Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-11-21
From the Penusy Isanianl
EGAl, BRANCiI mn ETC

we yesterday published the circular oi present en-
nSh,e"ed aud INN Secretary oil the Treasury directing
tue illegal Branch Drafts, issu.d 10y the Bsnk OF tho u
oa'ts not To he received in payment sol duties or of put-
lie lands. alter the u, day Of January next This wise
ana s'i"'ary measure has been loudly called for bv tho
People, Who are determined longer suffer the coun
ny to be inundated by spurious convsnces TO evsde the
charter, which have offered great induce TO counter
e'es to take this illegal branch OF the Bank issues under
their peculiar charge. These ssmsli diaTs are made 10
resemble" as near as possible ordinary B,nk notes so that
Que h'ii the community in taking them, have snppos ed
ist hey were actually notes bills the Bank OF the IT,
States unlii heir attention dire cd TO the
wording oil The body OF the checks aud the tina,
they were tot signed by the President and Cashier of
the Parent Bank directed by the OF 20h Ap,ii 1916
III regard To the real bills Of the ius tuition Il
was an evasion In the first nssnce and il their doctrine
was SOUND, Then any Bank in this State, by authorizing
one or mere OF IFS clerks draw checks rals on it,
sraved and printed so as "feSembe possible
ordinary Bank notes. could create an ssu. of rao.r no,
known TO The law and Of hch Guild be possibe Tor
any one TO detect the coun'eres unless he was aequsn
ed with the hand writing si persons OF whose existence
even he was entirely ignorant.
Besides, cheek once paid by the Bank is dead and
cannot be by the corporation which il drawn
ana ny whom is pad; aud yet these branch drafts which
are ~ TACT ouly checks ressued err ag
by the Mother Bank at her own counter.
The ultimate effect Of this measure is TO protect the
country aud the Banks az ant the expansions and
conrscons oil the Bank rfhe Uuted States and in pre-
pare that Institution gradually Tor that dissolu ion hicb
awaits even this mammoth OF moneyed nonopoIies H.
as Is supposed by the Globe these branch drafts amount
TO S'4l3 S12, en- is evident there must be gradual
and certain cusilnen OF the present discounts of the
D"hk OF tue United aes, which the 1t October
amounted To 1905 9S 45 and which will leave he, hy
the fh Msrch 1885. lhe discount of little more In
her capital Of $35 100000.
The Bank will then have year TO run, and will he
III sa'e 10 wind up IFS concerns without any distress be-
ing fell 10y the country.
There Two that ough, to be adopted.
bat these depend upon the action oil Congress which
should be had Immediately alter the opening OF the ensuing
session. .
The rsi H. that under the power reserved TO
by the 18th section, hat body should direct bv ,ct oI
tot he
not he receivable in payment the United States from
ana alter the Isl dsy OF Juy 1885 This measure would
gradually cnrIa The circulation prevent the notes stand
out alter the expiration Of the charter and civ.
me tor gold and silver aud the the State Banks
TO supply their place.
The second is Immediately to sell the 7 OGo 600 dollar,
oi government Stock and thus dissolve the
partnership Inch now exists between ibis
noneyed monopoly sud the People.
