The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-06-23

On oaIulUoy IQe Third VI SuJs
We .ender our thanks to the Hon. J. G. CALHOUN
for his poteness in forwarding us public documents
FISCAL BANK OF THE UNITED STATES
The project of the Secretary of the, Treasury, i0F
n u. States Bank, which we publish to-day, Will ar
.e. ths attention Of our readers. This plan has, no
doubt, been the subject of serious cons'oe'auon
among tho leaders of the party in power and w'n' In
al likelihood, with some notifications, be adopted.
II, details, therefore, assume aspect.of deep I'M
portance.
The question is not now, whether or not Congress
.hal charter Bank. 1t seems to be taken Tor gram
TAD almost that Bank is to be established before the
adjournment of the present extra ses,ion-and the
only questions upon which discussion may DO 'hau'
gea with any hope of benefit, are those whicn ''ay
arise in settling the details of any system whch may
be proposed.
Under this view of the subject, the plan OF tne
Secretary of the Treasury demands the most search
ing investigation. Itis no temporary suole'' u 10
;slation which is to continue in force until congress
shu see proper TO repeal abolish it, but s' 1or gooo
~. for evil to rem, ain in existence for tDentq gears
circumstance of itself, if there was no other well
calculated to induce us to pause and cons'der '"e
consequences which are likely to folio" such an act
Legislation.
The plan of the Secretary of the Treasury de-
m.nds consideration from its official character,
md from the fact of its adoption apparently, by au-
thor;ty by the official organ of the administration.
we have neither leisure nor space for an extended
commentary upon this important document, but we
cannot omit noticing some OF its prominent pFoSis'
ions.
The mode ofraising the capital thirty Millions aP'
pears to us Objectionable at least so much OF 1t Us re-
fersto the States. The idea of giving the States
the amount of the fourth instalment, appropriated
urder the Opposite act of 1886, i'll stock IN the
Bank. especially when the money must bo raised ny
the creation Of national debt, or the imposition OF
additional taxes, has too much the appearance OF an
attsmpt to bribe the people with their own money;
nor is the plan of distributing the proceeds OF the
public lands among the States for this purpose less
objectionable. Nat that We arr prepared II say that
the States should not in any event. become stockhol-
ders, but fthey do let them invest their own iunds'
raised directly from the people for this purpose
Such course WOULD at least, lead to more search
ing scrutiny INTO the policy and proprlety OF the mea
sure.
The limitation of dividends to six per cent is the
best feature in our opinion, in the project. 1t is,
we. think, the surest and INST effectua protection
against excessive issues, and overbanking of every
description.
The confinement of its dealings to ''con, bullion
promissory notes. and inland bills of exchange" is
another commendablc provision.
Tho force or efficacy Of that provision, which
prohibits any new loan, when the bills u, circulation
-,shaE exceed three times the amount of specie in ts
vaults, is moi so apparent to us. Why the amount
of specie should be made to bear this relation to the
circulation, without taking the deposites into con.
sideration it is difficult to imagine particularly
when the Bank is to be prohibited from paying out
any thing but coin, bullion or its own notes." If
! relation between the specie in the vaults of the
Bank, and my portion of its liabilities, is to be
established, the deposites which will, in all proba
3 Ssility, be very large, should, by all MEANS be in
:, cluded. And of the propriety of enacting such a
> relation there can, We presume be very little qucs
= tion. aa-e- .~ ---....
Tha, the officers Of the institution should be pro-
3 hibited from borrowing from the Bank, in any
form, will prove another safe guard from abuse and
If the members Of Congress- and the officers of the
Government, especially the members Of the Cabi.
net, were alike prohibited from accommodations in it.
whilo they continued in Office, We should consider
'ths plan less Objectionable.
~ None other than citizens Of the United States,
L ought we think, TO bo permitted to become sock
= holders
Without some such provision with respect to
members of Congress and officers of the Govern.
rnens as is proposed for the officers of the Bank,
its establishment at Washington, in the presence of
Congress will afford wide field for abuse in the
distribution of its fayors among the members of
that body. The course pursued BY the old Bank, in
this respect, comforting its accommodations with SO
liberal and unsparing hand, and for purposes, all
now admit, inconsistent with objects of its creation,
and destructive of the interests and the liberties of
the people, should afford an effectual warning to
those whose province it is to regulate the details Of
{ s ,hc institution, now 10 be established.
Uoon the whole there are many excellent features
4 n the project Of the Secretary of the Treasury,
and If we must have National Bank, we trust
they viii meet the appreciation of Congress, but as
- --A.n Al L