Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1839-08-30
GROSS MISREPRES ENTATIONS

GROSS MlSREPRESENTA
The Van Buren, Tory papers IN their nv
pocrl'cal trades upon Bank Reform have
assumed II "a fact that The Wigs of the
last Legislature were IN favor of charterinr
and re.charterlng Banks, in any number
and without adding to their charters such
furiher restrictions as experience teaches
to be necessary, and the public safety re.
qnres. This assumed fact. is false and a
hbel upon The Wing members of The Leg
,sIature. Because ma jor,ty OF the Wings
refused 10 add such amendments TO char.
tiers as won.d enable bank men, and those
who proposed the amendments, to rob The
public by authority of vested rIgbis-such
as had been trlcd in other SAFES ond proved
to be but facilities TO cheat the people as to
the men who were their authors. and who
secured their adoption BY hurta,ng for
bank acknowledgements the Wings would
not consent 10 such nefarious schemes,
they are declared to be opposed to whole
some regulation of Banks.
Let Us look nt the matter. Did the
Wings Of the last Legislature desire on
improper increase CT Bank, Ifthey had
entertained such desire they could have
gralfied it, for they were IN the majority
IN both branches. And what did they !.
Ofthe several petitions for new banks and
for the re charter ct old banks. ONE, only
was granted-lhe bank of Montpelier was
re chartered, with the addition of checks
and restrictions, such as were considered
adequate for the protection of he public in
any contingency. Al Others were passed
Man, # he \Nt;,, g..
ting monopolies" why did they fail. with 40
or so majority in the House and 10 in the
Senate. TO answer all other applications for
banks:
1t is further commended that the Wings
are opposed to jndlclons reform 10 the
banking system. This we deny. Let us
look at the question.
Early in the session the House passed o
resolution. introduced by Mr.. Fairbanks,
of st. Johnsbury, declaring that it would
not charter or re- charter any banks unless
large restraints and checks were imposed
beyond those before existing. This reso,
luton was supported by the Wings. and
opposed or evaded by the Van Buren, mem.
bers of the House.
According to The spirit and intent of this
resolution, the following principles, as i'm
r'ovemens, were agreed upon BY the
Wings Of the House. but 10 most instances
they were OPPOSED by the Van Buren,
memb ers-
L. Making all charters subject to the ac
ton Of any future legislature.
Q. Making them subject 10 the provisions
Of General Banking Lao.
THAT L,,, "a,
lint Directors IF banks shall not be indebted
indiridualtyin a greater amount than $4,000.
a. 7hat M stakeholder shall borrow on
The pledge Of his stock.
5. That the bnnks shall mol choose as
heretofore, part IF The Board of Commits.
siOners, bit that The Commissioner nppointed
by The Legislature shall make rigid ana
frequent examination IF the concerns Of The
6aahs and publish The same.
6. .Naking The ercessire issue yf Bills bv
NE ONeers Of banhs, State Prison ofenre
In The face OF these principles settled by
the Wings of the last Legislature, the
Van Bnren papers aver that the Wings are
opposed TO securing The public against loss
by the banks. II will be noticed that t hes @
amendments 60 directly to secure the bill
holders by emitting off the privilege of the
Directors and Stockholders Of using bank
facilities not allowed to others. Had
these restraints been imposed on the Wine
sor Bank. The public would not have suffer
ed the loss of n cent by The concern.
We ask people to examine candldly the
above principles and inquire if II is not 90
ing as far as the safety of the public de.
mands IN one year. And what reliance
can be placed IN the promises of party.
whose papers and leaders declare over and
over again. that the party in The Legisa-
tuTe Mat establishes The provisions and
principles quoted above, is opposed to
proper reform Of the Banking system?-
Away with such parly-down with the
demagogues who are attempting TO ride
into power by the aid Of Misrepresentation
and hypocr'''ca promises - Catedonian.
TEE BANKS! THE BANKS!!
THIS Is the constant cry Of our opponents,
and one might sometimes almost be led to
believe that they were opposed to banks
from principle. But If they will rccollecr a
moment they will know hat 1t is 10 such
Ii, 81 t.k