The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1818-03-18

ne snu.t tseoms ,bs snslrueaent VI dssignios
men, and advocate that which his beter judg-
men, tells him is wong. Hnd.your con, n,Wit-
zee are constrained to say, that his practice
bas hitherto been carried 10 such on extent
and has met with such success, as to cncour'
age corporation g, we'll as iadiv ldusls, 70 as
sumo banking powers where none were grant
ed and, shcr having pu, all law and author
i'y at defiance. and creating themselves a
fund, calculating on the encouragement and
skill Of these agents, have had the unexatn.
pied iemeri,y to petition tire legislature oi
ibis state, and urge them, through the me
dunn Of tbcse agents, to grant them charter
for banking, rs d toward !or their, unwarrsnt
able assumption Of that right.
The committee humbIy conceive, that Il Is
nigh timc a full stop was pu, TO this kind 81
procedure; and they know OF DO way OF
effeciing IL, butby every member oi this as
welIas oil future legislatures collectively and
Individually rejecting seriously on tho ,ubJect
as 10 its consequences To themselves and 10
The s,ale, and suirsr no abstac confederation
10 nAdence their judgm snl bu, 10 decide
evcfy question upon It's own eri,s, and irown
with indignation on every undue aticmP; to
:Dhuence their opinions, and in that way to
'SoNV'S w sbS ASS ot w.
what your coinmiuec conceiyes in . g'cs, de-
gree (they name il with yrly gtcat die enee1
It's Injured reputation. The operstion and
.llueDce Of banks, their utility and feet on
society, being necessarily Of public na,ure'
they must be familiar to atI. Then surely,
This honorable body docs not s,and in need OF
any instruction from any illegi,imslc source.
The committee will conclude this general
~ ~f a. q
inIag briefly, the foundation on which the
present calculating medium is placed. The
committee believe, the p'cscn, circulation IN
the state principally consists of the notcs OF
those banks whose nominal capras arc small,
and composed principally OF the notes Of the
individual s,ockholder, called stock notes!
so that the security Of the pcblic consists OF
tho private fortune Of Individual s,ockho!d
crs, sDd those fotunes, IN a great measure,
consis, OF the stock, for which they have
g,ven their notes so thar the bink IS enrich
cd oy holding their notes, aad they are en-
riched by holding the stock oi the bank aud
US these blnk, make large dividends, many
rapid, and wGat are conSida' ed sold iortnrts,
arc msde. Like 0oy ClUun;iny summit
~ the sun is setting, who suddenly observes
his shadow on ,bo opposite pecipice, Crt.
gsrdiess Of the guipn between.)s ss;onished
20 see Low tall he has gtown Apd when got
ensucs, ere he IL aware, he s. plugged, shad.
ow, subs once aud al, IN the abyss below, Gov
cred wttb darkness. and despa' Such the
committee extremely appl cben1 viii &c ihc
resu,I oi many 81 !he y osepi sltua:ions, and
bring ruin and distress Oh he cnnnly, unles 5
they chspge iheis mode of business.
The committee tskc plcasnre ii Statirg'
90 the otbcr ad, nat ;hcrc a'e number Of
oank, in this state V,th cal aud solid cap,.
tals, bu, whose crcu,al!oD ~ sinr' and con
| ssquontiy their dividends; whose ada'es arc
-couduc,e ed with pI odencr and cJ'c, and from
| whom The public have nothing TO apptehend.
On ,as whole, tho committee coincide Iul-
! Iy in ,he opinion expressed w his ExeslleD.
- on the subject of bank, IN his speech,
I. u.iivsrcd ., the opening Of he session, where
he says
"Tbo evils arising from ibe disodcred
s,ste Of opr currency have been at,PrIvated
by tho b. liking ope sa,ions oi individual, aOd
The Unauthorized emissions o! small notes by
corporations they require ihe ,uimedia,c aud
correcting in,srpssirioa of the legislature.
I also suonk &c Co qvor scsfszs consideration
wtesaer the usssrp',rarisa ct haats IN places
where trsy are soc required Ly he ex.gen.
eI<s at Geurn.srss- r,,dc an ndsutac,uics,
ssght 10 be csaa,slaIiur,i. tnch insiituti,n
ias'u,r bat Esv seI,usils of m,nry, must re.
" Fac ulsef' a'ohs principally agrn the ctr
<ssiariuu at riisic nn,as,, aii Ssey arc
rnersiurs Isnnps,I un e;:iann % hsYsnd thei'
EicuAiaa. Nlmae iii.s ara difiss,e. either m
cits shupa 81 nuna urpy ,pHnuurg conn.,
1esriat agents tD sSciim1sp tlissn sr th-se OF
scssr embellishments. Bnn ti,c isS'uas: mode
be~g Gansacsv uY prrai, Ia IA isss generally
Adopted ard y. uha ss,iy syaxlrs st ,heit op
erSi5us, discounts sss hSeraRy dispensed
This psodpess an lesarcrs sciFri,y of bus
ness, srd tic fnstcafEoas as proPerity. Blu,
., Is ali fac,ieioIs sad dsSspsve, resembling
,he hectic heat OF eonsumiog disease, not the
general warmth ef substsnisi health: a re
action soon takes ptsce. These bill, urs in
turn co,lce,ed by sivai institutions, or pas,
sed TO the banks ot great ci,ies.und psymcnt
being required, iho only ,ssontces lefl is to
call IN their debis, aud exact partial or total
returns oi then iosas. ,