Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-11

even by tho Congress Ct 1916 by which the chatter 10
the presen, Bank granted is clear, from that char
ter it's, IT, that State banks looked depo OF
the public money, aud considered competent pet
form the duties oi hsrai agents oi Go, y, e
lih general regulation vi he 1lh lon o that chatter,
will be found that ConA.ss e'erved to itself no power
reqsiie the establishment OF any branch Of that Bsnk
In any OF the ate- They nigh, 10y law require tie csa
bi-hment OF branch within the Doto Cvluhbs II the
Bank had failed refused 10 establish any other bis
any other place can II be maintained that the Government
would have been compelled make the whole Il, po,i,e
OF lie collected as H. many points dis.
from each other, either in the principal Bank
Phiiadr lpla or its branch in Washing ton Had no he,
branch been established, would these have been only
proper repositories! The ice oil the Bsuk
ter, it is provides that Congress may by law rtq,ie
the establishment Of branch .'in any State in hch
thousand shares shall have been subscb, may be he Id
Whenever upon application oi the lcli isture OF such
State they may be requested TO 40 So Before Con-
gress can PISS law requiring the establishment OF
branch in amy State, iwo contingencies must happen
1t two thousand shares OF the stock OF the Bank lie
heidby citizens oil such State aud secondly appica
must be made to Congress by the Lcg-la,urs OF such
State, requesting Congress pass law Tor that pur
pose. II both Of these coming ences shall not hspp. A.
Congress cannot require the esatshm nj OF such h.
But. TO show the clearly that the employ uert
oil State Banks was contemplated and looked 10y
the rameis Of that charter, the article hirih.r
provides that '' shal be lawful Tor the dire cios OF
the said corporations from time 70 time, employ an,
other bank or banks to be first approved by The s.
ry Of the Treasury at any place places that they ma,
deem safe and proper, to manage and transact the
proposed aforesaid, other Than the pur discount to
he managed and transacted by such officers such
agreements, aud uhjscl such equations as they shall
deem Just aud proper" But though lawful thus employ
State Banks yet power is reserved whereby TO coipr
the Bank OF the Uni ed States TO II the B,nk OF
the Uuited States had failed refused either establish
branches or employ the State Banks selected aud first
approved by the Secretary of the Treasury would the
Secretary have been compelled keep the whole pubic
treasure Plsdelph aud Washington! Would no the
public convenience have required the seiecton by the
head OF the Treasury Department of Stale Banks,
repositories and agents Of the Treasury! This had
always been done teiore that period by The head OF
that Department State Banks were at that time,
OF 10
vernmcnt, employ as such repositories and agents.
Was il intended limit the power of the T,e.sury
10 continue their employment change the practice
Indeed, by tie 10Th section Of the Bank charter the mo
ney OF the United Stsiess TO he deposited only u places
IN which the said Bank and branches thereof may I've
tAbshei In places where there bank or
branches, the State Banks necessarily I've py
ed, and they have been since, well before the
date OF that charter employed Since date OF that
charter State Banks have been ccnstany Gun.
poyed as repositories in places where branch OF the u
States Bank established; and in pa-
in which sH, branches existed aud this without b.
jecIioR rom the Bank any other quarter, until recently
These provisions OF the Bank charter, 10 which have
called the attention OF the House. distinctly recog sg as
they do the employment Of State Banks, prove Let, That
the Bank OF the United States is not The Treasury 2
That II - not the only legal proper depository the
public money! and 81, That in the opinions the Congress
OF 1916 Stale Banks 10 continue TO be employ d.
