The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1836-12-14
fCo,tinned from 4h Poge.]

DENLY of these, services, which nre far
greater than those rendered by the Unl-
ted States Bank and lis twenty-five branch-
es, "A number al the deposile banks have,
with commendable zeal to aid M thr |
Improvement uf the currency, impaired |
from abroad, At their own expense, large |
sums of the precious metals, for coinage
aud circulation.
In the same manner have nearly oil the
predictions turned out in respect to the
effect of the removal of the deposites-a
step unquestionably necessary 10 prevent
the evils which i. was foreseen the bank
itself would endeavor 10 create, IN n Fl al
struggle to procure renewal "f us char
ter. Ii mny he ihus, too, III some degree
with the further steps which may br iaken
10 prefent The excessive issue of other
bauk paper, bu, it is to he hoped that
nothing will now deter The Federal aud
State authorities from The firm aud Wig
orous perform lnce of their duies to them.
selves aud to The peopl. in this respect.
In reducing the revenue To The wants of
the Government, oar particular attention
is invited to those articles which consti-
tute necessaries of life. The duty on
salt was laid as a war tax, and was no
doubt continued To assis, IN providing for
the payment of the war debt, There is
no article the release of which from tax
alton would be felt So generally aud so
beneficinlly. To this may be added all
kinds Of fuel aud provisi ms. Justice aud
benrvolencr unite in favor of releasing
The poor of our cities from burdens which
are not necessary 10 the support of our
government, aud tend only to rcrease
the wants Of the destitute.
II vii be seen by The report ofihe Sec
retary of the Treasury, aud the accom-
pnnving documents, that the Bank of
The United States has made no payment
on account of The sioc'l hcld by the Gov
crnmeni in that insltul"n, allbnugll urg-
ed to pay any portion which might suit
its convenience, and that II has gwen no
information when payment may be ca
pecied. Nor, although repeatedly re-
uuested, has it furnished the information
ia rel i,lon 10 its condition, which Con-
gress authorized The Secretary Ia collect
at their last session, such measures as are
within the power of the Executive, have
been taken to ascertain the value oi The
stock, and procure the payment as early
as possible.
The conduct and prrscht condition of
that bank, and the great amount OF capt
tai vested in il by the United States, re-
Qure your careful attention. It's charter
expired on tho 81 day of March last, aud
it has now no power but that given IN the
2lst section Z" t., use the corporate name,
styIe, and cnpacity for the purpose ot
suite Cor tho 6nns so,,ioment a"d lq"da-
ton of he affairs aud accounts OF the
corporation, and for the sale aud 'lisposr-
ion of,heIr estate, real, personal aud mix
ed, bit not for any other purpose or in
any other manner whatsoever, nor for n
prricd exceeding two years after the eX-
pira,ion of the said term ot lncorpora-
ton"
Before the expiration OF the chartcf, tho
stockhnlderS of the bank obtained an act ot
Incorporating from the Legislature at Penn
syvana. excluding only the United States.
Instead of proceeding to wind up their con-
Germs and pay over to the United States the
amount due Oh account of the stock held by
them. the president and directors Of the old
bank appear tr have transferred the books,
papers, notes, obligations, aud most or all of
its property to this new corporatlnn, which
entered upon business as continuation of
the old concern. Amongt Other acts "i
questionable validity. the notes oi III" expired
corporation are known to have been used as
it, own, and again put ~ circulation. Ihat
the old bank had no right In isSu" or re issue
its notes after the expiration of lis charter,
cannot be denied, and that IT could not con-
Ter any such right on It's substitute any more
than exercis" itself, is equally PLAIN. In law
and honesty, the notes oi the bank IN clrcula-
ton, Mt the expiration OF its charter, should
have been called III by public advertisement
paid up rs presented, and together with those
ON hand. cancelled aud destroyed. Their re-
issue il sanctioned by no law. aud warranted
by no ncccssitv Ii the United States be
responsible in their stock for the payment of
these notes, their Reissue. by the new cor
poratinn, for their own profit, IS a fraud On
th. Government. II the United States IS not
responsible, then there ls no legal response
bllity in anv quarter, and IL Is n fraud on the
conntry-They are the redeemed notes OF n
dissolved partnership, but contrary To the
wishes OF the retiring partner and without
lis consent, are again re.Issued and circu-
lated.
It the high and peculiar duty of Con-
gress to decide whether any further leglSla-
ton be necessary for the security OF the
large amount of plblic property now held and
in use by the new bank, and for viudlcatlng
the rights ot the Government. and compelling
a speedy and honest settlement with all the
creditors Of the old bank, public and private,
or whether the subject shtll be left to the
pnwer now p,sscs-ed by the Executive and
Judiciary. It remains to be seen whether
the persons, who, as managers oi tie old
bank. undertook to- control the Government,
retained the public dividends, shut their
doors upon a committee ot the House of
Representatives, and filled the country with
panic 10 accomplish their own sinister oh
jec,s. aey now as managers ofa new bank,
continue wnh impunity 10 flood the country
with spuripls currency, use the seven NIL
lions Of Government stock tor their own
pro6, and ref,se To- The United States all in.