The Arkansas advocate., 1832-04-04
l day Of April, 1880, which they adopt
 as part of this report.


 The several memorials, presented bv
 snndry citizens of the United S,a,,.s praying Congress to grant them and l iheir associates a charter for new
 palk, With privileges similar 10 those ] noW enjoyed by the Bank of the United
 s3ea,es, ? nave been duly considered by
 the committee. They can perceive no
 adequate motive, however. for creatins,
 q hsw bank instead of contiruiup the
 piesehli but, on the contrary, very .Es1fong objections against adopting ss,oi. q conrsc. The only inducements which can Justly Congress in establishing any
 bank, are exclusively of public ns- lure. The interests of the stockhold-
 CTS, though necessarily iyoh cd as an llncident, IS quite subordinate .consid. Ieration. The maintenance of a uni.
 form currency, and the facilities affor-
 ed for collecting, transferring, ard dis
 bursing the public revenue, are the
 great and paramount objects to be ac~
 compllshed by such an institution, and
 10 sacrifice these 10 the imaginary
 claims of persons who may desire to speculate in the stock of a new insti. tution, would be perverting high pub-
 nc trust to mere individual purposes. With the intimate knowledge of the pecuniary wants and resources of the
 several portions of the Union. which 1t
 masthase acquired by the experience of sixteen years, the present institution is
 doubtless better qualified than any new
 corporation could be, 10 fulfil the great
 public ends of such an establishment.
 in the unquesiionablc ability with which
 Its affairs have been administered for ,tae last ten years, s.i.sl ili the fidelity With which 1t has discharged all it's du-
 tles 10 the Government and to the coup. try, we have an assurance of future usefulness, which tic applicants for new bank certainly could not furnish.
 On the contrary, some of new schemes
 brought forward in the memorial re- |ferred 10 the oommitte, are 50 utterly cxtravagant as to furnish just cause of
 alarm 10 all refiecting men. The pre- sent bank though it has dealt largely in
 pubic surities, and, for several years past, held large amounts of Government stock, has net"i t!s ts .aIlsIi.,g, found it diff. lcult to find employment for a capital of thirty-five millions. in the safe and Legitimate business of banking; yet we have applications to incorporate a bank ingg B company with i capital of fifty mil Hons. The present las not realized more than i've per. cent. on its compar- atlyeiy small capital; yet some of the lproJeetors of new banking schemes pro- pose 10 give q bonus of one million of dollars year 10 the General ard State Governments, for the privilege of bank ling on capital of fifty millions; aud exposltions have been presented to the public, holding out the idea that such q bank might keep in circulation opc hundred millions of its paper, and grant l loans 10 the enormous extent of two hundred millions! In the opinion of the
 committee such projects as these can
 only proceed froma spirit of bold and hazardous speculations of banking and
 nothing in the shape of q pecuniary bo-
 nus could justify Congress in making
 the dangerous experiment of commit- l ting to such hands the great duties of |maintaining a sound currency, and of keeping in safety, and transferring with toat delay or expense, thc revenues of this extensive confederacy.
 An opinion has been sometimes ex- pressed, as plausible perhaps as it is de- lusive, that all the people of the Unit cd States are entitled 10 the option Of subscribing for the stock of bank Of the United States, and that, conse-
 quently, 1t would be s:. as. prefer
 ence to renew the charter of the pre- sent company. If a new bank were
 created, it is almost certain that the
 stock would go into fewer aud less me
 ritorious hands than that of tho present
 bank, and the rest of the people of tho
 United States would have still greater
 cause to complain of their conclusion, ifwhen tie instifutionacquired the pub 1 lie confidence ifs stock should be con siderably above par. Men of accu-
 mulated capital, not engaged in busi-
 ness, and stockholders, are invariably the first subscribers for the stock of |.
 new bank; and il is impossible to con.
 ceivc any substantial reason why the
 present stockholders, who have done 50
 much for the country, should be super seded, at the hazard Of great ps:5alic Edetrinent, merely to, gratiiy the specu-
 iatlng views of a still smaller number | of persons, principally largo. moneyed capitalists and dealers in public stocks.