The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-08-31
FROM WASHINGTON,
CORRESPONDENCE OF TIE EXPRESS.
WASHINGTON, Aug. Goth, Is4l.
THE NEW BAIK BILL.

The important measure of to-day in Congress
has been the Introduction Of a Bill 10 establish a
Bank of the United States. The details of the
plan-the restrictions aud The acquisitions are
precisely the same as they were in the Bill of
Congress, and rejected by the President of the
United States.
The nome OF the institution will be, "The
Fiscal Corporation Of the United States.S
The object-ihe collection, Disbursement and
better security Of the public money, and the re-
gulation Of foreign and domestic Exchange.
The power Of The Bank will be to deal eX-
c~lusively in Foreign Exchange, and IN The Do
mestic Exchange Of the couulry by Bills of Ex-
change made in one State or Territory, and paya-
bic la another.
The meaus of the Bank will be 4 capital Of
S21 ,O00, with power to increase it 10 $685..
600, 900. Of the 100000, fourteen millions
are TO be owned by subscribers, and seven mil
Ions by the United States.
The Mother Bank will be established at
Washington, with power TO establish agencies
in any State or Territory, with The consent of
the Secretary of the Treasury; or The Secretary
Of the Treasury himself may establish such
agents.
The agencies having power to deal in Bills
of Exchange, may use them in effect as Bills 10
be discounted. A Bill of Exchange, purchased
at Washington, may be made payable IN New
York ninety days after date, and the redemption
of the first Bill, made payable by the purchase OF
another at the end Of The ninety days.
Many here. and many practical men, too, re-
gard the Bank now before Congress as much
preferable TO the one objected to by the PIesi-
dent.
Nothing is said of the assent CT dissent Of
states in the bill. The agencies will be esrab-
lished without asking the power.
The power of local discounts, so much obiec-
ted 10 BY the President, will not be allowed and
the term corporation, instead of bank, is used in
all parts of the bill.
These are all The msrerial differences, and to
the people north Of Washington, | am sure the
plan is quite a, acceptable as the much encum-
bered bill objected TO by the President. So much
for the measure itself Its passage, let me say,
is certain, and that speedily, by the House. In
the Sena!e, it will be considered as soon as the
Revenue Dill is disposed of,-which | hope, may
not be far into next week. OF its approval BY
the President Their will he no doubt.
The opposition TO this measure, we learn in
advance, will be as strenuous as the opposition to
the Bank bill already returned to Congress. MIR.
Calhoun has denounced a Bank of Exchange in
advance, as 90 Objectionable as any o'her institution
and has declared he knows no difference between
the one and the other. Approving of the veto.
he does not approve OF the Presidents message
further thar its conclusions in relation to the veto.
All this is sent forth as an order from one Of the
commanders here to the troops abroad. 10 be
moderate in their demonstrations Of joy. "Wait,n
says Mr.. Calhoun, swat, until you know what
the Presiden, will not dor 81 approve and
disapProve," saws the commander Of he Missouri
battalion, Mr.. Benton himself; 81 speak of the
good now, and reserve the evil for a hereafter 2"
so much for SO much. Mr.. Tyler having been
blessed with so much jealous admiration, will
now be denounced with ali earnestness exceed
ing the praises which have been crowded upon
him in person and al a distance.
As soon as this bill is signed by the President,
as you may rest perfectly assured it will be, the
Loco Focos will make a more open and uncom-
promising war upon the President of the United
States. The objectionable sin with Mr.. Tyler
was the approval of the bill to repeal the con
demned Sub-Treasvry, and though many have
praised the President for his disapproval of the
Bank. the commentator has arisen rather from
the objections of the Wings TO the act of the
President than from any regard for the esteem of
the President Tor the act he has done. Events
will prove this.
Yours, &c.