Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1839-11-01
II will be recollected tina, the committee

1t will be recolected that the committee
on Banks lie composed of majority Of!
Locofocos, which has imposed upon them
the necessity of showing their hand and
explaining what they mean by "bank re-
FORM" as they understand 1t ; but, like
oil other humbugs, when quito the test,
it turns out that the .reform" isn't what
it was cracked up to be before the election.
Smile has backed out, "bank reform" has
( evaporated, and those who relied upon
oco(ocoism 10 fill their pockets with gold
and silver, arc beginning TO estimate the
promised ere formation" at its real value.
| There is a class of persons, however, who
are not thus 20 be humbuged with impu.
nifty. and with whom tho leaders will have
fearful account to settle. The following
from one Of the leading, and probably the
most influential locofoco in this region, will
serve as on indication of the contempt
with which the report is received by those
who supposed the leaders were acting in
good faith, and had feasible project which
they intended to carry out. "Shall man
ask for bread. and receive a stones?" says
his Reverence. Mr.. OCallnghan is mis-.
taken in supposing that the report is ac-
ceptable to oil parties, or that it is to be
the basis of future legislation but never
mind we are willing he should have rap
at his locofoco brethren in his own way.
Report of the Committee on Banks to the LIE.
giSlature Of Vermont, in 1859.
Whereas that report is said TO meet the appro.
baton Of al parties in that angus. assembage,
and is likely to be adopted AZ the basis ola new
system of baking which will affect the interest Of
all classes, the poor well as the rich, all persons
have a right 20 express their opinion ,hereupon.
First, the Report declares !: " That panics and
"pressutes are greatly aggravated by the feeling
" that there ia to The Lill-hoder Gin the present
q" condition oe bauking) no positive and certain
"uima'c securiiy;" and little alter" We
:" ought To conclude that those PROVISIONS intended
" as safeguards. which have hitherto been ineeC,.
"ua, viii, with more probability, ifno certainty,
"proyc so hereafter" Observe, that The commit.
tee propose no remedy whatever for all those de.
!cctne banks now in existence, that afford no Sc.
cnriy at all to The billhodcr; they would allow
them 10 continue on issuing their bills and purclas-
ing up all The property they can-lands. cattle,
produce, &C., although thee be no security what.
ever TO the biil.hoders
The only remedy or reform which the commit.
tee propose, regards some fresh crop Of banks
which they have in contemplation, viz: I" That
no bank be chartered or reclarlered IN The state
of Vermont, without requiring The stockholders
"to furnish security, by way OF bonds. or bonds
: "wilh mortgages secured on nnncumbcred i'm.
"proved real estate within Vermont, 10 double the
- amount Of capital Stock Of said bank--and the
"said security to be given to, ana lodged With the
treasurer of the county or stale aud the snficen.
"cy thereof 10 be judged Of by The judges of the
d" county court"
Consequently, happy Vermont will have, co.
existent with one another, two species OF banks -
the one now in being, that afford no security TO the
bill holder, and The crop likely to spring up
soon on the general banking system, that will he
secured by the bonds and mortgages in the hands
of The state treasurer.
Now observe tia, the new banks likely 10 start
into existence afford no other additional security
than the bonds and mortgages in the hands Of the
state treasurer. Either the bill holders will have
a ein upon said treasurer, or they viii not. /
any Of The biIl.hoders standing in need Of specie is
not empowered to demand it of the state treasurer,
if they cannot sue him for the specie whenever
they have a mind, how Will it avail them that he
r has in his hands the bonds and mortgages aiore.
said or, in case the said treasurer is liable by
virtue Of said bonds and mortgages, to meet the
demands of all the bill holders then tho state be.
comes answerablc for all and every bank that viii
arise on the new banking system; then the corpo.
ralions viii reap all The profits of The bank while
The people AT large will have the responsibility and
danger. Happy Vermont! what u snare ia LAID
for you by some willy politicians !
: One observation moro and l shall have
done. Who will enjoy the profits of the
mortgagcd estates during the existence OF
the bank? The bankmen, OF course. And
as they arc authorized 10 issue paper none y
! 10 twice the amount ofthcir capital stock. tho
yearly profits which they will draw from pa,
per money will be twice as much as the pro.
fits arising from the capital stock or from III e
mortgaged estates: they will, to all inients
and purposes, be authorised by the Legisla
lure TO treble their income. Is this fair play
Is it consistent with public justice 10 grant TO
mOnlcdd corporations the privilege ofenrich
ing themselves in this manner, while tho rest
of the community enjoy no such privileges
to enable the rch to grow richer from tho
spolls Of the people? Indeed | cannot avo I'd
, thinking that the bank committee in Mont.
pelicr by dcvising such insidious scheme are
\ either iools--blnd tools in the hands Of the
cunning adorers Of mammon, or else crafty
/ knaves, bent upon forming themselves and
their party into bank corporations under
this novel system.
JEREMIAH O'CALLAGHAN.
D H7sTho I.nuislalure in ioint nsscmhly or