Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-24

million, OF dollars, il that should be found 10 6,
necessary.
To guard Oeains, undue expansion Of the curren.
Icy by the operations OF the Bank various res,ric-
tons and securities are introduced.
l. Tue dividends are limited to seven per cent
per annum; and after STIMULATING q reserved fund
OF TWO mu'ions o. dollars, to cover losses and con
unsences, the excess beyoad that seven per cent
Is TO be paid into the public Treasury. And, what
ever excess remains at the end of the charter be
yond the reimbursement 10 the stockholders OF the
capital stock, is also to be paid into the Treasury
1.-THE dividends fall below seven per cent during
year nj the charter, the deficiency is to be made GOOD
out OF the SURPRISES previously paid into the Trea.
suTy The effect OF this provision is, to make per-
minent and invariable seven per cent. bank stock
assuming that the administration OF the Bank is con
Quoted with integrity and ability.
| .. The debts duo to the Bank are REQUIRED no,
to exceed the amount Of the capital stock actually
paiu IN, and 20 per cent thereon, which Is greater
| restriction than usual.
! The total amount of debts which the Bank is au
thoE=ed 10 contract, and above the deposites
not to exceed twenty Ave millions of dollars which
Is also greater restriction thanwas placed upon the
| late Bank of the United States
| s. The puhlicity which Is required of the gener.
al condition ofthe Bank, and the full and complete
exposure to committees Of Congress and TO the Sc
ctetary of the Treasury, which is amply secured, of
all the books and transactions OF the Bank including
private accounts.
4. Tn, prohibition of the renewal of any loan.
thus putting an end TO all mere accommodation pa.
!
| fair business trunactions.
And 5. The Bank is prohibited from making any
further discounts loans whenever its notes in cir
cuaiion exceed three times the OF specie in
its vaults.
To protect the community and the stockholders
against msmanagement OF the Bank, several proyi.
SONS have been inserted, which 1t is hoped may be
cfectual.
/. No paid officer of the Bank is to receive loans or
accommodations IN any form whatever.
:. Securities are provided against abusive use OF
proxies, such that officer of the Bank can be
proxy; no proxy can give more than 800 votes; no
proxy TO DC good which is Of longer standing than
ninety days, SC.
;. Prohibition against the Corporations trans.
acting any other than legitimate banking business;
excluding all dealing IN stocks, and all commercial
operations.
4. requiSiuon that n majority Of the whole
number of the Boord OF Directors shall be necessary
to trauslc; the business Of the Corporation.
; Ample power to make the most thorough ex =.
animation into the condition and proceedings of the
Bank, down TO the accounts Of individuals by total
/ y removing from the Secretary OF the Treasury and
committees Of Congress the veil OF secrecy.
! And g. BY denouncins and Furnishing rs felony
the crime OF embezz ement Of the funds OF the Bank
when perpe;raIeG by any OF its officers agents. or
servants.
| Coucuring entirely in the sentiment EXPRESSED
by the Secretary OF the Treasury, that many wise
and patriotic statesmen, whose opinions are entitled
3 TO consideration and respect, have questioned the
/ power Of Congress to establish National Bank;
and that It is desirable, as far possible, to obvatc
objections and reconcile opinions, the committee
have Gt,enuvely and earnestly examined the provi-
sion, incorporated IN the drauCht of the bill OF the
Secretary, IN regard to the branching power o. the
Bank, and they would have been happy IT they
could have recOnced 1t 10 their sense OF duty and
adopt Il. But, after the fullest consideration, they
have been unable 10 arrive at that result.
IL was not without some hesitation that the COM
mittee agreed to the location of the bank in the
I Distric; otColumba. This they did because they
believed that the utility Of the Bank did no. so much
depend upon the place of It's location as upon the
capital, faculties, and powers which should be Civ
en- 10 II. But to Isolate Il IN this District, without
/ giving any other branching power than such as
It might derive from the consent Of particular States
would be to create an enormous District bank, de-
void of effective national character. Such a bank
would DC a bank only OF the D;siric; of Columbia
and is offices sfdiscoun and deposite would be no
thing more than banks OF the States which might al
low them TO be planted within their respective lin.
its. For al, national purposes Congress might as
well rechar;er one Of the existing District banks
enlarge its capital, and give 1t authority TO eslab.
