The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-02

,equsn stability Of her paper, !, me principal and
Who are te particular rscipenis 81 your Jaeor, Is
matter of iaor importance The number oil the stock
holders in comparison with the great body OF the Peo-
pie, il SO very small, and the stock is so constantly
changing hands, that the equity Of It's original dlstrou
ton becomes comparatively unimportant matter Dur
chief duty in this respect is 10 that the iarmer
when he exchanges his produce estate the mechanic
his wares the merchant his bank paPer-may rest con-
tented as TO its value.
Provisions invaida,ng all confidential assignments or
trust OF any description, imposing severe penalties upon
acts designed dvest the funds from the appropriation
which in Justice and policy ought to be made OF lhen
are Of value but necessarily restricted IN their opera
ton The importance Of some more efficient safe
guard has been felt by former legislatures and they
have endeayored TO obtain 1t through the medium oil
personal responsibility Of the stockholders But u 10
objected that the practical operation Of such provision
would be to defeat the object in view, by throwing this
species OF property and Of course its management INTO
the hands Of irresponsible men, When It Is considered
that the dividends do not always, and seldom much ex-
coed the lawful interestthat the responsibility whch
the stockholders would necessarily have to place 10
Others would be dsproporionate the advantages Sc
cured and that il ID rarely ever possible 70 eaeh tne
property Of those who fail, through such MEANS Is
greatly to be feared that the experiment. II tiled, would
be unsuccessful The disastrous consequences flowing
from such a result, need not be stated,
You will am persuaded, give the subject your ut
most attention and by the application to 1t OF your
long experience in such matters, be able hope to de-
wise some mode by which the public interest VIII be Sc
cured II is unnecessary that | should say. that any
plan that is proposed by you that shall be preferable to
those to which have REFERRED shall receive my cordial
and cheerful cooperation.
NV own reflections upon this point have derived much
assistance from sensible, and apparently well consl-
dercd plan that has been submitted to me, and which
will in due season, be laid before you have every
reason n beleye that the dis
interested source and have the public good Tor their
leading objects The limits Of this communication will
allow to do justice to its details, or to the arsu.
mens by which is supported II proposes TO make all
the banks responsible for any loss tho public may sus-
tain by the failure OF any one or more OF them Il
suggests provisions by which that result may be reach
cd, far respects the banks whose charters are
about expire, and be ultimately made universal, or
nearly So The idea is not entirely new to the CONNER
cia world, although has not heretofore been applied
in this FORM Most men will, upon the first impression,
view it. certainly did myself as presenting rgor-
GUS condition But it is confidently believed by CONN
dent Judges, that the form in which it is proposed 10
enforce the responsibity-being an annual and ado
quate appropriation OF part OF their income towards
common fund, to be placed under the control OF the
State-the ample supervision over the institutions,
which proposes 10 place under the direction OF the
contributing banks, in conjunction with the authority OF
the Statehe consequent high character and cores
ponden circulation it would give TO paperhe ex-
pulson from circulation Of the doubtful paper which
engrosses it, and the substitution in It's place Of
that issued by banks iii full credtsith other advan-
tages, would make the condition such Us would upon
more full consider aton bo deemed admissible by any
concerned But Of all these matters you will Judge for
yourselves Every scheme submitted to you should
undergo the scrutiny because, from the nature
Of the subject mistake committed in regard to 1t,
must be more injurious than in relation to any other
matter
Our duty in this great concern, may truly be said to
be full of delicacy and surrounded by difficulties But
IL is our consolation 10 kno,o that u the field Of duty
bcset tch dangers there enduring hoaors that he
hryond IT, The interest which attaches itself to the
REPRESENTATIVE CHARACTER never be greater than
when lulhlment of the trust committed to the repre-
sentatiyeS may bring him in conflict with the claims OF
the great moneyed interests OF the country. Where
can we find political exhibition truly gratifying,
than the faithful public servant, after having
turned away every approach and put far from him every
sinister consideration that could divert him from the
discharge OF his duty, return to his constituents,
scous that he Deserves and feeling that he possesses,
their undated confidence sincerely hope that such
may be the good fortune that awaits our conduct We
have every thing to stimulate us to perseverance and
fidelity. We are members of state that is rapidly pro-
crossing in public improvement, IN public spirit and III
all the attributes of great and fourishng repubc-a
state of which, without exposing ourselves to the impu-
taon Of vanity may be proud to call ourselves cltl-
zens We shall trust, show ourselves worthy Of this
exalted privilege, by guarding with sleepess vigilance,
its interests its honor and It's future glory.