Western Sun & General Advertiser, Volume 25, Number 13, Vincennes, Knox County, 19 April 1834 — Page 1
I I in I I ( lr I r- V I I I V I r 1 Ik I X. I II I'l II I
BY EL2HU STOUT.J tvozi. ssv. wo. as
Stic 22?csteru Sun IS published at $2 50 cents, for 52 numbers; which may be discharged by the payment of $2 at the time of subscribing. Payment in advance being the mutual interest of both parties, that mode U solicited. A failure to notify a wish to discontinue at the expiration of the time subscribed for will be considered a new engagement; and no subscriber at liberty to discontinue, until all arrearages are paid. Subscribers must pay the postage on their pa pers when sent by mail. Letters by mail to the Editor oa business must be paid, or they will not be attended to. Produce will be received at the cash market price, for subscriptions, if delivered within the year. Advlutisemests not exceeding one square, will be inserted three times for one dollar, and twenty five cents fur each after insertion longer ones in the same
proportion. (7-l'ersons sending aover
Bank charter wa9 granted , in a letter ad
dressed to the "Committee on the National Currency, dated the 24th of December, 1815, confirms that opinion. In that letter Mr. Dallas states, 4It 13 pioposed that in addition to the usual privilege of a corporation, the notes of the National Bank shall be received in all payments to the United States, unless Congress shall hereafter otherwise provide by law; and that, in addition to the duties actually required from a corporation of this description, the National Bank shall be employed to receive, transfer, and distribute the public revenue, under the direction of the proper department." Congress adopted this suggestion of the Secretary, and hence we find that by the 14th section of the Bank charter, Congress agree to receive the
notes and bills of the Bank in payment of
tisements, must specify the numbered public dues, and bv the 15th section immetimcsthey wish them inserted, or they will jiatev f0lowjng,the Bank stipulates to be continued until ordered out, and must trans:er & tribute the public funds from
be paid for accordingly.
LIST OJf AGENTS. John M irphy, Washington, Ind. John Vantrces, do do. John Arbuthnot, Princeton, Ind. John I. Neely, do. Thomas Cissell, Mount Pleasant, Ind. Post-Master, Owl Prairie, lud. Post-Master, Bloomlield, Ind. Fost-Master, Sandcrsville, Ind. Post-Master, Owensville, Ind. Post-Master, Sliukards Mills, Ind. Jesse Y. Wilborn, Mount Vernon, Ind. Levi Price, Evansville, Ind. John W. Davis, Carlisle, Ind. Isaac Ong, Merom, Ind. Post-Master, 'Finnan's Creek, Ind. John C. Reilev, Lawrenccville, III. Post-Master, Palestine, III. Post-Master, Boonville, Ind. Post-Master, Rockport, Ind. Lewis Gex, r. M.Ncw-IIarmony, Ind.
