The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-05-31

castles, unite in one body for their own de
fence, and call upon the strong arm Of legis
lation to protect them from the Just claim
Of their creditors.
We are not disposed to assail the bank
for the last step they have taken. Necessity
has no law but that of its own creating
and every rejecting and intelligent mar
must know that no bank, organized as our!
are, and conducted with proper regard lc
the interest of its stockholders, can, at any
time, meet the demands of half its creditor:
at once, in specie. This fact being known
and acknowledged, is the cause of the quiet
acquiescence of the people in the course the
banks have taken. II nov remains for the
banks to pursue such measures as will make
themselves the most useful and the least
obnoxious to the community. They still
hold the larger part of the specie which be-
longs to the people Of the state-which they
withhold from circulation by an act of dis
obedience to the laws substituting their
own bills Of credit in the place of it. Under
such circumstances the people have right
to demand of them, that they make their
circulation as useful as they possibly can !;
and the measure which appears to us the
most likely to effect that object, is by con-
tinuing to have the bills af the II. Island
banks redeemed in the city Of Boston as
heretofore, as present expediency. The
men who govern those institutions should
never, for moment, forget that the banks
were made by the people, and for the peo-
pie, and not the people for the banks.
What may he the end of this paper money
system We do not pretend 70 foresee, but
are confident that people are under mis-
take, who think that its benefits far exceed
It's evil tendencies but all our business is
so interviewer with the banks, that a separa-
ton now would be attended with great adj
dltional evil, however wholesome it might
be at more suitable time. We would
recommend forbearancc on the part of the
Legislature and the people, on the one side,
and the strictcst integrity and willing COM
pliance of the banks s, on the other. in sub
hitting to the correcting hand of the GOV
The banks having forfeited their char
ers, by their late act, one aud all-it is to be
'oped that the legislature will subject them
o all future legislation rs to their charters,
'ither in amendment, or repeal, so that af-
er n full practical test of the present cxper-
ment, if the system is found dangerous, !
Or materially defective, none Of the present |
banks shall entrench themselves out of the
each of such laws as the good of the whole
people may demand.
As general impression has been enter
aimed that the same money invested in
ank capital becomes expanded, and goes
great deal farther in sustaining trade and
than before it was so invested,
&c shall give a few extracts from the re-
Irns made by the banks of II. Island to
he General Assembly, at various time S, to
how that this position is questionable.
In October, 1922
The banks had in Capital Stock, pai1in
by, and belonging to the people S6O9S, 30,
'rofts on hand belonging to the people, I73,2Si
,epoSites, belonging to the people, sos, ,7S7
'hen the Banks held of the peoples mon
ey, S7osO,s7s
What then was the amount the public
ssd, and on which they paid the Banks
interest
he Directors owed the banks = S2S,739
)ther Stock holders, al 2t9
III other persons ow d the banks5 339,S2S
Total amount of discounts, 5000 800
The people used less than they put in by 3 l1O,567
In October, 1888,
'ank Stock ofthe Peoples S743s,sis {
rohiS on hand, 232 l66 =
deposits, -li53 35S b
he banks then held of the peoples mon !,
hen the people used over what they putin, 67473 e
he Directors owed the banks, 92S ,235 y
ther Stockholders, 1852
III o'uOiSi i,o-lUlS u
S9,19l ,si5 \
In October, 1884, n
he Capital Stock paid in, was SsOu 1872 5
rontS on handi 269 ,6i9
epoSlS' 2273,231 il
~, - Sl0,5Si ,0lS
et out TO Directors, 91695S n
o. 10 other Stockholders SOS395 n
o. to all others, 7,S.l, ,932 1;
= $500, ,2s5 :.
he people had out of the Banks less - lt
than they put in S976, 1873 n
In October, 1895, =
he Capital Stock paid in was, s15O,5sI :,
oh'S on hand 3ls937 -
epoSi'S, l,696927 d
m
l0,7664i5 d.