Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-06-28

teenth of its representative power IN the eec-
ton of Directors.
I'd. The States should likewise solemny
abiure the power of Incorporating Bank
beyond the amount of Capital fixed as the ra-
tlo, and confer upon Congress the power OF
determining the denomination OF the b'ils 70
be issued, in order that in this essential par
ticular the currency might be uniform through
out the United States.
The object of this last provision Will be OBJ
v;ous CONGRESS might through the lnstru-
mentality of this power, gradually increase
the metallic circulation, by enactlng for en-
ample. that no State should after the year
forty issue Note of less denomination than
Five Dollars, in forty- five, of Ten, and in fifty,
of a less denomination than Twenty Dollars,
a scheme which Mr.. Calhoun disclosed in his
able Speech on the Currency. In this mode
7 conceive that the Banking Capital OF the
country might be brought down, the paper
currency diminished, and the metallic circua
ton gradually augmented without any dam
perous disturbance of the standard OF value.
tits most fortunate circumstance that as
CONGRESS will meet on the 1st of September,
the amendment nigh. be passed by that body,
proposed to the Legislatures of all the States
which will be in session in course IN the
winter, and ratified by three fourths, become
part of the Constitution by the lst OF March
next.
EIthink a preference should be given to the
re.charter of the present Bank OF the United
States, for several reasons which appear to me
satisfactory. In the first place, by taking
vour Bank. the banking capital of the United
States is not increased A new institution
would augment this capital probably some
forty or fifty millions, and revive that hcen-
tious spirit of speculation, which it's the inter-
est of the country to have allayed. Your
institution is, moreover, in the exercise OF It's
fup functibus with It's capital paid in, and in
possession of all the capacities for immediate
" acting bene6cially upon the currency OF
the country. do not think the Government
ourht to incorporate your Bank, without your
stockholders should consent to surrender one
half of YOUR capital; on receiving either the
Tar value of the stock so surrendered, or Its
actual value as estimated pro rata, by adding
vour surplus, so that the stock of the present
Stockholders of the Bank of the u. 5. might
he brought down to about fifteen millions,
that the other twenty millions be divided be-
tween the Government and other Banks.
That a Bank in the city of New York should
he selected as your Branch, whose capital
vour Bank should take as your stock, letting
the stockholders in at par for the amount OF
their stock, Bank be likewise selected IN
Roston, Providence, Baltimore, Norfolk,
Charleston, Savannah, Mobile and New Or
1.l. ofr
FIVE millions to be divided between the Gov
ernment and other commercial points where
it would be expedient to establish branches
would not, if had the power, give you
renewal ofyour charter on any other terms,
because this scheme involves no dangerous
anumentation of the backing capital of the
limited States, which as a whole. ought not
ON any account to be increased. 1t is true
that in several of the States this capital might
he safely augmented, and perhaps if the
amendment of the Constitution was adopted,
which I have suggested in some OF them,
;twould be found that their capital had not
reached the ratio which might be fixed for
their proportion. South Carolina for exam
Dle. viii iudiciously bear an increase OF her
banking capital, as it is not equalto the sepa-
rate value of her exports, throwing her inter-
naltrade and exchanges out of the question.
Still looking to the whole interests OF the
country. it would be of vital Importance that
the process rather Of reduction than increase,
should be promptly commenced:
believe nothing is wanting now but
proper concert among the leading Banking
institutions of the country, with proper un-
derstanding with the Government, to enable
us all at an early day, to rec ommence re-
deeming our notes in coin.
The object ofthis communication Is to BRING
about this concert and this understanding.
therefore suggest to you that the Pres,-
dents ofthe Banks Of Philadelphia hare a meet
ing, and address Circular TO the Banks OF the
different Commercial cities Of The United States,
requesting the Banks Of each city to appoint
one of its Presidents as deputy TO meet IN
PHILADELPHIA, on the second Monday in August
neat, for the purpose Of conJerring as to the
means and period of resuming Specie pay
ments, that the same may be universal and SIM
uhaneous ON a certain day, throughout the Cni-
ted Sates With this view would suggest,
that at this meeting deputatlon should be ap-
pointed to attend the Session OF Congress,
that by proper understanding, the Banks
NAV promptly cooperate with the measures
of Government in bringing about the greatly