The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1836-05-06

lItle more than nine millions of dollars. Most of
lheIn nave been IN operation about twenty years,
and have at all times since the restoration Of spe-
Gle payments In lol6, preserved the highest char.
acter Tor solVency and stability. | hold in my
hand report OF their condition, made to the lie
glslature oil Ono In January last which is subject
TO the Inspection OF any gentleman who wishes 10
examine IT, IL shows strength and soundness
In their condition not excelled and | incline 10
think, not equaed, by any like number of Banks
in the United States. There is no question about
their perfect ability to answer all their engage
ments.
This Bank, which, by virtue of power derived
from the Treasury, is about 10 control and limit
the circulation OF MS MutgtUO ndghJ0rs, all of G..
quail credit and ability with ITSELF lcent into opera.
ton not more han tr0 years ago It's capital, a.
mounting to s2es,6cO Is nearly half OwRed out Of
TIE Stdtei aud II IS not acceptable TO the other
Banks, nor do | think II is TO the Public generally
that tins kind OF control should be given to this
new institution, SO large part of which is owned
BY capitalists IN the cities, over the other well
known and long tried institutions of the State.
received this Circular, as | observed, from several
quarters, and some of them require me not TO say
who sent 1t to me. ISuppoSe they are afraid that
the deposite bank wOuld resent the commu nication
and uar nth that tank carried on as IL uould be,
by ammunition drdun from the Treasury of the
United States, is rather to be dreaded than rashy
incurred. The Banks, however, must presume,
refuse the terms imposed upon them by the De-
posite Bank, and permit their notes to be SO far
clscredlled as refusal TO receive them for the
public lands will teDd to their discrcdt Elk.
change Is high, and difficult to be procured have
been told that 1t has, within The present spring,
come up to two aud half per cent. 1t ranges,
have no doubt, from one to one and half in the
regular course of business What this Bank then
demands Of the other Banks, IS this premium upon
all their notes that it may receire for laHds-so
much more than gold and silver, which they are
all ready to pay at their counters.
The Bank, then, requires the Receivers of Pub
lie Moneys TO take none OF the notes on the Banks
OF the State for lands, except the notes of the De-
poslte Banks and there are bit tro of them out of
the thirty.four An individual who wishes to pur-
chase lands gets his money principally in notes
of the Banks OF the State, part on one Bank and
part on another. This money will not buy land,
and he cannot 90 round among the Banks to get
specie for il; and if he could it would be very in
convenient to carry silver land there is no gold
among yet into the woods for such an object.
He, therefore, ii be knows Of this regulation must
90 to this Deposlte Bank, and make exchanges for
their paper. Thus the other Banks lose their
share OF the clrcuIatIon the purchaser pays a
premium 10 the Opposite Bank for the exchange,
or, in the expressive language OF the country, he
/, gets his paper shared and the notes returned
upon the state Banks for specie. Or, perhaps, the
, farmer, VINO goes out 10 purchase land, does not
know OF tins regulation, aud takes his money out
, as used to be done, III notes on good specIcpay
ing Banks. He suits himself in his tract of land
, and proposes to make the entry. He takes out
his cash, and Is told that II toiA not do, he mast
hare notes Of The Dtg0sue Banks. What, then,
must he return without making his purchase p
No, not | venture the conjecture that there
will be sharing shop very near the Receiver
Office, where he can get his money shaved By pay
ing $ The ADMIRED, and receive for il the paper
OF some one of the Deposte Banks ~!
| wish 10 know. Mr.. President, whether this
state Of things, set forth in this Circular, must
continue 10 exist whether the public money re.
ceiyed for land In the West is and must, continue
10 be, nearly all transferred TO the Eastern cities
And wish to know, also, whether the Secretary
OF the Treasury has authorized any one or more
Banks in Ohio TO direct 'chat money shall and lchat
shall not be received FOR, public lands in that State
and in the neighborng States. To obtain this in
= formation have offered this resolution.
The resolution was then agreed TO.
Mr. Benton offered the following resolutions
! which were considered and agreed to:
Reso'red, That the Secretary OF the Navy be
directed to inform the Senate what is the maxi
8 mum amount which can be beneticialIy expended
! annually towards completing the Naval Deiences
OF the Country, embracing. Ordnance and Ord.
nance Stores; ,. Gradual Increase Of the Navy
aud collection OF Materials 3, Repairs; 4. Navy
Yards and Docks, and other incidenta! heads Of
l Al. 81
: expenditures be made at once, and for series o.
yecrS, TO be drawn from the Treasury annually
, as needed
Res9irsd, That the Secretary Of War be direc
Y ted 10 inform the Senate what is the maximum a
c mount that can be expended annually, upon the
construction of For!ifcations: PrOrided the Corps
Q of Engineers is increased according to the bi
which has passed the Senate; and that the whole
appropriations for each fort be made al once, 10 be
i drawn for IN annua! instruments as required BY
the progress of the work; also that he inform the
Senate what Is the maximum amount which eau
=, be benehclally expended annually on the objects
! of expenditure within the Ordnance Department
: as detailed in the report of that department, o.
a March 30th, 1886: Provided the appropriations
for each object be made at once, and for series d
t gears, to be drawn annually until the object is
o accomplished.
Y The Senate again took up the Land Bill; when
: Mr.. Southland, (Whigl commenced a speech in ia
c uor Of IL.
c After spending some time in Executive bust
= ness, the Senate adjourned
: HOUSE.-The House took up the resolution
= some days since offered by Mr.. Dromgoole, call
J ing for information in regard to the Deposits
: Banks--,he question being on the motion of MIR
Wise to amend the same, by striking out all afte
= the word Resolved" and inserting a resolution
i of his on the same subject. Messrs. Wise an,
DromgooIe spoke in favor of their respective mo
tions and, after some other debate, the suhlec
: was stopped by the arrival of the hour for In
" Special Orders-and