Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-08

report TO congress the condition of the
bank, to be taken from its books; and
he shall have the same right to inspect
them, and all the transactions of the
bank, as any other director or commit
tee Of directors. Congress shall have
the power to annul the charter, or to
remove the deposites Of the Govern
ment, whenever that body shall decide
upon its necessity, by vote of two
thirds of both Houses, and not other
wise. The discounts Of the bank and
its branches in the aggregate shall new
er exceed fifty per cent. more than the
capital stock, and the bank and all It's
branches shall be compelled to collect
and disburse the revenues of the Gov
eminent free of charge, and shall collect
for all citizens wherever there may be
branch. 1t shall have the power to
deal in foreign and inland bills of ex-
change, but shall be restricted to one
and half per cent, as the maximum
rate of premium or discount, exclusive
of interest on bills payable in the Uni
ted States. The State, banks, when
this bank shall be organized, should en-
ter into a general arrangement to pay
demands upon them in the paper Of the
Bank of the United States or in specie;
their notes by such an arrangement
would continue to have the same cur
rency that they always have enjoyed
for local purposes; but for remittances,
or where specie is wanted for purposes
other than change, they should furnish
the United States Bank paper, which
being at all places receivable for pub
lie dues and redeemable in coin, would
be regarded by the State Governments
and by the people every where as the
legal currency of the country. The
State banks, having the option to pay
in the paper of the National Bank, will
be placed upon a more steady basis
than heretofore, especially as it is ques-
tionable whether they have not become
too numerous to resume and alone sus-
tain the payment of coin. The plan
proposed would place them, in relation
to the national institution, in the posi-
ton Ofthe private banks of England
The concentration of the specie in the
vaults of the Government bank and its
branches, in place of its distribution in
eight hundred banks, would give to that
institution great power To equalize the
domestic and foreign exchanges, and
prevent the occurrence of extreme and
frequent fluctuations in the quantity Of
T Sfenw 9ehR eu cRFH must Be ruin
Gus to trade and to the general business
concerns Of the country. The magni-
tude of the capital of this bank, togeth-
er with the patronage of the Govern
ment, would entitle it to the support and
confidence of our entire population, and
place it in a condition to ensure the re-
sumption of specie payments certainly
within twelve months, if not sooner
Philadelphia is preferable to any other
location for the bank. 1t possesses
more solid wealth than can be found
elsewhere in the United States, and
was the location of the two former
banks, established under the admins
trations of Washington and Madison
in the winding up of which, not dollar
was lost to the stockholders. Their
Icapilal Stock was returned to them, in
leach case, and final dividend or sur
plus of twelve per cent. at least was
also paid to them. Indeed the settle.
ment recently made with the Govern
ment for its proportion Of the capital il
the late bank was at a rate something
more than fifteen per cent. Pennsyl
vania is the most central state, and il
also one of the largest agricultural, com,
mercial, and manufacturing states II
. the Union. These circumstances con
tribute largely to steadiness and unifor'
7 nifty in the use of credit there, and con
sequently establish and keep the value
of the representative convertible paper
money at a fixed or nearly certain
: rate.
The unity or concentration of tn
monied capital in a bank of discoun
I. and deposite, under the sanction of tn
} General Government, at central Pc
{ Isition, where there is wealth and intel
/ lligence to ensure a iudicious manage
f lment ofits affairs, and for the purpos
] of issuing paper, is indispensable to tn
) Regulation Of the exchanges and sue
cess Of the trade and commerce of GU
country. Nothing short Of such syi
Item can succeed, and any substitut
That may be attempted will prove abol
tive. Il is precisely that which Is sui
ledto the genius Of our people, and wa
> Recommended to congress- ct the torn
{ alton of the Government by the dIstlT
guished statesman, Alexander Haml
1 Ion. It's one also that has been we
,fItr,ed by the experience Of forty year
{ during which period the most extraol
|. binary political events and ylcIssltlde
! lof fortune, III commercial affairs, hav
: occurred II Europe and America tn
4 can be found upon the pages q nlstoT!!
!. and vet neither the first nor the "a.
( national bank ever suspended spec
payments for 1 single day Of failed
collect and disburse the revenues !.
! the country, or to pay their amount
= gold or silver. Both these institution
'S.,.ooo1o,1 =, auplalizinU our dOmest