The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-12-16
Number ga


both the community and the stockholders,
Ly permanently investing the excess Of
profits of each bank, in separate fund, for
Us own support and protection, and with
out governmental control or interference of
any kind. @ e., .a-:
The restrictions Of circulation to anv a.
mount hearing just and safe proportion
to capital paid in, and to specie, and the
presence in each bank Of permanent fund
(Which should he considerably TO guaran.
Tee the safety of the bank creditors, would
at all tlmss merit and obtain unlimited pub.
lie confidence for the bank.
The Limitation of the profits of the stock.
holders with the increased responsibility of
directors would both remove the temptation
10 undue speculation for the sake of obtain.
lng large dividends, and the consequent
danger OF the banks being compelled ever
to refuse redemI ton in specie. It would
also most eliectualy check the increase of
hanks be! ond the actual wants of trade, so
that there would be little risk ever after in
creating any bank whose stock could be
subscribed and paid iii. $tai .r.'iy
The regulation to keep all the bank notes
oi the State at par, at certain points, would
give uniform y TO our currency over the
State--and a State sOundness and charac-
ter TO 1t, over the Union, which would
be beneficial and desirable in every re.
spect. s.-.E =
The keeping ofaIl the notes Of the State
at par all over the State, and the prevention
OF loans TO mere dealers in money, wheth-
er as brokers or directors, would 90 far
towards the abolition of paper shaving, and
have the effect of securing bank accommo-
dallons for the useful man of BUSINESS
This desirable result would also he allied
by limiting the amount of loans attainable by
each person, and by discountenancing loans
on pledge ofstock -.
The disuse of all notes under $40 would
still further widen the specie basis, and in-
crease the soundness of the paper system.
Now is the time TO take means to accom-
plish it, even in the midst of the illegal
small notes and general depreciation of the
day. The banks have generally diminish
ed their circulation. The decrease consists
roportionably, and in some instances
mainly, Of withdrawal of i've dollar notes,
preparatory to partial resumption. If they
I've now told that these notes will be discon-
tnued at period not far distant, they will
take measures on the resumption of specie
payment, and ofther usual amount of bu-
siness, TO throw an increased quantity of
ten dollar notes into circulation. Thus the
change can take place with little shock to
the community or less to the banks. q
To eXtrlcate the commerce and currency
Of the country from its present difficulties,
little is in the power Of the State legislation,
and therefore little is required to be done.
The general resumption of specie pay
ments, even though, left to the unaided en-
terprise Of the American people cannot be
far distant All the signs Of the times indi-
cate II. The premium on specie, though
recently flnctuatlnT on account of the grea-
ter demanl 0fthIs season of the year, has
fallen regularly and considerably. The
general business Of the country, is fast re-
covering its healthy tone, though far short!
of the usr a amount. The prices of land
AMI of produce and all other articles, have
neither decreased nor experienced that sud-
den rise which betukens a great want of
confidence in the ultimate sOundness of
the currency. The notes of the banks
much decreased in amount have lost the
greater part Of their distant circulation, and
are now generally clustered around the in
stitullon whence they issued in the hands
of its friends, and are held with perfect con-
idenre. The only obstacle in the way, is
the remaining debt to Europe, for >articIes
bought on credit by the importing merchants
of the Union. ~ is will however soon hei
removed. The crop ofanother year would
completely clear it off, even if the resump.
ton of the usual business intercourse. were
made to depend on its previous and full
discharge. But such is not, or will not no
the case. Europe and particularly Great
Britain cannot well afford TO be deprived OF
the custom Of the American merchants for
another year. Means will be fomdsto ar
range the gradual payment of the small bah
ance yet due, without loss to one party of
Inconvenience to the other. And then IL
sual trade will he resumed. TO the pro-.
ductlnn Of this desirable result, which will
be the signal for the resumption Of specie
payments, the increased soundness Of the
banks of this State, and the noble and patri.
Otie efforts made by the merchants Of the
north, ami ths planters Of Lhs south, to
meet their engagements by purchasing sps-
cie at any price. and by shipping their COZ
d ,O,, -, r,I,a. asfislaa u.