Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1838-12-22


manded for the public security; but when the
public grant to bankers important privileges,
they have right to expect and require from
them, ample security against all loss. The
sound institutions that are disposed to act ho-
nesty, and pursue their legitimate business of
banking, are as deeply interested in the safety
of the banks, as any other portion of the public.
He recommends the -enactmonts of the
law prohibiting the issue of small notes.
The banks should be prohibited, for tho pre-
sent, from insuing or putting in circulation any
notes OF less denomination than five dollars I;
and, ultimately, their issues should be restric-
ted to notes of ten dollars and upwards This
would furnish US with an every day currency,
to be used in ordinary transactions, composed
OF gold and silver; while substantial paper mo
ney would be used in the more extensive busi-
ness operations ofthe country. ltwould have
salutary check on the issues of the banks, in
crease the specie circulation, and purify the
currency ofthe state.
The enforcement of quarterly statements
from the banks is also recommended. In rela-
ton to the repeal of Bank charters, the follow
ing language is used.
The Legislature should retain, by express
provisions, the power nfatering, amending, or
repeating bank charters at pleasure. This
provision would compel the banks to consult
the wants and interests of the people, which is
now, in most cases, secondary consideration.
They would feel their responsibility TO- and
their dependence on, the public; and seek po-
pular favor, by deserving it. Experience
might show, that additional restrictions and
limitations should be imposed on the banks, or
that the rigor of their charters should be di-
mlnished; or a variety circumstances might
occur, which would render bank uncalled for
by the public interest, which was expedient at
the time of its creation. In all these cases, it
would be proper for the legislature to possess
the power of so acting, in reference to those
institutions, as the public interest might re-
quire. The representatives of the people
would never exercise this right, except the
public good demanded it, and then only in such
manner as to secure the equitable rights Of
the stockholders. | am aware that many en-
tertain the opinion that the legislature possess
the right to repeal bank charters, without any
express reservation of such right. However
well founded this opinion may be in principle,
it must be recoected that there is a strong
current of Judicial decisions the other way
and that our courts. following the legal pre-
cedents, would not, in all probability, recog-
nize the right. To save all judicial controver-
sy, therefore, prudence demands that this right
shonld be expressly reserved in the charters.
Prohibiting stockholders from borrowing
money from their own banks is also recon-
mended.
am aware that there may be some difficult
ty in giving an immediate and practical opera
ton, TO all the above reform provis, ms, as
none of the bank charters expire until the first
of January, lS43; but, if you should be called
on to extend any of the bank charters, and
deem it expedient to do so, would respectful
ly recommend to your consideration the policy
of incorporating the above provisions into the
extended charters. would also suggest the |
policy of passing law to suppress the circu-
laton of all notes of less denomination than
five dollars, and prohibiting the banks from is-
suing post-notes; and nfictlng suitable penal
ties on all banks that may hereafter suspend
specie payment, or in any manner violate their
charters.
would also recommend the passage of
law prohibiting, under suitable penalties, the
office or agency of the Bank of the United
States, as recently chartered by the Common
wealth of Pennsylvania ALSO, that it be
made penal offence for any director or stock
holder ofany bank in this State to purchase or
recei e, either directly or indirectly, the notes
of the bank in which he is interested, for less
than the value for which they purport to be
issued.
The Governor then goes on to show US
what recommendations he should make if he
were president of the United States, treats of
the Sub Treasary and the United States
Bank con amore, leads US into long digres-
son' which is perfectly out of place, and Of
course, ridiculous, and ends in fog, in which
we have no inclination 10 obfuscate our read
ers.
ARUMoR-Itis is said that Judge Trotter has
sent in his resignation as United States Sena-
tor. We were no. prepared for this, but pre-
s1med that the result of the election in this
county would induce him to withdraw his name
as candidate for reelection. We can hardly