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

would he rendered less an object of speculation
han il there were no freed principle in regard TO
is dividends
Then again there was the property Of the bank
lealiug in bills of Exchange, and on this subject
here was some diversity OF opionion among
bankers; and he thought he could see that in
some instances where they proposed to deal in
foreign bills of exchange, the private bankers
might make little more If they had not such a
as the bank Of the United States, for
the bank would never hold up exchanges for the
profit on exchanges, for if they held it up above
par OF exchange, they were themselves under
restraints from the eternal laws Of trade to
whose commands they were bound 10 submit.
That is to say, they were interested in keeping
specie in the country; so that there was no dan
ger of an institution Of this kind operating in
juriously on the commercial interests Of the
country. What was the course Of trade in the
southern States? In a great variety Of instances
the agent who makes the purchase goes to New
Orleans or to Charleston, and purchases cotton
to an immense amount; and New Orleans is now
the greatest cotton market in the world. And
how does he pay? She draws on Philadelphia
or New York at 90 or 80 days, according to the
notes OF exchange. Well, he ships his cotton
and he sends his bills of ladng to New York;
and when his bill has been drawn and has ar
rived at maturity, what is the next speculation?
1t is to draw on England or France, to which.
ever country the cotton may have been destined,
and out Of the produce his domestic bills are
paid Now if they denied the bank the faculty
Of dealing in foreign bills Of Exchange there
would be an obstruction in the circle of these
beneficial operations. But this was not all.
The government Of the United States had great
foreign expenditures OF money; and here in pass
ing he would take occasion to say that he thought
to some extent the expenditures Of the moneys
Of the government did not take place equally in
all parts of the country. All foreign countries
derived the benefit of our large expenditures.
This country had great expenditures abroad, not
merely diplomatic and civil, but naval likewise;
on the Mediterranean, the Brazil, and the West
India stations, and the bank was to be the fiscal
agent of the government in these foreign as well
as in domestic expenditures.
Now as the name OF "Fiscal Agent" they
could not take the name of the Bank of the
United States, with the polluted Institution ex-
listing with the same name at Philadelphia, and
the ''Fiscal Bank" uses as we'll as any other.
Well, this bank then makes the remittances for
the government for a service, on which there are
some millions expended; and if this bank Of the
United States has no privilege to deal in foreign
bills of Exchange how counld it perform its
functions for the foreign service?
He found he was occupying more time than he
intended to do with this preliminary and supple
mentary view Of the question, and therefore he
would proceed TO notice other features Of this
bill; he proceeded accordingly to notice some Of
the local operations Of the bank, and in reply to
an argument Of the Senator from New York, on
a former occasion, he denied that National bank
favored the contraction OF national debt. He
nstanced the liquidation Of large national debt
during the existence of charter Of a former
national bank, and referred to the retrograde
movement which had been made since that char
ter had become extinct. He then enquired
whether the stock in this bank would be taken
without injury to the business and commercial
operations OF the country and on this point he
expressed himself with great confidence. The
capital Of this bank was TO consist OF thirty mil
lions, and the bank was to go into operation
when seven millions were paid, that is, on the
first of January next Towards this thirty mil.
lions, ten millions would be subscribed by the
government, and twenty. five millions by individ-
uals. The ten millions by the government would
consist Of the issue of stock bearing five pei
cent interest," the Secretary then had the right to
sell ten millions OF United States stock or bonds,
rcdeemaJle not less than at the expiration OF
! fifteen years; and what would he do with them!
1t matters not who held them, for the government
intended to pay them, and the nominal debt
which was created by them ought not to be re-
garded as a debt, since it was neutrazed by q
stock bearing interest at per cent which il
creates. Whether, then, these bonds were held
| by the Fiscal Bank, or by local banks, by John
Jacob Astor, or by capitalists in Holland, mat
tered not. The Secretary OF the Treasury then
may send these bonds abroad, and bonds of the
! United States, at ) per cent. not redeemable fol
| five years, would command more than par
! probably from 10 per cent. above par-at
any time the Secretary may think proper to send
them. But suppose they were sold at par, wha
was the consequence? Why, there was a clea
addition Of ten millions Of specie TO the stock il
the country, which would not only not embar
rass but it " Guild facilitate the commerce Of TIM
country. Whether it was brought home in the
shape Of coin or bullion, or was drawn by bill
Of exchange, was Of no consequence. If i
were drawn by bills of exchange, it prevented
an equal amount going abroad, and if brough
home, it was an addition of that amount, and 81
far it would give facilities TO business and com
merce And how was it in regard to individuals
He had it from sources which did not admit g
doubt, that there is much dormant capital lyn
inactive in the country, and that its holders woul
invest it the moment a bank, with a sutabl
charter, would allow them to do it. They coul
not take up paper from New York, that grea
barometer, without finding that money was pier
the specie drawn from the Bank Of the Unite