place to place w ithout charge to the United States. In the same letter Mr Dallas
States agreed on their part to receive the ; public opinion through the more numerous ry, connected with the currency of the notes or bills of the Bank in payment of representatives of the people in the State country, and the domestic exchanges. the public revenue, thereby enabling the ; Legislatures, presented to Congress, and The notes of the Bank of the United Bank to give general credit and circula-1 referred to this committee, during the pre- States must necessarily in a short time be tion to their paper. Nr. Dallas, the Sec- sent session, in relation to the Bank, not withdrawn from circulation. That the retarv of the Treasury at the time the ! one has recommended its recharter, while principal currency of the country for ma-
most have declared it unconstitutional, ny years to comt, will be bank note?, That the Bak would ever be rechar- there is no reason to doubt, and it is certered, there was therefore, when the Sec- tamly good policy to foster the State retarv gave his order to remove the depo- Banks which furnish them, in measures 8itej,"but little reason to believe, and there tending to give them as general credit as is less now. has been heretofore attached to the notes Nor was there any reason to believe of the United States Bank and brunches, that a substitute for the present Bank That the natural and ascertained course
could be provided by Congress. Of all of trade, circulation, and exchange, conthe schemes suggested, none seemed to nectcd with the interests of banking inhave met with any considerable portion of stitutions, will ultimately produce this re favor from the people. There were, there- suit in relation to the notes of the princifore, abundant reasons to believ e that the pal State Banks, there is every reason to government would be under the necessity anticipate; but their employment in the of resorting to the employment of State business of the government, by awakenB.mks, in the same manner as before the ing them to their capacitiesand interests, present Bank of the United States was is calculated to hasten the consummation created. of so desirable an event. The transfer of the public depositcs It was a matter nf no small moment, to from the U. States Bank and branches, to encourage and ha?ten the State Banks in the State Banks, at some period, was maturing their system of circulation and
therefore inevitable. The onlv question exchange, so that at the termination of the was as to the time. Ought they to have charter of the Bank of the U. S., the trade been made in the Bank of the United of the country might not encounter at the
States to the last duv of its existence, or same time, the loss of a general currency
negatives the idea that the depositcs con- to have been changed at an early da ? and the entire hreaking up of the domes-
stituted anv part of the consideration ei- and if so, how much earlier? tic exchanges, a partial interruption ot
ther fjr the bonus or the services stipula- The public depositcs constituted sub- which, bv that Uank, is now producing r I ' !. . .. ..... .1 1 t.ii . -
ted to be performed by the Bank. He stantially a part ot the capital ol the Bank, such serious lneonveuience. m meiaiesi
states that "It is proposed that a bonus be and enabled it to maintain an extension returns ol the DanKs employed in me go-
paid to the Tovernmcnt bv the subscri- of business which would havo been im vcriiruent, it appears that they are already
bers to the National Bank, in considcra- practicable without them. It the depo rapidly tuKing me place 01 me ianfc 01
tion of the emoluments to bo derived from sites had remained in the Bank until the the United States in the exchange operaI .... I .
an exclusive charter, during a period of close of the charter, that institution must tions. Upon all the points hitherto cou-
lwe.ntv ears " This sujraestion of Mr. either have commenced its curtailments sidercd, there is room tor a miierence
Secretary Dallas was also adopted by Con- at a preceding period, and locked up from of opinion, as to the time when the pub-
gress, by a provision to thai etlect contain the usaol the community a large amount uc ueposues snouiu uavc uucii sumeu 10 ed in the 20th section of the Bank charter of funds, or the contraction of its busi- the State Banks.
before recited. In the same letter Mr. ness at the termination of its charter, to It is evident that it would have requir-
Dallas holds the following language in re- meet the demands from the public depo- ed one, two, or three years, to realise the lation to the "denosites and the distribu- sites, pav over its private depositcs. re- result which the public good required
tion of the public revenue," viz: "Iude- deem its returning circulation, anJ reim- should be brought about before the tenni-
- - - V Y'l'-"
BY AUTHORITY.
T.4AV3 Or' TIIC UNITED STATES TASSEO
T11C FIRST SESSION OF THE TWENTY T1IIUD CONGRESS.
