Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-06-22
THE BANK BILL

The bill 10 continue the Bank of the UNI
ted States passed to a third reading in the
Senate, on Saturday last, by majority Of
| five votes. Had the three absent members
been present, we understand the majority
would have been eight.
| The bill, as it has passed the Senate, con-
tains In substance the following provis-
ions:
1. The Bank charter to be continued
! for fifteen years, from and after the Sd day
OF March, 1886; that being the day on
which the present charter expires.
2. The Directors may appoint two or
more officers TO sign notes less than one hun
dred dollars; which shall be binding on the
corporation, in the same manner as if signed
by the President and Cashier
B. The Bank is not 10 issue or put IN cir
| culatiou any notes, or any checks or drafts,
OF less denomination than fifty dollars,
which shall not, on The faces thereof, be pay
able at The bank where issued
! d. The bank, and all its officers, shall be
bound 10 receive, in payment of balances
due them from other banks, notes or bills of
the bank of the United States, wherever
made payable on their faces
D. The Bank is 10 hold no real estate
Except bank buildings and lands mortgag-
ed, &c.) for longer period than FIVE
years.
6. The Bank shall not establish or con-
tinue more than two Offices in any one
State.
z. The Bank is TO pay two hundred
thousand dollars year 10 the United States
for the benefit of the charter, during the
whole period of fifteen years
s. 1t shall be lawful for Congress 10 pro-
vide by law, that the Bank shall be restrain
ed, at any time after March 8, 1886, from
issuing or keeping in circulation, bills OF a
less denomination than twenty dollars.
9. The cashier shall report annually to
the Secretary Of the Treasury the names of
! all stockholders ; and the Treasurer ofany
State, on request, shall be furnished with a
list Of stockholders who may be citizens of
such State.
1t will be perceived by our readers that,
with the exception Of the section continuing
the Charter, and that authorizing the sigma
ture OF small bills by other officers besides
the President and Cashiers, all the provis-
ions and enactments ofthe bill are limitations
and restraints on the Bank, or increasing its
burdens First, as TO the bonus For the
present charter, and for the whole twenty
years, the Bank paid one million and halt
of dollars for tho now charter, and for the
shorter period of fifteen years, the Bank is 10
pay two hundred thousand dollars year
that is to say, three millions in all.
2. The circulation OF small checks and
orders is prohibited.
3. All notes issued at any Office shall
be payable at that Office.
4. All the Offices are bound to receive
the notes of ali other Offices, when offered in
payment of balances due from State banks
5. The very important power is reserved
for restraining the circulation of all bills I'M
der twenty dollars. This provision was in
serted for the alleged purpose of giving up
large portion of the circulation of the Bank
to the State institutions, il the States shall
be of opinion, that the public good requires
withdrawal from circulation of all notes
under five dollars, with aview TO the intro
duction of a greater portion Of specie into the
general circulation.
6. The number of Branches is limited to
two in any one State.
In Committee ofthe Whole section was
introduced for distributing the bo1rus among
the several States, according TO numbers
but this section was subsequently rejected,
and the money is to be paid, like other pub |
lie monies, into the National Treasury
1t seems 10 us that this bill very fairly |
presents the question, whether the Bank of
the United States shall be continued since |
it introduces no new cause of dispute, but, !
on the contrary, contains several restraints !
on the Bank, introduced TO give greater Sc |
curity 10 the public interests.
Nat. Intelhgencer. June IL.