Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-17

to raise tho money with which to subscribe. Bu:
as any Stale had still permission to subscribe 10y
The terms of the charter, it was deemed inexpe.
dent to engralt provision on the bill for the
benefit Of the several States, but to leave all
those things TO he determined hereafter By citcum.
stances. 1t had been thought best 10 present the
unombarrnssed question, "Bunk or no Bank -
such a bank as their fathers had-such bank as
their fathers had tried and been benefited by,
aud as had benefited the States.
The next consideration to which he would ad.
vert related TO the place Of location Of this bank.
On that point he owned ho had slight preference
for other places than Washington; but long be-
fore he came to this city, in considering the place
of location, Washington was always among the
number that passed through his mind. But since
the bill had been modified by the committee, be
thought the place of location OF the bank should
be no longer considered as an Objectionable ea-
ture Of the charter. The objections to the loca-
ton were these; if the bank was established here
with banking powers, in location where there
was but little commerce, it would take too much
of political complexion, officers of the govern.
ment, not engaged in the commerce Of the coun.
try, might put their hands too deeply into the in.
sltuton, aud having its direction here in the
presence Of the officers of the government, and
| if Senators, and Members Of the House, the Of
fcers Of the bank would hardly be men of suili
ceut determination to repel a loan asked for
/ from such sources But all this was completely
obvacd by the amendments Of the committee
which give no powers to the officers to grant such
loans, The parent institution could loan only to
the government on the passage Of express laws
authorizing such loans Another objection was
the difficulty to get suitable men here TO take the
direction OF the bank, if they wanted, as he
thought they ought, to 30 out Of the official cir
Gle. He took it there would be great difficulty
in getting suitable men in the city Of Washing
ton, who would command the confidence OF the
nation and yet have sufficient financial ability to
conduct the affairs Of the bank. This, however,
was obviated by the provisions Of this BILL The
directors were TO be compensated, and he trusted
they would be well compensated by this corpora
ton for their services here With that provision
Of the bill and taking into consideration the
mode Of intercourse between Washington City
and other places-that Boston was but SO
hours Journey, New York %, and even Rich
mond, Charleston, and other places very short
periods, he thought the bill gave the government
and the bank the opportunity to accept all the
financial talent of the country, without requiring
even a residence-he meant permanent resi-
denCe of the Directors in the City of Washing
ton, for the business Of the District was small,
and there would be only required general su.
peIintendence and controllover the branches after
the machine was put completely in motion. An
occasional residence in the City Of Washington,
Of all but the President and Cashier, OF once a
fortnight, or OF every two or three weeks, for
two or three days at time, would be all that
would be required; but if the Directors desired it
they could come to reside here altogether, as their
compensation would enable them to do so. This
obi lection, then, was removed, and many aGvan.
! tages would result from the location Of the bank
at the seat Of government, which was circum-
stance Of considerable importance. II a war
was pending, and large sum was wanted in an
: extremity, TO supply the wants Of our squadron
in the Mediterranean, or in the Pacific, the Sec
l rotary Of the Treasury would have nothing to do
} but to direct the transmission of money with.
out an hours delay, but if the present institution
were at New York there would be delay oil
twenty. four hours, and twenty-Iour hours in war
may be decisive Of the fate Of a battle, and the
fate Of battle may be decisive Of the fate Of a
county. Another advantage would be that they
would get the directors from the different States
not more than two being taken from each State
. and the consequence was the avoidance oil
I clUues They were to be drawn from the scenes
y which were witnessed in Chestnut street anc
Walnut street, and from the wild influences whicl
= urged men TO ruinOus speculationS. Here the;
. would be separated fIom all those aGitatnl
, scenes, and they would look deliberately on the
a commercial operations OF the country, and direc
], their attention 10 the wants OF the country. Nov
d suppose they were TO take New York, TO which
It place his mind might have inclined withou
It forming any positive judgment upon it, mucl
II dissatisfaction would be created, and the hear
= of the Union would be discontinued. Take ther
Il Philadelphia, and that was out OF the question
It at this time, with all the existing relations 0
l. the bank, which had assumed the name of tht
= Bank of the United States there. Well, q
t, where they would--to Boston, and there were
IS great obiectons,-t Phadel phia, to Richmond
II and elsewhere, and there were great objection
l. existing. But here was the common capitol 0
o the Union--the point on which they (the Sena
a orS) met as brothers, and he thought this pIac
o would be found, as the committee supposed, les
is objectionable than any other place. Amongs
Il the other advantages, 100, was the facility afford
l. ed for publicity, which was one great security
/ by the access which would be given to a com
mttec Of Congress- and the Secretary Of tn
n Treasury, to examine the accounts, or to nsti
l. tutc any other investigation which could not b
n done when the parent institution was more re
v mote.
!. The Senate would perceive, too. contrary t
ut ,ho Practice Of former banks, that there was u
r. bonVs in direct terms to be paid by the corpol;
- ton. hut he thought they should make create
il sum than by a nominal bonus from the bank
Mt The lnuilalion OF tue dividends was seven pc
ID cont ON the alock for the whole corlnuance G