Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-09-04


egn or domestic, and as late as 823 its OPP
erations in tina, line amounted TO a little
more than seven millions Of dollors per am
mum. 4 very rapid augmentation soon
after occurred, and in 1888 its dea,ings in
exchanges UmoHntcd to upwards OF one
hundred millions OF dollars. including the
sales ct us own drafts; and all these ln
lnense transactions were effected without
! the employment of extraordinary means.-
/ The currency OF the country became sound,
4 and the negotiations in the exchanges were
carried on at the lowest possible rates.
! The circulation was increased to more than
! S22. 100000, and the notes of the bank
were regarded rs equal to specie all over
! the country; thus showing almost concu-
sivelv that it was the capacity to deal in ex-
changes and not local discounts. which fur
nished these facilities and advantages. 1t
may be remarked too, that withstanding
/ the immense transactions of the bank in
I The purchase OF exchange, the losses sus-
| tanned were merely nominal; whlie in the
| hne Of discounts the suspended debt was
enormous, and proved most disastrous to
| The hank and the country. Its power Of
! local discount has, in fact, proved to be a
| fruitful source OF Gavon,sm and corrup-
ton, alike destructive to the public morals
and to the general veal.
| The capital invested in banks of discount
! in the U. States, created by the States, at
| this time exceeds S35O,00O,O0O; and if the
dscountng of local paper could have pro.
duced any beneficial effects, the United
States ought 10 possess the soundest cur
,.yl4 H.. Ia,
mentally the fact.
Is the measure now under consideration
of the Objectionable character to which
have alluded! 1t is clearly so, unless BY
the 10th fundamental article of the 18th
section it is made otherwise. That article
is in the following words
The directors Of the said corporation
shall establish one competent office Of dis
count and depOsite in any State in which
two thousand shares shall have been sub
scribed, or may be held, whenever, upon
application of the legislature Of such State,
Congress may by law require the same.
And the said directors may also establish
one or more competent Offices of discount
and deposite in any territory or district OF
the United States, and in any State, with
the assent of such State; and when estab-
lished, the said office or offices shall be only
withdrawn or removed by the SAID directors
prior to the expiration OF this charter, with
the previous assent of Congress: Provided,
in respect to any State which shall not at
the first session of the legislature thereof.
held after the passage of this act, by reso.
luton. or other usual legislative proceeding,
Internationally assent ur dissent to the es-
tablishment of such office or offices within
it, such assent of The State shall be there
after presumed: And prorided nevertheless:
That whenever it shall become necessary
and proper for carrying into execution any
of the powers granted by the Constitution,
to establish an Office or offices in any OF
the States whatever and the establishment
thereof shall be directed by law, ii shall be
the duty Of the said directors to establish
such office or offices accordingly"
1t will be seen that by this clause the d.
rectors are invested with the fullest powe.
to establish branch in any State which has
| yielded its assent; and having once estab-
! Iished such branch, it shall not afterwards
be Withdrawn, except by order of Con-
gress. Such assent is to be implied, aud to-
have the force and sanction of an actually
expressed assent, "provided in respect 10
any State which shall not attic first session
/ II the legislature thereof, held after the
passage of this act, by resolution or Othe!
! uSuai hgtSl0ttre proceeding, Vncoadi'iOAaiy
assent or dissent to tie establishment ol
such office or offices within it, such assent
OF said State shall t thereafter presumed"
! The assent or dissent is 10 lie expressed