AT
nendent of the bonus here proposed to be burse its stockholders, must have created nation of the Bank charter: but whe:her
exacted, there are undoubtedly many pub- a most appalling pressure upon the coun the greatest or least ot thse periods, men
lie advantages to be drawn from the es- try. It was certainly wise policy to di- may auier according 10 ineir views 01 tablishmenrof the National Bank; but vide this operation, and save the commu- their several operations. Bit '.here was these are generally of an incidental kind, nity from being overwhelmed by all these another consideration connected with the and (as in the case of the depositcs and the demands at once. A withdrawal of the public good, which, iu the opinion of the
distribution of the revenue, mav be re- public depositcs was calculated to jm- committee, made it the imperative dtifv 01
carded in the liht of equivalents, noMor duce that result. A part ot the private me oecrcwiry 10 aci wi.nuui oenj . ti..i-
the monopoly of the charter, but tor the deposites would naturally tullovv the pub- oui waning ior uie nuai ueciMun ui um
reciprocal advantages of a fiscal connex- lie; and it was reasonable to suppose, that oecreiary, me ianu 01 me unneu ouiid, i.Mi with the public Treasury .v It thus when the elective capital of the Bank early in August last, although then in clearlv appears that the around assumed was curtailed, and it ceased to be the possession of specie to an amount exceed-
by the Bank, that it h-endered "a full disbursing DanK tor the olhcers 01 uie go- ing ten millions 01 uoirars, anu rurcivi..-
e(uivaicni in monovanu services ior vuriiuiem, us tutuiaiiiiii umu w unmir u '" "-.v. .uUuvUt,,w..w,)
the use of the public -oposites, is errone- ished. These consequences, tlovving commenced a sysiem 01 severe cunanous, and not sustained1eirrreft.ijv the Bank gradually from a gradual renuval of the ment, and before the end ot lhat month,
head deposites, would make it nccessarv lor tne iook large sums 01 specie inm in o.mu
claimed the right to interfere. The reasons upon which he appears to have acted are fiscal merely, and are confined entirely to the condition io which the government and people would be placed by the state of the currency on the termination of the charter of the B tnk, and to the misconduct of the Bank in its character of fiscal ajrent of the government. He does not claim for himself, nor co the committee claim for him, the right to regulate the currency, nor to influence by his powcrovcr the deposites, any political movements affecting either our internal
concerns or foreign relations. But it is unquestionably his duty to look forward tothe condition in which the currency will in a short time bo placed by the existing laws, when the charter of the Bank expires, and it is clearly his duty to examine into the conduct of the agent which bat been placed by law under his supervision; and to inquire whether its monc or corporate powers are uied in good faith, for the purposes for which they were given.
As ;he presiding olliccr of the I reasury Department, these subjects were legally under his supervision, and came directly within the range of his otficial duties. In acting upon these reasons, it is not the theory of our system, nor has it been the practice, to consult the Legislative power in relation to acts which are intrusted to the discretion of the Executive; and to ask the sanction of Congress beforehand, to acts which a &cnsc of duty require! him to perform, would be to bhrink from his constitutional responsibility, &. throw it upon another department of the government. Wi:h the removal of the depositcs, and the reasons for it, Congress, accordiag to the charter of the Bank, hate clearly no concern, even if they be in essiont when, in the opinion of the Secretary of the Treasury, a removal becomes nccessa ry or proper, until the act be done, and the reasons be reported to them. The committee come next to examine sccli of ihe Secretary's reasons for the removal the deposites as relate to the conduct of the Biiik. The United Stater are the owners of seven millions of the capital stock of tho
Bink, and by the charter ur entitled to
represented at the board by five direc-
The charter provides that not less
rliartpr ittlf. or tho ontnion of the
of the Treasury Departmentwho fur- Bank, by gentle degrees, to call in its Banks. Before the 1st of October, there
nibbed the plan and largely contributed to loans, and restrict Us Dullness, so mai,ai was a pressure upon uiu iuouu maiuu.,
found the present Bank of the United the termination ot the charter, its dc- and serion npprencnsions tor tne iuture.
. .1 . . .iiii rru. . 1 1. -i .t .
States. Upon this ground, therefore, the mands on the community would De less, 1 ne io;iru no.iruu up me ut-posnc n iu
committee think the Bank cannot i.istlv and the pressure lighter. 'I hese views , ceived, and at the same tune made arap-
.Mmml-.iiii ilmt nnv of tho "i-hsirterftd rights Which appear to have been entertained by id curtailment of Us loans. Ihcbecreta
nf tho Qt.wLhol.W" hnvfi bnn violated the Secretary of the Treasury, seem to ry has accurately set forth the accession
bv the late removal of the public depo- have been verified by results. ot public deposites, and the curtailment
Mtes from its custody. The Bank has proceeded to call in its ot loans during the months of August and
Tho rnmmittpp nmcecd to consider the loans, and has already wound up its con September. Ihe former amounting to
Qiiffirinnrv of tho reasons assigned bv the corns to the amount of about fifteen per 3 1,0Gb. 1 10 21, and tha latter to 2,GS,
- r j 1 . .
