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

capital ana credit; Sonle having nutluisus'
,r even thousands of partners; and many.
nf them having ten. or rtwediy,or thirty, !
md some even forty branches. They are
almost the exclusive iurnishcrs OF the 10 |
cal and common bank noie currency; the |
Bank Of England notes being chiefly Med
in the great cities for the large mercantile
and government payments. These joint
stock banks, private c, mparits. and ind
vidual bankers are, practically, III The
British empire, what the local banksare
in the United States. They perform the
same functions, and differ in namesoply;
notrin substance, nor in conducts Ehey
have no charters, but they hayerGlega'l
zed existence; they are moi c6fforalons,
but they arc allowed by Iaws 4oact inlh
body; they furnish the acNlaf paper cur
rency of the great body Of the people OF
the British empire, as much as our local
banks furnish the mass Of paper currency
to the people Of the United States. They
have had twenty four millions sterlng,
one hundred and twenty four millions Of
dollars, in circulation at ORG time; Il sum
nearly eqnal TO the greatest issue ever
known in the United States, ard more
than equal TO the bank note circulation OF
the present day. They arc all subject to
the law Of bankruptcy, and their twenty
four millions sterling Of currency along
with them; and FIVE hundred Of them have
been shut up and wound up under commits
sons OF bankruptcy in the last forty
years; and yet tie Senator from Massa
chusctts informs us that the object of
bankrupt laws has no relation to curren
cy!
But it is not necessary TO go all the
way TO England to find bankrupt laws
having relation to currency. The act
passed in our own country, about forty
years ago, applied to bankers; Tie bill
brought into the House Of Representatives,
by a gentleman then, AMI row, a repro
sentative from Tic city cf Philadelphia.
(Mr. Sergeant also applied TO bankess;
and the bill brought into this Senate ten
years ago by q Senator from South Car
Dina, nnt now Il member Of tbs bod!
Gen. Hayne) still applies 10 ,hankors. ---
These bankers, of whom there were ma
ny in the United States. and Of wkom Gj'
rard IN the East, and Yeatman d Woods
in Inc West, were the most considerable,
these bankers all issued paper money:
they al issued currency. The act. then,
of 1898, if it had CONTINUED in force. ~
the two bills just referred to, It rhey hac
become law, would have operated gro
these bankers aud their banks -swou.G
have stopped their issues, and pui Their
establishments ino the hands oI' nssignecs
and distributed the4 effects among thet,
creditors. This, ceriaiesly, would have
been having some relation 10 currency
80 that, even with our limited essays to
wards bankrupt system, we have scaled
the outworks OF the banking cnpre; WI
have laid hold OF bankers, but not oI
banks; we have reachcd tho bank Of G
rard but not the Grard bank; we have
applied our law to the bonk Of Ycntman
and Woods, but no TO the rabble Of petty
corporations which havo moi the 1.-THE oi
their caplal and credit. We have gone
as far as bankers, bui not as far as banks;
and now give me a reason for the differ
enco. Give n,s II reason why the act oI
II 1903. the bill Of Mr.. Sergeant in 1921,
and the bill Of Gen. kfuync in 1921,
should not include banks as well as bank
ers. They both perform the same lunc.
ton. tmt of issuing paper currency
They both involve the same mischief
whom they stop payment that of nfilict.
( ing the country with circulation of ire.
deenablo and deprecated paper money
They are both culpable in the same mode
and in the same degree; for they are
both violners Of their ''promiSes 10 pay
They both exact n general credit tron
the community, and thcyabotH nbuse thai
credit. They both have creditors an,
they both have effects; and these credit
orr have as much right to a pro rata dis
irbution Of the effects in one case as IL
the other Why, then, distinction il
favor Of tho bank? Is it because corpo
rate bodies are superior 10 natural bodies
because artificial beings are superior t'
natural beings? or. rather, is it not be
cause corporations ar. dssemhlages o
men, and asscmblages arc more powerful
than single men; and. therefore, lhes,
corporations, in addition to all their vas
| privileges, arc also to have tho pfivileg,
of being bankrupt, and affecting tho coun
try with the evils OF bankruptcy, withou
themselves being subjected 10 the laws o
bankruptcy? BE this as it may : be tn,
cause what it will--the decree has gon,
forth for the decision Of The question:.
for the trial Of the issuc--ror the iudg
ment aud verdict upon the claim OF III,
banks. They have many privileges an,