Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-05-31

X.
whether as drawer, endorser. or surety
periodically exhibited and open 90 pub.
lac inspection; or, il that should be
found iuconvenient. the right 10 be Sc
cured 10 any citizen 10 ascertain at the
bank the nature and extent OF the re-.
sponH5iltty Of any OF its customers
There Is no necessity 10 throw any veil
Of secrecy around the ordinary tranSac.
tons Of a bank. Publicity viii increase
responsibility. repress fayoritism. insure
the negotiation Of good paper. and,
when individual insolvency unfortn.
na'c'y occurs, will deprive the BAN, Of
undue advantages now enjoyed by
banks practically IN the distribution OF
the effects OF The insolveai
>. \ limitation OF the dividends 50
a not 20 authorize more than - per
cent 10 be struck. This viii check uu.
due expansions IN the circulating me
dunn and restrain improper extension
-! busiGcss IN the administration Of the
bank.
q. y prospective reduction IN The
rate OF interest so as 10 restrict The
bank 10 six per cent. simply. or, IT piac.
ticablc, 10 only FIVE per cent. Banks
now receive at the rate OF near Is 2-.}i
per cent. by demanding The lu'crcs, IN
advance, aud hy charging for an atji.
tonal day. The reduction may be cl.
icc,el by lorbeirius 10 exact any bonus.
or. when the profits are likely to eN-
coed the prescribed hmi, OF tie jiu.
dends. by requiring that thc rate OF IN
tereSt shall be so lowered as that they
shall not pass ,hat limit.
4. y restriction upon the premium
demanded upon post notes aai checks
used for TemIttances, 50 that the maxi
mum should not be more than, saw. one
and a half per cent. between any two
Of the remotesl points IN the Union. Al
though It may not be practicable to reg
u.aic foreign exchange, depending as IL
does upon commercial causes not with.
m the control OF any one Government,
| think that 1t X otherwise with regard
to domestic exchange.
s. Every practicable provision a.
gainst the exercise of improper inHu-
ence, on tie part OF the Executive.
upon the bank, and on the pagt OF the
bank, upon the elections OF the coun-
Try. The late bank of the l.. States
has been, believe, most unlusily
charged with interference int popular
elections. There IL, among the public
documents, evidence Gifts having scru-
pnlCusly abslained from such Iaierier-
ence.. X never did more than % cV-
erclse the natural night Of se!t-defcncc
by publishing such reports, speeches
nnd documents a tended 10 place the
institution and its administration In a
fAIr point OF view beioLe the Public
But the public entertain just jealousy
against the danger o! any interference
OF bank with ;be elections ofthe coun-
try, and every pTecaa;ion ought 10 be
taken strictly 10 guard against 1t.
This IS brief outline Of such new
bank OF the United States as | lhiak
IT established would greatly coaduce
% the prosperity OF tie country. Per
hap', on full discussion and cOn,iIera-
ton, some OF the conditions which |
have suggested might not be deemed
eNPcdient, or might require moiifca-
hon. aad important additional ones may
be proposed - others.
will only say a word or two on the
1 4
ought NJ longer 10 be regarded as an
open question. There ought 10 be
some bounds 20 human controversy
Stability Is necessary want o. society.
Among those who deny the power.
there are many who Unit the benefits
OF bank of the Jui,cd States -Four
times, and undo! the sway q al the
political parties have Congress de!ibe-
rately affirmed Us existence. Every
Department Of the Government, hl,
again and again asserted IT, Forty
years oi acquiesCeuce by the people;
facility and economy in domestic cx-
change, aud unexamPlod prosperity 10
the business ofthc country, with bank
Of the United States, and wilh5u, IL.
Wild disorder 10 ths currency ruiaous
Iregul1uty 80 domestic exchange. and
general proslration m the commerce
and business OF the nation. would seem
10 put the question az rest. ifitlsn1t 20
be perpclually aEitAtcd The power
has oeen sustained by Washington, the
Father Of his Country by Madison. The
Father OF the Constitution; and ty Mar
shlll, the Father Of The Judili5ry II
precedenis are not 30 be bliniiy follow
ed neither ought they 70 be vantouly
de'Psed. The are the evidence OF
truth. and the force 81 the Evidence Is
10 proportion 90 ihc integrity, W. i1m
and patriotism OF those Nh1 establish
them. think tia, on no occasion
could there be any array of greater or
higher Authority. For one horr o.
be pardOned for yielding o. e. 900 PFC