The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-07-01

vision is, 10 make a permanent and inya-
riable seven per cent. bank stock, assum-
ing that the administration Of the Bank is
conducted with integrity and ability.
,. The debts due TO the Bank are re-
CURED not to exceed the amount OF the
capital stock actually paid in, and 5 per
cent. thereon, which is greater restric.
ton than usual.
The total amount Of debts which tho
Bank IS authorized to contract, over and
above the deposites, is not TO exceed TWEEN
ty.iiye millions of dollars, which Is also a
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, and the
full and complete exposure TO committees
Of Congress, and TO the Secretary Of the
Treasury, which is amply secured, of all
the books aud transactions OF the Bank, IN
GLIDING private accounts.
4. The prohibition OF the renewal of
any Loan thus putting an end to all mere
accommodation paper, as lar as practical
bic, and combining the Bank 70 fair BUSH
ness transactions.
And ). The Bank is prohibited from
making any further discounts or uuns
whenever is notes IN circulation exceed
( three times the amount Of specie IN It's
vaults.
4 Toproteet the community and the stock.
holders against acknowledgement VI the
Bank, several provisions have been insert.
"a, winch il IS hoped may he elitciual.
! /. No paid officer Of the Bank to re-
cciyc loans or accommodations ~ any form.
>. Securities are provided against abu-
siyc use Of proxies, such as that no officer
/ Of tie Bank car be a proxy no proxy can
give more than 800 Votes no proxy 10 be-
good VIII, b Is Of longer standing than me
y DAYS, DC.
! 3. A prohibition against tic Corpora
I lions transactiug any oJher thun legitimate
barking business; excluding al dculing 81
locks, and all commercial operations.
4. i rcquisition that majority Of the
whole number Of TIE Board u Director,
SHAH be necessary 70 transact tae business
81 tie Corporation.
3. Ample power 70 make the most tho
rough examination into Tue condition ant
proceedings Of the Bank, doEn 70 the &C
coua:s u individuals, by totally removing
from the Secretary d tie Treasury an,
committees Of Congress The Se..ot seercsy
And 8. b denonncing and Furnishing al
felony the crime Of eul5ezzlemenl oi ,h'
funds 81 The Bank when perpotfated by any
ot it, e1.cers, agents, or servants.
< ConcuFring entirely N the sentiment ex
I pressed by the Secretary Of the Treasury
that many wise and patriotic statesmen
whose opinions are entitled TO cuusIdera
lion aud respect, have questioned the pow
or Of Congress to establish a Nauoua
Bank aud that It is desirable, as far a
possible, % obyiate objections aud recon
Gle opinions, the committee have at,eu
lively aud earnestly examined the PROV
slon, incorporated in the draught Of tie bil
OF the Secretary, IN regard to the branch
Ing power Of the Bank, and they woul,
have been happy If they could have recon
ciIed 1t u their sense Of duty 70 adopt !,
But, after the fullest consideration, the,
have been unable TO arrive at that result
II vas not without some hesitation tia
the committee agreed % the location 0
the bank IN tie District Of Columbia
THIS they did because they believed tina
lie utility Of the Bank did not 50 much de
pend upon the place Of is location as upoi
tie capital, faculties and powers wheel
should be gwen 70 il. Bul % isolate i 81
this District, wiihoU, giving Il ans oihe
branching power than sach as II might De
rive from the conscu, Of particular States
would be 90 create an enormous Distuc
baak, dcy1 Of effective ra'iUlal charac
aclcr. Saeh bank would le bauk on
~ uf The District of Columbia. ard is Oh
fees Of discount and dcposge would b.
nothing more than bahss Of ibe State.
which mlglt; allow them to be pointed wilh
IN their rcspectIgc limits. For al ua'lona
purposes Congress might as well rechar
Ter one of the existing Distr.ct banks, en-
large rs capital, and give II authority u
establish offices Of discount and deposite Il
aay State tAa' would permit i to BE- done
The committee believe that the capita
Of bank 20 constituted would never h
taken; aud that, ii taken, the institution
would be- wholly unable to accomplish III,
great and sanitary purposes for which, /,
desired aud should be designed.
But tho question Of establishing Sanl
thus 10 be restricted and clrcumscrbed 10
wolves higher aud gravcr consideration
than those of more expediency. The Gen
erai Government, has or has no. the power
TO establish a National Bank. II II ha
the power, il derives from il the existing
grants in the Constitution Of the Uutc,
States. The committee believe It has the
power, and ought to exercise It, Bat al
ter a contest Of the last ten or twelve gear.
N respect 70 the constitutional power d
4 Congress-, which has been marked by 50
mich animation and bitterness, forbear
ance 70 exercise the power would be a yir
iual surrender Of the power | banl
were to be created, whose operations with
in the limits oT tho States we're denpodsoI