Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-05-15
salaries be forfei,ed,in additior,to other suita.

salaries be forfeited, in additonto other suita.
BILE penalties.
Let the central bank report monthly, or of.
tener, to the President of the United States,
and TO the Executive of each State, full ac-
count of IFS operations, to be published.
Let the records of the bank and its branches
be kept open for inspection, as the records of
our courts are.
The directors being quasi judicial officers,
should, in case of alleged misbehavioui, be sus-
pended from office by the Executive of the Uni
ted States, in the case of central director; and
be tried before the Senate of the United States
in the former case, and before the Senate of
the State in the latter.
The profits of the institution should be linn
tied to ten or twelve per 'cent., and, after the
payment of all expenses, should be divided a
mong the States in proportion to their Con-
gressional representation, or some other equi-
table principle.
This institution should be the depository
and fiscal agent of the General Government,
but should not be allowed to make the Gov
eminent deposites the basis of discount; there.
by avoiding the expansions and contractlons
of the currency incident to the accumulation
or withdrawal of the depoSites.
The notes of this bank should be receivable
in payment of all dues to the Government I'M
der proper restrictions.
1t might also be we'll to restrict its powers
in dealing in foreign exchanges, forbidding 1t
TO sell foreign bills except when the rate was
such as to endanger the expectation of specie.
From this brief outline it will be seen that
the proposed system obviates many OF the
objections to the former Banks of the United
States.
lst. There is but little danger of its becom-
ing political machine. 1t is independent OF
the Federal Government. 1t has no favors TO
ask Of it, and hence there is no reason for its
becoming subservient to it.
ID. |, removes the objection to a monopoly,
and to the supposed influence of foreign CAPT
talists upon the affairs of our country.
Sd. As there are no private stockholders, the
danger of over-banking. resulting from their
cupidity, is removed.
4th. AS the Government deposltes do not
constitute part of the basis oil discount, the
currency of the country will not fuctuate
when they are increased or diminished.
9Th. AS It's benefits will be diffused equally
among the States, and as all will have com
mon interest in its prosperity, local and sec
tional iealouses will be dissipated; and it viii
! be more permanent In its character than the
old banks.
9th. 1t unites the principle of distribution
with that Of banking, AMI thereby Interests
each and every State in the good Management
of each and every branch, as the profits OF al
the branches will constitute common funC
for distribution.
7th. The directors being we'll paid will b
able to devote their time and attention to TIT
institution, and will not be compelled to com
pensate themselves for their loss OF time by un
due favcrs to each other and 10 their friends
and from their comparatively permanent ten
ure of office there will be more independents
and stability in their operations.
9Th. From the constitution of the Contra
, Board, consisting oftwoc chambers. the interest
of the smaller branches will have a full guar
. anty of protection against the power OF the lal
4 ger branches.
Without pretending TO discuss the advar
q tages which would result to the Public frol
!. such an institution, in the form of unifOrl
currency, and an efficient fiscal agent, WI
), close by barely adverting to two importar
! advantages which it would confer on the con
:. munity. In the first place, instead of creatin
q temporary pressure on the People, such
; followed the organization of the bank of Isl
. it would add fifty millions to the active capt
: of the country, and thereby afford great relic
. and in the next place, the dividends to Il
h States would aid them essentially in compl
" ting their systems of internal improvement
Of and in paying off the debts which they no
!. owe; an object of the deepest interest TO evel
: one who is anxious for the peace and hapT
r. ness of his country, or who cherishes pro
u er regard for the obligations of morality a
IL national faith. A VIRGINIA.
o. JOHN TYLER PRESIDENT OF THE u.
d.. AS, by the Providence of God, Mr.. Tyler
e. now elevated to the highest political hon
I'd within the reach of an American citizen,
he life, history, and character, have become big
" interesting subjects of inquiry.
vo For the satisfaction of our readers we v
nd attempt 10 furnish general outline of Pre-