Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-10

reg n d Isl.
creton which the law has to him. upon the as
sumption that the law will be changed
In deciding upon the course which it was my duty TO
pursue in relation to the deposites did feel myself
justified in anticipating the renewal of the charter on
either OF the above mentioned grounds. 1t is very evil
dent that the Bank has claim TO renewal, founded
the justice OF Congress. For, indie OF the
ny serious and insrmountable objections, which own
conduct has furnished il supposed the grant
TO this corporation OF exclusive privileges the expense
OF the rest OF the community, for twenty years. give
it right the still further enjoy of lis pro-
htable monopoly Neither could act upon the assump
ton that the public interest required the
Bank because am firmly persuaded tina, the law which
created this corporation in oil its provisions not
warranted by the Constitution aud that the existence OF
such powerful monied monopoly, dangerous 10 the H.
stituiions.
The manifestations Of public opinion, Instead of being
ry And have always regarded the result of the last
election OF the President OF the United Stes the de-
ought be renewed IL is not necessary to state
here, what Is matter of history. The question Of
the renewal of the charter introduced into the cleo
lion by the corporation itself Its voluntary application
Congress for the renewal Of its charter four years be-
fore expired, and upon the of the election of Pre-
siden was under all Sides bringing ard that
question Tor incidental decision, the then approaching
election IL was accordingly argued both Sides
the tribunal OF the people, their verdict
agans the Bank by the election candidate who was
known TO have been always inHexibly opposed toi.
Under these circumstance could have oeen JUS
fed upon either OF the grounds above mentioned in an
cpatng any change in the existing laws relation in
the Bank and act of Congress which created The
corporation, limits its duration TO the bd of March, 1885,
became my duty, Secretary ofihe reasury in exc
cutting the trust contided in under the law, look
that period OF time the termin of corporate ex
iscnce. / had no sufficient grounds for presuning that
the law would be altered in this respect future
ton, and charter be granted the Bank Ii was
therefore incumbent upon me- in dscharging my oicia
duties, TO act upon the assumption that this corporation
would not continue in being after the time above specified
And In this state OF things without reference to the
in which the Bank had itself, il bee anne
te decide whether the deposies ought
in the Bank until the end OF its corporate life, be
moved at earlier period In forming my opinion on
this subject could only inquire which OF these
would most coDduce TO the public good.
IL obvious, that the interests the country would not
be promoted, by permitting the deposites the public
ney continue the Bank until its charter expired
Judging from the past is highly probable that they will
always amount TO several millions of dollars. Ii would
evidently produce serious onvenence, if such large
sum were left in possession OF the Bank until the last
ment OF its eXisence and then be suddenly withdrawn
when its immense circulation is returning upon it, TO be
redeemed, and its private deposors removing their funds
into other institutions The ability of the Bank, under
such circumstances, TO be prompt in its payments the
Government, may be well doubted il the ultimate
safety OF the depoes could be relied upon Besides
principal circulating medium in the hands the peo
pie, and the one most commonly used in the exchanges
between distant places consists OF the notes of the Bank
OF the United States and its numerous Branches The
sudden withdrawal OF its present amount OF circulation,
or its sudde" before other sound and
venent currency substituted for it, would certainly
produce extensive evils, and be sensbly felt among all
classes OF society.
1t is well understood tina. the superior credit
enoyed by the notes of the Bank of the United States
was not founded any particular confidence in its ma
nagemen soidiiy. Ii occasioned altogether bv
the agreement behalf Of the public of ncor
poraon to receive them in all payments TO The United
States and was this pledge the part of the Govern
men which gave general currency the notes PAYABLE
at remote Branches The same enqagement in t,yor ~
other moDed institution, would give its notes equal
Credit and make them equally for the purposes
Of commerce But this Obligation the part OF the
United Saies, will the Sd OF March 1885, when
the charter expires; and this happens all the
outstanding notes OF the Bank will the peculiar value
they now possess, and the payable distant places
become as much deprecated the of local Banks
And H. IN the mean time, other currency is substituted
IN It's place, by common consent, is easy foresee the
extent oil the embarrassment which would be caused by
the sudden arrangement OF the circulating medium Ii
would be TOO late at hat time 10 provide substitute,
Of the United States in circulation the second of Sep
TENDER last which the date of the return before
me when the order for removal given, amounted TO
$lSfl3267 OF, scattered in every part of the United
States And il safe and sound currency immedi-
aely provided, the termination of the charter 10 take
the places Of these notes, would still require time TO
bring IL into general use, and in the interim the peooe
would be subjected all the and losses
whch necessarily arise from unsound state OF the
rency The evil would be great the distress so ee
neral that it might even compel Congress, against
wishes TO charter the Bank and perhaps more eec-
ua could hardly be DEVISED for insurng the re-
newai OF the charter 1t is evident that state Of things
so much TO be deprecated only be avoided by timely
PREPARATION and the continuance Of the deposites can on
ly be justified by the determination the char
ter The State Banks cam | have doabt, furnish
general circulating medium, quite as uniform in value,
that which has been afforded by the Bank OF the Unit
ed States Probably more For, it is we'll known that
in OF the cities, the Branches of the Bank have been
in the habit whenever they thought proper Of refusing
TO honor the notes of their Bank, payable al other
Branches, when they offered in discharge of
debt due TO the United States But a currency founded
The notes OF State Banks could be suddenly
suted for that heretofore furnished by the Bank the
United States, and take the place of il at the same mo-
ment, in every part OF the Union IL is essential that the
change should be gradual; and sufficient time should be
allowed 10 suffer il 10 make its way by the ordinary opera
tons OF commerce, without requiring has,y aud violent
effort.
In this view Of the subject would be highly iniudi.
cious 10 suffer the deposites remain in the Bank OF the
U. s., until the close OF its corporate existence. And as
thep cannot be Withdrawn without The OF The Sc
cretary OF the Treasury must unavodably become his
duty, period Of time. TO exercise the power Of
moval Laying aside, therefore, for the present. all the
considerations, which the misconduct Of the Bank has
furnished the question presented TO this department was,
how long could the removal be delayed consistently with
the public nteresl II is question Of time only The
duty must be performed at PERIOD and could be
altogether oini ted without justly incurring heavy
sponsbility TO the community for oil the consequences
that might follow. Aud ii is, think, apparent that the
measure was delayed as long wsscompadblc with the
interests Of the people OF tie UnitedStates.
The monthly statement Of the Bank Of the second Of
September last before referred TO- shows tat the oi
the Bank and its branches then In circulation amounted
TO $1Sf13 2s7 o. and that its discounts amounted the
sum Of $62 $50 350 50. The immense circulation above
stated peryading every part the United States, and
commonly used in the business Of commerce, between
distant places, must all be Withdrawn from circulation,
when the charter expires. II any Of The notes then
main in the hands OF individuals from the branches
which they payable, their immediate depreciation
will subject the holders certain loss Those payable
the principal commercial cities would pefhapsreion nearly
dir buf Itis mt he Inc