Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-05-30

CT form, that the bank shall put forth
as part of the general circulation
! nc bill or note holders, in other words
the mass Of the community, ought 10
be protected against the possibility of
the failure or the suspension of a bank.
ne supply ofthe circulating medium
OF country is that faculty Of bank.
the pfopriety OF the exercise of which
may be mos, coniroverted. The dea-
lings with bunk, of those who obtain
discounts, OF make deposites, are vol
untary and mutually advantageous.
and they are comparatively few in num-
her. Bun the reception of what is il.
sued and used as a part OF the circuln.
ting medium Of the country is scarcely
voluntary net, and thousands take i,
VINO bsye no other concern whatever
/ with the bank The many oueh, TO
be guarded and secured by the care of
the legislative authority tho vigilance
OF the few will secure them against loss.
! lhlnk this provision is 1esidera.um
10 our American banking, and the Gre
DIT OF first embodying il IN legislative
act IS due TO the State of New York.
q. Perfect publicity Us to the state
Of the bank at all times, including, be.
sides the usual heads of information.
the names Of every debtor to the bank,
whether rs drawer, endorscr, or surety,
periodically exhibited and open TO pub.
he Inspection or, if that should be
found inconyenient, the right to be Sc
! cured to any citizen 10 ascertain al the
bank, The nature and extent Of the re-
sponsiblll,y Of any Of its customers.---
There IS no necessity to throw any
vel OF secrecy around the ordinary
transactions Of a bank. Publicity will
increase responsibility, repress fayorit.
ism, insure the negotiation of good pa
per, and, when individual insolvency
unfortunately occurs, will deprive the
bank OF undue advantages now enjoyed
by banks practically IN the Distribution
OF the effects Of the nsolvent.
D. A limitation of the dividends so
as not to authorize more than - per
cent TO be struck. This will check un.
due expansions in the circulating me-
dunn and restrain improper extension
! OF business in the administration OF the
bank.
u. prospective reduction in the
rate OF interest, so as to restrict the
bank TO six per cent. simply, or il prac-
licable, to only five per cent. Banks
( now receive at tho rate Of near six and
half per cent. by demanding the in.
ienst IN advance, aud by charging for
an additional day. The reduction may
be effected by forbearing TO exact any
bonus, or, when the profits are likely
to exceed the prescribed limit Of tho d.
vidends, by requiring that the rate Of
interest shall be so lowered as that thoy
shall not pass that limit.
7. A restriction of tho premium de-
manded upon post notes and checks
used for remittanccs, so that the maxi
mum should not be more than, say, one
and half per cent. between any two
remotest points in the Union. Altho'
it may not be practicable, to regulate
foreign exchange, depending as it does
! upon commercial cnuses not within tho
control ofany one Government, think
that il is otherwise with regard to do
nestle exchange.
8. Every practicable provision ~
galnst the exercise Of improper inhu-
ence, on the part Of the Executive, up
on the bank, and, on the part Of the
bank, upon the elections of the coun-
TRY. The late bank Of the u. States
has been, believe, most unjustly chnr-
ged with interference in the popular e.
lectlons. There is, among the public
documents, evidence offs having scru-
pulously Sustained from such interfe-
renee, Il never did more TRAN to ex-
ercise the natural right Of self defence
by publishing such reports, speeches,
and documents, as tended to place the
institution and its administrator in a
fair point Of view before the public
But the people entertain a just jealousy
against the danger Of any interference
ola bank with the elections ofthe coun-
try, and every precuution ought 10 be-
taken strictly 10 guard against it.
This is brief outline of such a new
Bank OF the United States as | think, if
established, would greatly conduce to-
the prosperity Of the country. Per-
haps, on full discussion and considera-
ton, some OF tho conditions which |
have suggested might not be deemed
expedlent or might require modlfca-
lion, and important additional ones may
be proposed by others.
! will only say word or two on the
constitutional power. think that it
ought no longer to be regarded as an
open question. There ought to be
some bounds to human controversy.--