Secretary for the exercise of his power, in cent, of all it had under discount. '1 he Ul 11, showing the whole amount authe case submitted to them bv the House manner in which this operation haWecn strac ted from the use of the mercantile
for their examination. These reasons conducted, will be adverted to in another community, chiefly in the commercial cit-
mav be classed under two ccneral heads: part of this report, as also theettectprodu- ies during mese nvo momns 10 navo ueeu
a . . . . . n 1 1 .1 o 4 f rn 00 1 .
it Tlmw wh f h have relation to the ced by it. It is suliicient 10 rcmorK necp, no icss man yt..n1oov u. m iawsc
. . . , r r.L."i :...!. .-.fr
mililir iiitorft that it embarrassment has been produced quence 01 ine euuugi; iuuiuuuu, nu
j Those which have reference to the hv it, (winch coma not nave Dceu us ne- inrew huo uio iaucr pan ui mc ya.
cessarv etljct.) it rather proves the pru- the payment ol two sets 01 dunes, me oiu
1. i I . 11 At ..1.1...
mnit.nr .tWivrtlpnn the third T ip firm reason aiven bv the Secretary, dence and wisd m 01 tne measure, man creuu ami uie new wmi uuuw, ,.u..v-
snail Luiiiinvin-v .. --- " " e- j -'I. .. . . . li . 1 . ; . 1 4.
Tucsd:iv of Jane, and second Tuesday ot js ti,e fact that the charter of the Bank ot its improvidence or hastiness. And it the ueposi.es were accumuiauug m uiu n
Public, No. 5. AN ACT to change the times for commcn cing the sessions of the Court of the Uui ted States in the District of Delaware.
f F. it cnactrd by ihe Senate and House of
Jf Refxresrntatives rj the umtea aiaita of America in Corigresa assembled. That the sessions of the Circuit court and District
court of the United States in the District
of Delaware, shall commence at the times hereafter mentioned, instead of the times
nnw fit,n;nti'(l lu law: that is to sav: the
sessions of the said Circuit court shall com
menee at Newcastle, on the Tuesday next
following the the fourth Monday of May.
and at Dover on the l uesday next follow
Uc th'irl Mrmrlav rf October, annually;
nd the sessions of the said District court conduct of the Bank.
seven directors shall constitute &
December; and at Dover on the Tuesday th0 United States will expire on the 3d of mere removal of the deposites so long be- lantic cities with unprecedented rapidity, next following the third Monday of March, jarch jg3(5f and the probability that it- fore the termination ot the charter, has and it was apparent that the business of and the Tuesday next following the fourth . nJt be re'nowej He has not under- caused the public distress which is now the cities could not long bear the double Monday cf September, annually; and that alleged to exist, how overwhelming must drain of Bank calls, and public revenue, lZt rechartered; but he has said he has no it have been, if that operation had been without son. return. As the Bank had I " ; . h! t. nr i,nnaired. or ef- rndit to nresume that it will be. He has delayed until the expiration of the char- commenced this course in anticipation of
l . . . .1 , a 11 1 1 I l T Ua lAt.itMfi il aaii n tint hn
j. i. .v.c ri,-,ncr n trttin. r nm m r uce - o ; ,1 1 1, o t f tn 1 ,r :i r n m or t hfi aw as it ter . when other inev name oemanus 10 a a removal ui iucuw,iiwumui
VLVLVVi, 1 ' T V,liiv. v. CUVJ tilt,, liv ft.itvtv.fc - ... j . . 111 C ment of said term; bit that all process, bail exist:? and not as it may possibly be chau- large amount would have been superad- expected to change it until all idea ol that iin.wic :iml 1 rrnvni?. uiris. returnable to the 1 . 1 1,.. -.fVnw.sc Li 1 It i nlv hv dividirxr thn ivils measure should be abandoned. Had it
...... . -, . I ,Tj;U Q" ailCirU U IIJC ttUllVJIl Jl VyUUIVJ
ded! It is only by dividing the evils measure should be abandoned. Had il which this Bank, in its last moments, has been postponed until the 1st of January
. . r . . 1 111 I
next term ot cither or saw courts, snau oe jiercatcr He has gaid that lhe Udnk
not the country, that thev can bo made tole- would have relaxed its rigid policy upon
returnable and returned to the s;d.courM barter will expire by its own limitation the power &. seems disposed to inflict upon it is not to be imagined that the Bank
WafttVV "IP M 14 1 t I I I IF II III L 111 4Tk t k 111 LUV I ..1.
