The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-12-22


of the public money, in a situation which shs re-
lleve II from all dependence on the will Of ire
sponsibie individuals corporations 10 v ifbdraw
those moneys from the uses of private trade, and
conhde them 10 agents constitulionally selected
and controlled by law; to abstain from improper
interference with Industry Of the people, and
withhold InducsmenYs TO improsident dealings on
the part OF individuals to give stability to the
Germs Of the Treasury to preserve the measures
OF the Government from the unavoidable repFoaeh-
es that flow from such connection, and the banks
themselves from the injurious effects Of suppos-
ed participation in the political conflicts oi the
day, from which they will others Use find it diff
osllt To escape.
These are my views upon this important sub
ject formed after careful reflection. and with no
desire but 10 arrive at what IL most likely to pro-
mote the public interest They are now as they
were before, submitted with unicigncd difference
tor the opinions of others. Ii is hardly 70 be
hoped that changes Important a subject so
Interesting, could be made without producing a
serious diversity of opinion but 20 long as those
conflicting views kept above the influence Of
individual or local interests 20 long ss they pur.
sue only The general good, and discussed with
todera'lon and Candor, such diversity is a benefit,
not injury. Ii majority OF Congress see the
public welfare in different ligb' and more espe-
cially If the, SHOULD be satisfied that the measure
proposed would not be acceptable 10 the people |
shall look to their wisdom 10 substitute such
may be more Conducive TO the one and more salts
factory TO other. III any event, they may con-
hdeutaIly rely on my hearty cooperation 10 ths
fullest extent, which my views OF the Constitution
and my sense Of duty will permit.
1t Is obviously important 10 this branch OF the
public service, and 10 the business q 1T OF the
country, that the whole subject should ia some
he i Z l. :,
sible, at your present session. Beside the plans
above referred 10, al, not aware hat any nas
been suggest d, except that of keeping the pubic
money in the State banks in special dcpOsi'e 1 Is
plan Is, TO some extent, in accordance with tbs
practice 81 the Government, and viii the present
arrangement Of The Trtasur Depart enf; Inch,
except, perhaps, during the operation OF the late
deposite act has ALWAYS been allowed, even during
the existence Of N4Jloua al Bank 10 make d TEN.
pora use Of The Safe B.uA,, n particular pla-
ces, tot he sale keeping al olons OF the revenue.
FMS discretionary power night be continued, if
Congress deem 1t desirable, ,rateyer general sls-
ten be- adopted. So long the connection Is vol
untsfy, We need perhaps anticipate lew ot those
difficulties, and htle O that dependence on tho
banks, which must attend every such connection
when compulsory in IT. nature, and shen 50 ar
ranged as 10 make the banks fixed part OF the
machinery ot the Government. l. is undoubtedly
IN the power ct Congress so TO requisite and
guard II as to prevent the pubic money from be-
lug applied 10 the use, or lntermlugled with the
affairs, Oh individuals. Thus arranged, although
1t would not give 10 the Goycrnm, ~ that entire
control over its swn funds which | desire 10 ss-
cure To II BY The plan have propose q, IT wonld il
must be admitted In great degreg acco npllSh ans
ct the objects hlch has recommended that plan
to my judgpeut-'hc separation o the fiscal con-
tfo,, those iDripI,ata
or corporations, VITA these observations re-
commend the whole matter 10 Your dispasslon te
reflection; Confidently hoping that some Concu-
sion u,ay BE- reached By your deliberations which.
the one hand, shall give stability to the Fl cal
operations OF the Government ana oe consistent,
on he ether, with the genius OF our ms buttons
and with the Interests and wishes OF the great
mass Of our constituents.
Ii vas my hope that nothing would occur Ia
make necessary on this occasion, any ausion to
the lats National Bank. There are circumstan-
ces, however, connected with the present state of
It's affairs that bear so directly be chaac Of
the Government and the welfare Of the citizen,
that should not feel myself excused in neglec,ing
10 notice them. The charter which terminated s
banking privileges on the 4th OF March, 1886, con-
tlnued ITS corporate powers two years mere, for
he sole purpose of closing It's affairs, with suIhs-
rity 10 use the corporate name, style ana caPs-
city, for the purpose OF suits for final settlement
and liquidation OF the affairs and acts Of the cor
poratlon, and for the sale and disposition of their
estate, real, personal aud mixed but for no other
purpose or in any other mauner Whatsoever
Just before the banking privileges ceased, It's ef-
ttcts were transferred by the bank to new S:ats
institution then recently Incorporated, in trust,
for the discharge of ITS dtbs aud tbs settlement
at its affairs. With this trustee, bv authority of
(nurrpSs adiuStmppf was subsequently ulade
Of the large interest which the G. yernment had in
the stock Of the institution. The manner in which
trust Unexpectedly created uponthe act of grant
lug the charter, and Involving such great public
Interests, has been executed would under any cir
curnstauces, be lit subject OF inquiry, when il
embraces the redemption OF obligations 10 which
the authority and credi. of the L. States have CIV
Ell value. Tue two years allowed now nearly
at an end, Ills well understood that the trustee
has oct redeemed and cancelled the outstanding
notes oihe bank. but has reissued and is actually
re, iSsuIng, since the Sd Of March, 1896,
the notes which have been received by il
to vast amount. According TO It's own
official statement, SO late as the LIST of DC.
tober last, nineteen months after the bank.
Ing privileges gwen by the charter had ex.
pred, il had under ITS control uncanceIled
notes OF the late Bank of the United States
to the amount OF twenty seven millions f -
hundred and xty one thousand eight hum
dred and SIXTY SIX dollars, of which six mil.
hons one hundred and seventy five thousand
eight hundred aud sxty.one dollars were in
actual circulation, one million four hundred
and SIXTY eight thousand six hundred and
t"enty.seven dollars at State Bank agencies,
and three millions two thousand three hun.
dred aud ninety dollars in tranSita; thus