Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1832-07-16


on the faces tbared' respectively made payable =
one Yllce onig, shall, nevertheless be received by
the suid corporation at the bank CT al any Of III.
afcas ui discount and deposit thereof, If rendered
IN liquidation or pay ment ofany balance or balan
ees due to sud corporation such Office of dis
count and deposit from any other incorporated
Bunk" Tins provision secures to the State Banks
"a logd privilege in the Bank otthr United Statee
which IS withheld from all private citizens IL
State Bank Ia Philadelphia, Owe the Bank of the
United States and have notes ISSUED by the r.
ouis Branch, II can pay the d.G with those notes,
but # n merchant mechanic. OF otter private cIti-
zrn be in like clrCumsts uces. he cannot by law pay
his debt with those uot.s, but must sell thom nj a
Discount. or eead them 10 st. LOUIS 10 b. casbed
Tins boon. conceded 10 the State Banks, though
notu1jus IN itself, is most odons, because it docs
not measure atequal justice to the high and The
Iuw. the rcH and the poor
To the extent gifts practical effect :. IS bond
n union anon the banking establishments Of tbe
nation, erecting them INTO an interest, separate
from tia, Of the people, and rs necessary tendon.
eY !, 10 Unite he Bank ofthe United States and
the state Banks IN any measure which may be
thought conducive TO their common interest.
Tho ninth section Vi the act rclosniza- prjHci.
pies OF worse tendency Ihanany provision oftIo
pres mt charter.
1t enacts that the Cashier Of the Bank shall an
nually report 10 the Secretary Of the Treasury tie
names Of all stockholders WHO are not residcr, c,t.
2eus of the United States and on the application Of
the Treasurer Of my state, shall make ON, aud
transmit 10 such Treasurer list Of stockholders
residing in, Or citizens Of such State, with the a
mount OF stock owned by each" Although this
provision, taken IN connection with a decision Of
the Supreme Court, surrenders by its silence the
right of the States tax the banking institutions
created by this corporation under the name OF
branches, throughout the Uniou.--it is evidently
intended 10 be construed as Il concession of their
right 10 tax that portion ofthe stock which may
be heldby then own citizens and residents. In this
light if the act becomes alaW, ii will be understood
by the States, who Will probably proceed tolsyy
tax equal 10 that paid upon the stock Of banks M
corpordt1G by themselves In some states that tax
IA HOW one per cent, either the capital ON the
shavcs, and that may be assumed as the amount
which all citizens or resident stock holders will o.
taxed under the operation of tins act As it is only
the stock h,2d IN tue States and not that ,Dplyye4
within them, which you'd be subject to texatiun
and as the names OF iofisn stockholders ale not
IL be reported TO the Treasures Of The States j. l.
obvious that the stock hgl3 by tom viii be exempt
from MS burden Tlcir aauaM e!ci,e, will th.rc,
fore be one rer cent. more thau the citizen stock
holders, and rs the annual dividends Of lhe Banl.
may b. safely estimated At seven per cent, The
stock will be worth ten or fifteen per cent more 10
foreigners thun to citizens of the United States.
ioapprcciate the cl, els which tbs state q. ,lIng5
Will produce " must tex" brl,t review uf r op-
eratlons ad1 preseu, condition Of The Bank Of The
uaitcd States
BY documents submitted 10 Congress- al the pres
1882. ofthc - millions Of private stock III the cor
poration, ~ TOO 800 were hedby iorelgurrs, most
II ottireat Britain. The amount Of stQs. held IA
the uIne Western and SonrAA, stern States. Is
1li0 200; and IN the toul Son,her States Is :. !
623 100; and IN tae Mod and Eastern states is
about &!33 22 900 The profits Of the bank N 1881
as shown m a staleln.ut 10 Congress, We're about
a3 ,155.591 If this tutre accrued IN the NM wcs-
States, ,tout 81 6i00iS in the four southern
States. ayout So, 5Q1j aid in III, middle am
eastern Statl3, about 81 1901 As .stlla ,.or.>
Is he'd M The west It IS obelou, Tat The 1t Of TIE
p.OPte in that section, to tit Bauk 3 p,ire ally
debt 10 the eastern 4 foreign stockholders tIt the
Intcres' they ply upon It is calral INTO tie ST VA
States and INTO Emop1; and thot II IS n bu,IeG |
upon thcT industry and dulu Of their cur, ucy, |
which no country can bear without Inconvenience /
and occasional distress fom.,t this burden ana /
cqpalIze the exchange operations of h Baui the |
amount of specie drawn from taos, Stats through |
It's branches within the last years us shrWn bv
It's official reports was about 5000 600 More
than halfa million otthis amount docs not stul N
the eastern states, but PASSES on to Europe to pay
the dividends OF the foreign stockholders In the
principle of taxation recognized by this act the
western States find no adequate compensation for
this perpetual burdeo on their industry, and dram
~. .
ma ie last year, So 40 vt, under the prov
OF TN, act the State of Alabama car rasss no rev
enue from dese profitable operations. because not
share Of the stock is held by any of her citizens
Mississippi and Missouri are in the same coud- |
ton in relation to the branches Of Nntehrz and St
LOUIS and such IN greater or less degree, is the
condition ofcvery western State.
The tendency of the plan of taxation which this
act proposes, will be to place the whole L. States
IN the same relation to foreign countries, which the
western States low bear To the eastern Whruby |
a tax on resident Stockholders, the stock OF tins
Bank is nude worth ten or ffta,n per cent more to
foreigners haa u residents, most of il will encyita-
bly, leave tine couatry.
Ihua alb til, provision, IN It's practical effect,
deprive the eastern, as weA the southern and |
western States, otthe means Of raising revenue
from the extension robustness, ana great profits of
this institution. 1t viii make The American, paopla
ebtors - aliens IL nla' = tn whole amount due to
a., Bank and s,nd across the Atlantic from two to
FIVE m.,,polsofspcclc every year to pay the Bank .
sdends
In another Gifts bearings Ibis provision IS traugh
with danger, Of'hc twenty-five directors ofthis |
Bunk, five are chosen by the Government, and
twenty Ivy the cltiz II stockholders From oil voice
IN these elections, the Oreiga stockholders are *
euded by the charter In proportion, therefore, |
as the stock is transferred to foreign holders, the
sxtent ofsuflagcln the choice of directors is cur