Ish offices of discount and deposiie in any State
that would permit 1t to be done.
The committee believe that the capi'al Of a bank
so constituted would never be taken; and that il
taken, the institution would be wholly unable u
accomplish the great ard salutary purposes for
which it is desired and should be designed.
But the question OF establishing bank thus to
be restricted and crcumscrbed, inyo YES cher and
grayer considerations than those Of mere x peden-
cy. The General Government has or has not the
power 10 establish National Bank. II il has the
power, 1t derives It from the existing grants in the
Constitution Of the United States. The committee
believe it has the power and ought 20 exercise it
But after contest during the last ten or twelve
years IN respect to the constitutional power Of Con
gress, which has been marked by so much ANNA
ton and btt.Tness, 4 furbearlnce TO exercise the
power would bc 4 virtual surrender Of the power.
liza bank to be created, whose operations with
IN the limits OF the States were dependent not upon
| the will OF Congress, but upon the will of each
State, separately announced. the creation Of such
bank would add ano;h 10 the rs; Of disastrous ex-
| permcnlS, aud would be tantamount TO re!in-
punishment OF Tie national power and 1t could never
be resumed.
The power of the Federal Government is only TO
be found IN tie grants OF the Constitution. II they
are inadequate 10 the iu.hImsnt Of tie great pur-
poses Of It's establishment they can only be increas-
ed 90 the mode OF amendment which the instrument
itself has prescribed. They cannot be augmented
/ 10y the grants or consent OF any State States
short OF the number Of two.thIrJs, whose concur
renee IS necessary to give validity 10 an amend
ment. a Derivation OF po~er to the Genera. Go.
vGrnmCnt from the consent OF particular States
would be unsound IN principle, and the committee
apprehcnd dangerous 10 practice. Admit such con-
sent 10 be a legitimate source Of power. the Gov
eminent would no: operate equally in Ull he Safes
and the Constitution, losing its uniform character,
would exhibit az irregular and inconsruo action.
/ Entertaining these deliberate y.ews the commit.
tab Ushment OF bank IN the District OF COLUMBIA
will be ctisc'unI which does not contain clear re-.
cOsnIyu Of the constitutional power OF Congress TO
establish branches wherever ~ tie United States,
the public wants, in rs judgment, require them.
/ They cannot corsent that bank, Cmlnallng from
the vii. of the nation, and Impcra,sy,ly demanded
by the necessities Of The Government and Of the na-
tlon, shall be wholly depcnden, f1r is useful ope-
ration upon the will Of each aud every Stale dis
timely expressed.
/ Accordingly, IN the daugt', ola bill now report.
ed, the right Is asserted 70 exercise the brapching
power OF the bank INDEPENDENT OF the assent OF the
states The committee dare not allow themselves
20 believe that the bill IS free from aiI defects bu,
they DO hope that these IN spirit of liherality will
be correct ~ the superior wisdom Of the Senate
and Of the House, and that the present session " M
be signa.zad by the establishment OF a nation in
siiuton, which has become a CesIsruium 10 The
general property.
4 The advantages which vii. flow from such an in
situ.Ou IN both our domestic and foreign relations,
/ are manifest and IncOn,es,abe.
I u vii. give Tie People a sound currency Of uni.
form value throughout the Union, which IS lust as
necessary 70 the successful operation OF all branches
Of business &c pure cir water Is 10 the prsserya-
ton oil human ne or health.
] IL viii revive and extend commercial intercourse
which, for the want Of a common medium, has be- en-
almost suspended between different parts Of the
Union.
/ IL viii. reduce domestic exchange from the enor.
nous premiums and discounts now frequently paid
10 the moderate standard growing out Of tho mere
cost lrd Insurance on the risk Of Transporting specie
from one 20 another part Of the Union.