Canton herald. (Canton, Miss.) 1837-1839, 1838-06-27

lhc lollowinf fomalbs elallse y wth
~ lnslilntan W. ops lhem Ifom
the National InieIlleenctr.
Nh. CLAY. IT keuiuci fusc.hnd
stated lhat he wished H. present a
petition conhled 70 his care. signcd
by a number VI persons, praying ior
lhe establishment 81 a Bunk 81 tho
United States. II was similAr 10 he
scral olhc petitions which had been
presented 10 the Senate, OF TO tho
House. during the present Sessipn,
praying for the same object They
|ailold evidence Of a door aud return.
ing conviction, among the reorLe, 81
the utility of such an Institution.
Whilst ana mp, CONTINUED Mr.,
CLAr,) with the permission Of the Sc,
nate, | beg leave 10 submit few ob.
scryations Upon this subject. There
is d reason 70 believe that much honest
misconccptiqn and some misrcpresen-
iailon proyallsn regard TO IT, which
wish 10 correct. lthad boon supposed
/ that those who arc dusirous Of seeing
IA Bank of the United States established
are anxious that charter should ba
lgrantcd TO I'M existing State lnstitu-
ton, which has an eminent individual
at It's head, and that this was the sole
object Of all their exertions. Now |
\ wish, for one, TO say, that | have no
such purpose in view. ! entertain for
4 that gentleman very high respect.
believe him uncommonIy able, pro-
|! foundly skilled in finance, and truly
| patriotic. There Is but one other per-
son, connected with the banking iust.
4 tutions Of the country, ia whose admj-
/ nistration Of Bank Of the United
| States ! should have equal confidence
with Mr.. Biddlc, and that Is Albert
/ Gallatn---who, am glad 10 learn, at
, an advanced age, retains, in full vlgor,
RI the faculties of his extraordinary mind.
4 There may be other citizens equally
a competent with those gentlemen, but
i | do not know them, or am not ac-
4 quainted with their particular quallii
il cations.
d But il is not for any existing State
s Bank, or any particular individual at
Y It's head, that am contending. ] be-
/ lieve the establishment Of u Bank of
!. the United States is required by the
common good Of the whole country;
@ and although might be willing, il il
IS were practicable, to adopt an existing
d Bank as the basis Of such an institute
n ton, under all circumstances, think
!. it most expedient that a nesg Bank,
= with power to establish branches, be
e 5sg q and ddo Gh9ElsEed HdHc hSs pq
!. far as know their opinions and lare
! not particularly attached TO this or
9 that existing Bank; but 70 principles,
TO the thing itself, to the Institution, to
is a welI-organized Bank of the United
80 States, under the salutary operation of
W which the business Of the country had
g. so greatly prospered, and we had every
70 reason to hope would again revive and
20 prosper. And, presumIng upon the
vIindugence of the Senate, ! will now
~ take the liberty TO suggest, for public
4. consideration, some Of those suitable
N Observation-Disclosures winch
no il appears to me that it would be desl'
,is rable 10 establish a new Bank;
Nh 1. The capital not TO be extraya
ganty large; but, at the same time
amply sufficient to enable it to perform
". the necdful financial duties for the Go
FOR vernment; to supply general cur
die rency of uniform value throughout tn
Union, and to facilitate, as nigh o
practicable, the equalization Of dome'
Gle tic exchange. suppose that abot
,ut fifty millions would answer all thos
FOL- purposes. The stock might be divide
between the General Government, tn
States. according to their federal p'
r. pulation, and individual subscribers
La The portion assigned TO the latter
bv be distributed at auction or by prlya'
nv, subscription.
on. 3. The corporation, in the spirit
V n a resolution recently adopted by Il
of General Assembly Of the State, one
RI whose Senators have the honor
ate be, 10 receive such an organization
;ter to blend, in fair proportions, publ
;nc and nriyate control. and combining pJ
The lie and private interests. And, IN ord
ho to exclude possibility Of the exercise
ioss all foreign influence, nonresident toreil
III ers to be prohibited not only from a
uon share in the administration Of the cor
our ration, but from holding, directly or in
the rcctfy, any portion Of its stock. Alth,
H. do not myself think this latter restrict
necessary, would make it, in deierer
ia honest nreiudiros sincerely en- erta