Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1836-12-20


negotiate the domestic exchanges of th'
country. 1t is now we'll asccrtaned tina
the real domestic exchanges, performed
through discounts, by the United States
Bank and its twenty-five branches, were a
least one third less than those of the depos.
ite banks for an equal period oftime; and il
a comparison be instituted between the
amounts of service rendered by these insti.
tutions, on the broader basis which has been
used by the advocates of the United States
Benk, in estimating what they consider the
domestic exchanges transacted by it, the
result will be still more favorable to the
deposte banks.
The whole amount ofpublic money trans
ferred by the Bank Of the United States in
1882, was 100000. The amount trans.
ferred and actually paid by the deposite
banks in the year ending the first Of Octo.
Der last, was $39,3l9,s99; the amount
transferred and paid between that period
and the 9th of November was $3,399,000 ;
and the amount of transfer warrants out
standing on that day, was Sl4,450,O00 ;
making an aggregate of S59,l 1874.
These enormous sums Of money first men.
toned have been transferred with the great.
est promptitude and regularity; and the
rates at which the exchanges have been
negotiated previously to the passage of the
deposite act, were generally below those
charged by the Bank of the United States.
independently of these services, which are
far greater than those rendered by the Uni
ted States Bank and its twenty-five branch
es, a number Of the deposite banks have,
with commendable zeal to aid in the i'm
provcment Of the currency, imported from
abroad, at their own expense, large sums Of
the precious metals for coinage and crcula.
ton.
In the same manner have nearly all the
predictions turned out in respect to the eff.
feet of the removal of the deposites-a step
unquestionably necessary to prevent the
evils which it was foreseen the bank itself
would endeavor to create in a final strug.
gle to procure renewal of its charter. 1t
may be thus, too, in some degree, with the
further steps which may be taken to pre-
vent the excessive issue of other bank pa.
per; but it is to be hoped that nothing will
now deter the Federal and State authori-
tivcs from the firm and vi gorous perform.
ance of their duties TO themselves and to the
people in this respect.
In reducing the revenue to the wants OF
Government, your particular attention is in
yited to those articles which constitute the
necessaries of life. The duty on salt was
laid as war tax, and was no doubt con-
tinued to assist in providing for the payment
ofthe war debt. There is no article, the
release of which from taxation would be
ssl. generally and so beneficially. To this
may be added all kinds offuel and proyis.
ions. Justice and benevolence unite IN ia
vor of releasing the poor of our cities from
burdens which are not necessary to the sup
port o(our Government, and tend only TO
increase the wants of the destitute.
twill be seen by the report of the Secre.
tary of the Treasury and the accompanying
documents, that the Bank of the United
States has made no payment on account OF
the stock held by the Government in that
institution, although urged to pay any por..
ton which might suit its convenience; and
that it has given no information when pay
ment may be expected. Nor, although re-
peatedly requested, has it furnished the In.
formation in relation to its condition which
Congress authorizedthe Secretary 10 collect
at their last session. Such measures as
are within the power of the Executive have
been taken 10 ascertain the value OF the
stock, and procure the payment as early as
possible. -. o.,
The conduct and present condition ofthat
Bank. and the great amount of capital ves..
ed 10 it by the United States, require your
careful attention. Its charter expired on
the third day of March last, and it has now
no power but that given in the 2lst' section,
"fo use the corporate name, style, capacity,
for the purpose of suits for the final settle
| ment and liquidation of the affairs and ac.
counts of the corporation, and for the sale
and disposition olthcir estate, real, personal
and mixed, but not for any other purpose
or in any other manner whatsoever, nor fol
period exceeding two years after the ex.
piration ofthe said term of incorporation.
Before the expiration of the charter, the
stockholders of the Bank obtained an act o
incorporation from the Legislature of Penn
sylvana, excluding only the United States
Instead ofproceeding to wind up their con
Germs, and pay over to the United States
the amount due on account ofthe stock helt
by them, the President and Directors ofth'
old Bank appear TO have transferred ihf
books, papers, notes, obligations, and mos
or all ofits property, to this new corpora
ton, which entered upon business as a con
tinuation of the old concern. Amongs
other acts of questionable validity, the note
of the expired corporation are known t.
have ceen used as its own, and again put II
circulation. That the old Bank had n
r;oht to issue or reissue its notes after tn