Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-12-02

ing the Federal State Supreme Courts many OF whom
state of sre,iraey" There among the delegates
six defeated candla,cS for Congress proposition
S s o S lone for sresident IL wes s5opies only
by Of p 10. The delegates selected for the Con-
veniion. Gen Nicely, Isaac Howk, and G. H. DUNN
OF these gentlemen the Democrat observes:
Z" Mr.. Howk was defeated for Congress last August by
Tire most decisive vote of the people; Mr. Dunn was beat
Nicely reformed as Post at Princeton; yet
'hesc arc the chosen guardians OF the public good, aud
they are ordered to Baltimore to DICTATE to the people
who they shall vote for as rrcsidcnt'-CineunaH Rep
BANK or THE UNITED STATES.
From tn. Naioo,l Csz-u0.
The publication which VIC recently made, Of tho OPT
Mon Of the Circuit Court OF Pcnnsy establishing the
perfect legality of Branch drafts Of the Bcnk Of the Uni
ted States, and the power OF the Courts To punish
crtctcri OF them has led inquire into The of
those drafts which have the OF explaining
20 the entire satisfaction, of all The cOmmu
ni.y
II appears that there doubt whether. under the
charter bank properly called ought to DC issued
by the Bank without the signature of the President aud
Cashier. The right OF the Bank signed
by these officers, that is the right OF binding itself pay
money by notes signed by any persons duly authorized
sign thcn could not hc questioned but then there dam
ger that rigid construction of the clause against counter
cipg would apply such notes, and they might per-
hap be countcrcited with impunity Their issue there
fore though legal, might be attended with danger
the community On The other hand, coniine the issues
of the Benk TO notes signed by the President and Cashier
lion crcacd--,hc supply OF adequate circulating
medium. This may be easily The presiding Off.
"A
same tnc Commissioner of Loans and Pension Agent.
finds in his appropriate duties of supervision daily
emPoymen, sufficient TO occupy and exhaust The most ac
tive mind and robust frame To these duties is added the
mechanical labor of singing his millions of
notes The total amount of notes in circulation is about
eighteen nineteen millions of dollars The wear and
tear OF these great III such extensive field Of
aton, that many millions become constantly unfit for fur
Their and cancelled From time to time too par
cuar plate countcrfcted and then the whole impress
sion must be withdrawn and emission made from
plate
~, be Mol x.
more urgent duly duties finished. II became, there
FORE physically impossible supply the circulation For
instance, the circulation 10 about 10 millions II this OFF,
Ger were TO sign 800 notes daya large allowance,
sidcng his other du,esfor every day i'm the year in
erding Sundays i would take him nearly six years to
sign i've millions OF dollars in five dollar notes. and before
he roachcdthc end OF the five millions, the first three mill
lions would be worn out and require renewal. This
over would be wholly useless, II ii possible There
IL no more security agant countcreing in mans
name than i'll ano,her and there is great insecurity In this
practice, because it counterfccrs succeed in initiating
particular note il is impossible TO Withdraw it from circua-
lion, because the individual sign notes fast enough
replace those which have been The Sc
cuy Is not III the name, for almost any counterciier can
copy any name with sufficient accuracy deceive the
general Observers who compose the community The real
security il in the excellence of tho workmanship that
few artists can initiate aud then in the digcit pursuit
aud pnni,lim OF the coun;ercers Accordingly, 10
considerable Bon in Europe requires its be signed
by the chief officers The Bank of England had for its
one pound notes alone less than hundred and
thirty signcrs.
Finding impossible accomplish the object of its ere.
alton, the Directors Of the Bark stated The difficulty to
Congross-and in tho year 1923 committee recommended
the passage Of law TO authorize tho signature by other
Blu, bill introduced ncr was the report
called up or acted upon in any way.
4 The subject was again presented in 1927, but
went Beyond The committee The Bank, having done
all its duty by submitting the difficulty Congress then
had to decide whether the business of the country should
whether could find efficient remedy for this dcfec
among its other powers. This readily found The
18Th section against counterfeers embraces the
Soun'eFietng ANY order or check on the sad Bank
{ Corporation, or any Cashier thereof The checks iron
the Branches on the Parent Bank then protecte
against forgery and each Branch would thus suppl
what was wanted by The community i'll it, neighborhood
the necessary amount would in this way be furnished
paper which could not be counterfci;cd Many of tn,
Branches therefore authorized in case their customers
want paper OF sDoa' dGqonjnajiana E5Y,thGG0 Il N
signed exclusively by the President and Cohicr of ,b
Parent Bant The advantages Of tcsc drais are first
na' IN hls way the community can obtain what thex; can
oo!'i, Ia no o'cr way, small circulation universally re-
NeFaOc throughout the United States;sccond that tbc
party who asks for thcn-and none are Of co,,rc &C.
Tu 20 NOSE who ns-gencraly knows the signatures Of
Parent Bank, and more easily change ana rcnc,v
tcn and tird-hat they legal and safe and the
forgery oil them as punishable, they were stoned nv
The President Of the Bank himself o ~
nus course sccnlcd 70 be very obvious mode OF repair
ing he defeat But lest, by any possibility there nigh,
DC an objection 10 II, the plan was submitted to three NJ
me most eminent lursts in the Union Mr. Binncy Mr.
Webster and Mr. Writ the Attorney General who saw mo-
difficulty init and recommended its adoption Their opi
| MON closes in this way: 1850 Or'
&c am unable to ii .cover any legal objection to the plan
country and secure tc public and the Bank from, frauds
seems 10 me to be as cSpedient as it is lawful.
81 concur entirely in this opinion
DANL. WErsrER."
can see possible legal objection to the practice
apoVe stated, and concur entirely in the opinion.
VIM. Writ"
IT was afterwards explained TO the Secretary Of the
isaSary who had no hesitation in asserting TO H. The
copy OF his letter the President of the
bonk dated Treasury Department January 2I Is2S
nave had the honor 10 receive YOUR letter of the 10Th
instant with It's enclosures. "A YOU state that The omo,n,
OF any Of Inc drafts TO which il refers which NAV he c
ceVed ON account OF tho United States will be paid in the
Sene Ioaner as notes signed by The President and Cashier
oil e Bank, have felt hesitation In DIRECTING tI,,
uch drafts be taken in payments the United States
with enclosed ~ '0 hofc-
have the honor TO remain very respectfully vour
obc,icnt servant, p ps! ''
cnhcr these sanctions the Tank has continued for vo,rs
10 issue these drafts TO the great convenience of the
mun'y 1t remained only hat some case should occur o
present the matter 10 The cognizancc of the udciarv
MS was done in the recent trial of Sbelmre where no
court recognized AT the legality of these dr,s AMI
me councneiter OF them was duly convicted Jndna
n'dwh In delivering the opinion of the Court sad.-o
mere no pretence that there any express or i'm
pIea prohibition making them unlawful" And again.
~ Is IN our opinion answer TO these views that e lac
mas not expressly authorized the officers of the Br,nc
20 draw on me Bank 1t enough for this point that tbe
are not prohibited from doing So IL is an act inisne
Die to the transaction of their ordinary business in order 70
meet the wants OF the public and others" AGAIN: I -
terf.