Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-25
Monday, Nay 81, 1898
N CEN TF

Den,r,ment the annual statements of the and
navigation of the L. States with foreign countries for
1887 Laid on the table and ordered to be printed, with
the usual number OF extra copies, lunnameuJ
The following petitions, &c, were presented
Bv Mr. Hubbard From the late marshal OF New lamp
| shire. Referred -,
Bv Mr. Wright: Resolutions of the Legislature OF ~
YoI calling for the action of Congress the subject
Of dueing Read, laid on the table, ana ooefeu 'e
| printed .,
By Mr. Bayard From citizens Of Maryland, express
sing their sympathy for the Cherokee Indians, ana eS.
messing the hope that the treaty with them would not
he enroced Laid the table, and ordered TO be printed
And by Messrs. Cri,tenden, Mexican, and Niles Gun
| heuId) Referred
Mr. Clay of Kentucky, rose, and slated that he wish
ed TO present petition confGed TO his signed by 4
number Of PERSONS praying for the establishment OF
Bank of the United States. II similar 10 several
other petitions which had been presented 10 the SENATE,
or TO the House, during the present session, praying Tor
the same object. They afford evidence of deep and
returning conviction, among the People, Of the utility OF
such institution.
Whilst I am 40, Continued Mr. Cluy) with the per.
mission of the Senate, beg leave to submit few oh.
servaons upon this subject There Is reason :" believe
that much honest misconcepon and some mlsrepresen
ta,ion prevail in regard 10 it, which wish 10 correct
I, hid been supposed that those who DESTROYS of
ing Bank Of The United States established are anxious
that charter should be granted 10 an existing Stale IN
stituon, which has all eminent individual nj lis heao
and that this the sole object of all their eSertions
Now wish for one TO say that have no such purpose
in view | entertain for that gentleman very high re-
s5ect. | believe him uncommonly able, profoundly
skilled in finance and truly patriotic There out one
other person. connected with the banking institutions oil
the country in whose administration Of Bank OF the
United States should have equa! confidence with Mr.
Bidde ard that is Albert Gallatn, who, am glad TO
learn, advanced age, retains in full Vigor the Ia
culies of his extraordinary mind. There may be other
citizens equally competent with those two gentlemen,
but do know them, am not acquainted with their
particular qualifications.
But il is for any existing State Bank, or any par
ticuIsr indiYid at it's head, that am contanding
believe the establishment Of INK of the U. s.
auired by the common good Of the whole country and
although might be willing. if it were Praclicabs. 10
adopt existing bank as the basis OF such an nsttu'
ton under all circumstances think II most eApedent
that a neo bank, with power TO establish branches, be
created and chartered under the authority OF Congress-
My friends Gas far as know their op'nonsl and are
not particularly attached to this that individual TO
this or that existing bank but 10 principles 10 the thing
Itself 10 the institution 10 wellorganzed bnnk OF The
u S, under The salu,ary operation OF which the busi-
ness Of the country had so greatly prospered and we
had every reason hope would again revive and pros
per- And presuming upon the indulgence OF the Sc
nate, will take the liberty 10 suggest for public
considerations OF those suitable conditions and re-
stctions under which appears 10 me that 1t would be
desirable to establish a new bank.
l. The capital not 10 he eItravaganty large but, al
the same time amply sufficient TO enable it 10 perform
the needfu financial duties for the Government TO sup
ply general currency OF uniform value throughout The
iza,ion of domestic exchange. suppose that about IF
ty millions would all those purposes. he stock
might be divided between the General Government
the Staes according 10 their federal population and
individual subscribers The portion assigned 10 the lat
ter be distributed at auction or by private subscrIP
ton.
2 The corporation in the spirit of resolution re-
Gently adopted by the General Assembly of the Stale,
one of whose Senators have the honor to be TO receive
such an organization TO blend in fair proportions,
public and private control, and combining public and
pyate interests And in order TO exclude the possiol-
ly of the exercise of all foreign influence, nonres
dent foreigners be prohibited not only from any share
in the administration of the corporation, but from hold
ing, directly indirectly, any portion OF It's stock Al
though do myself think this latter restriction ne
cessary would make it, in difference 10 honest PTeJu.
dces, sincerely entertained and which practical
statesman ought entirely 10 disregard The bank
would thus be- in its origin and continue, throughout
it's whole existence, genuine American institution.
g. An adequate portion Of the capital 10 be set apart
in productive stocks and placed in permanent security
beyond the reach Of the cOrpora,on with the exception
of the accruing profits those socks sufficient 10 pay
promptly, in any contingency, the amount OF all such
paper under whatever FORM that the bank shall put form
as part of the general circulation. The bill note
holders, in other words, the mass OF The community
ought 10 be protected against the possibility OF the io
or the suspension OF 4 bank The supply OF 'he CIR
culaDg medium OF country is tina, faculty OF bank,
the prcprciy of the exercise of which may be most con-
trovertcd The dealings with bank, OF those who 90
tain DISCOUNTS make depnsites, are voluntary ana nu
tuay advantageous and they comparatively lew IN
number. But The reception Of what is lseued and used
as part OF the circulating medium of the country 10
scarcely voluntary act, and thousands take 1t who
have no other concern Whatever with The bank The
many ought be guarded and secured by the care Of
the legislative authority the vigilance OF the lew VIII
secure them against loss. think this provision is de-
sideraum in our American banking, and the credit oil
first eInbodyng it in legislative act Is due 10 The State
Of New York.
Perfect publicity as to the state of the bank at all
times Ind he ugua
ton, the Of every debtor 10 the bank, whether os
drawer, endorser or surety periodically exhibited and
open to public inspection; or IT that should be found IN
convenient, the TO be secured to any citizen TO as
certain the bank the nature and extent OF the Iespon
sibty of any of its customers There is no necessity
to throw any veil Of secrecy around the ordinary trans
actions Of bank. Publicity will increase responsible.
ty epress favortsm, insure the negotiation OF good pa.
per, and, when individual insolvency unfortunately &C.
ours will deprive the bank of undue advantages now
enjoyed by banks practically in the distribution OF the
effects Of the insolveDt.
5 Limitation of the dividends so not to authorize
more than per cent 10 be struck. This will check
undue expansions in the circulating medium, ard re-
strain improper extension of business in the admnisira.
ton Of the bank.
g. prospective reduction in the rate Of interest," so
90 to restrict the bank TO per cent simply, Or 1t prac
cable to only five per cent Banks now receive at The
rate of near per cent by demanding the interest in
advance, and by charging for additional day. The
reduction may be effected by orbeang TO exact any bo
NUS or when the profits likely to exceed the pre-
scribed limit of the dividends by requiring that the rate
of interest shall be lowered that they shall not pass
that limit.
?. A restriction upon the premium demanded upon
DOE, notes and checks used for rem,ances that the
maximum should not be more han say, l2 per cent.
between any two of the remoles points in the Union
Although it may not be practicable to regulate foreign
exchange depending it does upon commercial causes
no, within the control of any Government, think
tina, it is otherwise with regard to domestic exchange
g. Every practicable provision sgains! the exercise of
Dd,,z- m nj he
the bank and on the part Of the bank upon the elections
of the country The late Bank Of the United States has
BEEN believe, most unjusy charged with interference
in the popular elections There is, among The public do.
&. 1. .laI,nlI kciai nal