The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-08-21

-,.----- &C. y 80 - ~ -.-.-- y
IT,. 4. :, of that in
ut,,,;ona !, 49,, =, ,oc.I a;.counts
an, a,,;nr ~, $500 ~. .o,,,,rv wss Car The mos
n.r, a;s.,,o;.,., 8. 80 .,. .c,;..;,.,a,
from s s a !, -, -, Vs. M
provided 4 az no, reonlaed and l,ls o,
no,bng va. 49, = ,hs general ci,cula,on. and Il
1920 M e,on., IA ~ o,eat tba
he y, ,,..,,ssI IA a.
,;cle of H. ch.r,a, ,yh;cb ,,,. 4. 100. ,scs;v
able eyervwbers i navmsnt of The nubl;c d,,es
II had N, n tb,, ne,o de,lt - but verv small ex
tent in EXCHANGES either .Eoreon ar domest;c and A.
late as 1919 Il. onerations IN hat line amounted m
little more than seven m;lI;ons If dollars ner annum
a -, ,..;., 49,. ..a 49,. . ..
1893 Tia DEALINGS IL the e.ehanoes 70
of one bundre m;l;ons dolIa,s ;ocl,no Tho s,,es
of its own drafts and ali these
were effected vv;tbont Inc &C ~
means, The currency Of the country became sonnd
and the negotiations in the exchanges were carried on
at the lowest possible rates The circulation was in
Creased to more than 22 600 900, and the notes OF
the bank regarded as equal specie all the
country; thus showing, almost concusively that il
the capacity to deal in exchanges and not in local
discounts which furnished these facilities and advan-
tages 1t may be remarked too, that notwithstanding
the immense transactions of the bank in the purchase
of exchange, the losses sustained were merely nom-
inal; while in the line of discounts the suspended
debt was enormous and proved disastrous to the
bank and the country. Its power of local discount
has, in fact proved to be fruitful source of hvoritism
and corruption alike destructive to the public morals
andt tha0 ti ( o. EgE + g
The capital invested in banks of discount in the
United States, created by the States at this time ex-
ceeds $3.50 900 900; and if the discountnp of local
paper could have produced any beneficial effects the
United States ought 10 possess the sonndes CURRENCY
in the world; but the reverse is Iamontabv the
fact. -. 49,. ~
Is the measure now unaer con s;,sr.ton of,be oh
iectionable character 70 which have .,uds,q T. i
clearly 40 un,.ss hv ,b.f ,eh f,n,,.,,.I .u,;., :.
the lItb section IL Is made o,bo,w;s. rb,, art;c,e -
| in the sI,owina wo,as tl IN sa'.'. ~ T.'277E
urh H.
m,;,h ". 'ar =. p''.', '"'" $50
... -, 80, ', D' ,I "-'' ','' -
etc., .....,.., -, ''D'.i'N
u,,:..,;1- -, e,'.."'r 1poIt =
60 80. :. 49, :, "a
u.-~ - sN''. In $3.50 so. w
a.. V NJ I'm cic's
&c -, .f''' ' e. . =,
~ 's 800 1 - "'' ~" -, .' :"
&C.. -, .-'e sA't
.n. ~. ~, onv ".' ''l'o,e'
>, 80 p' lil -. - Ap''''i - sD''
a.,,., y, ....-.. - s,.s.s.,.e. 3 i,
,c-..l =. = I, ~ - -,
ss,h;. -, i, -.
O.. ,:.:-.u. :.
Co.. a.. ...sa:.u'.-. g -
| o..:.L: :, II .....-. .r.t LII, .-u,.L
4 &C. .-o.,.,. 49,, .y., IN. :
La d, !, ~, vo,,.r =,
aca,rv;na into execution anv of tho mowers GRANTED
"bv the Consultation Ia establish an Office or Offices
u;n onv IF tho S,.too ,yba,sver and IN. establishment
"tbereof shall be directed by law il shall be the dut,
aof tho said d;rectors IN establish such office Or Offices
| "accsrdinplv.n .uan ..af.,. .Hta
II will he seen that NV this GLANCE the d;recers ar
invested with the fn,lest mower 10 establish br,ncl
in anv State which has Welded Ia assent and HAVING
once established spcb branch Il .ba, not
| bs w;thdr.wn ercsnt INV ordor ,f C,onnr.ss s,.b
assent ia to he i1nnI.d and n have tho forcs and
sanction Of an actnav assent "rrov;asd in
resnect tn anv State which shall M, a. n. srs s..;on
ofthe LEGISLATURE thereof held after the MASSAGE Of
this act nv resol,t;on q, other uso, o;s,o,;,e nro
c,sd;nps assent ~ I;sssn, - tho o.
| enlistment Of sucb office or offices within il sucb
assent If said State sba he tbereafs, n,es,med -
Tho ossent ar a;ssen, "a n be e,rrass.a a;,o,-
auy al he first session of he L.e;s,otr. by same
frmo, leo;sIoti,s oct and II moi, 90 exnrssssd ;ts
assent is 10 he imosd and the directors ara ,bsreDon
invested with mower At sucb time ,bs,s.nsr 90 thew
NAV please TO establish branches which cannot AFTER
wards be Withdrawn. excep, bv resolve Of CONGRESS
No mo,,er what NAV be tho cameo which ,o.v ons,ae
with the Legislatures which either nrevents il from
s,eak;nc or addresses itself 70 ito wisdom 70 induce
deav ;ts assent Is to he ;mn;ed The iron ruIe is IN
c;vo w.v n M circumstance; =, :. ,nbsnd;ng and
inaexible It is the LANGUAGE Of the master to the
vassal-an unconditional answer is claimed forthwith