Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-29

cess OF the banking system! Anu what udIh 10
to be selected as the agent to effect this salutary
change2 know. said Mr.. c., that a diversity
of opinion will be found to exist, as to the agent
TO be selected, among those who agree on eve
rv other point, and who, in particular, agree on
the necessity of using some bank as the means
of effecting the object intended; one preferrlng
a simple rechartei of the existing bank-ano-
Their the charter of a new Bank OF the United
States-a third a new bank engrafted upon the
old-and a fourth the use of the State banks as
the agent. l wish (said Mr.. c. to leave all
these as as open questions; to be carefully sur
veyed and compared with each other; calmly
and dispassionately, without prejudice or party
feeling; and thatto be selected which on the
whole shall appear to be best-th most safe;
the most efficient; the most prompt IN applca-
ton; and the least liable to constitutional Cd
lection. 1t would, however, be wanting in can
dor on my part, not to declare that my impress
sion is, that a new Bank of the United States,
engrafted upon the old, will be found, under ali
the circumstances of the case, to combine Inc
greatest advantages, and to be laDie 10 the
fewest objections; but this impression is not SO
firmly fixed as to be Inconsistent with a calm re
view of the whole ground or to prevent my
Welding to the conviction of reason, should the
result of such eVew prove that any otler Is
preferable. Among its peculiar recommenda-
lions may be ranked the consideration, that
while it would afford the means OF a prompt ana
ppIlCdllOu vi LjlllSdtllS Civ iAii"iiy
removing the existing distress, it would at the
same time open to the whole community a TAR
of participation in the advantages
of the institution, be they what they may.
Let us then suppose, Tin order to illustrate and
not to indicate a preference,) that the present
bank be selected as the agent to effect the IN
tended object. What provisions Will be neces,,
sary2 | will suggest those that have occurred
TO me. mainly, however, with a view OF exciting
tho raAoctlon OfthoSp much more familiar with
banking operations than myself, and who, or
course, are more competent to form a correct
Judgment on their practical effect.
Let, then, the bank charter be renewed for
twelve years after the expiration OF the present
term, with such notifications and limitations
as may be judged proper, and that, after that
period, it shall issue no notes under ten dollars;
that Government shall not receive in its dues
any sum less than ten dollars, except in the lie.
cal coins of the United States; thatit shall not
receive in its dues the notes of any bank that
issues notes of a denomination less than tVe
dollars; and that the United States Bank shall
not receive in payment, or on deposlte, the
| notes of any bank whose notes are not receiva-
BILE in the dues of the Government; nor the
notes of any bank which may receive the notes
of any bank whose notes are not receivable by
the Government. AT the expiration OF SIX years
from the commencement OF the renewed char-
ter, let the bank be prohibited from issuing any
note under twenty dollars, and let no sum un-
| der that amount be received in the dues OF the
Government, except in specie; and let the value
of gold be raised at.least equal to that OF silver,
to take effect Immediately, so that the country
may be repleniShed with the coin, the lightest
and the most portable in proportion to It's val
ue, to take the place of the recedlng bank
notes. 1t is unnecessary for me to state, that at
present the standard value of gold is several
| per cent. less than that of silver, the necessary
effect of which has been to expel gold entirely
from our circulation, and thus to deprive US OF
a coin so we'll calculated for the circulation OF a
country SO great in extent, and having so vast
an intercourse, commercial, social, and polltl-
cal, between all its parts, as ours. AS an addl-
| tional recommendation to raise its relative val
lie, gold has, of late, become an important pro
duct of three considerable States of the Union
Virginia, North Carolina, and Georgia-to
the industry of which, the measure proposed
would give a strong impulse, and which IN turn
would greatly increase the quantity produced.
Such are the means which have occurred to
me. There are members of this body far more
competent to judge of their practical operation
than myself and as my object is simply to
sugges them for their reflection, and for that OF
others who are more familiar with this part Of
the subject, | will not at present enter into an
inquiry as to their efficiency, with a view of de-
termining whether they are fully adequate to
effect the object in view or not. There are
J. QOuDueSS Ot1clS Vi Il SlLllildl ucSCllptOH,
| and perhaps more eficacious, that may oc-
cur to the experienced, which | would free
ly embrace, as my object is to adopt the
best and most efficient. And it may be hoped
that, if on experience it should be found that
neither these provisions, nor any other in the
power of Congress, are fully adequate to effect
the important reform, which | have proposed,
the cooperation Of the States may be afforded,
at least to the extent Of sUppresslng the clrcula-
ton of notes under five dollars, where such are
permitted to be issued under their authority.
omitted in the proper place to state my rea-
son for suggesting twelve years as the term
for the renewal of the charter of the bank. 1t
appears to me that it is long enough to permit
the agitation and distraction which now dis
turbs the country to subside, while it is suffi-
GENTLY short to enable us to avail ourselves of
the full benefit of the light of experience, which
may be expected to be derived from the oper-
alton of the system under its new provisions
But there is another reason which appears to
be entitled to great weight. The charter of the
Bank OF England has recently been renewed
for the term of ten years, with very important
changes, calculated to furnish much experience
upon the nature of thanking operations and cur
rency. It's highly desirable, if the bank char
fnr ChoI,l1 ha ranaunH n a now hank. crpatp6