Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-06-15
THE BANK RlI,I,.

The bill to continue the Bank of the United
states passed to third reading in the Senate, on
Saturday last, by ma jorty of five votes. Had the
three absent members been present, understand
the majority would have been eight.
Tine bill, it has passed the Senate, contains
in substance the following provisions:
l. 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.
=. The Directors may appoint two or more
officers to sign notes less than one hundred dollars
which shall be binding on the corporation, in the
same manner as if signed by the President and
Cashier.
3. The Bank is hot to issue or put in circula.
ton any notes, or any checks drafts, of less
denomination than fifty dollars, which shall not
on the faces thereof he payable at the bank where
issued.
A. The Bank, and all its Offices, shall be bound
TO receive, in payment of balances due them from
other banks, notes bills of the Bank Of the
United States, wherever. made payable on their
faces.
4. The Bank is to hold no real estate (except)
bank buildings and lands mortgaged, &c.) for u
longer period than FIVE years.
8. The Bank shall not establish or continue more
than two offices in any one State
4. The Bank is to pay two hundred thousand
dollars year to the Uuted States for the benefits
of the charter, during the whole period of fifteen
years.
7. 1t shall he law full for Congress to provide by law
that the Bank shall be restrained ut any time
after March 3, 1886, from issuing or kee ping
In circulation, bills OF less denomination than
twenty dollars.
9. The cashier shall report annually to tho Sc
cretnry Of the Treasury the name of all stockhold
ers; and the Treasurer of any State, request,
shall be furnished with list of stockholders who
may DO citizens of such State.
1t will be perceived by readers, that with the
exception of the sect continuing the charter and
that authorizing the signature of small bills by o.
Their officers besides the Pres dent and Cashiers all
the provisions and enrichment of the bill limia-
tlons aud restraints on the Bank, increasing its
burdens First, to the bonus. For the present
charter, and for the whole twenty years. the Bank
paid one million and half of dollars; for the
new charter, and for the shorter period of fifteen
years, the Bank is to 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.
i. All the Offices are bound to receive the notes
OF all other Offices when offered in payment of ba-
lances from State banks
D. The very important power is reserved of re-
straining the circulation Of all bills under twenty
dollars This provision was inserted for the alleged
purpose of giving up large portion OF the rcu
lation of the Bank TO the st ate institutions if the
States shall be of opinion that the public good
qair . withdrawal from circulation of all notes
under five dollars, with view to the ntI oduction
OF greater portion of specie into the general cir
culation
g. The number of Branches is limited to two in
any Slate.
In Committee of the Whole section was intro.
duced for distributing the bonus among the several
states, according to numbers; but this section
was subsequently rejected, ard the money is to be
paid, like other public monies, into the National
Treasury.
1t seems to us that this bill very fairly presents
the question, whether the Bank of the United
States shall De continued; since it introduces no
new cause of dispute but, the contrary, con
.ann
give greater security TO the public interests.
Nat Int