Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-12-23


Ne ~ q irTespoaslbis iad,siduais % oorpars-
seas; 30 vishassE sbose aoasys lFSa ths zee #
81 private irads. and eoa6ds them 10 agents con
stisaaenaIy selected and csntuhed b Jaw II
ahsiais fem isnpropsf saiedsseacs vsb the "a
dsslFy q he peopls and sidshold inducements
% ialproFideus dealngs % ahs par Of individuals;
% give slabany to de conoerns Of DE Treasury;
A preserve de measures Of the Government from
fhe uaroldabis approaches th4i aow from such
connection. end he banks themselves fiom tbs
iniafsous edec4s of . supposed participation IN tie
poliflea eouaicts Of de dsy. from winch fbsy
ailI otherwise end il difsesls ~ escape.
These are M views upon the important sub
iecs formed after careful reHeciion and Nth no
desire bat 10 arrive II SHAT Is nosa likely 70 pro-
mote de public Interest. They are nov a. they
we're before, submhied with ualeigned delerenee
for ihe opininns 81 others Il was hardly 30 be
hoped that changes 80 important, on . subject 80
isserssting. could Be made without producing 3
serious diversity Of opiRion bet 80 long those
cpndlcung views are kept above toe influence u
individual Or local interest; ~ hong tbey par-
see aaly de general good, and are discussed with
moderation aud caadof. sncb diversity Is benelil
not an injury. fla majority o. Congress see the
pubic welfare 10 a ddEereat light and more es-
peeiaily II lheY should be satisfied that the nlea-
sure proposed would not be acceptable TO The
people; ! shall look 70 sheif wisdom TO substitute
such 81 may be more condueise 10 the ose. aud
more satisfactory 70 the ether. In any event, they
may confidently rely On my hearty co-operalloB
70 fhe fullest extent, which my views Of rhs COZ
etssition anA ny ssnas " dvy viii permit
tits obviously important 10 this branch of The
pubic service. and TO The business and aa.et Of
he country. that lhe whole subject shouId ia some
ysY be settled and regulated by law; and, Il poe
sible. II your present session Besides the plans
abose referred 10. ] am not aware that any one
has been suggested, except that of keeping the
public money 10 The State banks N special depos-
ne. This plan Il, 70 some extent. 10 accordance
with the practice Of the Government, and with
the present arrangement u he Treasury Depart.
meit; which. except. perhaps, duing the opera
ton Of the late deposie aci, has always been al
loved, even during the existence Of National
bank, p make temporary use VI The Stale
banks. ia psriieular places. for the safe keeping
ofp0riions Of The revenue. This discretionary
power might be continued. IL Congress deem Il
desirable, whatever general system may be adop-
ted 30 long ~ the connection is voluntary
we need perhaps anticipate few Of thOse dllficu.
iies, and iitle Of that dependence. on the banks
which must attend every such connection whe.
compulsory ID III nature, and when 20 arranged
a. % make The banks . fixed part Of the machn.
eTyof government II is undoubtedly in The
power Of Congress 70 10 regulate aud guard /. al
prevent the public money from being applied 10
The use, or intefmDgled with the affairs, of md.
ydaals. Thus arranged. although il would not
giYe 70 ihe government thai entire control over
~ own funds which desire 10 secure 10 IL by
ihe plan have proposed, Il would, il must be
admitted, 10 great degree, accomplish one Of the
ahIects which has recommended that plan 10 my
Judgment--lhe separation of the fiscal concerns
Of the GoyOrnmen. from those Of Individuals or
corporations. With these observations, recon.
mend the whole matter 70 your dispassionaie 10.
Fiction; confidently hoping that some concu-
sion may be reached BY your deliberations, which
On the one hand, shall give safety aud stability to
The fiscal operations ol the Government, and be-
coaslsien, on tho other, with tho genius Of our
institutions, and with the interests and wishes Of
she great mass d our constituents.
i was NY hope that nothing would occur to
make necessary, on this occasion, any nlluson
70 the late National bank. There are circuln.
stances, however, connected with the present
state Of iis affairs that bear 10 directly on the
character Of The government and the welfare Of
ihc'ctizen, thai | should not feel myself excused
10 nsglecllng to notice them. The charter which
terminated IT. banking privileges on The alb Of
March, 1886, continued its corporate powers two
ysars more, for the sole purpose Of closing its
asiairs, with authority ITO use the corporate
name, style and capacity. for .hs purpose Of suits
Eog laal settlement aud liquidation Of the affairs
and acts Of The corporation. and for the sale and
disposition OF their estate, real, personal and
mixed, but for no other purpose or IN any other
manner whatsoever Just before tho banking
privileges ceased, its effects were transferred BY
the bank 10 new State institution then recently
incorporated, in trust, FOR the discharge OF lis
debts and the settlement Of i'll affairs. With this
trustee, by authority Of Congress, an adjuslmen,
was subsequently, made Of the large interest which
he government. had in the stock Of The institution
The manner ID which trust Unexpectedly crea-
ted upon tho act granting the charter, and inyoy-
ing such great public interests, has been executed
would, under any circumstances, be a III subject
VI inquiry but much more does il deserve your
attention, when II embraces the redemption Of
obligations to which the authority and credi, Of
the United States have given value. The two
years allowed are now nearly al an end. II is
well understood that tho trustee has not redeemed
and cancelled the outstanding notes Of the bank,
bat has reissued, and is actually ressuing. since
the 30 Of March. 1896. the notes which have been
received BY il to a vast amount According to
its own official statement, so late as the LIST Of
October last, nineteen months after the banking
privileges gyon BY the charter had expired, il had
under is control uncancelled notes Of the late
Bank Of the United States 10 the amount " iwen.
" seven millions five hundred aud sixty one lhou-
sand eight hundred and sixty SIX dollars, Of which
six millions one hundred and seventy FIVE thou
sand eigh, hundred and sixty one dollars were in
aciua circulation, one million four hundred and
sixty eight thousand six hundred and twenty seven
dollars al State bank agencies, and three millions