Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-08-06
PUBLIC DEPOSITS.
from the National Gazette. |

. Gu much attention is now attached To the ef-
forts that are making BY what is known as the
..Kitchen Cabinet" faction, to remove the 60
yernment moneys from the Bank Of the United
States. that il may be useful to repubiish those
sections of the Bank Charter which relate to
this subject. A careful perusal Ut these sec
tions will serve to correct many OF the crude aud
erroneous notions which are entertained both
a, to the reciprocal obligation and duties Of the
Government and the Bank, and the difficulties
which stand in the way Of any State Bank that
mipht undertake to perform such services only as
the Bank of the United States nov does. Many
persons talk very loudly and confidently on these
matters, who never have read the act OF 1916
chartering the Bank, aud they Will no doubt DC
surprised when they find what the law gives and
requires. :.
One thing which must strike every reader 1t
the CIVILIZATIONS to deposit all Public moneys
in the Bank Of the United States. Ii is q part
nj the Contract; one Of the "benehts" Tor
which the Bank psid bonus to the Government
Of million and half of dollars. The law, it
is true, provided for possible state OF things
which might justify the "SEoRETARY OF THE
TREASURY" in otherwise ordering and direct
ins: but il is evident that II contemplated an ex.
,reme case only. BY requiring that the reasons
for such order should be given "IMMEDIATELY'
TO Congress. if in session, aud Vt not, "IMME-
pIarELY" after the commencement OF the next
session. This presdPposes an urgent necessity ;
IL caunot be construed into case Ut simple ex'
ped,ency, or Of equal advantages. Even IN the
extreme case, so great is the caution with which
the power given to the Secretary Of the Irea-
,ury is regarded that he is not permitted to
b. the Judge of the necessity for removing the
Deposits one moment longer than is unavoidable,
hui ne shall give his reasons "IMMEDIATELY" to
Congress that they may Judge for themselves. -
The vote Of 10 TO 46 on this question, last Feb.
ruary. shews that better reasons than were de-
yised last winter will be required. How much
better can be given, We may safely leave to the
sound discretion Of the present independent Sec.
rotary Of the Treasury.
III little curious, that since the official no.
,;ce was given in the "GlObe" that an agent had
Mem .nno,nt.d to invite offers from the State
RANK. the stock Of the Bank Of the United
has risen two per cent. As expressive OF public
oninion respecting toe result Of this agency, this
fact alone is decisive. We feared, that as in
December and January, many widows, and chart
table societies, and orphans estates might aus
tain new and heavy losses By the use which
stock jobbers might make Of this "agency" 10
alarm the ti,nid and unsuspecting; but IT IS most
fortunate that the public mind has not been dis.
composed, tnat tue tedt voiuc u tuS stoSA uho
the stropg and yet Frightening prospects OF a
renewal Of the charter have been kept in view,
and that the heartless spectators have had to
face rising market. BY the way, how is it
that the Globe did not give US the name Of the
"agent's'
Another point, which may have almost es.
eaped from the memories even Of our merchants,
is the fact that the bills and notes Of the Bank
Of the United States are legal tender in all
nayments to the United States. The Bank and
its Offices have so long been in the habit, of re-
eeiviug all the parent aud branch notes in dsPos-
it Unfortunately, that We are IN danger OF Tor
Getting that this 10 an accommodation granted by
he Bank, not an obligation upon it. 1t MAY re-
fn.e 70 continue this accommodation. and then
distant branch notes will find their vent only IN
payments to the Government.
But TO the extracts, which It was our main oo'
ject to furnish.
"see. IA. .and be Il further enacted, That
the bills OF notes Of the said corporation or's'nai