The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-12-07

defined aud UNIFORM othefNtse "oio 1919
he no precision, no uniformity, ana pu, NJ
,la ;us,,ce IN the collection Of taxes and du'
tics m the various sections of The Union
But the grant "to regulate comn'efee WI"
f,re,ou ,.vsers, nth The States and lnuiah
tribes indicates very strongly the in'eh'
lion Of the trainers of the CONSTITUTION up
nm This subject aud their sense OF the ne
cess,ty aud propr,ety OF regulating The cur
repcy, be II what 1t may.
I A National Bank beng considered un'
constitutional BY inc presen, Chief Mag's'
,rate. cannot, of course, be established dur /
lnp his term Of office, unless constitution /
al majority can be- obtained to control IN"
veto power, of which | confess entertain
no hone. The necessities ot the country /
have twice called such an INSTITUTION INTO
being and under the auspices oil our most
epliah,eped and patriotic Statesmen, II lutiy
realized the expectations OF iis friends at'd
supplied the wants of the country. SUI, 1t
has been made the stalking horse oil the
demaponue, aud made to bear upon all our
elections. from the elevated Chief Magis
trate down 10 the humble constable; and
vet. so impressed was the country with Ms
utility and necessity, that, despite ct the
popularity of the late PfesIden,, who vas
opposed TO II, il was re'chariered BY Con-
cress BY decided malorI,les, and fell VIC
tim TO the veto power. The constitution
nlity Of lis establishment seems to be ques.
ton never 10 be settled; and II the scrnes
Of It's re charter are always To be acted
over and the public MUD excited and dis
,urbed By the misrepresentation aud ag'.
lotions oi corrupt partrzaus, !, may we'll b.
questioned whether the advantages 81 sueh
an iustnution, highly as value II, are not
couniervarted by the improper uses TO which
us enemies basely prostitute u. tadrr
such circumstances, with no national cur
rency and our exchanges deranged, s''h no
hone OF action by the General Gosrrnmen'
It becomes cur duty To search oui a subsii.
lu,s for the Naiionsl Bank.
1 My preferences are With the Banks Of
the States; and ! ask Your attention 70,
and your CANDID consideration nf, my rea
sous. Their permanency Is an important
Recommendation. The first chartered tanks
20 the country arc yet IN eNisieI'ce aud 70
good credit, and no tne within my kuovl
edge, Of respectable standing, hos ever
been refused a re charter ahep applied Tor.
National politics have never entered iuto
their management and their coa,racttons
and expansions can never sicct tho basi
ness Vi the country like National Bank Of
large capital, rnm,lying into many states
A considerable reformation, alteration
and Improvement would b. necessary, hnvs
: ever, IN order ~ make the lucai Banks
, meet nv views. They are at prssen, too
F. rcmerous; ihercaptal generally 100 small
1 and the VARSITY ot their notes 50 great that
a IS almost impossible 10 liz upon the mean
D ory The character Of the signatures and
4, vlgBe.tcs, 50 as To avoid the dangers Of tor
E genres. Some OF their Iocarious are tscna
e vensrnt as depos,soIes 1t vii inevitably
lead To ryalry and dissatisfaction, jealous
b ,es, and more than al, to a drpsectat,ou o.
$ the issues Of the rejected Banks.
f ! propose, then, that o0r State lead TIC
5 way 10 the reform oi our Backing system
= and respectfully recommend tho charier,na
+ u Bank @ith q capital Of ten millions o
dollars, ALLOW iag tie existing Banks 10 sub
] scribe all their capital stock into u the ~
. naming stock TO be taken by individuals
4 INTO the details ol " hteh Il IL oct necessary
e nov 10 eafef.
. The State 10 transfer all u.s. stock ant
!, funds to tho Bank, and 10 offer us services
J. TO the federal government as a depository
/. or lts funds, the safety aud forth cominl
o Of which, 10 The kind Of money deposited
n 10 be guaranteed by lhe State 10 such man
g ner as shall be satisfactory to the gencm
!, government. And, 20 the event OF the
E Bank being unable to meet the payment 0
b tho deposi,es Of the general government
;. the State 10 issue stock for the amount u
!, favor Of the goyernmeut, beanog 5 pei
/. cent. interest, until the Bank IS able to re
e sumo pay meat.
!. For these services rendered 10 the gen
j. era! government, the notes issued by ihs
j. Bank 10 be received IN payment Of all IT
= duos and on the further condition that ia,
other States prepare lhslr Banks 10 lik,
I. manner and Tor like purposes, NAMELY
J. That eacL State aud Territory shall desig
II nate by law one bank, and more # its trad
;, aud necessities require 1t, Of capitals no
b exceeding ten nor less than two millions O
u dollars, as IFS own depository and the de
y pos';ory Of the general government, and. /
}. requested by the President Of the u. States
!, other Banks for that purpose. A seeon,
a Bank, however, IN no cast TO b. chartered
Z or designated, until the capital OF tho first
@ which shall be the maximum amount, shall
30 entirely taken and 50 on to the third
J. fourth and fifth, when necessary. Th,
e notes Of all the Banks thus made depos,,o
4 -. L.