Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-07-01
CONGRESS.
EITR.F SESSION..
M AsAlAeIok. Juno "a.
SENATE.
IL 8 RANK.

BANK OF TOE onted states.
.he nts seot'"n having oeeh iesa'
't' S'sy 'os9 - .DaHe sunny s1ll'e.ienes'
Pianaeons w aa"it'oa 70 the fePott ates"y a'aue,
~.lh"St gong 'hto INC q"ssan o. t,e eons'''o'oe-
any OF eNpeu'ehcy ., 'he DahA, iitshis. 'ena'hs
would apply To the C"Pi'ai' "nieh was graduated
70 tue population, ~eatbr suPstneisi extent Oh tet
ntfy ana io1saet oanAs ahd Tue genera nesihesso'
tue country ihe capital OF me htst bank was ten
miNon' which amount was correctly hsea' ana ITS
diV'a"nds averaged above I'et CENT. curing TWEEN
~ years since f9o thete nave oeen TWO uuph-
cations Of the population. from tour millions u
rose IN 20 years to miihoe'' ana IN the next 70
years to 10 millions. he CAPITAL on thus basis,
might no" oe forty miinons' Inc capital OF tie
onbk OF 1910 WAS % H'hio"s, o. taAihg away the
one.hith subscribed oy TIC government i was 70
mhtons' wh'eh "ouia justify PfeseHt capitai OF
% m'iloh''
he increase % wealth had been five times, which
would Jdsuiy larger capital. In reference to the
SUPERFICIAL extent OF the territory tho increase had
been SUCH since the settlement OF the lakes the ac
ahisiuon OF the NORM western tetriofy and flofi-
ia would lnstiy much greater enlargement OF
capital lhe wealth oi the country had at least
irpled since iSf6 The force OF these considers
lions was not weakened by the increase of local
banks which we're now so crippled AID in such bad
odor.
| lie then looked az the proportion between the
subscription Of the Government (one-third) and
The subscriptions OF individuals. The shure assign
ed to the Government was than
qnired TO stimulate the enlerprze of the country,
while the Two thirds reserved TO the citizens would
prevent the Goyernmei. from exercising any inn
proper Influence. The interests ct the Government
would be secured by the profitable dividends which
/ II would receive.
lie thought 1t was the wiser coarse to omit the
| duplicating provisions of the State subscriptions
and the fourth insralment, leaving The question TO
! he simply Bank or no Bank. As TO the location he
Ind had slight preference to other places. He
had feared that an Institution in Washington with
| Banking powers would have been converted TO po-
lncal purposes, because functionares of govern
ment would have too easy access to it. This objec
ton was removed by the provision which cut Oh all
power to make discounts, which would prevent any
public functionary hom seeking whs, they could
not obtain.
Another objection in his mind arose out of the
difficulty of Obtaining nine directors hee who would
command public confidence. But tho facility OF
travel and the liberal compensation fixed tor d
rectors would enable these directors to reside here
OF to come ON whenever required Among the adj
yanIages was the with which the government
could aPply the resources of the country in time of
war, when mo'i'cnt might turn The result OF u
battle, and battle might decide the fate of the
country. 1t would also free the institution from
tho danger Of those cques which exist in Wall
street and Chestnut sheet. Heie in the groves OF
the Capitol the directors could keep themselves
cool The facility Of examination, and Of securing
publicity aud accountability aso inconsider
able advantage.
! No bonus 60 aomine, is exacted. He objected
TO the word az SO nearly syaonymous with another
word beginning with the same letter, that he OBJ
jccted to it. The guarantee for the ACT gave VIA,
was in effect guarantee of dividend of seven per
cent and other provisions favorable TO the COVE IN
/ ment were in lieu of a bonus To induce indivdu-
ais 10 subscribe was provided that out Of the sur
plu.ses Of the former profits of the Bank, divi-
| lcnd of seven per cent should be always made uip
Thu. there would be permanen: dividend of seven
| per cent which would make it's stock worth from
10 10 5 whene yer prosperous time. shall return
The Secretary of the Treasury had acceded to the
| change made by the Committee. so as TO enable
| the Bank 10 deal in Bills of Foreign EXCHANGE
! He stated that some objections had been made to
this provision by Bankers. but he apprcbended that
this arose from the idea that i, might TO some ex-
tent interfere with their own operations He then
| gave his views of what constituted The course, of
/ exchange and combated the idea that the adyan.
taees were partisIly distributed and at
would derive any improper benefits from the net.
With the title or name OF the Bank the Committee
had not ipte,fered. because, repudia,ips the name
which had become tainted il would have been diff
| 6cult 10 suooest n better There would he IA CON.
neccn with the Treasury as il would be the law FIJI
/ fiscal agent
! He referred to the last clauses of the bill; and
in reference to the provision of punishment of of
fences he stated that it was the speculation of the
| United States Bank in coiion which was the cause
| of its enbarras smenis. He took passing view Of
the mode in which the old Bank Of the o. s. had
operated on the local Banks occasionins to Them,
| ia many cases much cause for complaint, and in
some cases the ruin OF institutions and stated that
| this bill obviated Tint evil
| Ii Ind been objected that National Bank was
| favorable TO the creation Of a Public Debt and he
| replied by the fact TINT when the old Bank wen,
into operation there existed 100 millions. which
had been gradually oxinguished with the aid Of the
| Bank. As 10 the Tariff, We had had high and low
Tariff hut the Compromise Act of 1893 took place
| while the Bank was in full visor
! Could the capital be taken, the Bank was to go
into operation when seven millions were subscribed,
on The Is, Of January. The Secretary Of the Urea.
snry was authorized to issue stock rsdee mable in
fifteen years at five per cent, The bonds would oh
| tain u fair price abroad and thus ten millions OF
specie would be brought into the county, or might
be drawn for by bills of exchange. He further
stated, from unqnestionable authority, that there
was dormant capital now lying idle which " ould al
once be invested in any Bank of the U. States with
a suitable charter. The instaments were such as
| to prevent any sudden and injurious drain of CAPT.
| tai. r1lG I8 -
The country demanded an institution Of this char
actcr, and il be regarded as exclusively
Wing measure. There are two classes Of oppo-
nents general political views, who are convinced