-.4j I. 1.2
i it ..iiriftkYoai i ."-f l iiiiii in ti iitr u uiiiii
MVe manner a. , And it U wise in the government any other consideration than a disposition
ccord'mclv: and that all continuance in tion that the charter w ould be extended be- so to conduct its policy, mai mey snau iuiuuL.uinyuuuuu.,M , '.u'
Anew Ui I uiu Juti!i3iaiuii; iu oyciiuic mm. ji
doubted that the government
e been forced from its position,
scene of ruin and distress would
produced by the unfeeling cu
cither of said courts shall be trom tne last von.i ,,.lt ncrlud : iie has said further, that not all DC brought upon it at once.
term to the day appointed by this act for the ju ms juigment the presumption was ve- system of collection and disbursement cannot be commencement cf the next sessio n thereof. ctrmilT B.u.At ,un , f.1:irtpr would not be c'annot be introduced and put into opera- would hav
A. S 1 IA hNM.), ".,....i i tin ni.,mn ..r tl rnmmii. tion throiKrhi.nt thi pvtensivo country at or that a
S-eakerofthe HoKsecf r-l., wnQ u.nrp:iir.nii in rnmin(T to this once. Local and temporary causes will have been
1 ft ( I ) ft . I I V ftftw ftft,fcww - " - M I - -
d Sates
Vice President cj the Uni'.t
KEL'OlvT t)F THK COMMITIEC Or
WAYS AND MEANS.
l . 1,'!.... I 1 . 1....-! nrinn
nnr. conclusion. nnai u u iuv; laiw uuuu
... . . . . . . .
President cf the Senate. which an opinion on this point is to be
Approved, M rch ':4th. 1834. formod r 1 he corporation itself had made
ANDREW JACKSON. tiu rttnVal of its charter the leading
CI . question in the last contest for the Presi
dency. It had procured from Congress the passage of a bill to renew the charter, and elicited a veto from the President. ; Its advocates every where were uncommonly activ e. It is even charged with having stepped into the arena itself, and resorted to unusual means to give information to the people 'relative to its uature
and operations." Although in addition to its own strength, it was sustained in the
conflict by a combination of powerful political elements, it was signally defeated, and the President triumphantly elected.
This result could not be otherwise con
sidered than as a verdict of the people in
favor of the veto, and against the Bank.
It any doubt had existed in relation to
the decision of the people on that point,
we may confidently appeal to the elections
of members of the present Congress for
its solution. Of tho many expreious o
HOUSE OE REPRESENTATIVES. March A, ISM. Mr. Polk from the Committee of Ways and Means, made tho following report: jyOTmTED.
