Southern telegraph. (Rodney, Miss.) 1834-1838, 1837-08-22

dollars in stock, and wisely tOrcseeng tho
multiplied difficulties which he would have
10 encounter for The want ola National Bank,
retired from the Treasury Department.
Some months since, believed il would i
be best for Con.ress-to establish a Bank
unconncc ed with the old one, but upon
more MIXTURE reflection am convinced It
would bo.unwisa and impraeticable, to put
such mn institution into operation as would
| be suited to oar wants, within any roasona-
! blc period, without increasing in Il ruinous
! dcgree, the embaTrassments which already
exist in oar monetary concerns; nor can It
| be supposed that any new institution will
enjoy i1rsumo years after its establishment,
The same degree Of credit at home and
abroad which is attached to the present
! B NIX CIngress my either grant II char
ter to the present Bank, or revive that of
| the oh b nix, which does Mt expire until
! March next Tuo funds OF the present
| bank in lho latter $50 W ,ud be transferred
by single operation, AMI the PennSN Iva
MA charter relmquishod.
The bank c)ll c1mH3nco lis operation
in day; in either case It's credit, under
such happy rc:on"I.ioiiln, would instant
Is inspire general coniIcnre in lis ability
to in5Iro the resumption ofspccic payments
at an early period. 1t would very suon re-
sume is Former career Of usefulness, and
thereby produce Throughout the country
general revival Of credit, of business, and of
socia h pplucS bat i.,uatoftunatcly fFu 9
country, Congr :ss shall reuse tho chnrtcr,
or The Pre- ;idcn, by n c exercise Ct the veto
power shall, withheld his sanction in the
event Of its passage by Congress, then let
us hope dat the constituted authorities of
Our country wall give us the next best sub
Situte, which is decidedly, To make the
United States BInk Of Pennsylvania the
fiscal agent Of the Government, by placing
the dep sites I'M Ter the contro! OF ihlt lnsti-
tuition, by iur, 10 be removed only by the
direction Of C0lJrGSS, Of IN case OF default
by the bank to pay all deman' S upon it in
specie after certain day, or refusal To re-
cciye ami pay the pnbhc 4 les at any punt
that may be dcsiInl'cd by the Treasury
within the United Safes. Unlcr such a
regulation the Bank coull very soon obtain
the privilege in many Of the Statos, to es-
tabIish branches or agencies, by which
nearly all the objects Of national bank
could be accomp 'ishcA; and slch viii doubt
less be The result, if G. mgrcss shall refuse TO
chlrior bank, OF to mike the United States
Bunk Of Pennsylvania the depository Of the
public tlnIs.
The Treasury Crrul1r, confess, Great
ed much embarrassment t. the banks hy
the withdrawal Of c msilerab'c amount of
specie from the soabolrI but its operation
would not have caused the suspension of
specie payments if the hasty dis'ribu-
lion al the surplus revenue had moi been
brought to hear upon the ban!is at the
same period I'h, measgrc of the distrlu-
ton do not mean to discuss, or the haneml
Of such an accumulation Of
Government finds. Il is the rapid manner
in which the blnks. ut a moAent of goneml =
distress in HE m ncv market, were reo,ir-
cd 10 pay over to the States the immense X
sum of thirtv-six millions of d,llars/ of
which complain II ought t, have jeen
known to the Scn1'e and tot the Secretly of
Treasury, from the reports Of the htIks.
that the public fin Is had been loancdand
were no. in their vaults IN specie or thor
moneys; their bills receivable an ! aynible
funds exhibited as important iiouE in
their statements, would have dis,iscd
this flci; but in n con Iition so en'irelnn-
prepared, an at period equally unbpi-
ions for curtai,mcnt, the Opposite bss
we're obliged, in too short space olns,
o req lire their debtors to plv thaagnl
he other banks, fllw;hg their oxble,
proIucol an unparalleled plnie andses.
sure in the m pnry nlrke.. and corretnd.
M depression in tho WI II or onr e,oEIo.
,le of evnort in tho S,,,h h, ,rr;En.
.,oro rnov,,o.,a'ii,. g
means nnon ,yL;rb dr.. h,I ,o,;.I
thcir onr,aon,on,s l. i ,r,',a ,N''g ,Th u''oe'
was sudden and nrnson.o1 ~ o NV ,.s'o
to the banks bnt snsrrns;a, ~, Of sn ,,s' nv