The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-08-09
For the Massachusetts Spy.1
THE BANK CONTROHERSI


In most of the publications, which have
seen, on the subject ofthe controversy between
the Worcester and the Suffolk Banks, the
cause Of complaint on the part of the former
has been carefully kept out of view. This is
evident, not only in the remarks Of Mr.. Hale,
in the Daily Advertiser, aud the I" Son Of
Mechanic" in the Patriot of the lst inst but I
in the statement of the suffolk Bank itself.
Setting aside, however, the consideration of
the outrage which has brought this subject
before the public, wish to make a few re-
marks, in reply oily to the writer in the fatri-
l OF before alluded 10. He commences with,
saying, that writer under the signature of ali
Trader, "makes a great complaint, becGusee
The Suffolk Bank had asked The Worcester Banl r
20 pay more Of their Bills than he says then
had specie an their uaults.' Now. whatever
may have been the language of" The Trader"
as respects the Worcester Bank or its friends.
nothing would be more absurd, and nothing is
farther from the truth. The complaint on
their part has been simply this, and it is i'm.
portant that it should be distinctly under
stood, that when an amount ofbills greater than
the amount Of specie existing in their vaults,
was presented at the Worcester Bank for pay
ment, the Suffolk Bank not only refused to re-
ceive draft for the balance on Bank in Bos.
ton, but also refused 10 receire payment for
them the next day in specie, aChen rendered al
fhetr oiCn Bank. This, and the measures with
which the refusal was attended, are the sub
Ject and the only subject of complaint, as I
understand, on the part of the Worcester
Bank. VIII the ssSon of a Mechanic.,' or
any man of candor, pretend to justify these
measures, or maintain that they were necessa-
ry for the security Of the Suffolk Bank, or call
culated either to render the system of the al.
lied Banks more popular, or TO induce the
! Worcester Bank to submit TO the arrangement
proposed to them? As this has not been at
tempted, | shall make no comment on that
| SUBJECT, but examine a little the ground of
complaint, on the part of this writer against
the Worcester Bank, for not acceding to the
| propositions made TO them, and thus saving
what he calls ga wanton, useless, and unnec-
cssary expense
In the first place, it should be recollected
that no individual or corporation has right TO
dictate TO another the manner in which he or
they shall transact their businesa-whether, in
conformity to a course recommended by 9TH
ers, or one which they may choose 10 adopt
for themselves; and, notwithstanding the en-
barrassment TO which the assumption of this.
principle may sometimes subject Us when as
sailed by a powerful combination, of whose
hostile designs we have had no previous init
nation; yet il is an attitude which every
New-Ensland man feels it bis pride to main
tam. But it is contended that the PROPOSE
lions of the Suffolk Bank haI e been such as it
was for the interest Of the Worcester Bank to
accede to, and it has been ascribed to per
verseness that they have BEEN rejected. Is
this the fact? To me il appears clearly 9TH
erwise. Had the Worcester Bank considered
it for its interest to unite with the allied Banks,
In design for taking its o,ca bills om Of circu-
tdfton, for such were substantially the propo-
sitions of the Suffolk Bank, in every form in
which they were presented, there is no reason
TO suppose that the Worcester Bank would
not have acceded to them. But. what inter
est could they have had in this? Was il not
manlestly against their interest; and, il so.
how could their concurrence in the measures
OF the allied Banks be reasonably expected q
Let us look at these propositions. The Ian
guage of the Suffolk Bank is, "Take out of
circulation all the bills of other Banks 10 your
vicinity"-depostt them in the Suffolk Bank
give us the benefit oil all your deposits in Bos-
ton--we viii then receive these bile at par,
and you shall have the privilege Of being ex-
empted from a demand TO pay in specie at
| Worcester, and may substitute your own bills
for those which you take out Of circulation, as
the currency Of the county. very plaus-
BILE proposition, to be sure, considered distinct.
| ly and when presumed TO be made 10 NE
I Worcester Bank alone. But IL is well known
that similar propositions were made 10 the
,other Banks " in the yicinity'' Of the Worces.