Portland gazette and Maine advertiser., 1816-04-23


not excepting the most able and best estab.
lisbed, can promptly meet them. The EN-
banassment in which all classes of our citi-
zens, except money gibbers and usurers, par
tIcipated by reduction OF more than two
thirds of the circulating medium is too recent
not to be sufficiently remembered. The en-
envy on the. one hand having established
market on our territory which by its allure
menis, drew much OF our specie from us and
certain bank in Boston, deyotng large
capital to the collection of Eastern bills to be
returned upon US, distressing an extensive
district, that had by its trade, industry and
enterprise contributed so much to the growth
OF that town, that it might bring patry prof
ii TO its own Golfers II became necessary in
October 8l4 for most of the banks in Maine
TO stop payment The conduct Of he bank
in question, justified by its pretence of pub
lie security, convenience or safety merited
general execration That shock had passed,
and the principles which necessarily impei
men TO re-establish their affairs and to amei-
crate their condition, had began to operate in
the restoration OF credit and the revival of bu-
siness the banks had issued quantity OF pa
per sufficient for the general purposes of cir
cuiaton having supported their credit except
| Tor very short time, al crisis the most try
ing, when the institution before alluded to
recommended theip operation Of collecting
and returning in mass the bills of the Eas
tern banks threatening with their immense
capital, to overwheim such as refused TO be
come tributary to their policy. This attempt,
so dramatically opposite to the fair and hon
orable conduct, which distinguishes the mer-
camille character in all parts of the world,
ought to excite universal reprobation. The
advantage attained by themselves bears no
sort OF comparison to the incalculable evil in
ficted on the community. What should we
think OF the morality or humanity Of that man
who to put dollar into bis own pocket under
the pretended shelter Of the law would occa-
sion his neighbor the loss OF a thousand
In ordinary times the free exercise of the
| right, which every individual has, OF presen-
ting the bills oil any banking institutions ior
| payment in specie, may prove salutary
check upon such as for the sake of large
profit may be allured to exceed the bounds o.
prudence in their issues OF paper and this
ckeck is by many thought to be Indispensable
for the security Of the public. But that a
corporation, operating upon large capita
under public authority, should be allowed tn,
privilege OF employing their funds in hunting
down similar Institutions, as part OF tne,l
daily business IS 50 monsirous an abuse as i
II be now justified by strict letter OF The law
calls aloud for legislative interference. Blu
it is believed that the practice is as little jus
tilted by the true spirit and sound construction
OF the law, as II is by reason or propristy
| BY one OF the articles regulating all the bank
within the commonwealth, it is provided tina
such corporations shall not vest, use or i'm
prove any OF their monies, goods, chatteis o
effects in trade OF commerce. Now woul,
ask what is this practice, but making mer
chandi.e ofthe circulating medium and EN-
ploying their nome, in trade most PERM
cious to the community? This subject di,
not escape the attention OF some members o
the Legislature at ihrir las, session and il i
much TO be regretted that resolve PROPOSED
by committee and which passed the house
was defeated or referred in the Senate.
BY that relolye s. the Hon. James I.loy,
OF Boston, the Hon. Ezekiel Whitman of Port
land and the Hon. Levi Lincola Jr of Wor
cester were appointed committee to set il
the recess Tor LIE purpose of defining what ii
their opinion constituted the rights and priv
leges OF the banking institutions within thi
Commonwealth, as embraced in their charter
} and to make statement OF such facts as nigh
come within their knowledge, of the doings o
any bank OF banks, not coniormsbie to tn,
provisions OF The law establishing such banl
or banks and TO consider whether in thei
opinion, any further provision by law was ne
necessary TO secure the public against an ex
cessive emission of paper by the banks, or o
their liability for any debts they might con
tract and report the result of their delbera
tons to the first session of the next Genera
Court
| The evil probably contemplated by tn,
trainers Of that resolve, and which have be
fore adverted to, is grievance Of no ordinar,
magnitude ; and it is sincerely hoped that th
Legislature at their next session, will take eft
fectual measures for its redress. l..