Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-03-29

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dry Unehartred Bankirg aSso-
ciations in said District.
MARcH 25, 1916
Read, and ordered to lie on the table,
The Committee for the District Of
Columbia, to whom was referred
the petition Of sundry uncharter
ed banking associations in the dis
trict of Columbia, beg leave TO
accompany theresolution herewith
submitted, by the following
REPORT
Sneeinctly setting forth the rea-
sons which have induced them to
recommend the measure of granting
charters to the associations which
Ihaye as yet obtained no act OF incor
Iporation.
The committee have participated
lin that deep and general concern to
which the uaauthorised establish
Iment of banking associations thro',
out tue country has givenrise. They
will torbeaP to dilate upon the meal
ieulabIe evils which inevitably flow
from suffering any association of in
Idiyiduals. who choose to engage in
such a pursuit, to pour into the cir
tculati0n of the country Hood of
bank paper st their discretion. The
general sentiment has been SO per-
Ifeetly settled on this subject, and
has been so entirely justified by the
lessons Ola dear bought experience,
that your committee have chosen
rather 10 avoid uRproiitable specu-
Iiations. and to act at once upon the
subject by the introduction ola bill.
which has already been reported,
for the suppression Of the notes OF
Iunehartered banks. The provisions
of that bill, (however harsh they
may appear) are believed by your
committee to be essentially necessary
TO effect the great and important end
which they have in view, in common,
as they believe with other members
OF the congress of the U. States. -
They have recommended the punish.
ment of the persons engaged in bank
ling, and Of the officers cf such insti
buttons, rather than general penal.
~ on the circulation of the notes OF
|unchartered banks, because the ex-
Iperience of an adjoining state has
sufficiently demonstrated that provi
sions of the latter description cannot
be carried into execution A large
proportion of society becoming i'm
plicated in the offence, it becomes
impossible to enforce the provisions
Of the law, however wise in Its views
and salusary in IFS design.
But whilst you committee urhesi
|tatingly recommend the prohibition
Of the establishment Of new banks,
The natures, rejection has eonvinc
ed them, that tIic existing state of
things absolutely requires those
which have gone into operation with
IL the district without charters, t.
be Incorporated, and suffered to con
|iiaue an employment of their capital,
which was legitimate when their as.
seeiatioas were formed. In pre-
Isen;ing their views on this subject,
your committee will ask attention TO
the following considerations:
4. What are the evils that can
fairls be an icipated fgom chalteriDg
the Incorporated banks?
2. What are TIE evils which are
Iiikeiy to ensue from arresting them
I'm the course Of their business
8. What are The public adyanta-
|ges that may be derived from their
Iiucorperationa
1t is of material consequence, in
determining the first of these cues
Etiops, TO observe, that IT is proposed
by the committee to make the re
sumption OF specie payments by the
banks an essential condition of the
charters, and to prohibit the suspen-
sion Of specie redemption under the
penalty of forfeiting their privileges