Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-07-27
\ NATIONAL. BANK,

tuIi, N,I,r, Inly IN ,s,- - ~
ANAlloNAb BANK.
Let CoNoREss grant A charter to the S,,clh,IZ
dcrs of the United States Bank of Pcnus>h ,n;, ,
twenty five years, to be called the Bank Of The Inn
ted States, with capital uf Filry Millions of Dol
lars The capital oi that bank being but tbty. five
hions, let the additional capital of fifteen million,
b. subscribed by individuals, PAYABLE one half IN
gold and SILVER aud the other H. stock of the States
not rcdeemabc sooner than twenty wears. am, hear,
ing an interest OF not less than five per cent Tins
oahh 10 have the power 10 establish a bank IN any
state IN the Union. The Secretary of the Trc,su
~ TO be ex ohcio Director who Shall ANIMAL, T.,
port TO Congress the condition of IN, hank ia IA,
taken from the books and he shall have the same
right To inspect them and all the Transactions nj
the bank, as any other director or commute, or d.
recors. Congress shall have the powcr ia annu III,
charter, 10 remove the depositrs of tn, cavern
| mcht, Whenever that body shall decide upon its n,
cessny. by vote of two-thir,ls OF both onscs and
not otherwise. The discounts OF the bank and ITS
branches, iii the aggregate, shall never exceed fifty
per cent. more than the capital stock, and the bank
aud all It's branches shall be compelled to collect and
! 'iisburse the revenues OF the Government free oi
charge, aud shall collect for all citizens wherein,
there ma, be branch. 1t shall hay, the power 10
deal in foreign aud inland bills of cxch,i,ar I'm,
shall be restricted and 4 per cent AS the maxi
mum rate of premium or discount exclusive of IN
teicst on bills payable in the unitcd States The
State banks, when this bank shall be ofpan,zrd
should enter into gener, arrangement to pay de
mands upon them IN the paper OF the Banh OF the
lnlcd States IN specie; their notes. by such an
arrdng ment would continue to have the same chr.
rency thai the, always have euo,cd for local put-
poses hut tor rc,attanccs OF where surcie is wan
ted for purposes other tan change they should fur
nsl the United States Bank paper, which, being AT
all places cevable for public dues and reccmable
III com would be REGARDED by The State Govern.
men,s and BY the People every where as the Iccal
cufrcnc, OF the country The State banks having
the option to pay IN paper OF the National Bank will
be placed upon a more steady basis than heretofore
especially as II is questionable whether they have
lot bccon, too numerous to resume and alone 10
sustain the payment of coin. The plan proposcd
would place them relation the National Insiitu-
ton IN the position Of he private banks of England
The concrntla alton OF the specie in the vaults of h,
Government bank and It's branches IN place of It's
distribution IN eight hundred banks would give 10
that institution great power TO cquallzc the domestic
and foreign exchanges aud prevent the occurrence
OF eNlenr and frequent fluctuations in the quantity
Of current money! and consequently IN il, value
which fluctuations must be tuinous to trade and to
the general business concerns of the country The
magnitude OF the capital OF this bank together with
the patronage of the Governments would enle it to
the support and confidence oi our entire population,
aud place 1t IN a condition to ensure the resumption
of specie payments certainly within twelve months.
If not soon"r. Philadelphia /, preferable to any |
Other loealioa for a bank 1t POSSESSES more solid
wealth than be found elsewhere in the ntcd |
States and WAS the location otthe former banks,
establish cd under the administrations OF Washing |
ton and Madisou in the winding up of which, not |
dollar lost to the stockIo crs; their capital
stock returned to thern IN each case, am, a final |
dividend or surplus Of twelve per cent nj least vas
also paid 10 them indeed the settlement recently
made Wlth the Government Tor it, PROMOTION of the
capital ia the lac bank Mls at "A ratc something more
than - per cent. prnns, I,ua Is the mos, central
State is also one of the largest apriculturd com.
mercal x manul,cur,np States m The MON These
circumstances contribute largely 10 steadncss aud
uniformity IN the use OF credit there and consequent
" establish aud keep the value of the repIrsen-
latlsc convertible money At fixed OF afly certain
rate
The unity or concentration OF the monied capital
IN bank OF discount and dcuo,i,, under the sane
of the General Government, ut a central posi-
tom here there is wealth and intelligence 10 insure
udcious n,arag encnt OF its AFFAIRS X for The purpose
of issuing paper is Indispensable 10 crepul,tiou of
the exchanges and success Of the trade and commerce.
OF our country Nothing short OF such system can
succeed aud any substitute that may be attempted
will prove aboiyc II is precisely thai which Is
suited to the genius OF our eoplc and WAS recon-
mendrd 10 ouo,css At the ioru,t,on of The Govern
meut h, The DISTINGUISHED statesman Alcxan,r IIa-
milton. II is one also that has been Tried by the
,xpericuce Of f,r,y wears curloo which uerlod the
mns, ext,,o,din,rv events and yi,,,sd,s ol fortune
il, commercial AFFAIRS have occurred in turopr and
America that be found upon the pages ol his
tor, and vet neither the first nor the last National
,nk ever suspcn5ed snccic p,Xnrut, for a single
d,y ar failed IA col p, and d,bursc the revenues of
,b ,,,nt,v ar ia nay Il,, anotit in gold and sill
YER Bot6 these institutions succeeded IN equall-
ling ON, domestic excbauocs and furnishing them
h,n,y the co.t of the TRANSFORMATION of specie
The late Bank of the [ nitcd States Il, the fiscal
agent of the Government performed all the duties