Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-05-16

up the amendments OF the senate to the ANN,
tionment Bill; and, sfter Mr. E. Everett b,d
obtained the aoor, the House adjourned.
Mn. J. 9. ADAMS Report on the Bank Of IL.
United States is a long and able one. We DIV.
its conclusion.
The subscriber has long ent ertained the mi
Mon that the existence OF National Bank is r
dissolubly connected with the continuance Of On,
Natio nal Union. The fiscal operations Of n.
Government in all its branches, he believes. can
not. without the aid of such an institution. N
conducted, he will not say well, but at all. H.
does not say that the present Bank Of the U. Z
is indispensable, and his mind has sometimesh h.,
STATED upon the question, whether, at the e1n.
ration of the present charter Of the Bank, the q,
Enlistment Of another, though similar institution
might not be more expedient than the renewal af
the Charter. IncIining rather TO the latter ,f
these measures before the institution of this noui
nv, he has been very strongly confirmed in In,
opinion by the result Of the investigation in whid
he has shared.
The management Of the affairs of the corpor
ton during the administration Of the present Pre-.
sident, not exempt from human error and mfr
nifty. has yet appeared to him marked with al
the characters Of sound judgment, Of liberal spi.
rit, of benevolent feeling, and Of irreproachab,
integrity. A large proportion of It's officers ia
subordinate trust are Of the Sacie,y Of Friends;
class Of citizens peculiarly qualified for the per.
Torrance of duties, aud the exercise Of qualities
appropriate to the successful management of ma.
MED MISUNDERSTANDING, punctuality, ten.
perance, and conscientious discharge Of all mo.
raj obligation.
In considering the numerous and important
public services, and the large contributions Of The
present Bank to the Government and people Of
the United States, he thinks the least return
which they are justly authorized to expect from
the equity of the nation, is the renewal Of their
charter. The benefits and profits Of the Bank
have been enjoyed by the nation far beyond those
shared BY the individual Stockholders Besides
the bonus Of million and half of dollars paid
to the public treasury for their characteristics
the saving Of the expense Of loan Offices for II.
payment Of the public debt, principal and in.
terest--besdes the obligation Of transferring IL.
Government funds to and from every part ofths
Mon, as the public exigencies require-thell
ton has held one-6fth part Of the stock
from the commencement Of the institudu
to this time, without the payment Of one dolau
its capital, unit! the last two years. II hasr..
ceived the dividends in common with other stock.
holders; has exercised the exclusive right Of ap.
pointing one fifth Of the Dire ;'has been sup
piled with loans whenever the occasions Of the
Government have needed them, upon terms more
advantageous to the public than could have been
secured from any other institution or companyd
individuals: while the Bank, by its salutary co.,
tol, and its universally extended credit, has
compelled the restoration Of cash payments, and
| furnished currency equivalent, in substantial
value. to specie, throughout the Union. Ihes
have been the advantages Of the Bank TO the ri,
| ton, while the individual stockholders have
realized upon Their invested capitals, searee!
more than a yearly interest OF six per cent.
even including the advance Of the stock at this
time in the market. Tbs circumstance has at.
forded proof, nothing short Of demonstration, oil
the rashness and folly Of all those projects for lb.
establishment Of new Bank, which have been
presented to Congress, with lure OF enormous
premiums for the grant Of charter. The SUB
scriber has no doubt that the destruction Of such
an establishment would be speedy and inevitable
either by the absorption of all It's profits to pa!
the premium, or, by forcing ITS direction INTO
wild and reckless extent Of business. rulnous 70
the commerce Of the country, not less than
the Bank itself.
In considering the expediency Of renewing Tx
charter, the subscriber disoards all consideration
of the interests or wishes-n0t only OF the Pres''
dent and Directors of the Bank. but Of all me
individual stockholders Of the corporation. 10
the question between charterng new corpora
ton and re-charterng the old one, II the interest,"
of the individual adventures are to be oons'oereu
at all, like opposite qualities in algebra, 'heyau'
null each other. 1t is the public interest aone
that can determine the question, and IN that view
alone, the subscriber would prefer the renew"
of this institution to the establishment OF anoOel.
The present establishment has the advanlase"
long experience, and of system matured BY ~
acquired knowledge Of many years, and oy L..
correction OF its own errors. That kno"'s'
has been purchased at no inconsderable co't,,a
a set Of new undertakers would most PfooTT!
have to pass through similar novIcIafe' ~
result of his examination has been an en'e ".
v,ctIon, that, with view to the public nle''JI
alone, the charter Of the Bank Ut the Vp''''
States ought forthwith to be renewed.
In the free and unreserved animadvers'on w
on the course Of proceedings pursued in tbs u
vestigation by the majority Of the Committee, s1'
upon the consequences to which they pecs s''".