Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-14

KING an aggregate of s5e, Ioe. sea
ihese enormous sums of money G..
mentioned have been transferred ~
the greatest promptitude and reg,I."
" n the rates at which excSsnaH
nave been negotiated preyiouslv -
passage Of the dcposite act, were gena
raily oeiow those charged bv H..
bank u the United States. Ipdeuend
entity oil these services. which arr III
greater than those performed J., ~
United States Bank and lis ,wan -
branches, a number of the dc,os,,d
tanks have, with a c~ommendabI1 ~
10 AID IN the Improvement Of ,ba 49,.
fency, imported from abroad. al ,La;
own expense, large sums Of the ~
cious metals for coinage and circpla
ton.
IN the same manner have really I'D
the predictions turned out IN resntc, ii
the effect of the removal of the denos &
ties; q stePunquestionably necessary, td
prevent the evils which it was foresee,,
the bank itself would endeavor 10 Gre
ate, n a final struggle to obtain a re- !
newai OF its charter. Itmay be Thus ]
too, in some degree, with the turtle !,
steps whlchmay be taken to prevent III
excessive issues of other bank paper
but it is to be hoped that nothing viii
now deter the Federal and State aul
thorltles from the firm and yjporor.
performance Of their duties to them ]
selves and the people in this respect. I
In reducing the revenue to the
wants of the Government, your ~particI
ular attention is invited to those a~rticle4
which constitute the necessaries oflife.
The duty on salt was laid as q war tax.
and was no doubt continued to assist
in providing for the payment ofthe war
debt. There is no article the release
| Of which from taxation would be feltI
SO generally and SO beneficially. Tol
this may be added all kinds of fuel and
provisions. Justice and b~enovolenceI
unite IN releasing the poor of our cities
from burdens which are not necessary
to the support of the government, and
tend only to increase the wants OF the
destitute.
1t will be seen by the report of the
Secretary of the Treasury, and the ac-
companying documents, hat the Bank
of the United States has made no paw.
ment on account of the stock held by
the Government in that institution, al.
though urged to pay any portion which
might suit its convenience, and it has
given no information when payment
may be expected. Nor although repea.
teddy requested has it furnished the in.
formation in relation to its condition.
which Congress authorized the Secre.
tary to 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 posi-.
BILE.
The conduct and present condition
OF that bank and the great amount in
vested IN it by the United States, re.
qulre your careful attention. Its char.
ter expired on the Sd day of March
last ; and 1t has now no power but
that given IN the 21st section "to use
the corporate name, style, and capaci-
ty, for the purpose Of suits in the final
settlement and liquidation of the affairs
and accounts of the corporation, and
for the sale and disposition of their es.
tate, real, personal, and mixed, but not
Tor any other purpose, or in any other
manner whatsoever, nor for q period
exceeding two years after the %expira.
ton OF the said term of incorporation"
Before the expiration Of the charter,
the stockholders Of the bank obtained an
act of incorporation from the Legisla-
ture of Pennsylvania, excluding only
the United States. Instead ofproceed-
ing 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 transfer
red the books, papers, notes, obliga-
IONS, n most or all of its property, to
this new corporation, which entered
upon business rs a continuation of the
old concern.
Amongst other acts of question: BILE
validity, the notes ofthe expired corpo.
ration are known to have been used as
ITS own, and again put in circulation.
That the old bank had no rightto issue
or reissue its notes after the expiration
OF It's charter, cannot be denied, & that
1t could not confer any such right on
Its substitute, any more than exercise
1t itself, is equally plain. In law and
honesty, the notes ofthe bank in circu'
latIon, at the expiration of its charter,
should have been called in by pubic
advertisement, paid up as presented,
and, together with those on hand, CAM
celled and destroyed. Their reissue
&c GnnnttpnnJ l., -. -. ~ x..pt