Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1836-12-14

were sold for immediate settlement and
cultivation. Indeed, there IS scarcely
mischief arising out of our present land
system, including the accumulating sur
plus Of revenue, which would not be rem
edicd at once by a restriction on land sales
to actual settlers; and it promises other
advantages to the country in general, and
to the new States in particular, which can
not fail TO receive the most profound con-
sideration of Congress.
Experience continues to realize the ex-
pecta,ions entertained as to the capacity of
the State Banks to perform the duties of
the fiscal agents for the Government. At
the time ofthe removal Of the depositps, 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 transfers required by the Government,
or negotiate the domestic exchanges otthe
country. 1t is now well ascertained that
the real domestic exchanges performed,
through discounts, by the United States
Bank and its twenty-five branches, were
at least one third less than those Of the de-
posite banks for an equal period of time :;
and if a comparison be Instituted between
the amounts Of service rendered bv these
institutions, on the broader basis which has
been used by the advocates ofthe United
States Bank in estimating what thew con-
slider the domestic exchanges transacted
by it, the result will be still more favora-
bic to the deposite banks.
The whole amount Of public money
transferred by the Bank Of the Unit. d
States in 1882, was SI6,OOO.OOO. The
amount transferred and actually paid by
the deposite banks in the year ending the
first of October last, was $50, 1899 =
the amount transferred and paid between
that period and the 9th of November, was
S5,399, 900; and the amount Of transfer
warrants outstanding on that day was
Sl4,450,080; making an aggregate OF
$50, 1855 These enormous sums OF
money first mentioned have been trans
ferred with the greatest promptitude and
regularity, and the rates at which the ex-
changes have been negotiated previously
to the passage of the deposi,e act, were
generally below those charged by the
bank Of ihe United States. independent
Iy OF these services, which age far greater
than those rendered by the United States
Bank, and its twenty FIVE branches, num-
Der of the deposite banks have, with a
commendable Zeal to aid in the improve
ment of the. currency, imported from
abroad, at their own expense, LARGE sums
OF the precious metals, for coinage and cir
culation.
In the same manner have nearly all the
predictions turned out in respect 10 the eff
feet of the removal ofthe deposites-a step
unquesnonably necessary, to prevent the
evils which it was foreseen the bank itsel
would endeavor to create, in a final strug-
I gle to, procure a renewal OF its charter
1t may be thus, too, in some degree, with
the farther steps which may be taken &c
prevent the excessive issue Of other bank
paper; but it is to be hoped that nothing
will now deter the Federal and State au
thorities from the firm and vigorous per
formance of their duties to themselves ant
to the people in this respect.
In reducing the revenue to the wants O
, hhS wv pAItISuinl dILCuLIOl
I is invited to those articles which const
{ tute the necessaries Of life. The duty o.
2 salt was laid as a war tax, and was d
doubt continued to assist in providing 70
! the payment of the war debt There
, no article the release OF which from taxa
5 ton would be felt so generally and so Der
? efcially.
E To this may be added all kinds Of fue
and provisions. Justice and beneyoIeuc
e unite in favor of releasing The poor Of on
! cities from burdens which are not ncce:
; sary TO the support of our governmen
# and tend only to increase the wants OF tn
o destitute.
o 1t will be seen by the report of the SCI
5 retary ofthe Treasury, and the accomPs
If nying documents, that the Bank Of ii
u United States has made no payment Q
r account Of the stock held by the govern
O ment in that institution, although urged
il pay any portion which mi ght suit its col
IF venience, and that it has given no info
J. NATION when payment may be expected
1t Nor. although repeatedly requested, b
S, it furnished the information in relation
l. its CONDITION, which Congress authorist
Re the Secretary to collect at their last Sc
u sion such measures as are within Il
It. power of the executive, have been take
it TO ascertain the value fthe stock, and pr
a. cure the payment as early as possible.
O. The conduct and Pr sent condition
5. that bank, and the great amount of capt.
IN vested in it by The United States, requi
ne your careful attention. Its charter expi
a ed on the Sd day of March last, and it h
Id now no power but that given in the 81
b. section, !" to use the corporate name, sty
W and capacity, for the purpose of suits t
n the final settlement and liquidation of Il
lie affairs and oft al