Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-02-01
REPORT UPON THE
RENEWAL or BANK CHA RTERS.
SENATE OF pENN,YLyANIA


! Whereas, The charter Of number OF
The banks Incorporated by this common
wealth, will expire in The years 1924 and
1925 IN an icipatiop of which, one appli-
| cation for renewal kas already bren made.
| aud Others may soon be locked for. And
| whereas 1t is important that The views OF
| 'he legislature, upon so noaicntotIs
| subject, should be made known to ,ba
public '"e
Therefore,
| Be i, resolved, Tha, committee be
appointed tn enquire into the expedien
cy OF renewing ANY ar all ofihe charters
of tile banks Incorporated 10y law, IA they
| shall severaliy expire and that they be
Instructed TO suggest such appointments.
as MAY III Their opiniou, be ca!rnlatcd 10
promote tie public good, IL Introduced
inio all such charters as IL NAV hereafter
be deemed advisable to renew.
Jan 4-On motion OF MIR. Racuet and
MI. M'Mallin,
The above resolution was read the Sc.
| cond time, considered and adopted land
Ordered, That Messrs. Racquet E1 ster.
Coleman, Smith aud Davidson. be a
committee for The purpose expressed i'm
said resolrton
Jan 10 MIR. Rsgurt, from the al fore
SAID committee made report, which was
| cad as follows VIZ
REPORT.
The committee appointed hy tie Sc
nate on The 4th instant, TO enquire in.
to The expediebcy of renewing any or all
of the charters of he banks Incorporated
| by law, As they shall seveTaiIy .xnirr.
aud 10 suggest such amendments. as NAV
IN their opinion be calo uls,ed To promote
I've public good, it introduced into all
such Charters, az il may hereafter be
deemed advisable 10 reuew:" beg leave
o reporl:
Tre numerous evils which have been
Inflicted upon the people oil the u. States,
within the last iew wears, by the abuses
VI fhs banking system, make strong
appeal 20 The feelings as well as 10 Tie
understandings oil those, Who aso invest
Ell ~iai 'hc power OF legislation aud
inperieusly deoand of them, so 10 .di-
recl their attention 10 the subject as fha,
'heir constituents may not again be vi.
siied by so destructive a calamity as that
which has lately involved SO many thou.
sapd IN irreirievabie RUN. Your cam.
miltce are ava e OF the difficulties With
which this subject is snrrounded-of The
lcohf1iciing opinions IN relation 90 il. IN.
lieitaiued by our most respectable ciiiz.ns
aud OF tie impracticabiIiiy oiiheir be.
ing able so 20 elucidaie the que tion. as
IN carry conviction TO the minds OF all
They fia''er themselves, however. that
| ,hey have " iii their power 10 advance
some principles connected with the mat
Ter referled t. iIem, which, if adopied
10y the legislature, will in great degree,
a not ffectually, guard The communii,
agalnsf The inordInaie and dangerous inc
fuence OF monied institutions. The pre-
g u =
f'r cool, passionate investigation of
THIS momenieus subject. Some oi the
banks, whose Charters will expire in the
years 1924 aud 1925. have already made
appiIcas iOu for renewals of then charters.
and as lie public mind IS ~ g5tat de-
gree dlvesfed OF those iumultunus pas
slons, which during The pressure arising
from the rapid reduction of bank loans.
every where prevailed, our cI,izpns ran
now soberly reflect upon their condition
and deliberately judge of the true merits
OF ;he case.
An opinion is almost universally enter
tanned,
Thai banks are USEFUL 10 Tie public. in.
asmnch as they afford facilities in The
safe keeping of money. In the pay mrnt
oil Large sums by checks or transfers on
their books-Ih The transmission Of funds
VI convenient ana
portable Curren"S-and in the leaning of
moncv To merchants, farmers and others
who have occasion to borrow.
That they eDcrease the capital Of the
community by emission OF their notes.
and afford facilities 10 borrowers ~ hicl
could not exist without tbem-and
That they improve the country where
yer they are located, as is exempIifieh in
tie number OF turnpike roads, bridges.
houses and barns, which have OF late
been construct d.
How FAR these positions are Irae or in
correct will appear in The course of The
following remarks. The first point TO lie
atisined, IS 10 have clear analytical
view of the nature of banks, and Of the
distinct operations which they are CAPABLE
% performing, for upless these be pro
perly understood, the mind will neccssa.
rlly be confused. and The CONCLUSIONS
drawn as 10 their beneficial or Injurious
tendency will assuredly be uDsomnd.
Banks may be-of three different Kinds.
wincb are designated ihus-bauks Of
depost, banks OF discount, and banks of
circulation, The parti ular properties OF
which are wholly dissimiIsr, as well as
relates 10 heir uses, az io their influence
upon the public prosperity.
Il bank of deposh is an institution es.
'abllshed under Tie guarantee OF state.
OF OF one or more individuals, soleiv for
the deposit and safe Keeping Of money,
wherein each person who makes deposit.
has credit on the books of The bank for
The amount OF the saWe, which amount
lie eau again al pleasure draw oHt, or
ransfei by check or order, 10 the credit
OF another. OF The utility aud convenrr
rnce Of such an institution, no one can
entertain 4 DOUBT II is calculated TO
| protect the coin or bullion Of ihe com n,,i-