Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-07-05

several commercial ctics, in proportion to their
respective wants and magnitude, is what they
naturally desire, and whnt will doubtless be done
But to guard against the exercise OF any undue
Government or official influence, or the imputa-
ton oil any unworthy transactions, the committee
have thought it expedient 10 deprive the parent
Bank of all power to make any discounts or loans
whatev9+, except loans to Government, auhorlz
ed by express law. In order TO ensure the com
maud of the hest financial abilities of the cotn-
try, the bill provides that the Directors OF the fa
rent Board, which is to consist of nine members,
shnl be paid for their services by the Corporation,
aud all compensation to the Directors, in the usu-
nj form Of bunk accommodations, is utterly pro-
hibi'ed.
Taus, the Directors Of the Bank Mt Washing
ton will become Board OF Control superlntend'
Ing the branches, supplying them with curron-
CIV, aud banking exclusively through the agency
of their offices Of di'count nnu teposte.
The capital of th5 Bank, proposed by the Sec
rotary, is renamed but n power is reserved to
Congress to augment it 10y the addition of twenty
millions, maxim. the aggregate amount ultimately
fl ty millions Of dollars, if tia, should he found 10
he u ccssnry
To guard against un,lnc expansion of the cur
rem, Ivy the operation OF the Bank, various re-
siriciuns aud securities are introduced.
|. The dividends arG limited to seven per cent.
per annum; aud, after accommodating reserved
fund of Two millions OF dollars, to cover 10 'scs
aud contingencies, the excess beyond that seven
per cent. is To lac pa Il INTO The public treasury
Aud, Whatever excess rctiiaiiis al the end ui the
charter beyond the reimbursement to the stock
holders of the capital stock is also 10 h. paid in
to the Treasury. If the dividend falls below sew
ell per cent. during any year OF lie charter, The
deficiency is TO br made good ont Of the SURPRISES
previously pad INTO the treasury nc erect o'
los provision l., 10 make permanent au" lhFnr-
ane seven per coht. oncN S'ocR, assuming ''nt we
pI
te%rlty aud ability.
:. The debts due to the Bark ARE required MOI
To exceed ne amount ot iRe chlHl f'"cN ac'ua "
paid IN, and 40 per cent thereon, which is great
or re friction than usual.
Tho total amount OF ,bts when the Bank is
authorized to contract, over md above the depos-
ties, Is Tot 10 ex' eed twenty live millions "i dol
lars, which Is also greater RESTRICTION IMAM was
placed upon the Bank o' The United States
3. Tho publicity which is required ot the gen
cral condition. OF the Bank and Tho fuls ami COM
plute exposure TO committees of Congress, aud "a
the Secretary of the Treasury, which is amply
secured Of all the hooks and transactions of the
Bank including private accounts,
4. The pr hbion of the renewal of any loan
thus putting an end TO all mere accommodation
INNER n, far ns ,,rncticnlie and cuutiuiup iii,
Bank Ia fair business trnnsncti MS
And 5 The Bank il prohibited from mixing
any further discounts or looms whenever it's note,
in circulation exceed three times the amount %
specic in is vaults
To protect the community and the stock holder.
against acknowledgements of The Bank, several pro
visions have been inserted, which il is hoped may
be cflrctual
No paid Office of the Bank il 10 receiy,
loans or Accommodations of nuy fern wh,teyrr
. Securities nre provided against abusive ust
of proxies, uci us that no Officer of the Bank car
lie Il proxy; 40 proxy can give more than 30(
standing Than ninety days. &c.
3 A prohibition aaain,t the Corporution'
iransacing any other Than legitimate hunkin.
business; excluding all dealing in stocks. and al
commercial operations
4. A iequisltion that n minority of the who,
number OF the Board OF Directors shall lie neces
sary 10 transact tho business of the Corporatiou
3. Ample power To make The most ,ho,oug
examination into the condition and proceedings q
the Bank, down 10 uv,v,...;e ~ in,iivinun- l., 20
tally removing from the Secretary of the lrrasii
ry and committees of Congress the veil of secic
cy.
AID o. by denouncng and Furnishing rs teton
ti'e crime OF einoezz'ement OF me funds OF III
Bank when perpetraied by any OF It's officers, 4
gents, or servants.
CnhcurrIng entirely IN tho sentiment expresse
ny tiie secretary OF me treasury, that many WIS
anh patriotic statesmen, whose opinions are ent
led TO consideration and respect, have qnes'ione
ne power OF Congress 10 es'h"lsh Na'ion'
Bank ana 'la' II Is deS'r"h'e' as 'ar as possible
10 ooNIa'c o'DcFHohS ana Tecolicie opinions, w
committee bave n,trnyely aud earnestly exanit
ell the provision incorporated IN the draught OF IN
hill ui The Secretary, ~ regard To the brahchih
power OF The Bank, AMI they would have bee
happy, II they could have reconciled II 10 the
sense OF duty, 10 adopt It. Bot nfcr the fnlle
consideration, they have hecn unable 10 arrive
TINT result
L. ,l,attf S1luftn hoe q