Presidents Washington, Adains and Je rr,on sold out
the hole OF The two millions stock the old Eank lac LI
by the Government, and the determined opposition of the
pres Bank 10 the People, calls same course al
l1s line Such measure will place 81 900 600 in the
Treasury 10 pay oil the National debt aud prevent the i
ture conseation Of the public dividends pay the imagi
nary Claim Tor damages, most impudct, set I'm by The
Bank for what called the removal Il the Derosi;es 1,
w' he also more profitable for the country, stock il
winding up OF Ills Bank giant
We sutJoh an txrArt from the admirable address of
the Democratic General ard Committee of lie Civ nj
r,la%ep'a explaining The nature and origin o! these
illegal branch draitsto which he would call the par
ueuar attention of all our fellow. cizen,:
he old Bank OF the Cuiird States issued 10 notes nm
der Ten dollars; the Bank, me ncing during The
reign OF paper cur ency, Issues low Us FIVE dol
lars. ~ WI
by the IL fundamental article Of the Constitution Of
the corporation, he bills which NAV he issued
by order OF the said corporation signed by i. p,e,ic,
ana counersgned 10y the principal Cashier or Trearer
'eeoi' are made obligatory upon he poralion up
on any private person. u issued by him. aud are made as
sgnSble and negotiable il they we're so is,u.d Inv any
such pr,ae peIson Provided, that all bill. or notes so
TO be ''s"ed lay the said corporations shall be made yas
lar ,a
sum not less than one hundred dollars each and payalr
10 ,e orier OF some person persons; hch bills or notes
u shall be lawful for The said corporation 10 make pavabe
heieo 80 w
y the 18th section of the charter The bills or notes Of
Tie Bank originally made payable or iicb shall have
become payable on demand, shall lac receivable i'm all nav
mems 10 Tie United Sstes unless Otherwise directed by
act OF Congress; aud 10y the I7,h section il is enacted
ai The sal corporation shall any time or
refuse pay mehl III GOLD and any OF its notes
b-, or obligations"
1t is therefore plain that all notes or bills OF the Bant
under one hundred dolars. always be made paya
Bile on demand, and that all lis notes or bills whether nm
der or over $780, are 10 he signed by The President and
couniefsghrd by The principal cashier thereof and ta
only such bills notes, ne are made tccevablc in
payments 10 tie United States and that tie Bank is al.
way bound to redeem them in GOLD ard silver
he o. Jeci 0l the Congress 1916 was 10 give To The
People OF The Uniled sirs a par Circulating Medium sI
Ways redeehablc in gold and silver and ayab hv Tho
bahk "hereVef presened TO it, aud TO them from
cohh eIies' by 10 Irihg every bill TO he signed
by The TWO principal officers OF The institution yhose
names and signatures would be familiar To ALL
~ ms was accordingly tile practice OF the B,nk until
Isl When 1t refused pay its notes except at the point.
where they were made payable thus ing one of Inc
principal objects OF the corporsti.n.
From 1919 % 1877, period OF years various unsuc
cessihl efforts made to induce Congress to make M
ores OF President and principal Cashier sineces by AL
loving The president and Cashiers OF the Offices OF ds
count ad posiie, sign the notes 10 be issued hv de-,
or TO give permission 10 the Bank 10 have It's nocs sgad
by other pfrsons Than lis President and Cashier IL bsn
douh'ed under The charter "mhethcr the Bank had The
az lla iazf,n. ,.F...
President snd eounersigned Ivy the Cashier"
TO remedy this EVIL the officers of The Bank ,,
president Bidd'e might have adopted the use Of ,te fsc
siie But to this there the insupefable ohscons
h'' TIE signature WAS not III Isct what professed 10 e
The manual execution by The officer in the accusoued
form that II was less saIe for the community since no
imitation, however perfect equal the natural eedou
ahd freshness OF an original signature and that the etcc
io aud punishment Of 70 gerry might pos ~ not he IA
gay " e"ec"ai lie Board therefore, after much cor.
side ration resented to another EX Pc iENT Lich sy
considered Tree IRON every obi ecion either of law or po
pIiefy' " ~ Po-
The expeient TO the President snd Cashier LARGE
pa oil The daily labor Tor which they were receyiuo s,is
fes higher Than hs Of the Chiei JUS ice Of The II s,,o
and equal, il not SUPERIOR to that OF lie Wire Prcs
he 'econd thcei IN his great republic was snpiy u.
tha where az oiire unable TO surply notes nod
by The President and Cashier Of the Bunk the only notes
hno"n 70 Tie chaiier they night furnish to those who
1ia are made to resemble possible ordinary
Bank notes" O'S''''''
hese drafts are drawn by lie Presidents and Cashier.
OF Tue twenty I've different Offices OF discount and eposire
on e parent Bank TO the order Of some indi, dual and
by hin endorsed. 1917 '
II il clear therefore thai tl,e b,,nct 49,. 49,, -,
or bills Of tie Bunk, aud OF course the lni,ed States arc
o uo"u 10 receive item in pas fncnt OF debfe and t,
he bdhk " not boUtG under the penalties Dosed bv lie
stcuon o. NE charter TO psy hem is gold aud silser