Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-10-26

any cause 10 which they ere attached, -
rhe twelve were. MessrS. Barton, Ben
ion. Branch Cobb Diekersnn, Hendricks.
Macon, Nsbie, RsDdoiph, Reed, Smith oi
South Caroline, and White. The ~~hoir |
uf rhe frwDds Of tie hill. twenty. ore in
aumber voted against the pt ptopo,i'ion, the
present Chvf Magistrate in the number. |
aud for the tibvuus ~ ss,"s, 9th sonc. Of
mi encumbeiing the measure they were
so anxious tocsrey. by putting inso il
new end 'unthed provision. And thus
stands our own lsgislsiion on this suljec..
In pnint Of fact then, chartered co,pDra'
| ions have thus far escaped bautrup, pen
afiet, both IN England. and in nur Ame-
rita; but ought Il ~ to continue to eseap'?
This Is the queF i'n this the trne aud
important inquiry, which is now TO oceu-
ny he public mind.
The Srnator from Massachusetts Mr.
W,bs'er) says the objec, Of bankrupt
laws has NJ relation 10 currency; that
their object is sim ly TO distribute tbe ef'
fe,1s Of insovent debtors among their
creditors. 80 says the Senator, but whs'
lays history Wha' says the practice Of
Grea, B'haipi w2l show you what ii
says. and for tha, purpose will read
passa from M'Cu'IoSh h'snotes on Smiths
Wealth Of Nations. NJ saws:
la 1914 'l5 and 'l6. no fewer
than 240 country banss stopped pay.
mcnt, and ninety two commissi ms Of
bankrupts were issued against these cs
Establishments, being at the late Of one com
mission against every scyen and half of
the total uunbcrof county, banks exist
Fling in 1913" '
Two hundred and cortys stopped pay
ment at one dash, and nin4ty.two suffice
ted 10 comm ssions Of bank iuptcy. They
were not. indeed, charter d banks, for
there are none such in England, except
the Bank of Engand; bui they were le-
galized establishments, exciting under the
first joint stock bank act Of 1908, and
they were banks Of issus. Yet they
were subjected to tho bankrupt laws, nine
ty-two Of them in a single season Of bank
catalepsy; their broken ''pronsises to pay
were taken out of circuIatisin; their doors
closed; their directors and officers turned
out; their whole effects. ret. and person
al, their money, debts, booas, papers, and
svery thing, put into the hands Of as.
signees; and to these assignees, the hold
ers of their notes, forwa,Ilod their de-
mands, and were paid, every one in equal
proportion---as the debts OF the bank were
collected, and its effects converted into
money, and this without ex xpense or trou-
bic to any one of them. Ninoty-two
banks in England shared this latc in II
single season Of bank mortality; five hun
dred more could be enumafated in other
seasons, many, Of them superior in real
capital, credit, and circulation to our fa-
nous chartered hanks, most of which are
banks OF moonshine, built upon each 9TH
ers paper, and the whole ready to fly
sky high the moment any due Of the con-
C rn becomes sufficiently Inflated 70 burst.
The immediate effect of this application
Of the bankrupt laws to banks in England,
is twofold;. first, to save tho general cur
rcncy from depreciation, by stopping the
issue and circulation of irrcdeemable pa.
per; secondly, to do equal justice to all
creditors, high md low, rich and poor,
present and absent, the widow, and orphan
rs we'll al the cunning and the powerful,
~ u'a.',uu''"s , ~. s.'el's )" ''uro','''''
%,e na u','ou's ~ "l wlo no'o .uc',',''ns' =
n's ~ .''u opeIu, oip' y, u'''h'uP. ''Ts n,' w
oapAs 10, =. h"s,an'.' s ".u ~ oyet 'ae pr't
-" e'.lFns' "1u :, "'ppohs Y .. ':e pre- nc,
cise cheoh upon llo issue o. ofcNe., .. oahk VA
P"pe', sna ''e P'rc'se rs'ne'ly 'or 'no IN
luLou ''u'uops o .nc'r u'shonoreu P,IPef'