The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-06-03
ACTION OF TIVE PEOPLE.


On the 18th ult meeting OF about
90, 900 of the citizens of Philadelphia as
sembled in Old Independence Square, to
adopt measures III regard to the present
tate Of moneyed affairs in this country. A
number of spirited resolutions, condemna-
tory of the course adopted by the Banks in
suspending specie payments, and against
the illegal course pursued by different cor
poraions in issuing small notes, were unan-
imously adopted; and committee appoint
cd to hold correspondence with the banks
of the city and county on the subject of re-
deeming their $5 bills with specie. The
committee addressed letter in conformity
with these instructions; which was replied
TO in general answer, adopted by meet
inc of the officers of the different banks, In
which they express determination to add
here TO their non-redcmption of their own
notes in specie. An adjourned meeting,
quite as numerously attended az the prlma-
ry one the 18th, was held on the 22d, at
the same place, and the correspondence
presented and read. The puerile answer
4 of the shavers was received with that con-
tempt and disgust which might naturally
be expected; and number of resolutions
were accordingly adopted, demonstrating
the honest and fearless course which should
be pursued by those who wear no Bank
letters. We subjoin the following, not
having room for the entire proceedmgs:--
Resolued, That this communication OF
the Banks is equally unsatisfactory, in pre-
senting to our citizens no, plan for the pre-
i servation Of lawful circulating madium of
4 less than five dollars; that is their refusal to
redeem their FIVE dollar notes, and their re-
a fusal at the same time to issue the smaller
denominations of specie currency, we can
see nothing but determination to deluge
this whole neighborhood with spurious and
constantly depreciating paper tickets, made
in notorious violation of the law, and liable
to be easily counterleited, lost and destroy
ed.
Resolved, That while we totally disap-
prove of the existing system of banks, cor
porations and monopolies, which has been
allowed to grow up in this Commonwealth,
TO the destruction of honest labor, and the
violation of private industry and right, we
Il yet demand that the provisions of existing
laws calculated (though in our opinion,
quite insufficientyO to restrain these priv.
legged institutions within some bounds, shall
be maintained. That these laws do posi-.
lively require every Bank to redeem its
= notes in Gold or Silver, or if it cannot dc
SO, that it shall cease to issue any more o.
its deprecated paper, and take immediate
steps for collecting its property, and pay
ing its notes. We call upon the banks tc
do this. That those laws positively for
bid any dividends to be made among the
Stockholders, till all their notes are redeem
ed in specie. We call upon the Banks t.
remember this and apply all their profits tC
pay their notes. That those laws do posi-
lively forfeit their Charter, unless they re
sumo specie payments inninety days. W.
call upon the Banks to remember this, an(
honestly apply themselves so to do. Tha
those laws do positively forbid the issuing
or circulation of any paper ticket, as circu
lahng medium, under five dollars. Wecal
upon the Banks and all Corporations to re
member this.
ReSOtUed, That committee Of one hun
dred be appointed by the officers of thi
meeting, for the purpose of ascertaining tht
most prompt and proper mode of proceed
ing against individuals and corporations 70
violating the laws prohibiting the issuing
and circulating of small bills, to correspond
with our friends in other portions of tn
United States, to take all legal measures il
enforcing the Banks to pay their five dolla
notes, and to perform such other duties a
they may deem proper and necessary in tn
present emergency.
SHIN-pIASTERS