Southern telegraph., 1836-12-20


of price, and 10 limit The quantity which
shall be sid 10 them. Although il os be-
lioved the Genl Government never ought
10 receive any thing bHi me constitutional
currency in exchange Tor Ihe public lands
that point would be of less Importance Il
the lands were sold for immedia,e settle
ment and cultivation. Indeed, there is
scarcely n mischief arising ont Of our pres
ent land system, including the accumnla-
ting surplus revenue, which w6nld not be
remedledat once by a restriction on land
sales to actual settlers; and il Promises, O.
ther advantages 70 the country in genera,
and to the new States in particular, which
cannot fail 10 receive the most profound
consideration Of Congress.
Experience continues to realize the ex-
pectalions entertained as to the capacity
of the State banks tn perform the dutios OF
fiscal agents for the Government, at the
time Of the remOyalof the depositcs. Itwas
alleged by the advocates of the bank Of the
United States, that the State hanks, what
ever might be the regulations Of the Treas
ury Department, could not make the trans
ters required by the Government, or nego-
flato the domestic exchanges of the cmln-
try. 1t is now well asrertained that rell
domestic exchanges performed. through dis
count, by the United States Bank and its
twenty-five branches, were at least one
.hIrd less than those of !he dcposito banks
for an equal portion of time; and if com
parson be Instituted between the amount
Of service rendered bv these institutions.
on the broader basis which has been used
by The advocates ofthe United States B INK
IN eSiimlllng what they consider The domes-
nc exchanges transacted hy l.. the result
will hc still more favorable to The deposi;c
banks.
The whole amount public m nry trans
lerrcd by the Bank Of the United States in
1882 was $lG,000,000. The am, Uni trans
tencd and actually paid by the dcpoSie
banks IN the yelr ending the first Of Octo-
Ler las, was $30,3l9,HG9, the amount
transferred and paid between that period
and the sixhof November. W $3.50, 900:
and the amount Of transfer warrrnls on,-
standing ON thrt day was Sl1.ij0000; ma
Ling an aggregate Of SJN, ,li%, ,S91. These
! enormous sums Of money first mentioned
has been transfer ed with tho greatest
promp'i,udc and regularity, and the rates
at which the exchanges have been ucyo,ia-
led previously to the pnysagoof the depos-
Itc act, were generally below those chmgod
by the Bank Of the Uni,cd States. hide
pendently Of these services, which arc far
greater than those rendered by the United
States B1nk, aud is twenty f:e branches
a number ut the depositc banks have, will
Il commcndable zeal to aid in The improve.
meat Of the currency, ,importcd from abroad
at their own expense, large sums of the pre-.
cous meals, for coinagc and circulation.
In the sane manner have nearly al
the predictions tHrnod out in respect tc
effect of the removal Of the deposes -
step unqnestonably necessary, to proven
the evils which it was f,reseun, the hanl
itself would cn3eavor TO create, in il hnl
Struggle to procure arcnc%al of its charter
II may Eo thus too, in some degree, with .h'
iirher steps which may bc taken to pre-
vent the excessive issue Of other bank pa
per; tnt 1t is to he hoped that nothing wi!
now deter the Federal and state authorities
from the firm and vigorous performance q
ihcIr duties to themselves and tO the peopl,
IL this respect.
lnredurlnE the rcyenac to the wants o
ihe Goycrnmcn',y our particular attention
Is invited to th lsG articles which constitute
The nccossarics Of life. The duty on sal
was Ind us war tax, and was 10 doubt con
iinucd to assist in providing for the pay
ment Of ihc wardebt. There is no urticl,
the release Of which from taxation w0ul
be feltso generally and so bcnchcialIy.--
10 this mTy lie added all kinds of fuel IN,
provisions. Justice and bonevolcnco unit,
ntavor Of releasing the poor Of our cite
frrm burdens which are not necessary fo
the support of oar government, and icn
on y to increase the wants of the destitute
Ii will be seen by the report Of thcSoc'y Il
thcfrcasury,and accompanying documents
that Iho Bank Of The u. States has made n
payment on account OF the StJok held by tn
u Government in that institution, al.houg
} urged to pay any portion that might suit it
convenience, and that ithas given no init
} matlon when payment may bo expected
4 Nor, although repeatedly requested, has
, furnished the information in relation to il
| condition which congress authorised tn
Secretary TO collect ut their last ,essiou
I such measures as are within the power {
t the Executive, have heen taken TO ascel
; tain the stock, and procure the payment a
: carly as possible.
, The conduct and present condition of III;
: bank, and the great amount Of capital vesie
r in it by the U States, require your caref
!, attention. Its charter expired on the 3
: day Of March last, and it has no power bt
S that given in the 2lst section "to use III
+ corporate name, style, aud capacity, f
: the purpose Of suits for the final setlcmel
] and liquidation of the affairs and account
b Of the corporation, and for the sale and di
$ position oftheir estate, real, personal an
/ ",1ixca; but not for any other ;..;,l,.so, Or
!, any other mauncr whatsoever. nor lr n M