Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-12-16

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constituents.
1t was my hope that nothing would
occur to make necessary, on this occa-
sion, to make any alusion to the late
National Bank. There are circumstan-
ces, however, connected with the pre-
sent state Of affairs that bear so directly
on the character Of the Government and
the welfare Of the citizen, that should
not feel myself excused in neglecting to
1 notice Them. The charter which termi-
mated its banking privileges on the fourth
OF March, 1886, continued its corporate
powers two years more, for the sole
purpose of closing its affairs, with au-
thority "to use the corporate name,
style and capacity, for the purpose of
suits for final settlement and liquida-
tion of the affairs and acts of the ccrpo-
ration, and for the sale and disposition of
their estate, real, personal and mixed.
but for no other purpose or in any other
manner whatsoever" Just before the
banking privileges ceased, its effects
were transferred by the Bank to new
State institution then recently incorpo-
rated, in trust, for the discharge of its
debts, and the settlement of its affairs.
With this trustee, by authority of Con-
gress, an adjustment was subsequently,
made Of the large interest which the
Government had in the stock of the lnst-
tuition. The manner in which trust
Unexpectedly created upon the act
granting the charter, and involving such
great public interest, has been executed,
would, under any circumstances. be a
fit subject of inquiry but much more
does it deserve your attention, when 1t
embraces the redemption of obligations
TO which the authority and credit of the
United States have given value. The
two years allowed are now nearly at an
end. 1t is well understood that the trus-
tee has not redeemed and cancelled the
out standing notes of the Bank, but has
reissued and is actually reissuing, since
the Sd Of March 1886. the notes which
have been received by it to a vast
notwithstanding to its own official
statement, so late as the first of October
last, nineteen months after the banking
privileges given by the charter had ex
pired it had under its control uncancel-
led notes of the late Bank OF the United
States to the amount of twenty.seven
millions five hundred, and 6IOs66
dollars, of which six millions one hum
dred and rs thousand 500 and sixty-one
dollars were in actual circulation, one
million four hundred and sixty-eight
thousand six hundred and twentv-se.
ven dollars at the State Bank agencies,
and three millions two thousand three
hundred and 80 dollars in transitu thus
showing that upwards of ten millions
and half Of the notes of the old bank
were then still kept outstanding. The
improperly Of this procedure is obvi-
Gus it being the duty of the trustee to
cancel and not to put forth the notes of
an institution whose concerns it had
undertaken to wind up. If the trustee
has right to reissue these notes now,
lean see no reason why it may not con-
tinue to do so after the expiration ofI
the two years. AS no one could have
anticipated course so extraordinary,
the prohibitory clause of the charter
above quoted was not accompanied by
any penalty or other special provisions
for enforcing it; nor have we any law
for the prevention Of such acts in future.
But it is not in this view of the sub
ject alone that your interposition is re-
quired. The United States is settling
with the trustee for their stock, have
Withdrawn their funds from their for
mer direct liability to the creditors of the
old bank, yet notes of the institution
continue to be sent forth in the name,
and apparently upon the authority of
the United States. The transactions
connected with the employment of the
bills ofthe old bank are ofvast extent;
and should they result unfortunately, the
interest of individuals may be deeply
compromised. Without undertaking to
decide how far or in what form, if any !,
the trustee could be made liable for notes
which contain no obligation on its part
or the old bank, for such as are put in
circulation after the expiration of its
charter, and without authority; or the
Government for its indemnity, in case
Of loss, the question still presses itself
upon your consideration, whether it is
consistent with duty or good faith on the
part OF Government, to witness this pro-
ceeding without single effort to arrestit.
CONCLUDED nert peek)
INrERNNL IMpRovEMENT.-New York