Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1836-12-28

md TO the new States in particular, which |
,annot fail to receive the most profound
of Congress.
Experience continues to realize the ex-
,ectations entertained as to the capacity of
he State Banks to perform the duties Of tis-
,aiagents for tho Government. At the time
Of the removal OF the derosites, it was al
eged b. the advocates of the Bank OF the
United States that the State banks, whatever
'l.ght be the regulations OF the Treasury
Department, could not mac the trans!trs
required by the Government, or nogoi late
the domestic exchanges of the country. 1t
is now we'll ascertained that the real domes.
tic exchanges performed, through discounts,
by the United States Bank and its twenty
five branches, were at least one-third less
than those of the deposite banks for an
equal period of time; and if comparison
be instituted between the amounts of SER
vice rendered by those institutions, on the
broader basis which has been used by the
advocates of the United States Bank in es.
timating what they consider the domestic
exchanges transacted by it, the result will
be still more favorable to the deposite banks.
The whole amount Of public money
transferred by the Bank of the United States
in 1882, was $16,OOO,OOO. The amount
transferred and actually paid by the deposite
banks in the year ending the first of Octo.
Der last, was $39,319,s99; the amount
transferred and paid between that period
and the sixth of November, was $500, 900;
and the amount of transfer warrants out
standing on that day was $l4,450,000 |;
making an aggregate of $59,l6S, S94.-
These enormous sums of money first men,
toned have been transferred with the great
est promptitude and regularity, and the rates
at which the exchanges have been negotia-
ted previously to the passage of the deposite
act, were generally below those charged by
the Bank of the United States. Indepen.
IDENTIFY of these services, which are far
greater than those rendered by the United
States Bank, and its twenty-five branches,
a number 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 pre-
cious metals, for coinage aid circulation.
In the same manner have nearly all the
predictions turned out in respect to the eff
feet OF the removal of the dcposites-a
step PROFESSIONALLY necessary, to prevent
the evils which it was foreseen the bank it.
self would endeavor to create, in final
struggle to procure renewal of its charter.
1t may be thus, too, in some degree, with
the further steps which may be taken to pre-.
vent the excessive issue of other bank pa.
per; but it is to be hoped that nothing vii
now deter the Federal and State authorities
from the firm and vigorous performance Of
their duties to themselves and to the people
in this respect.
In reducing the revenue to the wants o.
the Government, your particular attention
is invited to those articles which constitute
the necessaries of life. The duty on sal
was laid as a war tax, and was no doubt con.
tinued to assist in providing for the payment
of the war debt. There is no article the
release Of which from taxation would be
felt so generally and benefcially. To this
may be added ali kinds of fuel and provi.
sion. Justice and benevolence unite in ia.
vor of releasing the poor of our cities
the support Of our Government, and tend
only to increase the wants of the destitute
1t will be seen by the report of the Secre.
tary of the Treasury, and the accompany
ing documents, that the Bank of the United
States has made no payment on account o.
the stock held by the Government in tina
institution, although urged to pay any por
ton which might suit its convenience, ant
that it has given no information when pay
ment may be expected. Nor, although re
peatedy requested, has it furnished the in
formation in relation to its condition, which
Congress authorized the Secretary to col
lect at their last session; such measures a
are within the power of the Executive hav,
been taken to ascertain the value of tn,
stock, and procure the payment as soon a
possible.
The conduct and present condition of tina
bank, and the great amount of capital vest
ed in it by the United States, require you
careful attention. Its charter expired OF
the third day of March last and it has nov
no power but that given in the 2lst sectiol
"to use the corporate name, style and capa
city, for the purpose of suits for the fino
settlement and liquidation of the affairs an,
accounts of the corporation, and for tn
sale and disposition Of their estate, real, per
sonal and mixed, but not for any othe
purpose, or in any other manner whatsoev
er, nor for period exceeding two year
after the expiration of the said term O
incorporation" Before the expiration o
the charter, the stockholders Of the banl
obtained an act of incorporation from thu
Legislature of Pennsylvania, excluding on
ly the United States. Instead of proceed
ing to wind up their concerns, and pay o
YER to the United States the amount due OF
account of the stock held by them, thu
president and directors of the old bank ap
pear to have transferred the books, papers
notes, obligations, and most or all of it
property to this new corporation, which en-
tered upon its business as continuation o
the old concern. Amongst other acts o
questionable validity, the notes of the expir
ed corporation are known to have been us
ed as its own, and again put in circulation
That the old bank had no right to issue o
Reissue its notes after the expiration of ii
charter, cannot be denied, and that it coult
not confer any such right on its substitute
any more than exercise it itself, is equally
plain. In law and honesty the notes of tn,
bank in circulation, at the expiration of it
charter, should have been called in by pub
lie ADVERTISEMENT paid up as presented, and
| tooefhor with those IN hand copcoIloJ m,