Southern telegraph. (Rodney, Miss.) 1834-1838, 1837-08-22

Let Congress granta charter to the stock
holders Of The United States Is INK of Penn
sylvania for % years, TO be called the Bank
ofthe United States, with capital of ffiv
millions of dollars. The capital of that
Bank being but thirty-fye million, let the
additional capital of fifteen millions be sub
scribed by Individuals, payable one half in
gold and silver, and the o'her in stock ftho
States net redaemablo sooner than % years,
and bearing an interest of not less thln five
per cent. The Bunk to have the power to
establish "A brunch in any State in the Tn
ION. The Secretary Of the Treasury to be
cx-ocio a Director, who shall annually re-
port to Congress the condition of the Bunk.
to be taken from its books; and he shil have
the same right to inspect them, and all the
transactions of the Bunk as any o'hcr d.
rector or committee of directors. Congress
shall have the Wer to annul the charter.
or 10 remove the deposits of the government
whenever that body shall decide upon its
necessity by vote of two thirds of both
houses, and not otherwise. The discounts
of the bank and its branches in the aggrc-
gate sh1ll never exceed 50 per cent more
than the capital stock, and the bank and its
branches shall be compelled to collect and
dsburse the revenues of the Government
free of charge, and shall collect for all ci l.
Gems wherever there may be a branch. II
shall have the power to deal in 1reign and
inland bills of exchange, but shllI be re-
strlctcd to one half per cent. as the maxi
mum rate ofpremium or discount, exclusive
OF interest on bills payable in the u. States.
The State Banks, when this Bank shall be
organized, should enter into u general ar
rangement to pay demands upon them in
tic paper ofthe Bank Of the Il. States or in
SPECIE their notes by such an arrangement
would continue to have the same currency
that they always enjoyed, for local purpos-
es; but for remittances, or where specie is
wanted, for purposes other than change,
they should furnish the United States Bunk
paper, which being at all places receivable |
for public dues, and redoemable in coin, |
would be regarded by the State Govern
ments 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 Bunk, will be placed
upon more steady basis than heretofore,
as it is questionable whether they
have not become too numerous to resume
and alone sustain the payment of COIN
The plan proposed would place them in re-
ation to the National Institution in the po-
;ilion of the private Banks of England The
of the specie in the vaults of
he Government Bunk and It's branches. in
place of its distribution in eight hundred
Banks, would give to that institution great
power to eqlIaize the domestic and foreign
and prevent the occurrence off
extreme and frequent fluctuations in the
quantity of money, and consequently its
'alue. which fluctuations must be ruinous to
rade and TO the general business concerns
fthe country. The magnitude Of The cap
tai oflhs Bank, together with the patron
&c of The Government, woald enttle il to
he support and confidence of our entire
opulation. and place it in condition TO
insure The redemption Of specie payments
crtainly within twelve months, if not soon
n. Philadelphia is preferable to any other