It nr wViero anntars in the charter of
l.o It mil th.it thrift services were to be
performed by the Bank in consideration of the use of the public deposites; but if it did so appear.it is ev ident that, so soon as the deposites are withdrawn, the Bank, not having possession of the public funds, can no longer be required to perform those duties. The committio think it much more likely that th consideration lor these services in the minds of those vho enacted the Bank charter was, that the U.
be likely to interfere with its introduction, pidity of the Bank, aud its determination
which it will require time, patience, and to lorcca recharter. labor to surmount In some places it may If, under tkese circumstances, the Sec
be difficult at first to find safe and willing retarv of the Treasury had delayed the
agents to transact the business of the execution of his orders for the change of
Treasury. Bv introducing the new sys- the deposites to the first of December or tern before the'old svsteiis out of e.xis- January, he would, in the opinion of the
- ftT. I ... m .
tence, the former agents riiavVontinue to committee, have been culpably regardless
be employed in such places until tne aim- oi me great puouc iiuercau imruaicu iu culties be overcome. But if the removal his superintendence. But, independent
be delaved until the moment the old svs- of these considerations, it was the un
temceasrd to exist, such miiiht be the in- doubted duty of the Secretary of the
iluence or nower of its advocates, and Treasury to order and direct the transfer
their resolute determination to force its of the deposites whenever in his opinion
continuance, that they might make it im- it was required by tho public interests.
possible for the gov ernment upon the em- It is proper to observe, that in expressing ergency, to employ suitable agents. To the opinion that it is the duty of the Secobviate" those difficulties, which migtt ere- retary to change the place of deposite nt drMt i -inharrasatiient. to introduce and whenever the public interest or conveu-
mit into harmonious oneration all the ma- ience require it, the committee have no
j-, -- j- - i - chinery of a new system throughout a reference to interests which are not imme n.w.trv en y tMisi vp cannot tiort'lv r. diatelv connected with the financial con
quire less time than has been taken by cerns of the country, or the conduct of the the Secretary of the Treasury. Bank as the fiscal agent ef the govern-
There appears also to be much force in ment. Beyond these limihJ tha i Secretary
.t ;.,c ..J llU h. ...t.. .it th Tr-i!irv diu OOii anu lias uo
I
ors. than
board for the irarsactiou of business.1' Although ihe charter of the Bai.k declares, iu express terms, that it jdull require the attendance of seven members of the board f directors to constitute a quorum for doin business, the government directors state, and the fact also appear! from the evidence accompanying the report of the committee of Investigation in 1832, and that of th committee of Ways anl Means ut the last session, that, for some time past, all the most important busiucsss of the board has been done by committees of less than seven, selected by the President, of which he is ex officio a member; that these committees seldom report; anil many of their most important transactions are secret, and remain for
long time unknown to tho board.
This delegation of power to committece
of the Bank, the committee consider to be a direct and palpable violation of the char
tcr of the Bank, rrom all these commit
ces, tho government directors, who are
appointed to represent the stock, and wstch
over lhe interest of the United States in
he Bank, state, in their memorial, they
are entirely excluded. They state that, at the commencement of the last cart
not one of their number was placed on a
ny of these committees, and although, at
i subsequent day, two of them were as-
igncd to stations on committees, they
were again, in a short time, excluded from them altogether. Thus were they cut ofT
from all participation in the most important business of the Bank, and know no
thing of w hat is done except by accident
of results. They state that all important
negotiations arc carried on by the committee of Exchange, who grant discounts to
printers, politicians, and others almost
without limit, often upon securities w holly inadmissible, according tothe rules of lhe
Board, on extraordinary terms, and for
unusual times. They state that, in one instance, when they discovered that certain debtors had been permitted largely to overdraw, and that their paper remain
ed unprotested when due, and unpaid.
they procured the appointment of a com
mittee to investigate the account, but before the committee could act, the committee on exchange, in violation of the rules of the Bank, discounted to the same men,
certain notes and drafts (some ot whtcti
on security of the most unusual kind) suf
ficient to pay the overdrafts, and tike up the unprotested paper; although they were then many times protested on other paper; and the Board, to consummate the transaction, rescinded the order under which the select committee w as appointed, three days after it was adopted. To conform the practice of the Bank to the charter, the government director state, that they proposed to restore the business, of discounts to the Board of Directors; but this was overruled. To enable them to participate, in some degree, in the business of the Bank, they proposed that the members of the whole Board should be selected, in rotation, to form the com. mittees, in conformity with former prac-