The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-06-05

.o.o than - per cent to be stock.-This
H, hack undue expansions in the circulating me-
alum. and restrain improper extension Oh business
=; ,ho administration of tho bank.
" A Irrespective reduction In the rate OF inter-
" 70 restrict the bank 10 six per cent sim
est ~ if practicable, to only five per cent. Banks
Ply, sceiye at the rate of near 6 % per cent. by
Lomsndng the interest in advance and by charg.
;nn for an additional day. The reduction may be
aasso,ed by forbearing to exact any bonus, or,
when the profits are likely to exceed the prescri-
ed limits of the dividends, by requiring that the
rate of interest shall be So lowered as that they
shall not pass that limit.
z. A restriction upon the premium demanded
upon post notes and checks used for remittances
so that the maximum should not be more than
say, one and half per cent. between any two OF
the remotest points in the Union Although il
may not DO practicable TO regulate foreign exchange,
depending as it does upon commercial causes not
within the control Of any one Government, think
that il is otherwise with regard TO domestic ex
change.
g. Every practicable provision against the ex-
ercse of improper influence on the part OF the
Executive, upon the bank, and on the part OF the
bank, upon the elections of the country Inc
late Bank Of the United States has oeen' De-
lieve, most uniustly charged with interference in
the popular elecons-There is, among the pub
lie documents, evidence of its having scTuPu"us'
ly absained from such interference IL never
did more than to exercise the natural right oi sell
defence by publishing such reports, speeches, and
documents as tended to place the institution and
its administration in fair point OF view before
the public But the people entertain Just Jeal'
ousy against the danger of any interference OF
bank with The elections of the country, and, every
precautlon ought to be taken strictly to guard a.
ganst 1t.
This is brief outline of such a new bank of the
United States as think, if established, would great
ly oonduce to the prosperity OF the country. Per.
haps, on full discussion and consideration, some OF
the conditions which have suggested might require
modification, and important additional ones may be
proposed by others,
I will only say a word or two on the constitution
al powel. | think it ough no longer to be regarded
as an open question. There ought to be some
bounds to human controversy. Stability ia neces.
sary want of society. Among those who deny the
power, there many who admit the benefits o! a
Bank Of the United States. -Four times, and under
the sway of all the political parties, have Congress
deliberately affirmed its existence. Every Depart
ment of the Government has again and again as
serted it, Forty years of acquiescence by the PEG.
pie; uniformity every where in the value OF the
currency facility and economy in domestic ex,
change, and unexamped prosperity IN The general
business of the country, with Bank OF United
States and, without it, wild disorder i'll the cur
rency ruin irregulurty in domestic exchange,
and general prostraton in the commerce and business
of The nation, would seem to put the question at
rest if it is not TO be prrpotually agItHlCd. Inc
mower has been sustained by " Washington, the Fa-
Their of this Country; by Madison, The Father OF the
Constitution; and by Marshall the Father of zoe Jn'
dietary. If presidents are not to be- bindIy follow
They are the evidence of truth and the force OF
evidence is in proportion to the integrity, wisdom
and patriotism of those who establish them think
that on no occasion could there be any array OF
greater or higher authority. For me, hope to be
pardoned for yielding to it, in preference TO submit
ting my judgment to the opinion of those who
now deny the power, however respectable they
may be.
But, Mr. President strong as my convictions are,
l have no intention of formally presenting any
proposition establish Bank of the United States
Composed Congress and the Executive now are,
such a proposal. | should regret to see n bank es-
tablshed, unless 1t clearly called for by pub
lie opinion. l believe 1t is desired by maj or
ity Of the United States But of that there does not
exist any conclusive evidence. Let wait until
demonstrations of their will shall be clearly given
and let us all submit, and, for one, shall most
cheerflly, to their decision, whatever it may be.
JUST VIEWS. Mr. Crtenden made the following
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