Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1832-07-11
From the National Intelligencer.
THE BANK BILL.

The bill to continue the Bank Of the United
States passed to third reading in the Senate on
Saturday last, by a majority of five votes. Had
the three absent members been present, we un-
derstsnd the majority would have been eight.
The bill as it has passed the Senate, contains
in substance the following provisions:
l. The Bank charter to be continued for fif-
teen years, from and after the 3D. day of March,
1886; that being the day on which the present
charter expires
2. The Directors may appoint two or more Of
hcers to sign notes less that 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 not to issue or put in circula-
ton any notes, or any checks or drafts, of less
denomination than fifty dollars, which shall not,
on the faces thereof, be 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 or bills Of the Bank ofthe Uni
ted States, wherever made payable on their ia
ces.
5. The Bank is to hold no real estate Except
bank buildings and lands mortgaged, &c.) for
longer period than five years.
6. The Bank shall not establish or continue
more than two offices in any one state.
=. L Ho bduh is W pay Two uuHuTeu tH'uSduu
dollars year, to the United States, for the bene-
fits of the charter, during the whole period of ff
teen years. 4,-
8. 1t shall be lawful for Congress to provide
by law, that the Bank shall be restrained, at any
time after March 8, 1886, from issuing or keep
ing in circulation; bills of less denomination
than twenty dollars.
8. The Cashier shall report annually to the
Secretary ofthe Treasury the name ofail stock
holders; and the Treasurer of any State, on re-
quest, shall be furnished with list Of stockhol-
ders, who may be citizens Of such State.
II will be perceived by our readers, that with
the exception OF the section, continuing the char
ter, and that authorizing the signature of small
bills by other officers besides the President and
Cashiers, all the provisions and enactments of the
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 twen-
ty years, the Bank paid ONE MILLION AND A 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.
B. All notes issued at any office, shall be pay
able at the office.
All tHc ouICcS, are DOuUu 10 r0C6lY6 tn6
notes of all other Offices, when offered in payment
of balances due from State banks.
The very important power is reserved of res.
training the circulation of all bills under twenty
dollars. This provision was inserted for the all
legged purpose of giving up large portion of tho
circulation ofthe bank to the state institutions, If
the States shall be of opinion, that the public
good requires withdrawal from circulation of
all notes under five dollars, with view to the in.
PRODUCTION of greater portion Of specie into the
general circulation.
g. The number of branches is limited to two
in any one State
In Committee of the Whole section was in
troduced for distributing the bonus among the sew.
eral States, according to numbers; but this Sec
ton was subsequently rejected, and the money is
TO be paid, like other public monies, into the Ma
tional Treasury.
1t seems to 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 for dispute, but, on the contrary, con-.
tains several restraints on the Bank, introduced
to give greater security to the public interests.
The Hon. CHARLES C. JOHNSTON, Representa.~
tive from the Arlington District, Verginia, was
drowned at the Dock in Alexandria the night
before last. 1t is not asceriained how the lamen.
table acciden, occurred We have heard that q
servant pointed out to him the light Of the steayy