The Arkansas advocate., 1836-12-30

Treasury, and the accompanying aocunehts5 tiat 1le Bank of the United States has made no payment on ac count of the stock held by the government in that Inst tation although urged to pay any portion which mig suit it's convenience, aud that it has given no lnorma- ton when payment may be expected. Nor, although repeatedly reqaested furnished the information III relation to it's conditions which Congress authorized the Secretary collect at ths last session. such measures within the power of the Executive, have been taken to ascertain the value of the stock and procure the payment early possible.
 The conduct and present condition of that bank, and the great amount of capital vested in 1t by the United
 tAtes require your careful attention. Its charter pired the 3d day of Aaech as and 1t has power but that given III the 2is section to the corporate name style and capacity for the purpose of suits for the
 final settlement aud liquidation of tine aif@sts and o the corporaton and for the sale and disposition of their estate, rea persona and mXed but not tor any other purpose or in any other whatever, nor for period exceeding years after the expiration fthe said term of neorporation Before the expiration the charter the stockholders othe bank obtanedan act of n corporation from the legislature of Penusy gana, excud- Ing only tine United States instead proceeding to WInd up their concerns and pay the United States the amount due ofthe stock held by theE the pre- sdent and directors of the old bank appear ohave trans ferred the books papers, notes, obligations and most or all o it's property to hs new corporation, which entered upon business continuation of the old concern. Among other acts of questionable validity, the notes of the expired corporation known to have been used its own and again put in crcu1aton That the old bank had no right to issue or Reissue its notes after the eXp- praon of it's charter be denied and thatit could not confer any such right tssubsttute than exercise 1t tsef is equally plain. In law and honesty, the notes of the bank in circulation at the expiration of
 it's charter should have been called in by public adver tsement paid up presented and together with those hand, cancelled and destroyed Their reissue is sanctioned by no law, and warranted by necessity If the United States be responsible in their stock for tie payment ot these noes their reissue by the corpor aton for their profit, is fraud the goyeroment. If the United States is responsible then there legal responsibility in any quarter, and it is fraud on the country. They are the redeemed notes of dsov ed partnership but contrary to the wishes of the retiring partner and without his consent again Teissed and circulated.
 Its the high and peculiar duty of Congress to decide whether farther legislation be necessary for the eurity of the large of public property now held and Ill by the new bank and for vindlcating the rights of he government, and compelling speedy and honest settlement with all the creditors of the old bank public and prleate whether the subject shall be left to the power possessed by the executive and judi cary. Il remains to be whether he persons who as managers of the old bank, undertook control the government, retained the public dividends, shut their doors upon committee of the House of Representa-
 lives, and filled the country with panic 10 accomplish the own sinister objects, may now, managers of new bank, continue with mpanty 10 food the country with spurious currency the seven millions of go- vernmen stock for their profit, and refuse to the United States all information to the present condi- ton heir property, and the prospect of recover
 
 The lessons taught by the Bank of the United States cannot be lost upon the American people. They will take care never again to place tremendous power in irresponsible hands, and il will be fortunate if they seriously consider e consequences which are likely 10 result smaller scale from the faclity with which corporate powers granted by their state govern ments.
 It is believed that the law of the last session regua ling the dePoste banks operates oneronsy and unjust fly upon them in many respects and 1t Is hoped that Congress, on proper representation, will adopt the dhcaons which are so necessary to prevent this con- sequence.
 The report of the Secretary of War ad interim, and the accompanying documents all which are herewith Laid before you' will give you full view of inc diver sited and important operations of that department du ring the past year.
 The military movements rendered necessary by the aggressions ofthe hostile portions of the Seminole and Creek tribes of Indians, and by other circumstances have required the active employment of nearly our whole regular force, including the marine corps and ot large bodies of militia and volunteers. With all these events, so far they known at the seat of government before the termination of your las session. you are already acquainted, and it is therefore only neediul in this place lay before you brief summary ot what has since occurred.
 The war with the Seminoles, during the summer was on our part, chiefly confined to the protection of our frontier settlements from the ncursons of the ene- my and as necessary and important means for the accomplishment of that end, the maintenance of the posts previously established. In the course fhis du- ty several actions took place. in which the bravery and discipline of both officers and nen were conspicuousy displayed and which have deemed it proper to notce in respect to the former, by the granting of brevet rank for gallan services in the field But as the force of the Indians was not far weakened by these partial successes as to lead them to submit and as their sav- age nroads were frequently repeated early measures were taken fer placing at the disposal of Gov. Call, who, as commander inchief of he Territorial militia had been temporarily invested with the command, an ample force for the purpose ofresumng offensive opc- fattons III The most efficient mannef so soon as the sea-