re-chartcring, because the pro-
sent Bank, II not inconsistent with the sovereignty Of tho
states, is often distinctive TO their best interest. II has
often been decided by the Supreme Court that the Dircc-
tors of the principal Bank were authorized TO establish its
Branches in any of the States Of the Union, not only with
out, but directly in opposition TO its deelared wishes; and
that the capital employed at such Branches, should not he
subject to taxation under the laws of the State in which, Il
shal be located; State governments arc obliged TO resort
to taxation for their own support, and whilst the property
oil its own citizens are subjected 10 it's payment. there can
DC no good reason nor Justice, in permitting a monSed cor
pora'ion 10 intrude itself within its borders, and drive a moss
pt0htaoie speculation on an immense capital, and yet con-
tribute nothing towards its support. The lands and other
property OF our own citizens, not making a profit of three
per cent. is to be burdened with the whole expense Of tho
STATE, whist The money OF strangers and noil-rcsidcnts.
making a profit OF more than double that amount, is 10 BIO
entirely exempted. Tennessee would be peculiarly liable
To The most serious injury in this respect. Her citizens
own none of lc stock; hence, beside her losses on the prin-
cipie above stated, she would be subject every year TO a
drain of from one TO two hundred thousand dollars. wh;ci,
would he carried OF from her in the form of interest. SC.
never TO he returned. Such a drain, to continue for TWEEN
ty years, could result in nothing but overcrown and bloat-
ed wealth among the moncy-lendcrs, and the most degra-
ded poverty amongst our own citizens.
9Th; The last consideration which your Committee
would present, rs, that they are opposed to the renewal OF
the present Charter, because, in their opinion, If a Unifed
states Bank must be had, one much better than this can
be procured. Your Committee would respectfully sup-
gest, that Il new institution, with the following mo6iGca-
IONS or similar ones, would accomplish every purpose Of
furnishing a uniform currency, and obviatc MANY Of tho
objections 10 the present charter.
LIST. Let the law establishing the new Bank of the IT.
States, provide for establishing a Branch of said Bank in
each oil the States, P-oTided the Legislature thereof givo
their assent 10 The same.
2d. Let the amount of the capital stock of the Bank be
nifty millions or more, and exclusive of the one-fth there
oil Che part assigned TO the Government of the u. States)
be divided among the several States Of the Union, in pro-
portion 10 their respective representations in the House OF
Representatives of the Congress of the United States.
Sd. vi the part assigned TO each State, let enc-third he
disposed TO do so, until ninety days after the first meeting
OF the Legislature OF each State, subsequent to the pas,
sage OF the act establishing said Bank: after the expiration
oi which time, should the Legislature not subscribe for
the said one-third Of stock assigned to each of them, then
the portion or portions remaining unsubscribed for, shall be-
oneiea 10 ana subscribed for, and taken by the citizens OF
said States respectively.
18th. The portions of said stock, assigned TO the several
States shall reInalI,sulJect to be subscribed for by the CT
tlzens atone OF each State, except that part reserved as
above stated, TO be taken by the legislatures thereof, for
the term OF sac months after the same are offered for sub
scrlption:-aiter the expiration Of which time, any part Of
said stock remaining without being subscribed for, may be-
taken by any citizen of the United States, who may wish
TO take the same.
9th. The Directors of the principal Bank shall be appoint
ed by the stockholders, in the manner they now are, the
government of the United STATES oppoinfnp q numhcr of
them, proportioned TO the stock il may hold as is now done.
OH. The Legislature OF each State shall appoint a num-
Der of the Directors Of the Branch established therein.
proporlioned to the amount it may hold, and the rest of
sad Directors shall be appointed by the Board of Directors
oil the principal Bank, as is now done. The potts Of tho
principal Bank and its Branches, shall he divided semi-an-
nuatty among those who hold the stock, as is now done i'm
the present Bank ofthc United States.
Your Committee would suggest another plan, for copsi-
deration, which would not preclude the renewal of the
present charter, and which, in the opinion of some, would
attain the purposes contemplated in the above project Of
a ne1O one with equal certainty, and without producing tho
inconvenience of now closing and winding up the con-
Germs ofthe present institution. Renew The present char
terofthe Bank Of the United States, with the following
modification: LIST. Allow the present owners of stock ex-
cePt foreigners, to hold what they now possess. 81, Gro
ate stock TO be added 10 the present capital stock Of the
Bank, %ofhfteen, twenty, or even twenty five millions Of
dollars-and let this new stock be divided among tho
States, whose citizens have no stock, or who do not hold
such an amount as would be proportioned to their represent
tation i'm the House OF Representatives in Congress. ON the
principles stated in the above plan. That is, establish a
Branch in each State, in the manner above stated, and a.
sign TO each state, not already owning a full share of the
capital stock, such portions Of the new stock a. will make
the amount now owned, with that assigned 10 il, equal 10
the par it would be entitled to upon the above principles
OF distribution, so far as the new stock created would have
that effect: and if deemed desirable, the new stock might
be increased TO such amount as TO complete, substantially,
that object. The mode OF subscribing for said stock, and
the part TO be taken t~hereofby the Legislature Of each
State, disposed to do so, and the appointment of Directors,
and division Of profits, to be the same az stated in the plan
first above proposed.
Your Committee, in presenting these projects Of q ne,o
Bdnk, and notifications of the old one, do not pretend to
decide on their comparative merits, nor wish 10 restrict
our public agents in the selection Of any better substitute
for the present institution, which the wisdom and patriotism
81 our national councils might suggest. lhey presenN'