Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1836-05-24

banks, because the system is firmly incor.
porated into our system. He then goes
on to argue the advantages of national,
over State banks; but says: "If indeed
the Bank of the United States could be
removed without affecting either its hume.
rous debtors, the other moneyed institutions,
or the circulation Of the country, the or.
dinary fiscal operations of the Government
would not be materially deranged and
might be carried on by means Of another
general bank, or of State banks" This
comedies the whole ground l desire; and
that State banks can be effectively and
safely employed, is already proved by actual
experiment. The concession comes, too,
from a man lavoring national bank.
The reasons, under existing cireum-
stances, Of selecting State banks, by the
Executive, are manifest; it was an act Of
necessity. There is no law directing
whore the public money should be deposited,
in case of the expiration of the U. s.
Bank charter, or in case the Secretary,
under the discretion with. which he was
vested, should deem it expedient to remove
them: the State banks were the only safe
places which could be selected At the
opening of the session Of Congress sue
ceeding the removal Of the public deposites,
the President in his message notified Con.
gress to make suitable regulations. He
said, "the attention of Congress is earnestly
invited to the regulation of the deposites in
the State banks, by law. Although the
power now exercised BY the Executive
Department in this behalfis only such as
was uniformly exercised through every
Administration, from the origin Of the
Government up to the establishment Of
the present bank, yet it is one which is
susceptible of regulation by law, and there.
fore ought to be so regulated. The porsr
Of Congress to direct in rhat places the
Treasurer shall keep the moneys in the
Treasury, and to impose restrictions upon
the Erecutue authority, tn relation to their
custody and removal, is unlimited" and
Congress from that time to this, has failed
to do so. The reason is obvious. The
bill regulating this matter was embarrassed
in its progress with clogs and restrictions,
which might induce tho State banks to
refuse to receive the deposites, and thus to
bring about the necessity of renewing the
charter Of the United States Bank, or
chartering anew national bank. Sir, We
should cease to assail the Executive about
its influence and control over the State
banks, and @of the public money. The
Executive has earnestly invited and urged
you to regulate the deposites, and restrict
its control over the public money.
Gentlemen complain Of the influence
which the Executive will exert over the
community-an influence, they say, dun.
gerous to hberty--thfoash tho medium
the deposite banks. / submit it to the
country to decide whether there be less
danger from connexion with national
bank of $35,0O0,O0O, having its branches
in the capital of: every State, controlled by
single board Of directors, or the same
number of State banks, having each iIs,in.
dependent board Of directors, controlled
BY the vigilance of "a State Governments,
each interested for its own security in.
restraining any undue influence over State
institutions by the National Government,
even with $50,000,O0O, of capital. am,
myself, Mr.. Chairman, no friend of banking
institutions the whole system is corrupt in
its tendency, and is as successfully building
up aristocracy in this country as the laws
of primogeniture and succession sustain it
in Great Britain.
But sir, gentlemen not only profess to be.
alarmed at the influence possessed by the
Government over these institutions, and
the dangerous tendency Of that influence
but they strike up another panic, and assert
that the depositc banks are not safe; that
the public money will all, or nearly all, be
lost. | here exhibit n table showing the
true condition OF the deposite banks up to
the lst February, by which it will be seen
that all the demands against them amount
to $s6,s44,736 36, and their means to
meet them $12s,074,570 Is; leaving q
sum over and above oil demands of SAL
229,s33 70.
It appears that the immediate liabilities
of all the dcposite banks are US fol.
lows:
Owing to other banks, S14,s79,16l 45
Circulation to be redeemed 26,243,65s SO
Private deposites, l5,o43,033 81
Public depositcs sO,76s,s79 81
Aggregate S86,s44,703 SO
Their immediate means to meet their
immediate liabilities were:
Due from other banks Sl5,712,977 80
Specie on hand 10,198,659 "a
Notes of specie-paying
banks 9,573,Os9 So
Aggregate sSo,4s4,726 IL
n