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

~ H'"f'NE WV II t''N"f |
sho ohisln AstfmHft, n mlhe iar
1iiea ne gs'uHlsfAy "a HHiagilf 1d
fs6iitflHsl AMI ihsy afs fumHfa
lively ita 10 aambss llaf ihe feeap
ii0a III shat il iss8fi and used as q f.
port N he circulating medlgm 9i ihe
country, ~ scarcely q yeltn'lfg aeii.
and ihouiandl take i who tsge No
other concern whatever with lhe llank.
The many ought 70 be enafAed nnd
secured by che care n the Legislative
authority lha vigilance n the iew
wilI secure them against loss. ! ihink
this provision Is dcsidcialum IN oar
American banking, and the credit oil
first cmbody ing !, IN Legislative nc,
- due 90 ihe State Of Ncw.York.
4. pcrfcc, publicity as 10 The state
Of the bank at all times, including, be
sides the usual heads Of information,
the name of every debtor 10 the bank,
whether rs drawer, ondorser. or sure.
~, periodically exhibited, and open to
public inspection, or, II that should be
found inconvcnicnt, the right to be Sc
cured to any citizen TO ascertain at the
bank the nature and extent OF the re.
sponsibiity Of any Of It's customers.
There is no necessity to throw any
veil OF secrecy around the ordinary
transactions Of bank. Publicity will
increase responsibility, repress favor
Itism, insure the negotiation Of good
paper, and, when individual insolvency
unfortunately occurs, will deprive the
bank Of undue advantages now enjoy
ed by banks practically in the distrlbu-
ton OF the effects Of the insolvent.
5. A limitation Of the dividends so
as not TO authorize more than - per
cent. to be struck. This will check
undue expansions in the circulating
medium, and restrain improper extern
sion Of business in the administration
of the bank.
6. A prospective reduction IN the
rate Of interest, so as to restrict the
bank to six per cent. simply, or, If
practicable, to only five per cent
Banks now receive at the rate Of near
6 and % per cent. by demanding the
interest in advance, and by charging
for an additional day. The reduction
may be effected by forbcaring to ex-
act any bonus, or, when the profits are
likely to exceed the prescribed limit
of the dividends, by requiring that the
rate of interest shall be SO lowered as
that they shall not pass that limit.
7. A restriction upon the premium
demanded upon post notes and checks
used for remittances, so that the max
imum should not be more than, say,
one and half per cent. between any
tWo Of kn TsmSsfs ndRy P mos Os u pra he
ticable to regulate foreign exchange,
depending as it does upon commercial
causes not within the control of any
one Government, | think that it is
otherwise with regard to domestic ex,
change.
s. But the practicable provision
against the exercise Of improper infu
ence, on the part Of the Executive
upon the bank, and, on the part Of III,
bank, upon the elections Of the coun
try. The late Bank of the Unite,
States has been, ! believe, most un
Justly charged with interference il
the popular elections. There is, anon,
the public documents, evidence Of it
having scrupulously abstained iron
such interference. II never did NOR
than to exercise the natural right Q
self-defence by publishing suchrcports
speeches and documents as tended I
place the institution and its admin.
tration in fair point Of view befor
the public. But the people eniertaine
a just Jealousy against the danger {
any interference Of a bank with tn
elections Of the country, and ever
precaution ought TO be taken strict
to guard against This.
This is a brief outline Of such ne
Bank Of the United States as thinl
if established, would greatly conduc
to the prosperity Of the country. Pc
haps, on full discussion and consider;
ton, some Of the conditions which
have suggested might not be deeme
expedient, or require modification, an
important additional ones maybe pr,
posed by others.
will only say word or two Q
the constitutional power. think tn
it ought no longer to be regarded
an open question. There ought TO
some bounds to human controvers
Stability is a necessary want Of S
ciety. Among those who deny Il
power, there are many who admit Il
benefits Of Bank Of the U. States.
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