Litchfield enquirer., 1838-03-01

| regard 20 the Sub Treasury bill-noW under
consideration by the Senate. The resolu.
tons were read and ordered to be printed
and laid upon the table.
In presenting the resolutions, Mr.. Tall
madge said that he most cheerfully complied
with the request contained in one Of the reso.
lutions, to present them to the Senate Of the
United States. Mr.. T. said he should take
this occasion to say, that the body from
which the resolution came, was composed of
as talented, enlightened and patriotic men as
ever had been assembled in the capitol of his
State. They were fresh from the people, and
Mr.. Tallmadgc had no doubt that they truly
expressed the views of a large majority of
the people of the State of New York.
Mr.. Tallmadge said he concurred fully in
| the opinions, views and sentiments set forth
in the resolutions before the Senate. They
expressed with great brevity and force the
objections to the adoption of the Sub Treasu-
! ry Scheme. Mr.. Tallmadge, in conclusion,
said he particularly agreed with the Assem-
bly, of his State, that the persevering efforts
made to procure the adoption of the Sub
Treasury scheme had deeply alarmed the
people of his State, and furnished at this
time prominent obstruction to the revival of
credit and business and return to specie
payments by the banks.
From the Philadelphia United States Gazette.
Mr.. Grundy-T'he Old and NeU United
States Bank.-We perceive that Mr.. Grundy
has brought in bill to punish with fine and
imprisonment-af fine of ten thousand dollars
and imprisonment often years-the Bank of
the United States for re-issuing the notes Of
the late Bank of the United States. This
seems to be the latest act of servility to Mr..
Van Burep, and it is a little ludicrous for
these champions of state rights to propose a
law declaring what a State Institution, char
tered by the Sovereign State of Pennsylvania
shall or shall not issue.
The whole question is as simple as posi-
BILE. The old bank of the United States at the
expiration of its charter in March 1885, trans
ferred all its property to the new Bank of the
United States, and the new bank engaged to
pay all the debts of the old bank. Among
those debts were upwards of twenty millions
of dollars of notes ON the old bank. About
fourteen millions of them have been redeem
ed, already. There remain out still about
six millions, which are in a course of pay
ment. But since the suspension of specie
payments, the new Bank, instead of charging
these notes at once to the old bank, issues
them in preference to issuing its own-sim-
ply. as we have always understood, because
during the suspension of specie pay ments the
new notes would bear an interest of twelve
per cent, the old of only six-.just as the
New York Banks do not issue more than they
can avoid of their own notes.
Ofthe right Of the bank to issue the notes
of another bank, we take it for granted there
can be no possible doubt. The Bank of the
United States agrees to pay these notes-is
bound to pay them--butif while as the trus-
tee of the late bank it pays these notes, in its
independent character of bank, in the
course of IT'S own business, it has just as good
a right to issue these notes as the Bank of the
Metropolis or any other bank has.
After the resumption of specie payments
the bank will, we understand, of course close
the account of the late bank, and cease to
issue old notes-unless Congress passes any
law prohibiting it. But if Congress passes
any law prohibiting the bank from issuing
these. notes, we take it for granted that the
bank will continue to issue theln-at least we
hopo so-if for no other reason, for this
because. we wish to ascertain whether the
Congress of the United States, after passing
a SUBJ Treasury law, can break down all the
State banks by prescribing what they shall
or shall not issue.
The Pennsylvania Bank of the United
States has settled all its claims with the Gov
eminent Of the United States, which has no
longer the slightest right or the slightest pre-
text for interference in its affairs The Bank
is responsible to Pennsylvania, and to Penn
sylvania alone, for its conduct.
APUFF FOR YANKEES.
Some political rapscaliion in the third
Congressional District having given toast