Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1841-06-24

ia 1uAo4tnG uNt trfou 81 Ne Select Cen
aisiee 81 Ihs Sraais % Ne onfrsn1y. a.. =
vAieh ~. ct.s. q Ksaiurky. Z chairman. y
read b bim IA he ssnsis e Asohday lssi,
! The eonniliss - nhieh uas referred q much
R 81 he Pfesidsnts Message a. rsislss 70 uhi-
fern earrshey. add . sniiable fiscal sgsat cspa-
BE 81 addins increased fscilisiss in de eslisu-
sion, and disbursement. aid secsriiy of he pub-
De Gevenus. havs had he same updcr eonsidefa-
tisn, end bes leave 70 fsporss
! That, afler The most attentive and anxious
lceasideraiion Of the state Of The cufrrney. and
iths haances 81 he 0oss-n@soi. In all their IN
lterssting and imposiani bearings, The conmisies
have arrived ~ he sane eonelnsien Nth The
Secretary af The Treasury, thai = sound and loaf
policy Tequises the esiabiishnsnt ola Bank Of
the United States with a. iiils delay - pFAetica-
be.
The couamiites have nsi,her tine nor ineliaa-
tion 10 eater into diseussioa Of the question OF
the poser OF csagress. nndsr the 'Csnstitution
lei the united States, to establish National
Bank. After all that has been said and wrisirn
On that question during the long pshod of half a
century, noihing remains 70 Be added that wos6
Be likely to shed much nsv light upou IL. IA
Ioughi. in the cPiaion Of The committee, 10 be ne
ignrdsd a. . sstllsd queskon-seitled By the APP
probation and iudgmeni Of the People. bF the
authority Of the Legislature. By the sanction OF
the Excessive Department Of the Government,
and By The solemn adjudication Of the Judieia.
lEys ~ ~ y. oct ttktIueN Is q decided question.
When, IN the collisions and conflicts among men
arising out Of diversity ofopiniou and iudrm ent
Is a couroteried matter 10 be considered a. ter
minaied aud quieiedi
Nor do the committee deem IL necessary 10
discuss The Question Of The sxpediency of ss,aS-
fishing suea an Institution a. = Bank Of the
United States. On this there il even les con-
irarieiy Of opinion than on The former quesiien
On both, Il Is the deliberate conviction Of the
leommiilee that vast majority Of The People Of
the Uniied States esncur; and that Ihey are nov
looking, with anxious soieirade, 70 The delibera-
tons Of Congress. under the confident hope that
. Bank o. The United States will be established
Al the prssent exlracrdinaTy session Of Goa
lgfsRs.
Passing BY, therefore, those t~o questions n
being pnnecessary 10 be further argued, and as
Stunning, what. The COMMITTEES verify believe,
that National Bsnk - indhpensabiy neeessa-
lay, they will proceed, az once 10 the particular
lfofm, PewsrS. and faculties with which IL may
be exPedientto invest such An Institution. And
here the committee have 40 hesitation 10 saying
hat, eonhding In the experience Of forty years
dnTing which the nation has esioysd the bsne6t
Of Naiioasl BaBk, and during he greater part
81 which u mas realized every reasonable hope
and ezPectatioa in The operations q such an in
slituliOn, they came 70 The eonelasion that n
would b Wisesi 70 diamiss al experiments, and
70 cling 70 experiences and as.ums he last char
Ter granted By CengFesl ~ The basis % q new
bank, engrAsing upon q such FesirietEons, Ruar-
ransirs. ameodmcat'. and eoadisioas, as have
bern found necessary By actual eEpeFisnce.
The Secretary Of The Treasury cane 10 4 sim-
TAR eonelnsion and IN hia Tepesi, and he
idnaught Of bill which accom- panies n. IL has
taken ~ bis model the charter granted bT Con
grsss in 1916. On that he has sugResled great
many valuable fmproVemente, most 81 which
the eomDiltso have incorporated IN he dranRhi
Of bill Whish Ihsy nov TcpoTs % Ihs geus,e.
On this dFeueht hey wish % cfer 10 de senate
soms brief explanations and ohservalions
The eommitles have adopted Wanhine,ok els
y, proposed ey he Secretary Of The TSrasury,
&c he place OF Location Of the principal BANK.
