Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-02-13
STATE hAEH.

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At large and respectable assembly
of the citizens Of the county of Bond,
convened to take into consideration the
proprieiy of establishing State Bank,
at the dwelling of Thomas White, sen.
on Monday the 5th of February, f82l-
Thomas WHITE, sen. was appointed to
the chair, and JOHN RUSSELL, secretary.
A committee was then elected to report
resolutions expressive Of the sense Of the
meeting upon that subject, when the fol-
lowing were presented, and unanimously
ADOPTED.
Whereas it is one of the unalienable
rights Of citizens, recognized by the con-
stitution, that the people may" assemble
together for their common good, TO in
struct their representatives, and to ap-
/ ply to the general assembly for redress
Of grievances :" and whereas it is not
only the privilege, but the duty of the
citizens, to avail themselves of this de-
claration, in opposing, by all constitu-
tlonal means, every measure, from zchat-
ever Source it may derive its authority,
tending to impair their rights or subvert
their general interests: and whereas we
consider the bill providing for the esta-
blishment of the State Bank of Illinois,
under any of the forms which i, has hi
therto assumed, as tending to impair
our rights as citizens, and subvert our
our general interests therefore,
Rescued, as the opinion of this as
sembly, That the legitimate object
of banking institutions is to afford safe
and convenient medium, for the emission
OF loans founded on solid capital, and not
a project OF needy individuals for the
creation Of funds that whenever the
emission of paper, by any banking insti-
tuition, does not depend upon the ability
to redeem it promptly, by specie, the
community can have no assurance that
it will not be extravagant, and no reason
able hope that il may ever be redeemed.
ReSolvea, That the experiment Of ma
ny neighboring states are enough to con
vince any reasonable mind, that bank
notes issued, without all adequate capital
in specie, must depreciate in value, and
that the loss accruing from such depre-
citation fails upon The unfortunate indivi-
duals who hold them; that the bank pro.
posed TO be put in operation BY the state
lis professedly founded upon nQtIling, and
under the most iortunateScircumstances
will not redeem its paper in less than
ten years; that every man who knows
the value of good and convertible funds
in new and thriving country, must be
aware, that no human authority can pre-
vent the depreciation ofthis paper to one
half its nominal value, the efec of which
depreciation must be, that no man whose
circumstances are good will give his OBJ
legation for paper that he knows must
pass current for much less than its no.
mlnal value; that the bank will be under
necessity Of lpaning its paper to men of
desperate fortunes, and of course upon
inadequate security, and that very con-
siderable proportion of the issues thus
made must be lost; and as the credit of
the state is pledged for the eventual re-
demption of the notes, it can only be done
by tax on the people at large.
RESOLVED, That, as provision of the
act establishing the State Bank renders
its paper good in discharge of tax-bills,
and as no provision is made for the de-
probation of this paper in the assess
ment OF taxes, the event must be that the
receipts OF the current year will be in
sufficient to defray the expenses Of the
state government, and that, to meet this
deficiency, resort must be had to an i'm
mediate increase oftaxes-a Loan or a
further emission of spurious paper-any
of which expedients must result in an
increased burthen upon the honest citi-