Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-07-20

incnt and distress The time allowed to
close ITS concerns is ample and il il has
been well managed its pressure will be light j.,
and heavy only in case its management has
been bad. If, therefore, ii shall produce dis
tress, the fault will be its own, and il would
furnish reason against renewing a power
which has been so obviously abused. But
will there ever be time when this reason
viii be the less powerful? To acknowledge
MS force, is to admit that the bank ought 10
he perpetual, and, as a consequence, the pre-
sent stockholders and those nherting their
rights as successors he established. priv;-
legged order, clothed both with greut politi-
Cal power, and enjoying immense pecuniary
advantage, from their connection with the
| Government
The notifications, Of the existing charter
proposed, by this act, are MOI such, in my
view, as make 1t consistent with The rights
OF the States, or the liberties of the people.
The qualification of the right OF the bank 10
hold real estate, The limitation of its power TO
establish branches, and the power reserved 10
Congress 10 forbid the circulation of small
notes, are restrictions, comparitivelv. orIit-
tie value or importance All the objection
able principles of the existing corporation
and most Of its odious features. are retainej
without alienation.
The fourth section provides Chat the notes
or olils OF The sad corporation, although the
same be on the faces thereof, respectively
made payable at one place only, shall never
lheless be received by the said corporation
at the bank, or at any of the offices of dis
count and deposite thereof, if rendered i'm Ii
quotation or payment of any balance or bal
ances due to said corporation, or TO such Of
flee OF discount and deposite from any other
incorporated bank"
| This provision secures 10 the State Banks
a legal privilege in the Bank of the United
States, which is withheld from all priyate
citizens. III State Bank in Philadelpbia
owe the Bank Of the United States. and have
notes issued by the St Louis brenvh, il cau
nay The debt with those notes but if mer
chant, mechanic, or other private citizen he
IN like circumstances, he cannot. by law
pay his debt with those notes, but must sell
Them at discount, or send them TO ST. I,ouis
to be cashed. This boon, conceded 10 tbe
State Banks, though not unjust in itself is
most odious; because it does not measure ont
equal justice 10 the high and the low, the rich
and the poor. TO the extent of its practi.
Cal effect, il is bond of union among the
banking establishments Of the nation, erect
ing them into an interest separate from that
OF the people: and its necessary tendency is
10 unite the Bank of the United States. and
The State banks, in any measure which NAV
ne thought conducive 10 their common in
terest.
The ninth section of the act recognize,
principles OF worse tendency than any pro-
vision oil the present charter
1t enacts that "the cashier of the banl,
shall annually report 10 the Secretary oftbe
treasury the of oil Lett. -, i
are not resident citizens ofthe United States:
and on the application of the Treasurer Of
any State, shall make out, and transmit 10
such Treasurer "A list of the stockholders re-
siding in, or citizens of, such State, with the
amount owned by each"
Although this provision, taken in connex-
ION with decision of the Supreme Court.
surrenders, by its silence, the right of the
States 10 tax the banking institutions crea
ted ny this corporation, under the name of
branches, throughout the Union, it is evil
IDENTIFY intended 10 be construed as conces
SION OF their right TO tax that portion of the
stock which may be held by their own citi-
zens and residents. In this light, if the act
becomes law, it will be understood by The
States, who will probably proceed to lew a
tax equal 10 that paid upon the stock ofbanks
incorporated by themselves. In some States
that tax is now one per cent either on the
capital or on the shares and that NAV be as
snmed as the amount which all citizens or
resident stockholders would be taxed under
the operation OF this act Al ii is only the
stock held in the States, and not that employ
cd within them, which would be subject 10
taxation, and as the names of foreign stock
holders are not to be reported to the Treas
urers OF the States, it is obvious that the
stock held by them will be exempt from
this burden. Their annual profits will,
therefore, be Increased one per cent. more
than The citizen stockholders, and as the an
nual dividends Of the bank may be safely
estimated al seven per cent, the stock will |
he worth ten or fifteen per cent. more to |
foreigners than 10 citizens by the operations
and present condition Of the Bank ofthe u |
nited States.
BY documents submitted to Congress. nj
the present session, it appears that on the LIST
of January, 1882, Of The twenty eight mill. |
ions Of private stock in the corporation. |
SS, 405 800 we're held by foreigners, mostly
of Great Britain. The amount of stock |
in the nine Western States is 8 lac, POOLS in
the four Southern States is sc, 623, 100, and
in the Eastern and middle States about
SlS, 500 900, The profits Of the bank in
1881, as shown in a statement TO Congress.
we're about SO, ass, 59S of this there accru,
ed in the nine western States about 81 $40
O4S, in the four southern States about 1852
5O7, and in the middle and eastern States.
about 81 1853, 04l. AS lite stock is held in
the west, it is obvious that the debt of the
people in that section 10 the bank is princi-
pally debt to the eastern and foreign Stock
holders, that the interest they pay upon it, is