The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1818-03-18
vol ..
Nl4,srriian up.
HOUSE or ASSEMBLY,
LYislature g Aev.l0l6

Uat part al ttefGoverDof's Speech, respect.
fuiiY 'eport, IN PAT s7l1'A
That they hud them selves com pelicd, ss
weliitom The nature of The suLirc, as Eoml
the sense thty icei oflhei, duies as a sand.
ing committee on currency, 10 take general
view ot the operations oil banks in this state.
AS iar as asy deductions can DO drawn from
expc'ienee, chat will throw any clear lie ht on,
"hal your commHtee consider a subject Of
the highest and most vital iID poftanre 10 ,he
public. Aa Sf7'a
4 The ecn mitce are fully satisfsd tbs, Lsnks
ing Embellishments arc highly BIO, iicgai 10 q
country like ours, with an extensive exte fnsI
aud internal commerce, by aHpfdiog Eciliiys
/. IN msk'tg -emiiiancesand trans mnilng large
suns from one part oi ihe county to anoth-
en- and IN head market towns IN u.fo drg.
temporary losns nj pa'ucular sepson, OF the
yeat tor the purchase OF produce, and io ,ho'
'ea port towns, whore large cepi,sls a,c vest
ed IN shipping eogegrd IN foreign commerce,
by enabling the ptoptieiors with temporary
loans, TO purchase hesh cprgocs end di>pateh'
heir vessels. So lar the commit,ee believe
they ale warranted IN saying, ,ha, ,xpe iienco
mas shown that hanks have been very beney
AciaI 10 this state. And IL would give ,hs
con. mi,tee pleasure If they could sop here
wi,hont violating their character as ieeis,a.
'ors md guardaos OF The public w,Iiate.r
But as such, they mus give 1, az moi, uadi.g
vidcd opinion, thar like medicine, when iu.i
d'ciousiy administered 10 the physical body,
u removes obstruction., inc eases the circu-
lstion Of It's fluids, aud inyigorsies the whole
system, bur whcn administered by unskiifuI
hands, too p'oioscly. produces morbid fec
tIon, eDd parslizes every nerve, 30 barking
establishments when increased az lhty afs
ready have been, 10 e. cut cxtcnr in IN. in
,cfior OF our ssstc, countersct entieI ~ oil tho
brnrhcta' elects expected from hem--and
instead OF facilitating exchange snc the uans.
mission OF money irom one psrioi the State
10 the other, u has rendcf,dit impossible To-
DC done without * cat loss, in consequences
oi'local banks having engfosscd the whoi0
circulation IN their neig hbo hood, and tho
depreciation OF their notes sbtoed, 10 the very
r ca, embarrassment Of iniernel comme,ce.
but THIS - moi the extent of tho evil, nor IN
the opinion OF the COMMITTEE by aoy means
The & eatcs--but the effeci produced ON So
ciety, Immediately within their vicinity, is
s,ilI more TO be dcploted. x
They enable The designing, unprinoipied
speculato', who IN fact no S nothing TO lose, TO
impose on the credulity oil the honest, Indus
tr'ons, unsuepectng part 1T the community,
by their spocious !lai,ety aud mis,tpressuts-
lion, obtaining from them borrowed notes and
cndo, etnents, until tbei ruin is CO., sumsd,
and their farms arc sold by he shelf Ex.
ampies of his sort arc too common and no.
,orIous 10 need SDy illustration from the com,
Mitiee. tst
In applying for their charters, they all pro-
,fess TO have the publie good solely in view
but 10 too many instances their conduct has
shown that they soon become blind to all 9TH
CT interests bur their ,owo. ~
BY adopting variety Of schemes to &c.
their notes into cit cuiatiou, such ~ p,rcIur a
partial fund In distant bank, 10 rede ~ their
paper, and after the fact becomes generally
known that their paper Is ., par in thai qua,-
ter, issuing an emission OF notes s'ga.d with
ink of different shade, at tho ssmc time
giving secret orders 10 The soId bank not 10
pay the notes thus signed, aud subjeetiBg tho
owners oil them 10 loss aad dissppoiD meo;,
compelling them either TO soIi them fos whss
they would fetch, or 10 return without &c.
complshipg The business hey went on This
Is done in more thao ooe iDstanee---thus, III
open day, committing q bsretsced fraud On
tho public.
Others, by = Different b,rsisgem. bot no
less contrary TO The in en-, and meaning OF
their ehar,et, have issued species ot paper
called /aeiL. ynofes, pu' porting TO be payable
IN Del,he, money, country pfOdoee, ot sny
thing else rha, has body or shape, and there.
lore rendering their name appropriate only
by facilitating the ruin OF those who are 80
unfortonac as to hold them. There arc
othcf practices which the committee s'e in
formed are vey common, and they believe
viii not be doubted, which no ess vitae tho
FIST principles Of their ehsr,e'. Thty givo
large accom- modatioos to indi,idu,ls cGndit-
iens sily--.o some, that they viii keep IN cir
eula ion secrtsin sum (Which notes are de.
siso,,ed by a private maik,) for specified
time--tu, in case they retufp sooner, he is
sgam 10 be charged with the discount OF such
,um for tiie 'emaioder OF the i!mc--,o avid
which he is compelled to make long jouinies
iin drslsn, coun,Iies TO change the notes foe
tho.. Of Other bsDks--ibus squsDder ring bis
time aud his money for their benefit To
Others, 90 condition that they will ply their