The Arkansas advocate., 1832-04-04

lust alluded. r ol ssi tiioic iuii caPi''it" tlon of their views on this point, they will reierlhe House to the report alrea-' dy noticed, Of q former committee ol Mays and Means.
 It remains for the committee to give brief explanation of the qualifications they have proposed of the existing charter. The reservation of the pow CT of fevolsing it, at any time alter ten years, upon giving three years. mo- tiee of such intention, will create q re- sponsibiIity in tlie bank, which may De extrerneiy salu!ary. without creating loo great q dependence upon Congress Sl'hc change proposed in the lofn'oi the bonus. is Tn some degree connected with this change in the tenure ot thc charter, and is recommended by other consider ssrations. An annual sum, paid in the sia1pc of interest on the Government sdeposites, wifi have the reeomHcnds- ton of making the amount of the bo- nus depend upon the extent ot tic ben. eft which the bank may derive from sthe public revenues, at the same tune ttiiiiit it it renders tic government ;ll m. portant service by the safe custody oi these revenues. The authority given to the President of the United States to appoint ono of the directors oi each of the branches, rests opon the same Prin- ciple with the existing authority 10 ap- point a portion of the directors ot the mother bank. Ii may De matter oi great convenience and utility for the government 10 have a sentinel to give notice Of any irregularities or abuse that may creep into the direction oi the several branches. The prohibition a. gainst issuing draughts or checks for twenty dollars, or any similar sum, will exclude from common circulation dis cfiption of paper, of which considera- bic complaint has been made in some quarters of the Union. This, however, has rendered if indispensably necessa- " to authorse other officers, as we'll as the President and Cashier, to sign and countersign bills for circulation. II this provision be not made, tho whole time of the President and Cashier would he taken up il1 signing bills tc inc entire exclusion of the more impor tant functions of administration and SUI. perintcndcnce; and yet these officer: would not have the physical ability to execute the necessary signatures. The expediency of prohibiting the issue ol any notes at branches where they arc not payable, is too obvious to require comment. It is essential 10 protect the Slate banks against r..ineas dranghts for specie on the part of the bank of the United States.
 These provisions, in addition to those which are contained in the original charter, afford all the safeguards which can be reasonably required for the pub lie security. The monthly statements which are made of the debts due by the bank, ofthe moneys deposited there II, of tho notes in circulation, and the specie in hand; the right of the Secrel tary of the Treasury to inspect the books ofthe bank, and 10 withdraw the public dcposites, subject to the appro- bation of Congress; the right of a tscommittee of either house of Congress to inspect the books and examine the proceedings of the bank;' its obligation to pay specie for it's notes on demand, under heavy penalty; and the provis- ion that s'the total amount of the dehts which the said corporation shall at any time owe, over and above the debts due for money deposited, shall not exceed the amount of its capital ;"--all these guards against imprudent and exces- sive issues, with the constant supervi- sion of the Government directors, fur nish ample guarantees for the faithful performance of its duties to the public. and saaenhted securities to tiii tic holders of its notes, not only that they will be ultimately, but promptly paid.