Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-04-02
GOVERNOR SNYDER'S OBJECTIONS
TO THE
PENNSYLVANIA BANK BILL.

TO fhe Senate and House of Representatives
o The Commonwealth Of Pennsylvania.
The bill entitled IS an act to regulate
banks" was presented to me for my appro-
baton on the 9th inst. j have given to its
consideration all the faculties of my mind,
and the feelings of my heart, and regret to
say. that my convictions of duty to the cons
Dunity, will not permit me to approve Of its
passage into law. In returning the bill, as
do, for reconsideration, respectfully re-
fer the legislature to the objections trans
mitted March the 18th, 1873, against the
bill entitled, /" an act to establish general
system of banking" These objections apply
to the present bill with additional force, be-
cause it contemplates the establishment of
a much greater number of money coming in
situations, thus spreading further and wider
the baleful effects, which, cannot but think
inevitable. from such an establishment. In
addition to the objections on the journals of
the last session, will briefly remark, that
although the system has been year before
our fellow citizens. yet have none of them
requested that it should become the law of
the state and ] cannot divest myself of the
fear, that if it were to become law, it would
tend only to enrich the wealthy and the spe
culator, while it would. in various forms,
heap burthens on the poor and the industri-
GUS.
Permit me to hazard an opinion that chan.
| ges of law have great effect on popular go
vernment, to weaken its force by preventing
| or destroying habits; steady operation gives
! force to laws, and the government acquires
dignity and respect in proportion to its uni,
| formity of proceeding. This bill, presume,
! will produce in society an unhappy effect
1t legalises the acts Of illegal associations. &
| proves the weakness of the government -
| Nay, it carries on It's face warrant for the
infraction of the restrictive provision it con-
! tains, and, in my opinion, goes far to eDcou
rage the infraction of all law.
| Ii is FACE, we'll ascertained, that immense
| sums of specie have been drawn from the
! banks in Pennsylvania, and certain other
states, to pay balances for British goods,
which eastern mercantile oupidity has smugg
| gIcd into the United States. The demand
for specie has in consequence been, and is
still so great that the banks in Philadelphia,
and in some other parts, have stopped dis
counting any new paper 1 ask patriotic
legislature--Is this an auspicious era to try
| so vast an experiment. Shall we increase
this pressurei Shall we indirectly aid our
| internal and external enemies to destroy OUT
funds and embarrass the government, by the
creating OF forty one new banks which mus,
| have recourse for specie, to that already
| much exhausted sourcei Is there at this
time an intelligent man in Pennsylvania, who
believes that bank note, Of any descripti
on, is the representative of spesiel Is there
not just ground for fears A knowledge thai
forty one new banks, having nominal ca,
pitai of more than seventeen millions Of dol
lars, upon the bare payment of one fifth part
shall have the right (the inclination to do 81
cannot be doubted, under the predominant