The Arkansas advocate., 1832-06-13


 they are justly authorized to expect from the equity of the nation, is the re- newal of their charter. The benefits aid profits ef he Bank have been en- ioyed by the nation far beyond those shared by the individual stockholders. Besides the bonus of a million and a half ofdollafs paid to the public trea- sury for the ctidfter-besides the saving ot the expense of loan offices for the payment of the public debt, principal and interest-besdes the obligation of the government funds to and from every part of the Union, as the public exigencies require-the na- ton has held one-filth part of the stock from the commencement of the instltu- ton to this time, without payment of one dollar to its capital, until the last two years. IL has received the divi- dends in common with other stoekheld- CTS; has exercised the exclusive right of appointing one-ffth Of the directors; has been supplied with loans whenever the occasions Of the government have
 needed them, upon terms more advan-
 tageous to the public than could have
 been secured from any otherinstitution or company of individuals: while the
 Bank byitssolitarycontrol, & its uniyer-
 sally. extended credit, has compelled the
 restoFationofcashpayments,an and furnish
 ed currency equivalent, in substantial
 value, to specie, throughout the Union.
 These have been the advantages of the
 Bank 10 the nation, while the indiyidu- iaI stockholders have realized, upon
 their invested capitals, scarcely more
 than a yearly interest of six per cent: even including the advance of the stock at this time in the market. This cir constance has afforded proof, nothing short of demonstration, of the rashness and folly ofall those projects for the es-
 tablishment of new Bank, which have
 been presented to Congress, with a lure
 of enormous premiums for tie grant oi a charter. The subscriber has no doubt
 that the destruction ofsueh an estab- lishment would be speedy and inevita- ble, either by the absorption of all its profits 10 pay the premium, or, by for cing it's direction into wild and reck- less extent of business, ruinous 10 the commerce of the country, not less than to the Bank itself.
 In considering the expedieney of re. newing the charter, the subscriber dis cards all considerations of the interests or wiStos-not only of the President and directors ofthe Bank, but of all the individual stockholders of the corpora ton. In the question between charter ing new corporation, and re-charter- ing the old one, if the interests of the individual adventures are to be consid cred at all, like opposite quantities in algebra, they annul each other. It ia the public interest alone that can deter mine the question, and in that view alone, the subscriber would prefer the renewal ofthis institution 10 the estab. lishment of another. The present cs tablishment has the advantage of long and of q system faatured b} the acquired knowledge ofmany years. and by the correction of its own errors. That knowledge has been purchased at no inconsiderable cost, and set of new would most probably have to pass through similar noviciate.- The result of his examination has been an entire conviction, that with view to the public interest alone, TIE CHAR TER OF THEBANK oFTHE UNITED STATES OUGHT FORTHWITH TO BE RENEWED.
 From the Burner of the Constitution.
 TIE FoRry-AcRE BILL.-An act has recently been passed, by the pres ent Congress, authorzing the sale of public lands in small tracts of forty acres. Heretofore, the smallest tract which could be taken up was eighty acres. This measure cannot but have a favorable tendency in inviting people to emigrate 10 the West. The man who can only muster JJfy doiIars, can now become, in few years, with in- dustry, an independent farmer, the pro- prietor of a freehold estate, with an un- disputed title, and master of his own actions and cote. As true friends of the laboring people, we hail this measure as one of the most beneficial that has ever been adopted by our government. We are in favor ofaffording every possible facility for the settlement of the wes- tern country--not because we have any interest there 10 be promoted, but |