Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1833-08-15
(FTorn TIE National Gazette J
PUBLIC DEPOSITS.


of the Bank Charter which relate TO this |
subject. A careful perusal of these sec
tons will serve 10 correct many Of the |
crude and erroneous notions which are
entertained both as 10 the reciprocal obi
cation and duties Of the Government and1
the Bank, and the difficulties which
stand in the way Of any State Bank
thai might undertake 10 perloEm such
services only as the Bank .of the United
States now does. Many persons talk We
ry loudly and confident on these matters,
who never have read the act OF 1916 char
tering the Bank, and they will no doubt
be surprised when they find what the law
gives and requires.
One thing which must strike every read
er is the OBLIGATION 10 deposit all Public
moneys in the Bank of the United States
Ii is part Of the Contract; one Of the
benefits" for which the Bank paid a
bonus 20 the Government of million and
a half of dollars. The law, it is true,
provided for a possible state Of things
which might justify the "SEcRETARY OF
THE TasAsURYn in otherwise ordering
and directing; but it is evident that it con
templated an extreme case only, by the
requiring that the reasons for such order
should be given "MMEDIATEI.Y" to Con
gress, if In session, and if not, GIMME
DiATELY" after the commencement of the
next session. This presupposes an ur
gent necessity; il cannot be construed 10
to case of simple expedIency, or of
quail advantages. Even in the extreme
case, SO great is the caution with which
the power given to the Secretary of
the Treasury rs regarded that be is not
permitted TO be the judge of the necessity
for removing the Deposits one moment
longer than is unavoidable, but he shall
give his reasons ''IMMEDIATELY" TO Con
gress that they may judge for themselves.
The vote OF / 10 TO 46 on this question,
last February, shews that better reasons
than were devised last winter will be re-
CURED. How much better can be given
we may safely leave the sound discretion
of the present independent Secretary OF
the Treasury.
Ii is little curious, that since the off |
clal notice was given in the "Globe" that
an agent had been appointed to invite Of
lers from the State Banks, the stock of
the Bank of the United States has risen
two per cent. AS expressive to public
plnion respecting the result of this agency,
this fact alone is decisive. We feared,
that as in December and January, many
widows, and charitable societies, and or
phans' estates might sustain new and |
heavy losses by the use which stock Job |
hers might make of this 'agency" to
larm the timid unsuspecting; but it is most
fortunate that the public mind has not
been discomposed, that the real value of
the stock and the strong and yet bright !
ening prospects of renewal OF the char
ter have been kept in view, and that the
heartess spectators have had to face
rising market. BY the way, how is it that
ttie Globe did not give US the name of the
"agent"p
Another point, which may have almost
escaped from the memories even of our
merchants is that the bills and notes
of the Bank of the United States are a lie
gal tender in all payments to the United
States. The Bank and its Offices have
so long been in the habit of receiving all |
the parent and branch notes in deposit in
discriminatory, that we are in danger of
forgetting that this is an accommodation
granted by the Bank, not an obligation
upon 1t. ltmay refuse to continue this
accommodation, and then distant branch
notes viii find their vent only in payments
to the Government.
But to the extracts, which it was our
main object to furnish
"Sec. IA find be II further enacted That
the bills or notes of the said corporation
originally made payable, or which shall
have become payable on demand, shall
be receivable in all payments to the Uni
ted States. unless otherwise directed by
act Of Congress.
Sec. Is. lind be il further enacted,
That during the continuance of this act,
and whenever required by the Secretary
oil the Treasury, the said corporation shall
give the necessary facilities for transfer
ring the public funds from place to place :
without the United States, or the terrific
rIes thereof, and for distributing the same
in payment of the public creditors, with
out charging commissions or claiming al
lowance on account of difference OF ex
change, and shall also do and perform
the several and respective duties of the
commissioners Of loans for the several
states, or of any one or more of them,
whenever required by law.
"Sec. is. ind be IL further enacted, |
That the deposits of the money of the u
nied States, in places in which the said
bank and branches thereof may be es
tabIIshed. shall be made in said bank or
branches thereof, unless the Secretary of
the Treasury shall at any time otherwise
order and direct; 10 which case the Sc
cretary of the Treasury shall immediate
ly lay before Congress, if in session, and
If not Immediately after the commence
ment OF the next session, the reasons oil
such order or dlrection"i
The Boston Courier closes some re-
marks upon the cause of opposition in
the South to the protective policy, with
the following paragraph:
"New England has become what