Litchfield enquirer., 1836-12-09

the deposites. It was alleged by the advocates of the Bank of the United States that the State Banks, whatever might be the regulations of the Treasury Department, could not make the trans. fers required by the Government, or negotiate the domestic exchanges of the country It is now we'll ascertained that the real domestic exchang. es performed, through discounts, by the United States Bank and its twenty-fve branches, were at least One-thrd less than those of the deposite banks for an equal period of time and if a com parisOn be instituted between the amounts of ser vice rendered by these institutions, on the broad. CT basis which has been used by the advocates ol the United States Bank 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 of public money transfer. red by the Bank of the United States in lS32, was $l6,O00,O00. The amount transferred and actually paid by the deposte banks in the year ending the first of October last, was S39, S99; the amount transferred ana paid between that period and the sixth of November, was g. 399 ,OOO; and the amonnt of transfer warrants outstanding on that day was sSl4 ,450 0O0; making an aggre- gate of $59, l6S, ,894. These enormous sums of money first mentioned have been transferred with the greatest prompttude and regularity, and the rates at which the exchanges have been negotia. ted 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 rell- dered by the United States Bank, and it's twenty five branches, number of the deposite banks have with commendable zeal to aid in the im- provsment of the currency, imported from abroad, at their own expense, large sums of the precious metals, for coinage and circulation.
 In the same manner have nearly all the pre-. dictions turned out in respect to the effect of the Nf fhn Il skar necessary to prevent the evils which it was fore seen the bank itself would endeavor to create in final struggle to procure renewal of its charter. It may be thus, too, in some degree, With the further steps which may be taken to prevent the excessive issue of other bark paper; but it is to be hoped that nothing will now deter the Federal and State authorities from the firm and vigorous performance of their duties to themselves and to the people in this respect
 In reducing the revenue to the wants of the Government, your particular attention is invited to those articles which constitute the neccssares of life. The duty on salt was laid as a war tax, and was no doubt continued to assist in provd- ing for the payment of the war debt. There is no article the release of which from taxation would be felt so generally and so benefcially. To this may be added all kinds of fuel and pro. visions. Justice and benevolence unite in favor of releasing the poor of our cities from burdens which are not necessary to the support of Gov ernment. and tend only to increase the wants of the destitute.
 It will be seen by the report of the Secretary of the Treasury, and the accompanying documents, that the Rank of the United Slater has made no pay ment on account of the stock held by the Gevern- 'nent in that instution although urged 10 pay any portion which might suit its convenience, and that It has gwen no information when payment may be expected. Nor, although repeatedly requested, has 1t furnished the information in relation to it's cond ton, which Congress authorized the Secretary to collect at their last session such measures as are within the power of the Executive have been taken to ascertain the value of the stock and procure the payment as early as possible.
 The conduct and present condition of that bank, and the great amount of capital vested in it by the United States, require your careful attention. Its charter expired on the Sd of March last and it has now no power but that given in the 2lst section, to use the corporate name, stye and capacity, f.r the purpose of suits, for the final settlement and l oxidation of the affairs and accounts of the corpo. ration, and for the sale and disposition of their es tate, real personal and mixed but not for any other purpose, or in any other manner whatsoever, nor f'r period exceeding two years afer the expira. ton of the said term of incorporation Before the expiration of the charter, the stockholders of the bank obtained act of incorporation from the Le. gislature of Pennsylvania, excluding only the Uni ted States. Instead of proceeding to wind up their concerns. and pay over to the United States the amount due on account of the stock held by them the president and directors of the old bank appear to have transferred the books papers, noies obliga tons and most or all of its property to this new corporation. which entered upon business as con- tnuaiion of the old concern. Amongst other acts of questionable validity, the notes of the expired corporation are known {" have been used as its own and again put in circulation.
 That the old bank had no right to issue or re.is- it's notes after the expiration of its charter, can. not be denied, and that it could not confer any such right its substitute. any more than exercise it iiselC is equally plain. In law and honesty the notes of the bank in circulation at the expiration of its charter, should have been called in by public advertisement, paid up as presented, and together with those on hand, cancelled and destroyed. Their reissue is sanctioned hy no law, and warranted by no necessity. If the United States be responsible in their stock for the payment of these notes their