Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-10-18
For TIC STATE Sentinel.
UHITED STATES BANK.

every part of the United States something that IS
easily carried about ones person that can be sent
by mail TO pay debts IN any part OF toe Union with
out loss.
Nov 1t cannot be denied but that paper curren-
cy-that at all times and in all places, would be
worth its face, and thai could at any time be con-
verted into specie, would be very great convent
ence to the public, especially to travellers, mer
chants, and others, who might wish to transmit
money by mail. Such a currency would undoubt-
edy very much accommodate the public and regu-
late and facilitate exchanges. &c.
ct these advantages are not desirable if pur-
CHASED at too high price. The only means that
has as get bsen proposed by the advocates OF pa
per currency, il to charter Bank OF the United
States, with corporate powers the stock to be d.
vlaed into shares and to be Owned IN part by tie
Government, and in part by private individuals:
the private stockholders to appoint majority OF
the Directors. The charters of both of the United
states Banks that have expired, and the Bill. to
renew the charter of the United States Bank.
(which was vetoed by Gen. Jackson 1882. and
the Bank bill reported by Henry Clay, and passed
by Congress at the extra session. and retoed by
John Tyler all provided that the private stockhold
ers should appoint a majority OF tie directors, and
that the public money should be depos tied IN the
bank. | would object to Congress chartering such
Bank upon grounds of ncxPedl ency, independent
OF constitutional objections. Because any two or
three or even enc individual who could command
the necessary capital could purchase ~ sufficient
amount of the private stock 10 enable hun to elect
majority OF all the Directors of the Hank. who
would manage they pleased. In tins way few
capitalists could control the Bank to Please them
selves, perfectly independent of the President, Con-
gress the Government Directors, the States and
people and having the custody and control of the
public money, they would. by means Of such a mann
moth Bank and It's branches. control and regulate
TIE price Of all property, the State Banks and the
currency and commerce Of the country, without r.
gard to the public interest. 1t would place the
commerce and currency OF the country and the pub
lie money in the hands Of fey individuals, ire
spon>ble to the people, in the hands OF those over
whom neither the President, Con -ess the States
nor the people would have any control, daring The
existence Of the charter. For one ! will never
consent TO surrender up to any fcw SELF appointed
individuals the control of the State Banks. of the
currency and commerce of the country. and the Gus
tody and control Of the public money. No; not
even to secure the advantages Of a form paper
circulating medium. ! would also object to a
branch were the Directors would be appointed ci-
Their by the President or by Congr - because If a
majority of the Directors We're appointed hy tn
President by Congress, the appointments would
be party appointments and the Bank would become
political machine, a mere party BanS, controlled
by the party in power, whether wings or demo
Gratis.
Could not some plan be adopted By Congress that
would be free from ali constitutional o Jet ons aud
that would furnish any desirable amount of paper
circulating medium, that would pass current ID all
parts OF the United States. and be receivable for
public lands and datics and at all tiaes. at tie
Will OF the holder be convertible into specie -
which at the same time could not be controlled as
a monopoly by private individuals, nor used a
party machine If such plan could BE adopted
would not every man Who regards the public latcr-
esi more than the success Of the party which he
belongs consent to It's adoption II seems to lie
they would
The public. with the exception Of few capital
lists and speculators could not expect any other az
vantage from the establishment OF Bank q the
United States, than that it would furnish pa cr
circulating medium that would At all times be con-
vertible into specie at par, and hat would pass eur
rent in all parts Of the United States, and be -
ceivallc in payment for Public Lanes and duties.
4 paper currency gradually he furnished to
any amount that tie bus ness + tie country would
require equal in every culr and for all purposes
that the notes OF the .aied States Bank ever were
or ever can be. Ny plan would be as follows: 1T
Congress rcestab.so tie independent Treasury BIZ.
and repeal 50 much oft requires that drgfs g'v
en- in favor Of the public creditor, payable IN New
York, Boston. Philadelphia Charleston, b Baltimore,
AID New Orleans. shall Re presented for payment
within certain time. Also amend said bil that
tine above places, and If taJagit advisable, at
place in each State, shall BE- drawn en- engrared
paper IN tie sja,aade Of Blak notes. in not less
than SEQ or so, payable IN specie demand.
Provide by law that the public creditor shall
be paid in drafts in such sums as he may choose,
not less than ten or twenty dollars. Provide also.
that all government drafts IN the miItude of Bank
notes, payable IN sad cites, shall be received in
payment Of Ill dues to the Government.
These drafts, being drawn on funds actually on
hand, and payable III the principal cities where the
trade Of the country mostly concentrates. would be
wos.h more than gold silver. except IN the cities
where payable, and then equal to gold or silver.
This money could never depreciate. The holder
could never lose on 1t; and It could be furnished
any desirable amount, the government has for
many years past and always viii pay to public ere.
dtors ~ sad cities, than twenty millions
nUally, SUN far exceeding the aversge crculaio on
Of Tire late Bank Of the United States. and fiwen-
~ millions OF this paper currency would not sup
fy tie business wants Of the people, two years
there would be toriy in three years, sfiy and IN
ur ears, eiguy millions. In fact, the amount