The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1820-03-15

on the houses and lands of their debtors
and of selling them within short period
without apDraisemcnt and without ths
possibility Of redemption.
Though the debtor whose property /.
thus sold be the immediate sufferer, We
the ruin ultimately falls upon the privat,
creditor, whose demands are not unfre
quently totally lost, in consequence O
this sacrifice of the debtors property.
The directors OF these institutions ar.
IN fact tempted by the prospect OF GAR
to an exercise of this power in its most
pernicious form. 1t gives them a sor
of dominion over the price of every
debtors property.
BY forcing its sale under their execu.
tions they are enabled to purchase it al
far less than its real value; and consider
ing this in connexion with the control o.
which they are possessed over the circu.
lating medium, it is impossible to deter.
mine to what extent this practice fol
speculative purposes may be now Car.
ried. There can however be no doubt,
but that many might be made the VIC
TINS OF this process for the purpose ol
enriching those whose power or whose in
huence with those Institutions enables
them to direct and to govern them in
their operations.
In other States where similar institu.
tions have been established, tho posses
sed OF no other process Tor the collection
OF their debts, than that to which indi-
viduals are there entitled, their control
over tine circulating medium of those
States has ever been considered. most
dangerous power.
But the banks Of this State, armed
with summary process, rapid in its
progress, direct in Its operation, and im-
mediate! in Its effect, have a command
over Our paper currency infinitely more
dangerous.
by large emissions of their paper, the
price on every mans property is aug
mented; by suddenly checking it, the
price of every mans property is as sud.
denly diminished. 1t is not the slow
and gradual fluctuations of the market,
but these rapid and unforeseen changes,
this sudden elevation and depression OF
prices, that damp the enterprise and defy
the calculations of the merchant. 4
Considering, therefore, that the sum-
mary process of the banks oil this State,
with an arbitrary distinction, renders
debts due to them more valuable than
debts due to individuals; gives to bank
demands in courts of law an absolute
precedence over all other demands; |;
wrests from private credit its security
and its hope; shakes the foundation of
commercial confidence diminishes the
value Of property, by rendering it liable
to forced and sudden sale; and may
lead to oppression for the purposes of
speculation your committee are induc-
ed to recommend the total abrogation
and repeal of all laws granting to said
banks, special summary process for
the collection of debts due to said banks,
providing at the same time, that the said
repeal shall not effect the collection of
debts already due, in the manner pre-.
scribed by the laws SO to be abrogated
or repealed. .
Your committee therefore beg leave to
submit the following resolutions =
Resolved, That it is expedient that all
laws granting to the banks of this State,
a special summary process for the COL
lection of debts due to said banks, be
repealed provided, that the repeal there
of does not affect the collection of debts
already due, in manner and form pre-.
scribed by the laws so to be repealed
Resoioed, That committee be ap.
pointed 10 report bill in conformity to
the foregoing resolutions.
-&%(SS~OSS