New-York tribune., 1841-06-18
an rygNG.s PROJECT.

II. l.
-, IL. - rra.Iay last the communication OF the
no Treasury. addressed the Presidea: OF the
~ no subject Of Fiscal gent Bank for The ben
,ao Government, in lieu of the S1b-Treasurya law
;, -.a, which having already passed ihe Senate ThebI
which accompanies the Report has since been received but
m have no, deemed 1t, publication ncoe=ary il very
long and necessarily tedious = Alteration in-. details
The Report OF the Secreary howe,er tu mi explicit
that every person udgeas well OF the utility OF
;nc project, eithc: financial political reasire-
1t. immense importance the Goveraaen: ana toe Cor7
y in eyerv point OF yiew-he great exte; a Tie SUBJECT
and the inherent dcues involved It's coHsideraon-a
tending to produce an almost Infinite diversity o.: opinion IN
regard 10 the scheme or plan tia. oug; 20 oe ade?i e-
de it necessary :or all honest and ucou mon N eoas'-
ering this subject TO dives. e minds Of al preadices N
favor of precoaceved theories al kinds .ad u Judging Of
this measure to rcec, all ncI =oeclaons and rey only
upon argument. founded on facts
One thing is ycry certain, that scheme hat Aa' yet
been tried in this Country fiscal agent ;or the Use
Of the Government which should the tine regulate
informal Exchanges and limit and OF State
Banks has perfectly succeeded Experience has proved
that a Bank having right TO the Government De?eS-
its and being entirely under the control OF s;ocAhod-
ers has q strong temptation 70 use the Pubic FUNDS
for its own benefit exclusively without regard to the Sc
cu,y or the convcnenc, Of thc Government L has aso
been proved that when the deposits OF the Government
in such an institution become large, ard IL business
i consequently extended liable their sudden with
drawa not only to lose all control the issues OF the
State Banks the Exchanges but become adebor 10 and
dependent upon those institutions To accomplish t!;s
double purpose De spen,able thai 10 interested
motive should cxi, on the part such fiscal agen; Of -
directors to discount upon the deposits, them in any
way for the benefit Of the stockholders This object i fully
effected in this instance BY limiting the dividends per
How can there be any doubt that such an institution
would in very short time be able employ probably It's
whoe capital the legitimate business permitted ny W char
ter and divide ,ix per and above lis expenses
Nor there any question that all the fiscal operations OF tie
Government would be managed by the safe and
economical way How far would operate equaiize eX-
changes and restrain c issues of State Banks
abou, which experience thus fa will not err
able give positive opinion; but far It 5oe- We
have good believe would have that effect in all
those States where Branches should be established and
did not then quite nothing that could possibly
be devised would effect the object.
As mere financial measure therefore, having for its OBJ
cc, the security of the public funds the convenience Of the
government and the equa4ng far practicable the Ex-
changes and the currency OF the State Banks are IN
cncd to give decided preference every project a
has ever been brought before Congress These consdera
tions are sufficiently important the present condition Of the
country to Justify an Extra Session Of Congress in op
ion But the cxpedicncy of the under the peculiar
circumstances Of the country probable effect upon
s,tu,ioas in political point of view still impor-
vill under
90 an elaborate discussion Congress, and shall very
probably mngc in the melee, fur as OR limited space viii
will permit.