Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1836-12-22
JOHN II. WALKER
r. f. PENNYPACKER
" N. BIDDLE, ESQ d


This was The frs. step in the cbsr,o- of
the bank. No memorial mo soi;c;,at;o -.
rom The bank itself, buta formal and Official
aPptica'lon irem the Legislature TO the bank
inqniring II the "bank would accent char
/ Ter from this Slate'-"upon what terms tn.
can he atlecled'-stihe number of wears that
you would be satisfied to be chartered for''
the premium and other eucourasemsnts
'aa' would be given TO the State.''
ne President of the Bank, in his fes;v
Pat the subject Oh this footing:
lie question, you perceive. is ,phof in.
aacc"eh's can be altered to the stockholde, ~,
cnu 1aI:sr parts 2t The Union, or in Other
countries, 10 leacs his funds in Pennsyi,,a.
ma rather than recall them home tn rs 20
Ployea efse'chere2 AS a Pennsylyanian de-
No'euiy attached TO the interests and the Lns
o' our State, would give more to PennsvI-
wanna IMAM 10 any Stale for the charter and
would endeavor 10 induce the other s,o1L
/ ho'aefS 10 do the same yet where there arc
50 many ether States possessing equal power
10 grani Charter, The effort would. of course
oe 'Iu'''ess, unless The charter from PennsyI-
ana, WINE IL was beneficial TO the State.
i'esehieu reasonable prospect of not being
purdensome 10 fhe stockholdes. Both thess
! o'Jects should tie, and, think, can be az
tanned" az
And he proceeded TO explain what he
deehed the true basis of an arrangement
hGeordIngiy, bill passed for charte-inp
me Bank, mot TO take effect until il shall
nave been accepted by the stockholders At a
: general meelBg.'' a.
he stockholders, 20 whom this Charter
wa, was thns offered, proceeded 10 examine il
hey saw al once that The terms were very
onerOus: J
There were !Ooe pail in money, $4,000 900
1T
} provemenls gTs non
liz premiums on loans W hen want
gu 0y The State 600 900
Making, OF 7-E ooo
besides other advantages. NeserIheIess iSov
resolved 10 accept ii, partly because thew had
reserved out Ui their former earnings dc
means OF paying the bonus, and partly bc-
cause They were induced by the PenusyIva.
ma oiockholders 10 believe that when once
INC iaIIh OF the State was pledged TO them
'ne character and The honor o. the Commons
wealth oi Pennsylvania were sutTicient
Guaranty against any invasion of tneir Tights,
hiS guaranty was given, not merely under
lne usual SolemnIties Of legislation, but espe-
/ cidI care Wd5 tnien by the legislature to SCI
! 'sty these stockholders that If they accented
! t!!c chGrier they DOuid HeUeT be- disturbed
( Thus. in the progress al thu bill through tina
House OF Representatives, section (the 5ih
sectiOu) vas Introduced TO this effect: 0If;t
shall appear liat the charter ana privileges
/ granted by this act are injurious &C., he c3ii-
/ zenS OF this Commonwealth, the Legislature
/ reserve Toll power to alter, revoke, or annnI
! think proper" wy
he effect Of that provision 10 exposing
the rights Of strangers TO the caprice Of a 10.
I 'ufe Legislature became obvious, and ac-
C0IdIngiy, that 5th section was Teconsdered
| ~ the House o. Representatives, and amend.
ell as follows " that Il the saiJ Corpors,;o.s