Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-06-01
A NATIONAL BANK.

As it is generally understood that proposal for es-
tablshing National Bank will be made during the
next session of Congress, the subject ought be dis
passonaely considered by the public. Some fnan-
cia scheme is wanting to conduct the fiscal affairs of
the Government. The Sub treasury will not answer
the objections against fold greater than against
a National Bank, and much of the same nature-be-
sides, its effect will tend greatly to cripple the pros
pery of the country, and be runous the interests
the Government. Doubtless a considerable change of
feeling has taken place in regard to National Bank
and no where more so than at the South where there
has been more suffering than at the North The Rich
mond Va.) Wing, on this poirt says I'VE ourselves
have been surprised at the extent of change favor of
a restoration of Bank of the United States Nor is
the change by any means confined to the Wing party
1t pervades both parties 1t reaches all classes those
more and those less intelligent The runous state of
the currency-the long years of suffering under Jack
son and Van Buren, experimenting and interchangeable
growing conviction that uniform and stable currency
can alone be supplied by National Bank-the utter
hopelessness OF specie cuuency--the odium into
which many OF the State Banks have fallen and the
persuasion that many of them rotten, and ought to
be purged off by a National Bank-the recollections
OF ancient prosperity, when existed-a these ar
guments, so numerous and powerful, have had and
cannot but further have immense influence over the
public mind. '-Frankin Messenger.
the New Yorker expresses the opinion that they may
be most of them overcome. That paper says
we throw out the following suggestions for the
outline OF National Bank, which we think would OBJ
vate most OF the objections TO such an institution which
Apply 10 Tie substance rather than the name They
are not wholly original with US, but commend them
se"eS " OUT Judgment after much examination and re-
lection Those to whom we have presented them
nave generally approved; and they include many of
each political party. 1t seems clear to us that there
were certain great public benefits formerly attained
through the medium of National Bank in the equal
zlng and regulating of Exchanges and the furnishing
OF cheap, portable or remittabe currency of uniform
value through the country, which have not been and
cannot so well be secured otherwise. IF there were
on me other hand, errors and defects in the consu
uoh Oh former Banks, and by consequence abuses in
heir operation, we do not see why these nsepara-
oie rom the oenehts-why the latter may not be Sc
cured and the former repressed But we did not Do
pose to argue the matter but simply submit the pro-
Ject alluded to- which is as follows
A capital Of barely twenty millions of dollars e.,
principal oank and branches inclusive. A rigid re-
strctIon OF its business to the purchase and sale or
Bills of Exchange, having not more than s,tv dave %
run, and Notes Of other Banks to send home for re-
demptlon The mother Bank only to issue Notes re-
deemabe always at its in specie under heavv
Pehdiues' ana legal tender IN payments TO the Gov
ernment' the Bank and all its branches No Note, die,
counted ~hdeCer and no bills of Exchange discounted
bearing the name OF an officer of the Treasury Mem
oers OF Congress, or (unless to limited e,tenn nj
rector OF the Bank All profits beyond seven ne, con,
per annum to be equally shared between the stool.
io'oe'' and the Government; one.haf to be maid n
uhe Government at the settlement Of each wears ac
So""'s as consideration for the privileges granted
e o'lef 70 oe retained on behalf of the Stockholders
as a reserve against any
Ten per cent on the whole capital 10 be DIVIDED a,,aa
lhem every ten years. None but citizens of this co
wy permitted to hold stock The Bank TO be the DO
Postoy of the Public Money, and to perform All ~.
services to the Government which any forme, RI
mas done or which may hereafter be desirable