Presidents -- United States -- Messages; United States -- Politics and government -- Sources
In reducing the revenue to the wants of the Government your particular
attention is invited to those articles which constitute the necessaries
of life. The duty on salt was laid as a war tax, and was no doubt
continued to assist in providing for the payment of the war debt. There
is no article the release of which from taxation would be felt so
generally and so beneficially. To this may be added all kinds of fuel
and provisions. Justice and benevolence unite in favor of releasing the
poor of our cities from burdens which are not necessary to the support
of our Government and tend only to increase the wants of the destitute.
It will be seen by the report of the Secretary of the Treasury and the
accompanying documents that the Bank of the United States has made no
payment on account of the stock held by the Government in that
institution, although urged to pay any portion which might suit its
convenience, and that it has given no information when payment may be
expected. Nor, although repeatedly requested, has it furnished the
information in relation to its condition which Congress authorized the
Secretary to collect at their last session. Such measures as are within
the power of the Executive have been taken to ascertain the value of
the stock and procure the payment as early as possible.
The conduct and present condition of that bank and the great amount of
capital vested in it by the United States require your careful
attention. Its charter expired on the third day of March last, and it
has now no power but that given in the twenty-first section, "to use
the corporate name, style, and capacity for the purpose of suits for
the final settlement and liquidation of the affairs and accounts of the
corporation, and for the sale and disposition of their estate--real,
personal, and mixed--but not for any other purpose or in any other
manner what so ever, nor for a period exceeding two years after the
expiration of the said term of incorporation".
Before the expiration of the charter the stock-holders of the bank
obtained an act of incorporation from the legislature of Pennsylvania,
excluding only the United States. Instead of proceeding to wind up
their concerns and pay over to the United States the amount due on
account of the stock held by them, the president and directors of the
old bank appear to have transferred the books, papers, notes,
obligations, and most or all of its property to this new corporation,
which entered upon business as a continuation of the old concern.
Public-domain text, read in full here on John Shaqi.
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