The Calhoun chronicle. [volume] (Grantsville, W. Va.) 1883-1984, 1899-03-14

exis'snce IL was The strongest hnan-
cial institution in the country. But
the charter "rly ran for twenty years.
This. a. events proved. wa, most un-
fortunate. Almost any other term
would have been better. But twenty
years carried the nation safely almost
to the outbreak of the sec"nd war
with England. aud then lett it help
less at time when il WAS most need
ed. Had the term heen twenty-five
years, il would have saved the nation
millions during the war. aud
second extension for a like
term would have carried it beyond
Andrew Jacks"n's term If "ffice. The
charter had several unusual prmvis
ions. The directors, twenty FIVE in
number, must he citizens at the crun.
try, discnun, rates were not To exceed
six per cent, subscriptions were pay
able ia in-iallmenis. und thIee-inurihs
of individual subscription might lie in
Government bonds, then cnmmuul,
called stuck, while the SUN To- he
loaned Ia any Stale ar the nation, was
limited. and loans to- foreign power
were prohibited The governments
made The bank it's fiscal agency fur
the sale and payment of bonds. l,
WAS liz sole depository, aud il paid ali
Government, drafts. including interes'
"n the public debt.
1t IL not out "f pace here To re-
miu,l "nr readers that for ten year,
AT least the c"mLtry had heen plunged
III fima"cial distress. In fact, tram
lI15 tn 1890 III INST parts If ID,
country Ihrre had been dire disi rpss,
owing Ia the unsetrlimy "f business
caust d by The war The Continental
cwrrercl had >hrunk uniil i, ~n.
valueless, causing great l"ss 1" thee
patriots "h" ha'i accepted il 1T ANY
value. The jealousy brlwren the
colonies, later the States, mad caused
"A different tariff in each one. arl il
was difficult Ia nbinin credit. though
the ,unrry rebnundeh il natural r.
sources. The new bank seemed lik,
Il wonderful engine fur prnmnring
business of all kinds, aud Ih, re Was -
great rush Ia get shares in it. In "r
der t" mae it truly nalinnal. the
stock vas allotted pr"pnrtionately in
'he various States, and ~ most al
them it WAS over.cribcd an the first
day. When il WAS found later lha,
many al the subscriptions we're for
British investors, there was II great
cutlery, and the final absorption b,
English holders of II majority of the
stock was used as powerful argu
ment against re- charter
In these days when we have not
one but thousands Of national banks
backed by Government credit, 1t is
difficult to understand what a power
ful Influence fur good in the business
community was the Uniied States
Bank with it, branches al Baltimore.
Boston, Charleston, aud New York.
the principal center being al Phla.
delphia and the first building used
being Carpenters Hall, still i'll per
feet condition. 1t was in this hall
that Richard Henry Lees resolution,
-"Res"lt that these United
Colonies are, and of right ought to he
free and Independent res,"-WaS
passed. Previous 10 this time The mer.
chant III Charleston doing business H.
Boston or any other distant ciry la
bored under great disadvantage owing
I" the difference III exchange. The
notes of every l.cal bank declined
III value the farther they got tram
the place Of issue, and this drpre
cation not only hurt The merchant H.
pr iii nut il restricted his credit.
But the new bank acied like magic.
Its nnies, eXcliangeable Tor gold nr
silver, were accepted, not only all
over this Country, but III Europe
The national income Deposited with il
gave it steady supply Of mon V.
which Together with iudiciJuuI do