Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-01-18

some IlCilS WHICH 4 LO UOb ICti'iNSi
come legitimately within transactions
which should be embraced under that
head. By returns which have been
received from nineteen of the deposIte
banks, their transactions for the year
ending the LIST Of October last, embra-
cling the same items OF their operations
as those included in Mr.. Binney's state
ment, amounting in the aggregate to
$420,463,2I1- Ifthe legitimate tran.
sactions Of each only were stated, !
believe the contrast would be still
greater.
The important services rendered to
the Government in the various duties
deyolving upon a small number of the
deposite banks, as well as the facilities
granted the community by an almost
equally small number, are fully appre-
ciated here !; nor will it be overlooked
by those whose characters were staked
upon the success Of the measure, the
faithful manner in which the original
Deposite Banks executed the duties
which they were required to perform,
and the aid which was derived from
them in carrying out successfully the
experiment of employing State banks
as the fiscal agents Of the Government
in place of the Bank of the U. States,
amidst an opposition and warfare TO
defeat it without a precedent in this
country.
There is another fact which ought
not be forgotten that in the transfers
of the public money and the domestic
bill transactions performed by the Bank
ofthe United States, the whole was
performed by one and the same insti>
t%utions, directed by the same head,
while in the cRse ofthe deposite banks,
the whole has been performed by sepa-
ate and distinct institutions, each of
which has been obliged to rely on its
W resources.
| know that both here and elsewhere
those that feel a desire for the success
efthe experiment of employing State
Banks as fiscal agents, have always
been opposed TO the tax of interest, re-
CURED under the deposite bill, and will
both encourage a REIMBURSEMENT ofany
interest which may have accrued al
ready, but also to repeal the operation
ofthe act for the future.
The services to the Government,
and the facilities rendered the commu
nifty, which | have already detailed,
furnish strong grounds for such claim
on the part of those Banks which have
performed them but there are others
which apply to nearly all, such as the
aid given in carrying out the views of
the Administration in supplying a me
tallic currency under the acts of Con-
gress, and also, in many instances, in
re%linquishing a circulation of small
notes, which was valuable to the Bank,
and substituting the precious metals in
their place.
1t is my intention to exert myself to
have a substitute at the present session
for the law of the last session, free of
objections and also to obtain a repeal
of that part of the latter requiring the
payment of interest by the deposite
banks, both retrospectively and pros,
pectively.
1t will aid me much if the directors
of the various Banks to whom | send
this, will address letters to such MEM
bers of each House., as they may be
acquainted with, ~impressing upon them
the onerous duties which have been
performed by the deposite banks, the
injustice done many Of them by the
eXaction Of interest, as the law is now
construed, and the magnanimity which
Congress would display by the total re-
llnquishment ofinterest altogether, both
past and for the future.
Another argument might be employ
ed, but it would be impolitic to make
use Of it with members, which is this ::
that as soon as the sum in the Treasu-
ry comes to be reduced by the opera
tons of the Deposite law, the Banks
which will be continued will hardly
find it an object to subject themselves
10 the expense OF actlnS as hscal agents
for the use of the small sum which
each "a have, even without paying
any interest whatever. Before the
close of next year, we must 60 back to
rs small a number of deposite banks,
as were employed prior to the passage
Of the Deposite Act consequently
with but few exceptions, the newly Sc
lected Banks will have to become as
they were. All this part of the sub.
ject had better be promulgated here !;
ii is my intention speedily to commence
upon that subject, first, by enlighten-
ing Congress in relation to the facts, of
which | am sure most of the members
are ignorant, and then to proceed to
carry through my object and | hope
| may receive all the support possible
from those Immediately interested, in
the way have pointed out.
chn11 enaJ A..