Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-11-08
BANK REFORM.


which it will grant bank charters. viz:
LIST. Security on bond or mortgage by
stockholders TO twice the amount of their
stock a proposition made BY the majority
ofthe committee, and adopted by a nearly
unanimous vote. '
"a. Requiring one half ofihe capital stock
in gold and silver, 10 be paid in before going
into operation, and not 10 be withdrawn; a
proposition originating with the minority OF
the committee, they having proposed that the
whole stock be paid in which was reduced to
onehalf and adopted almost unanimously.
+ Whether any further provisions will be
made, or any notifications agreed upon
when the House shall undertake to engraft
these principles in detail upon bills which
may be presented, is predetermined. There
is indicated, it seems to us. blind as we'll
as jealous spirit, in one quarter of the
House, against any and every project in adj
dllion to that Of security by bonds or mort
gage; as though the adoption Of that were
TO work perfect reform OF every abuse and
remove every source OF danger. Perhaps
this will be to the banks. what all quack
medicines profess 10 the public to be, a per.
feet cure OF all diseases already unfortunate
" C%totiu1,. dBN q oult preventive W I'LL lUhl
poor humanity ever was or ever will be al
ficted with at any rate, lift is the only med.
icine which is TO be prescribed. we certain
ly hope it will have all the good effects
which are promised in its behalf We can.
not help believing, however, that as an avail.
able, aud ready security. the requirement OF
constant, broad and sound specie basis, is
better than this. The blind and Jealous
spirit TO which we have alluded, would,
were it possible, have defeated this measure,
as it did succeed in defeating the require
ment Of bonds on the part OF directors 10 Sc.
cure the stockholders We know the argu-
ment from that quarter is, (now for the first
time raised lhrre,j that capitalists will be de-
TERED from taking stock by uny additional
requirements. But the argument is as bad
as the jealousy is in this instance blind Ev.
cry guarantee which is made 10 secure a
safe. honest and successful management OF
the banks. most assuredy must lessen the
chances that the bonds and mortgages will
ever be enforced; and just in proportion as
the chances Of being thrown upon that secu-
r,y are lessened, is the obstacle in The way
Of capitalists lessened This. we think, is
the true view ofihe matter, especially so far
dS otudti CdVttitStS are IOUutNttu. Il tie
farmers and the mec hanics will have insu-
prrable objections 10 mortgaging their farms
and shops, as security for bank stock, il no
oiAer security is made for the safe conduct Of
the banks They will be debarred from any
participation in the matter. Ii is true indeed,
that large captalisls--the 'millionaries,' the
'barons and the 'aris.ocrats. as they are de-
settled in the locoioco prints--Ilny not be
so much affected by this sort OF security
nor will they by all sorts OF scurilies. pains
AID penalties. Any two or three of them
vii! be able to take the majority Of the stock
Of our banks and thus having the complete
control of these institutions, they will have
no objections to bonds and mortgages, OF
any personal security. II then we are right
in our approximations, the result of this mar.
row and blind policy Of pinning down the
. charters exclusively 10 the one single scheme
a OF secnriIy by bonds and mortgages, will
be, either TO prevent entirely the taking up
of bank stock. or 10 throw that stock into
the hands Of few men. 10 be nonopolized
and managed for Meir interests. Would the
people be satisfied with either OF these re-
suits : Would this be the reform" which
they denandcd2 IL ii be, we have more
tdOicdilSfn IN our nOilonS OF reform tHdu
we have credit for.-V Waterman.
Ffom the Saadpich Isiands--Wc have
received from friend The Sandwich Island
Gazette, Of April d. Il is dressed in mour-
ming for the death on the 4th ofthe Princess
Kinau, Goyerness Of Oahu, ia The 32d
year Of her age. She was the sister OF the
King. and daughter OF the late King
Tamahamahn. and was married in 1927. tc
kekumoa. She succeeded to the authority
of The late Queen Regent. Kaahuuaner. or
her death in 1892 She was three week;
previous 10 her death seized with the pre-
vailing epidemic. the humps, which termin
ated 10 fever, which proved fatal, Sh,
has lief. husband. three sons. and daugh
Ter. the latter only FIVE months old. Sh,
was woman Of talents and spirit. and ap
pears 10 have taken an important partin tb,
administration Of government ofthe Islands
besides having entire control Of that of lh'
Island OF Oahu Advertiser.
A Prediction Verified. MIR. v ebster, il
his grea, speech upon the Sub Treasury Bill
in 1887, predicted second suspension o
,ha Rants if tha Csnvarnment shonld contin