Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1836-12-13

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the depostes. II was alleged by the ndyo. l.
Gates Of the bank OF the United States, that the
State Banks, whatever might be the regula-
tons Of the Treasury Department., could not
make the transfers required by the government. |
or negotiate tho domestic exchanges Of the
country. II is now we'll nsccrta ned that The
domestic exchanges performed, through dis
counts by the United Stotes Bank and its
twenty-five branches were II least one third
less than those of the deposi,e banks fer IN
equal period Of time and II comparison be.
instituted between the amounts Of service rem
dared by these institutions, on the broa der bs-
BIS which has been used by the advocates sf
the United States Bank in estimating what
they consider the domestic exchanges trans
acted by il, the result will be siill more favor
able to the deposile banks.
The whole amount Of public money trans
lerred by the Bank 0f the United States ip
lS3 80, was $4,000, 900. The amount mans.
ierred and actually paid by tho dcposite hanks
in the year ending the first OF October last,
was $50, $40 1893 the amount transferred and
! paid between that period aud tho sixth OF
November, was 100000; and the amount Of
transfer warrants outstanding on that day
! was Sl4,450, 900. making an aggregate Of
| S59, l6S, e94. These enormous sums oil mo-
| ney first mentioned have been transferred with 4
! the greatest promptitude and regularity, IND
negotiated previously 10 the passage Of the de-
posite act, were generally below those charged (
| by the Bank Of the United States 1ndcpend-
! Gully Of those services, which Ore far greater |
! than those rendered by the United States .
Bank and it, twenty five branches, a number L
Of tho deposite banks have, with a commend |
able zeal TO aid in the improvement Of the cur
rency, imported from abroad, at their own eI-
Pensc, large sums of the precious metals for
coinage and circulation.
In the same manner havo nearly all tho pre.
dictions turned out in respect 10 this effect O
the removal Of the depositcs-a stop nnqucs-
uonably necessary 10 prevent the evils which
II was foreseen the bank itself would endeavor
to create, in 6nal struggle TO procure re-
newal of lis charter. Ii may be thus, too. in
some degree with the further eisps which ns Y
be taken 10 prevent the excessive issue of 9th.
CT bank paper but it is 10 be hoped that no.
thing will now deter the Federal aud State nu-
tnorititiHs from the vigorous performance OIL
! Their duties to themselves and to the people IN
: this respect. In reducing the revenue 10 the
wants OF the government, your particular at
lentlon u invited t. those articles which con-
sttute the necessaries Of life. The dutyson
salt was laid as a war tax, and was no doubt
continued 10 assist in providing for the payment
n OF the war debt. There is no article, the re-
8 lease OF which from toxSten, would be felt . d
. generally and so bonehcially. To this MAJ
, be added all kinds Of fuel and provisisns.-
s Justice and benevo euce unite in faver Of re-
II leasing the poor Of our cities from burdens
Il which arc not necessa = for the support Of our
IF Government, and tend only to inc-ea.e the
II wants Of the destitute.
e II will be seen by the report OF the Seerets :
J. ry Of the Treasury, and the accompanying do
d cumcnts, that the Bank OF the United States
has made no payment the stock she'd by
q the government IN that institution, although
i urged TO pay any portion which might suit III
, convenience, and that il has given no infor-
/. nation when payment mny he expected -
!. Nor, although repeatedly requested has I,
O. furnished the Information in relation 10 ~
n condition, which Congress authorised the Sc
cretary 10 collect at the last session; sucf
n measures as are within the power Of the exc
If cutive have been taken 10 ascertain the valu'
q Of the stock and procure ths payment 90 cor
e ly as possible.
o The conduct and present condition Of tina
r. bank, and the great amount OF capital .este
+. in il by tho United States require your careful
q attention. It's charter expired on the 3rd G
,e March last, and il has now no power but ihs
% given in the 2Ist az ction, "to use the cerperat
NJ name, style, and capacity, for the purpose q
!. suits for the final settlement and liquidation
,r the affairs and accounts of the corporation
ar and for the sale and disposition or their esia q
70 real and personal and mixed, but not for an
o other purpose, or any other manner whsiro
a. ever, aor fora period exceeding two years al
ter the the expiration Of the paid term OF incor
er poration!" Before the expiration Of the char
q ter, the stock holders Of the bank obtained al
Ne act of Incorporation from the Legislature
ID Pennsylvania, excluding only The Unite
te States. Instead OF proceeding 10 wind up the
of concerns, and pay over 10 the Unaed State
:, the amount duo on account Of the stock hel
r by them, the president and directors Of the Of