They belioVo The plaee Ofits loeslioa x a suboF-
ciaaio question |; bat there are many aivaalnaee
from The Proximiiy Of the BaRk 20 the Govern
meat The distFibation Of the capital n tha
Bank ameng The ssveral eonnefeiai citiex IN
proportion 10 their respective wants and maeni-
tHas, V What hey naturally desire. and What
HIn coaetls,s b done Bu: % guard agains, Ihs
lexeFeiae Of any undae GoverRueni o. oeieial
inhuenee, o. The impatsilon Of any unworthy
tFansaetoas, ihe con miitse have thoueht Il ex-
lpeaieat - deprive Tie parent Bank Of an power
% make any disco8nis % loans whatsVer. en-.
leepl losns % ooveFnment, Anthefised By express
law. IL esdeg = easurO The eomnand Of he
beat enlAeiai abilities Of he esuntrY. the NIl
provides hat he DirseioEs Of he Parsat BoarS
which b 70 ssasist of nine members. sha;I -
paid for their services by The Corporatioa. ana
al eomPonsaiion 70 The DiFeeiors' Ii the nsual
Losn q bank accommodations. Is utterly pro-
Thus, de DiEseiors 81 he Bank a, washing
loa vail eeecma = Board Of coairOl, superin-
tending the branches, supplying them Iith =
euHsney. AID banking exclusively through he
agency Of their elless Of discount and deuoaite.
Tbs capital Of the Bank, proposed bv he -.
ereiaTy, y retained; bul power 4 reservea m
Congres 70 aEgment Il By the addition 81 twaa
y millions, makiag ihs aggregate amount ulli-
malely hfty millions Of dollars, M lhat ehonl5
be 1ound 10 Be necessary.
To guard againa undue expansion Of de
eufreDey b. the operations Of he Bank. vnrious
rsslristio1s and securities are inlFodpced.
i. Ihs diyidends are limiied 10 ssfsn psr 81.
per aaesm AID, sfief aee1mulaiiDs q reserved
Inss Of I've millions Of doliaI5, - eovsr Losses
ana contingencies, he eEeess beyond that seven
per eens. h 70 BE- paid into the pahlie igeasurv
ana, shasevef excess remains Is tbs END sf s,,o
tchaIiff, beyond the rein hurssueafto tlre stoer-
holders Of tie capital stock 4 also 10 be p.id
tnlo ne Treasury. ~ the disidends zen below
ssven per eeat duyips any Year Of the ehar,sr
N senSieRey = 70 Be made good eus Of he
lsafpinsea PFerlonasy paid falo lba Frsaenrv L.
Ihe eject II this pFsvisiea =, 10 make 1870.
neni aad iaEaSiabis ssVea per cent bank $500
aasamsHE tsat fhe ADMINISTRATORS q he flnnt- A.
leondeelsd vim Integrity ahd ABILITY.
3 Ahe debts doe % ne Bank are ssqnlred
- - AA-t-A ~ aDlo1at 81 the capital rfnrf
aetaA!iy Paid 10, aad Is PER eest, thsFsooI $780,
v = greater restFieiion lhan usual.
Lhe total ANCIENT 81 debts which fhe Bssk l.
authosszed % conifaei, ever end above he ds-
Posi1ss, = hot % exceed tssaiy.6vs millions of
dollars, which i also q erssief rsstrissisn 80
vas plAssd nPon he late Bank q he Usiisa
3 The publiciiy which Il required Of he &C.
neTai eoadiiicn % ne Sank, ana ne ran a.
iconpieis erp0eure % Committees az caa1r,es
ane % ~ Secfeisfy 81 Re TrcssnFv. wtich :,
ie@ply secsfsd, q 81 DE bseks SD ifsnsasiia1s
q ne BANK, inciadiae privale aoeoan,a
l. q he pfchibiiioa ~ ihs Fsnawal 81 asv
loee ihns Paiiins ~ ED y ail mere nseomg,s-
leAl'eA taPstr - 20 ~ practicable, aaf conGa-
fiHE iAe halk % isir huSiasss isassaelianr
II 49, ne sasE d sfesItissf rren e-sEfss
~ tafseef eseo9sts 81 ieses steuessi Is nairs
IN cileeiaiioa e1ceei desc unrt is anasst al
lsptc1s a. lls gaails.
fe Plpteet tss eaaauailS go fas eiaotAoit-
les aFaiasi nisaeeagsasai q fBs n.rk. seen-
10 s s.esll91i ztss bssa asserted. stish e b
l. Ne psle Greer 81 tts Bana Z b. rs.siys