Portland gazette and Maine advertiser., 1809-09-04

'pe'i'u'ioh ohaii NC PuhCiliiou5iy appro-
Priated TO the payment of their out
standing bills /; and to declare that no.
thing in their apprehension can prevent
their doing final and equal justice to
their holders, but the accumulated costs
OF suit that might be brought against
them. SAMUEL BELL,
Pesiaem If IHis6oyo' Bank.
Amherst, August 25, 1909.
From the Boston Gazette.
BANKS.
The scribblers in the Chronicle, write
nonsense about Banks and Bank BiHs,
with as much impudence, as if The peo-
pie OF this Commonwealth were the
most arrant fools, that disgraced Gods
creation. They pretend that Mr.. Lin.
coin could at once prevent all our en-
barrassments. As for this mans tai
ents and knowledge we leave them in
the congenial shade in which they are
obscured. But il, as the Chronicle
scriblers pretend, HE CAN PAY DEBTS
WITHOUT MONEY, it is wonderful that
Mr.. Jefferson did not transfer him to
the treasury department., where he
was In great want of such protector.
SO Tar however Was he from meeting
our present emergencies, he seemed
wholly incapable of a suggestion, which
might have prevented them.
AS for MIR. Lincoln's famous speech,
about which the Chronicle makes such
clamor, it proves incontrovertibly,
that he knew nothing of the cause of
the evils of which We complained.
Our sufferings arose in great degree
from the immense qilantifp Of worthless
foher, thrown in uhon us by banks Of
ather States. He had no idea of this
and all that this great fiDancier suggests
Is the necessity of some plan, 10 secure
US from counterfeit bills of distant
banks. The legislature therefore re-
quired, in conformity with his honor's
recommendation, that no bills of banks
out of the state should circulate here
except OF the stereotype impression.
This law, so far as it met his honor's
suggestion, was in its operation a new
act Tor giving currency to foreign pa
pers, instead Of = check to their circu.
lation.
But the Legislature knew more of the
matter than his honor. They knew
that our own banks and the whole com
munity fuffered from The circulation of
The bills Of banks which had no cahifai,
and oUer svhich sve had no con,rouL.
They attempted therefore at once,
though prudently, to stop the currency
of their paper. They first drove out
OF circulation The small Bills the neigh
bouring states. This saved us pi oba-
bly, between Two and three hundred
thausand dollars. The next step was
to prevent our banks from negotiating
this kind of paper in any manner
This lsw if faithfully observed will for
ever preserve US from the great haz-
ards we have before run, and such los
ses as We have suffered.
II Is easy to see that the negotiation
oil the paper Of foreign banks, which
now lies dead in our hands, has been
OF immense disservice to our own
banks. 1t drove them to that system
OF borrowing ito support their credit,
which has occasioned in great degree
their present endorsements. 1t put
them mJeohardy after their first error
and infarudene, and has compelled
course and progress, whose termination
must forever be poverty. But his hon
or was too short sighted to see, what
every, practical man felt
1t has been necessary, however dis
agreeable, TO take this notice of the late
Lieutenant Governor, as his friends
are endeavoring to make political u Sc
OF the public distress. The fact is. 10
man can save society from the evils,
which GROW out of reluI;ty a,l