Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-22

entire abolition Of paper, is not suited 10 ule
times The idea has something little TOO an
tinue too Spartan, in it; we might as Wen tninK
| Of going TO iron at once. II sucn result DIS
the gentleman hopes for, were even oeslIaple'
regard its attainment as ul.eIy lnpi 49,
BILE and hopeless, s1,n LAY n,a' se'e' s
T,hare is then. sir, the re-chartermg OF the
! nrecent Rank: and lastly there is the eStaDlsn-
ment of a new Bank. The flrst OF these rece ~
ed the sanction of the last Congress, Dut ~, the
measure was negativedb by the Pfesiueht. NC
other the creation of new Bank, has not peen
bronght forward in Congress, but it has excl
ted attention out of doors, and has peen pfo-
nosed in some of the State Legislatures 90
serve sir that proposition has been Stbmltleo lof
consideration, by very intelligent gentielhaii,l
the Legislature of Massachusetts,, fecomm
the establishment Of a new Bank, with the iol-
lowing provisions 20 &c
Il. The capital stock 10 De MY lhliioii" "a
dollars.
g. The Stockholders Of the present United
States Bank to be permitted to subscribe an
| amount equal to the stock they now hold.
g. The United States to be stockholders to
F the same extent they now are, and to appoint
the same number ofDrectors.
a. The subscription to the remaining tlteen
millions, to be distributed to the several States
in proportion to federal numbers, or In soiiie
| sother lust and equal ratio; the instruments
spayabie either in cash or in funded stock OF
the State, bearing interest at five per cent
IS. No Branch of the Bank to be established
in any State unless by permission OF It's Leg
islature.
&c. The Branches of the Bank established in
| the several States to be liable to taxation by
those States respectively in the same manner,
and to the same extent only with their own
Banks.
u. Such States as may become subscribers
TO the stock, to have the right of appointing
certain number, not exceeding one-thlrd, OF
sthe Directors in the Branch of their own State.
g. Stock not subscribed for under the forego-
q ing provisions to be open to subscription by
individual citizens"
project not altogether dissimilar has been
started in the Legislature ofPennsylvania. These
proceedings show at least a conviction OF the
necessity of some Bank, created by Congress.
Mr. President, on this subject have no doubt
whatever. think National Bank proper and
necessary. believe it to be the only pracuca-
BILE remedy for the evils we feel, and the only
effectua security against the greater evils when
we fear. Not, sir, that there is any magic IN
the name of Bank; nor that National Bank
works by any miracle, or mystery. But look
ing to the state Of things actually existing "a
| round us-loekng to the great number OF State
Banks already existing not less than three hun
dred and fifty, or four Misunderstanding to, the
vast amount of paper issued by those Banks;
and considering that, in the very nature ofthings
this paper must be limited and local IN its credit
| and in its circulation, | confess | see nothing
but well conducted National Institution which
| is likely to afford any guard against excessive
paper issues, or which can furnish sound and
uniform currency to every part of the United
! States. This, sir, is not only a question OF IL
nance, it not only respects the operations OF the
| Treasury but it rises to the character OF high
| political question. Itrespects the currency, the
| actual money, the measure OF value OF all prop
erty, and all labor, in the United States. live
| needed not dollar Of money in the treasury,
| it would still be our solemn and bounden duty to
protect this great interest 1t respects the eXer-
else of one ofthe greatest powers, beyond all
doubt conferred on Congress by the constitu-
ton And hardly know any thing less consis-
! tent with our public duty and our high trust nor
any thing more likely to disturb the harmoni-
Gus relations of the States, in all affairs of bust
ness and life, than for Congress to abandon all
care and control over the currency and to throw
the whole money system ofthe country into the
! hands Of our-and-twenty State Legislatures.
| | am then. sir, for a Bank; and am fully per-
suaded that to that measure the country must
/ come at last.
The question: then, is between the creation of
a new Bank, and the re-chartering of the pre-
sent Bank; NTH mod fcatiOns. | have already
referred to the scheme for new bank proposed
to the Legislature of Massachusetts by Mr..
! White. Between such new Bank as his pro-
! positions would create, and re-chartering of
the present Bank, Nth notifications, there is no
very wide, certainly no rreconciliable differ
ence. We cannot however, create another
Bank before March, 1886. This is one reason for
preferring continuance of the present. And,
treating the subject as practical question, and
looking to the state of opinion. and to the proba-
bility Of success in either attempt, incline to
the opinion that the true course of policy is to
propose a re-charter of the present Bank, with
notifications.
AS to what these notifications should be,
would only now observe, that while it may we'll
! be inferred, from my known sentiments, that
should not myself deem any alterations in the
charter, beyond those proposed by the bill Of
1892 highly essential; yet it is case, in which,
l am aware, nothing can be effected for the good
Of the country, without making some approach
es to unity ofopnon. | think, therefore, that
in the hope Of accomplishing an object of so
much Importance, liberal con LESSONS should be
made. | lay out Of the case all consideration of
any especial claim, or any legal right of the pre-