The Colville examiner. [volume] (Colville, Wash.) 1907-1948, 1911-07-01

$4,000, 600. This limit h a s
since been raised to $4,000, 900
and the bank now pays the pub
lie $1,000, annually for it's
franchise privileges and in this
connection it is noteworthy to
state that the Bank of England S
monopoly of the note issuing
function is confined to radius
within 65 miles of london.
The old and well established
joint stock banks outside the 65
mile limit from London were not
disturbed in their right to issue
their notes payable to bearer on
demand by the charter of 1874,
and Scotland and ireland, the
two islands constituting the maj
or part of the United Kingdom
of Great Britain, were left free
and undisturbed in their tradi-
tional right to home rule in the
matter of determining the kind
of currency banking system best
suited to their local interests and
necessities.
We now revert back to time
in this country, before the repub-
lican party came into existence
and the money power obtained
such a firm grip on our federal
congress.
The act of congress under
which the first bank of the
United States was established in
1871, limited it's franchise to a
period of twenty years, and the
extent of monopoly that institu-
tion enjoyed was the exclusive
privilege of doing the banking
business of the United States gov
ernment. The bank was strictly
a NATIONAL INSTITUTION;
infringing no constitutional right
of the states, or privileges given
by the states to then existing
financial institutions within the
several states, which included
the right of a state bank to issue
it's note payable te. bearer on de-
mand when based on an adequate
specie reserve.
In 1903, three years before the
charter of the first bank of the
United States expired, the stock
holders memoralized congress for
renewal of the bank charter,
but sectionalism and partisan
politics intervened to defeat a
renewal of the charter and the
bank closed it's doors on March
3, 1911, and trustees were ap-
pointed to liquidate its affairs.
Three years had not elapsed
however before the American
people realized that congress had
made a terrible blunder in refus-
ing to renew the charter Of the
first bank of the Uuited States.
On Jan. 4, 1914, a petition from
New York was presented pray
ing for the Incorporation of a
national bank, and just two
years thereafter a bill was re-
ported containing charter pro-
visions very similar to those Of
the first bank and with the same
franchise limit Of 20 years.
This bill was enacted into law by
a vote of 80 to Il in the house,
and % to IL in the senate, and
the second bank Of the United
States became an actuality on
April 10, 1916.
In January, 1882, the bank
petitioned for re-charter with
the right to continue its corpor-
ate existence for a period of Is
years from and after the expira-
ton of it's original franchise, and
congress, by an act of both
houses, granted the petition.
Unfortunately however, the act
failed to meet with executive ap-
proval and called forth the cele-
brated message Of President
Jackson under date of July 10,
1892.
We are not disposed to join in
the severe criticism launched
against "Old Hickory" on ac-
count of that veto message, not
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