that they contemplated their employ by the 1r-ssu
ry, aud that the authors of the Bank charter the M
selves regarded them competent fiscal agents able 10
perform, as they had in fact before that performed
all he duies and services required by the Cove
The argument then much relied upon 10 prove the
incompeiency Of the State Banks and necessity for
national institution a. Government agent aud regulator
of currency, he only without lust found alton
but TO be wholly Iisproyed both by the authorities cited
aud the practice of the Government from The date ot M
organization. hesitate Affirm that he State Banks
II Banks are 10 be employed in AID OF the Treasury in
cole tion and d-buIssutn OF The public
competent as any national institution be The sup
pose necessity for national institution perform the
double junction of public agent aud regulator currency
being usnsiane upcn any principles OF sound
ing or constitutional consrucion-can constitute solid
objection TO the proposed employment oil other banksor
TO regulations by law, prescribing tie Of situation
the securities 10 be taken, and the terms on
which they 10 be employ ed
Before notice the particular provisions of this bill,
beg leave very br, y TO call the attention of the House
to the state OF hugs they existed about the period whe
the old Bank OF the ULed States out OF existence
aud The state OF Iimes they now eAist. | beg
pare The state OF public feeling and opinion PEE
iiod ct 1910, pending the application Congress Of the
old bank Tor renewal Of its charter and the Of pub.
lie feeling aud opinion exhibited alo-
gie more respects than one, will be found TO be strong
and striking Then, now, loud complaints heard
oil The impending ruin. desoa'ion, and public well
private distress, which awaited The reial Of Congress 10
grant renewal OF the charter. II, sir the Inoii ais
from chambers Of commerce. insurance companies State
Lanks, and numerous citizens Of your Cities that time
presented TO Congress for renewal OF the bank char
ter, PRODUCED and read the Clerks table
vi hou any notice The House cf the date thcy bore
every Individual present would have doubt left en- his
mind that they prepared and signed Piade phia
or elsem here Yesterday las week AID had immediate
relation TO tbs distress falsely sal have pro-
duced by the removal Of the dero,i,s The very
arguments and complaints which ure ed upon Con-
be
renewed, are urged upon why the pre-
sent bank charter should be renewed nth the sinel
ctpion, that nothing said them now in relation TO
the public depoes. That the House may see the more
clearly these striking resemblance between that period
aud HIS beg 10 read from few OF The memorials pre-
sened TO ongress during the years 1909, 10, and aud
which have remained files in OF the upper
OF the CaFicl, unisturbed xanined Tor so
many yeas. | read ils from a memorial of the Cham
Der OF Commerce Of Philadelphia, in whic after stating
that three Iour,lis OF the capital sock f the bank was
held by iofeignrIs the memoridlis;s say:
g From the collection OF the bonds Tor duties at the
Bank OF tie United States, IL uuAvoidbly results thai
there is IN that Bank great and accumulation
the paper Of the other banks This cause combined with
its weight OF capital aud extensive deposes has given to
the Bank OF The UDted States obvious importance in
The xion with other banks, which Roto renders IFS
continuance almost indispensable their s0fefv; for
yourerDe noalss without fear OF contradictions when
they assert that il the Bank United States be dis
solved, an effect erensiUy and derpiy injurious will be
feli by all lie Other banking institutions within the range
Oh ITS operations In their aPlrehenson IL is impossible
That the Bank OF The UUfed States should YA,ment
from rs debo and close S without poduc-
ing all he evils Of ProStTGftd credit and general deI.
Quency" "'Io predict wnh certainty Ie extent of the
evils which must inevitably flow from dissolution of the
Bank Is beJ ond ile power Of your mo ,isis. They
conceive that among these evils, however may certainly
be placed an extensive aud sggrdvaing By all per.
SOUS lneresedin the banking OF the country;
destructive disregard Of pUncualy the performance
OF contracts both towards the Go, and the ci,-
zsn oide Spreading bankruptcy, which IN BE- ieli by
the ronnertia manufacturing, and agricultural Interest,"
Wfenee o The stability NJ GOuerHn,c,It both at home
anil ObTOGd, and proSfrGfiOu ri their cOfdsuce and
cTtd which have happily aud successfully admins
H. Al