Canton herald. (Canton, Miss.) 1837-1839, 1837-12-22

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-ty corporation i1 ihe iu.iert ctienf'
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my sense ~ dots wl.I pcrmIh
itr obviously important io ibis
branch vi fhc public service, and 90
The business M quiet II ODE country,
ihai lho whole subject should ln somo
way bc settled and regulated by laws
and Vt possible of your present session.
Besides the plans above referred ~, J
am not aware that any ono hos been
suggested, except that Of keeping the
public money in ihc state banks ~ spc.
cial dcpositc, This plan IS, 10 some
extent. IN accordance with thcpractice
Of the government, and with the pres
cnt arrangement ol the treasury do
partmcnt; which except during the OPP.
GRAFTON of the late deposlto act. has oil.
ways been allowed, even during the
existence Of national bank, to make
a tcmpory use of the state banks, in
particular places. for the safe keeping
of portions Of the revenue. This dis
cretionary powermlght be continued,
1 it congress deem it desirable, whatever
general system be adopted. SO long
as tho connection lis voluntary, we need
perhopsanticpate few ofthoso difficult
ties, and little of dependence on the
banks, which must attend every such
connection when compulsory in its ma
ture, and when 50 arranged as to make
the banks 4 fixed part OF the machirery
of government. 1t is undoubtedly in
the power Of congress TO regulate and
guard it is to prevent the public money
being applied to the use, or intermin-
'gled with the affairs of individuals.
Thus arranged, although it would not
give to the government thatentire CON
troll over its own funds which | desire
to secure to it, by the plan | have pro-
posed, would, it must be admitted. in a.
great degree, accomplish one of the OBJ
lects which has recommended that plan
to myjudgment-the separation Of the
fiscal concerns ofthe government from.
those of individuals or corporations.
With these observations Recommend
the whole matter to your dispassionatc
reflection confidently hoping thatsome
conclusion may be reached by your de-
alterations, which, on the one hand,
shall give safety ard stability to the.
fiscal operations Of the government
and be consistent on the other, with
the genius of our institutions and with
the interests and wishes of the great
mass of our constituents.
twas my hope that nothing would
occur to make necessary on this occa-
sion, any allasion to the late nationaII
bank, there are circumstances, however
connected with the present state of its !
affairs, that bear 50 directly on the
charat ter of the government and well
fare OF the citizen, that | should not
lcelmyseIf excused innegecting to no.
tlce them. The charter which termi
mated its banking privileges on the 4th
OF March 1886, continued its corporate
powers two years more, for the sole
purpose OF closing its affairs, with au-
thorlty "to use the corporate name,
style and capacity, for the purpose of
suits for final settlement and iiquida-
ton OF tie affairs and acts ofthe corpo-
ration, and for the sale and disposition
OF their estate, real, personal and mix
ed but for no other purpose or in any
other manner whatsoever Just be.
fore the banking privileges ceased, its
effects were transferred by the bank
to new state institution then recent
" incorporated, in trust, for the dis
charge Of its debts and the settlement
OF It's affairs. With this trustee, bvI
of congress, an adjustment
was subsequently made Of the large in
terest which the government had in
the stock OF the institution. The man.
norln which a trust unexpectedly Gre
ated upon the act granting the char.
ter, and involving such greatpublic in
terests, has been executed, would un.
der any circumstances, be fit subject
OF inquiry; but much more does il de.
serve your attention, when II embra-S
ces the redemption of obligations to /
which the authority and credit of the
United States have given value. The
TWO years allowed are now nearly atl
an end IN ic.rall 80, n.a.Al ~