Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-07-01
NUMBER "a.

INV tACSsS uOyVuu tlat SSNcn per cent. Is
to be paid into the public Treasury.
And, whatever excess remains at the end
Eoi the charter, beyond the reimbursement
TO the stockholders of the capital stock,
is also TO be paid into the Treasury. Ii
the dividends fall below seven per cent.
during any year OF the charter, the def.
cheney is to be made good out OF the sur
pluses previously paid into the Treasury.
The eiicc, Of this provision is TO make
permanent and invnriable seven per cent.
bank stock, assuming that tho ndmins,ra-
ton OF the Bank is conducted with integ.
rity and ability.
2. The debts due to the Bank are re-
quired no: to exceed the amount Of the
capital stock actually paid in, and IS per
cent. thereon, which is greater res,rics
I ton than usual.
The total amount of debts which the
Bank is authorized TO contract, over and
above the deposites, is not to exceed TWEEN.
ty. five millions of dollars, which is also
greater restriction than was placed upon
the late Bank Of the United States.
3. The publicity which is required Of
the general condition of the Bank, end tho
full and complete exposure to committees
Of Congress, and to the Secretary Of the
Treasury, which is amply secured, Of all
the books and transactions Of the Bank,
including private accounts.
A. The prohibition of the renewal Of
any loan thus putting an end TO all mere
accommodation paper, as far as practIcs-
BILE, and combining the Bank to fair bust.
ness transactions.
And 5. The Bank is prohibited from
making any further discounts or loaDs
whenever its notes in circulation exceed
three times the amount of specie in its
vaults.
To protect the community and the
stockholders against acknowledgement OF
the Bank, several provisions have been
inserted, which il is hoped may be effect
ual.
1. No paid officer OF the 3ank is to re.
ceive loans or accommodations in any
form whatever.
2. Securities are provided against abu.
sive use ofproxies, such as that no officer
of the Bank can be a proxy; no proxy
can give more than 800 votes; no proxy
to be good which is Of longer standing
than ninety days, &c.
3. A prohibition against the Corpora.
tons transacting any other than leglii.
mate banking business excluding all
dealing in stocks, and all commercial ope.
ratIons.
4. A raquistion that majority OF the
whole number oil the Board Of Directors
shall be necessary to transact the business
Of the Corporation.
5. Ample power to make the most
thorough examination into the condition
and proceedings of the Bank, down to the
accounts OF individuals, by totally remov-
ing from the Secretary Of the Treasury
and committees Of Congress the veil Of
secrecy.
And 6. By denouncing and Furnishing
as felony the crime Of embezzlement of
the funds Of the Bank when perpetrated
by any of its officers, agents or servants.
Concurring entirely in the sentiment
expressed by the Secretary Of the Urea
sury, that many wise ard patriotic states.
men, whose opinions are entitled 10 con.
sideraiion and respect, have questioned
the power of Congress to establish Ne.
ional Bank and that il is desirable, AS
far as possible, to obvate objections and
reconcile opinions, the committee have at
tentivey and earnestly examined the pro-
vision, incorporated in the draught>of the
bill Of the Secretary, in regard to the
branching power Of the Bank, and they
would have been happy il they could have
reconclcd it TO their sense Of duty to
adoptit But, after the fullest consdera.
ton, they have been unable 10 arrive at
that result.
1t was not without some hesitation that
the committee agreed to the location Of
the bank in the Dstric; Of Columbus
This they did because they believed that
the utility of tho Bank did not so much
depend upon the place OF its location os
upon the capital, faculties, and powers
which should be given 10 il. But to iso-
late it in this District, without giving il
any other branching power than such as
il might derive from the consent Of partIcu.
lar States, would be to create an snor-
nous District bank, devoid Of effective
national character. Such bank would
be bank only Of the District Of Colum-
bia, and its Offices Of discount and dePo,
site would be nothing more than banks OF
the States which might allow them to Do
planted within their respective limits.
For all national purposes Congress might
as well rechaIter one Of the existing Dis.
triot banks, enlarge its capital, and give
it authority 10 establish Offices Of discount
and deposite in any State that would per-
nit il to be done.
The committee believe that the capital
of bank so constituted would never be
taken; and that, if taken, the institution
would be wholly unable TO accomplish the
great and salutary purposes FOR which it
is desired and should be designed.
But the question Of establishing bank
thus to be restricted and crcumscribe1 in.
wolves higher and grayer considerations
than those Of mere expediency. The Ge-
neral Government has or has not the pow
or TO establish National Bank. lfit has
the power, il derives from il the existing
grants in the Constitution Of the United
States. The committee believe il has
tho power, and ought to exercise il. But
after contest during the last ten or
twelve years in respect TO the Constltu-
tional nower of CONGRESS- which has been