The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1831-01-12

saving of expense to the State, and create in the
business OF Legislation, greater certainty and des-
| sibilities.
AS 1t regards the proposed change in the COM
mencement Of the political yea-, it may be permit
Tea 70 me to bear witness, that, since my present
relaton TO the Government, and, indeed since the
! convention of 1920, not an occasion has arisen
winch would have rendered necessary a second
meeting OF the Legislature in any year hod the an
Ponteu season Tor Its organization been that usually
assigned for the transaction of business On re-
curing to the Journals for the same period II will
De found that scarcely measure of general inter
est has been offered for consideration at the first
session, but was postponed to the winter with but
nllIe' any real progress towards maturity, from
us previous suggestion. Your own prorogafion the
present year, warrants The remark that tho cnnr,
nlent time for legislation is not tina, liked bythe
constitution for the assembling ofthe Government,
WINE the appreciation, by the People, your promp.
adjournment, may be regarded as a man. station
by them OF an opinion favorable to the eenteipnlat
ed alteration. With Just allowances for She add
toEs length of single session, by bringing togeth-
er the organization of the Government, and the
whole legislative business of the year. there would
e result the saving of many days in the aggregate
OF time, besides the occasion and heavy CHARGE of
second travel. Should the other proposed amend
ment likewise succeed, or by any more satisfactory
mode, the representation should hereafter be re-
duced from its present oppressive and almost Him
liable extent, the annual draft upon the Treasury
would be diminished, by a sum, nearly equal in the
saving, to tho support of the Civil List There
would then also be more uniformity in the number
and attendance of the Representatives, and greater
congrulty IN acts of Legislation. The policy of
State would not be made to fuc1uate between the
indifference of thin Houses in seasons of public
quiet, and appeals to crowded Benches under the
influence OF local circumstances, in times of high
popular excitement. How far these considerations
should prevail, over indisposon to depart from
ancient habits and associations and the reasons for
their continuance, is now brought TO your decision
Ia ADDITION to the Constitutional requirement to
periodical valuation of the property of the Com
monweath, there will be found Inducements at
THIS Time, to hasten the service in the changes
| which have taken place within the few last wears
IN the relative value Of the different dissertations az
property, and the proportionate amounts in which
1t is held IN different Districts of the State The
spportonment OF taxes regulated by the possession
of property will fail to be equal when the assess
ment is made long after the estimate With an
snterprlzing people, new interests are continually
! sprngng up; old branches of business are discon-
tlnued, and other occupations commenced and the
! condition OF individuals and Communities will be
Varlously affected, improved or preiudiced. bv the
events which time rapidly and constantly produces
| These changes have had unusual Frequency and eff
feet since the last valuation, and have become the
occasion OF expressions of disquietude and dssatls-
!acton with the necessary exaetons for the public
service. To restore the true measure of coltribu-
ton, In this particular, is dictate of the highest
justice, and the importance of prompt attention
to the execution of the delicate and difficult task is
now enforced by the urgency of prescribed duty
| pursuant to Resolve of the seventh of June
last, Commissioners appointed to inquire in to
| the condition of the Banks Of this Commonwealth
a careful construction OF the terms of the Resolve
seemed 10 require that distinct Commissions
should be constituted for each Of the Counties in
| which Banks were situated. Considering it to be
the purpose of the Legislature to ascertain the Sc
eurlty to the public tn reneteal Of the Charters lit
was deemed proper to cause the examinations of
the several Institution to be made as recently be-
fore the commencement of the present session
and as nearly simultaneous possible. The APP
pointnent OF the Commissioners was therefore de-
lsyed to such time, as, while it allowed sufficient
opportunity for the performance of the service eff
iected these objects. Reports may be expected
from each OF the Commissioners, by the explratjon
of the time limited in the Resolve In connection
with the Information which is thus furnished the
| Legislature will have official returns, under oath.
from the Cashiers of the respective Banks made in
compliance with recent requistion of the EIecu-
tive, under the authority of an Act passed on the
28th Of February 1929. These latter exhibits have
relation to the state of the Banks on the first Satur-
day in June last. In fixing upon this period it was
designed to obtain an account of their condition
antecedent to any manifestation of an intention by
the Legislature TO caEse an examination into their
concerns and which, by applying to an earlier and
somewhat distant date, would afford means Of
Judging, from comparison of their situation al
different times, Of their general management
and solidity.
1t will probably result from these Documents
that the credit of the existing Institutions is well
sustained, and that the community are at present
safe in their continuance. The question of estab
fishing Banking Corporations in this Commonwealth
can hardly be considered at the present dav as
open to discussion. They have been made so lona
familiar to the wants, and convenicnces, and uses
of the citizens, that most of the business of society
is now arranged with reference to the accommoda
tionS which they afford. 1t would doubtless have
been better that the system had been more eau.
tiously introduced, and less literally extended
Banks have been multiplied here and elsewhere
greatly beyond the occasions of the country. The
injurious effects have been seen, in excessive issues
OF paper and in vexatious and profitless competi
tons to give to it circulation in rash enterprises
of individuals induced by the facilities to credit in
unwarrantabls expenses in living, in the embarrass
ments of debt and in the sacrifice of estate, not
unfrequently attended with tho loss of character.
would respectfully submit to the wisdom of your
Counsels, that, IN no instance should Charter be
granted extended, except where it is satsfacto-
ry shown, that there is both capital for invest
ment and business to require the use of it, In the
want, either of the one or the other. Banking can
: never be restrained to its legitimate purposes
+ Speculation, trading, bargain making and stock
iobbing, will take the place OF discountng. Des.
, perae hazards and uncertain gains will be the con.
: sequence, and, in the issue, individuals will be
: ruined and the public defrauded. But, with Thu
= and the guards and securities which experiopc,
has interposed there will be little danger of rem
itition of those great abuses which mismanagemen
: has, in some instances, heretofore committed b
retaining in the Government, the right to REQUIRE
pleasure, returns of the state of the Institutions
S with the power of visitation and inquiry by Com
e mttees, and control over the Charters upon an
S excess of authority, the means of correction ma
be applied, upon the first appearance of mischief
sound currency will be preserved, and although
l from accident, misfortune, or indiscretion stock
= holders may be liable occasionally to suffer tn
security of the public will at all times be ensured
The proposition of State Bank with Branches
to be owned and managed by the Commonwealth
which has sometimes been suggested, appears I
! me to be recommended by few considerations G
preference over the present arrangements, while
is exposed to obvious and weighty objections
: is even doubtful whether such Institution coul
be conducted with p0cuniary profit. The privat
interest of Stockholders is stronger incentive {
u vigilance than mere ministerial accountability
The ingenuity which searches out the sources {
business, and acquires knowledge of the circum
stances of individuals things essential to success
: in the operations Of Banking is rarely exercise
. but for personal advantage. Besides, the Govern
ment, under the present system, may, at its option
L have participation in the Stock of any or all tn
% 1 sEN.a -