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

oons,dsrins theirs entitled to ths. appelia.
don,) yhich compels the borrower, during
the time his note Is TO run, 10 lay by him all
tho current monty he Can collect, which Of
tsecessity he must lose the use ot' ana To-
Which no 1. obliged 70 pay for the sum he
may be deficient Of as the time draws near a
close, q premium Of from seven 10 fourteen
end sometimes, as your committee have been
Informed, as high as twenty per ccat. fof one
dsy, when bis mute is agaip renewed, ana the
same operation Is commenced anew
10 Others on condition tney exchange wiih
them, sum equal TO their note offered OF
note, Of o,hcr banks, (for which they are
eompelled to give pr~mium') and receive
,hair own in return. 10 oihe's on condrion
one half the sum rcmsiOs In the bank until
he note is due, thereby receiving a usarious
Interest.
The committee feel themselves compelled
20 20 still further into detail OF tho abuses
lonic,cd or the public by a misuse oil banking
privileges.
OF all aristocracies none moro completely
enslsve a people than thar OF money--and, IN
.he opinion Of your committee, no systom
was ever better devised SO perfectly 10 en-
slave a community as the present mode oi
cdndscting banking establishments Like
The Syren In the fable, they ea,ice 10 destroy
They. hold the purse strings OF society," and
By monopolising the whole OF the circulating
medium Of the country, they form Precai.
Gus standard, by which all the property 10
the country, houses, lands, debts and credits,
personal and real estate Of all descriptions,
arc valued, thus rendering the whole com
munily dependant on them, and prose- hing
every man who dares oppose or expose thc'r
nnlawfui practiccs--aad it he hoppens TO be
out of their reach no IS to require no favor
from ,hsm, then his friends are made the
nc,ins, so thai no ono dares complain.
Tho merchant who has remittances TO
make abroad, Is con,cnted TO poke, the loss,
occssioned by the depreciation OF theIf mon
ey, rAthse than hazard their fcscntment ny
ssking diem 70, specie or current notes
and here the commiltce beg leave TO state as
AFact an instance where the bssrd OF diroc-
tors of u bank passed a resolution, declaring
sha, 90 man should bold a seat at that board
or receive any discounts at the bank, who
should trade at "a certain etore IN the same
village, ia consequence of the owner having
asked for sum less than $4,000 ~ curren,
fno,ey 10 remit to Ncw.Ynfk, while at the
Sane ,ime he kept his accoaat IN said bank
The commiuee, Ia taking general view
of our state, and comparing those pats wh' c
banks have been some years eatabiisheds w'tt'
thoscr rha, havs had none, are astonishtd al
the alar r,nins disparity. They SEQ in the one
case the desoations they have made IN 10
ci0ies, ,ha, were bcfore prosperous an hap
py--,he ruin they have b'ongh' on an inon'
mstaoie numbey of the mos, wealthy iarp'
ers. and they aud their "a miles suddenly
hurled from wealth and independence int
the abyss of ruin ana despai, and he'c aisf
The comnit,cs beg leave To s;aic fact &c
illustrate the manner in winch snch ruinou'
effect. aro, produced. An aged f,rmee pos
ee,sing q farm which rendered has cond,ue7
comfortable and independent, wishing tc
raise tho sum Of one ,housand dollars, to as
pist, his children, W. told by director, b'
could Get IL ou, Of the bank without any ditli
Guilty or hA.,cd, and that ,he would e0dpf Ss
his no,e Cor him, and that he could coo,inus
Il 20 suit his convenience, with which th'
faro,er accordingly complied. Al the irs
renewal, he was told the note must be paid
that the bank would press the payment bu
- II was not in his power, he direc'or told
hio,, If he would give him one bundled dol
lass, besides the discount, he f,oHn o6sdi| the
enowa,, which no did and al subsequent
renewal, the same operation was performed :
nt u judgmcn, wss required also 10 favor OF
sad dicector, and the result was his fssn
WAS s,on after sold without his knoviedSc by
The sheriff, and purchased by ssic director
FOR less than the judgp pen'.
The committee Ae sensible, ,hs, al snsci-
,u,ions arg subi.e, 10 buses from the misuse
" zoe powers gran,sd 20 them Il; bot 0hey
hunoiy conceive TIA, when those sbGs=s
R.erly ovelbeisocc ait the bsne6Is derived
from hem, II becomes the duiy of wise and
discreet iesi,lita-e u cesse f'om granting
those powers s.>d here tie committee can-
not ba, notice the manner IN which bank
ch,-rr, have hther<o been obtained, But
on tui, .uoiaet they would speak with all due
dcfe' 'eace To The mono, able body To %h,eh
they bo'ong. as we'll as to their predccessors.
Du, the eommiuce canoot' refrain from re-
marking, that the hilhsro li1e'al and exteo.
ding encouragement given TO Sank'ng opera
tioo,, bsyond as legitimate object, ha, anau.
ely iovtcd TO our capital, skilfdI and cxper.