Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-08-28

po,iGoued Congress 70 repeal that article in il
charter which made its notes receivable ever
where in payment Of the public dues. 1t had u
to that period dealt to but very small extent ii
exchanges, either hreien or domestic and as lat
a. 1882, its operations III hat line amounted TO
lille more than seven millions of dollars per an
mum. 4 very raaia augmentation soon after oc
cured and IN 1888 is dealings IN exchanges a
mounted 10 upwards OF one hundred millions @
collars, including the SAILS Of It's own drafts; an
ali the immense transactnps were effected with
ont the employment 81 extraordinary means
The currency # he countrl became sound, aat
the negg.tatiaus II The exchanges were carried o.
NJ the lowest possd de rates. Tie circulation wa.
increased 10 more han TWEEN y two millions, ans
the notes Of the hsIk were regarded equal Il
specie all over theonntry; thus shaTinp, aImos
c8nClusivcIv. that was the capacity to deal II
exchanges, and noin local discounts. which flTn
ishad these facihtls and advantages Ii may be
remarked, too, MISUNDERSTANDING the immense
transuctigns Of thefani. in the purchase of OK
change the losses f,ained were merely nonIn-
al; while IN the Id Of discounts the suspended
debt was eno:nous,b BID proved most disastrous to
the bank and the untry. It's power of local
discount has, in ctsoVed to Re fruitful source
Of fayorlteism and c4Iption, alike destructive to
the public morals anto the general veal.
The capital invest In banks OF discount in
the United States. cited bv the States at this
time exceeds S5J0.0UO0, and if the discount
ing Of local paper co1hlve produced any bene-
fetal effects, The Unl States ought to possess
the spundest currencN the world; but the re
verse IS iamantabty tisct-
Is the measure no" ger CONSIDERATION OF the
objectionable chlractep winch have alluded?
II IS clearly 50, uniessF the Ijth fundamental
article of the Ilth sCc-n Is made Otherwise
That article Is in The tavl0g words:
The directors Of thei4 corporation shall es-
t4hIish ono campctan; oe Of discount and tepos
!. ia any State IN wh'cho thousand sharcs shall
have been subscribed ohy 10 held, whenever,
npoa application OF me t'satufc OF such State,
Congress may oE '""H"'Fo me same And
the sand directors may hes'a0i'sh one or more
competent offices OF dtsot and depostte IN any
Territory or District OF United States and IN
any State win me as: d SUCH State; and
when es'a9i'shc'' inc ss'1'i'se or oH'ces shall
he only Withdrawn % ''''5 oH me SAID dFec-
! toss prior to the cAp:tI,'H tins Charter "iih
the previous assem- % ||o0'1et' III re-
SPtGt % any 800 "'''~''i not al me nIst
Se7s'o" % 'io - 9'' "0'd "''oI 'iG
passage u inns "I'' '5 'o1l'" OF o''eF uSuai
| legislative Proceeu'n@' o"o oiohaIy assent or
/ dissent to the est"0''70"'eh's ar" oince or oi-
! 80 80 ,,r ,rrIn,na,f. m 7.' 80 -
/ - ~. r,heneyer it shat "'f-'eS ]'''9'' ''0
80, ,,r,-, far ,,arryi,,e, into ''n0 '9o'95'tt
.r ,,ranta3 nv the Conso d"S - ~, ,''p
tI:ro -,r Offices n anv of tht," - ~
.,n4 the establishment thereof, ~ 'l,n-1,ai
49,, i,, i shall he the datv of Il -. 10 ' 90
~, ag,,ir,sb sch office or oGces'' On ;,
l. viii, be- seen ,hat By this cass,,,'41.G.s c,,ra
,r,,,,sia3 with the fullest nowei3 ,l,;-
,,.,r,- s,i,te which has yiet 7
'',i b,"ia'r once established sA -
.'.', 49,, afterwards be with5rawn '.'' 80, ~.
l..lf C,,yresz. Such assent Is e.
{. oar he f9rce.and sanction Of
dressed assent, .proyided ia respect % SHE
,yl,ch shall not. at tie first session 0. -
,.l,.,ro thereof held after the passages -,
..,. ..sro7.,t;a, or other usuaI lcei5la.jre,.Sn
:.,.,e Internationally assent OF dissent -.
.f-,i.amaot Of the Office Offices wIthtna rb
SEM nj said States shall be thereafter 10
: - The assent or dissent IS to Be 6 ad
,,nronlitionalY at the first session OF TIE
e t,,re -, Some former Iegislat:re act; and If.
= s,,resse4 il assent IS to be implied, and Z
rsr,ors are tbersunon invested with powe
- sYrb time thereafter as thev may please, I
,,hfi,h branches. which cannot afterwards
l. ,.;,bd-,tn ex,cnt BY resolve of Congress.
,,,,t,or what NAV be the cause which may opel