Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1839-11-19
Legislature ur Vermont.
DEBATE

>cndff,
ter Of ths Refused Statutes relating 10 Banks-tbe
question beng upon the final passage Of the Bia to
b. enerossed
Mr.. Converse, in reply to remarks by Mr.. Eyer
ton said that he found himself In perfect agreement,
with his friends upon the great and fundamental
principles Of the hill-snd he could see difficulty
in their going hand In hand in carrying on, those
principles, by uniting their influence and their votes
in passing the bill The gentleman assured the
Senate Of his cordial approval Of tho msn rrovis-
ions and principles Of the bill He mos, sin er"ly
hoped he would not sacrifice those principles and
vote against it merely. because he dislikcd OF
its non essential def
Mr.. Curtis said hefcli himself in trouble how 10
record his vote and be consistent Some Of the
sections he had voted for, some against The chap.
ter was III I'd Of striped pig" some Of the stripes
were peasan, to the eye, others odious. lie did
no, know but hc could be consistent and vote against
it, though he was not we'll prepared TO vote either
way II others felt az he did, they would prefer
more time and other amendments before final VOC
Mr.. Cobb sail he was not troubled with miny
doubts, involv I'D in difficulty upon the question;
he was prepared to give his the present, time
Mr. Egcrton said taat, from the remarks which
had fallen from some OF the senator's he was appre-
hensve that he had been misunderstood in his re-
marks. II appeared 10 him thai, he could lie con-
sistent in approving the principles Of the Till II
part Of its details, in his c slim ton, conilicted with
those principles he could no di ficulty or incon
sistency in voting against it. II the Is per cent.
were erased, he would vote Tor TIC chapter.
Mr.. Pierpoint said his friend from Orange, (Mr.
Eoerton,) in looking toward himself or out Of the
window-he not ccrtlii wrcli--apparcntly ex-
pected reply lie would give his views il
brief and plain manner as possible. lie had been
somewhat surprised to hear senators, identified with
the cry Of bank REFORM speak of gold and silver paid
in and deposited in the vaults Of bank, amount
ing 10 nothing in securing the redemption of bills
and the solvency OF banks | regard il, said Mr.
p. in a widely different light What has been the
history Of banks in this for the last years.
with hut two exceptions VIVA, state IN the Union
had been blessed with sounder currencyi And
it not acknowledged fact that the solvency
of our banks ard tie soundI ess Of ,uT currency
had been mainly attributable Ia the principle hcol-
aied into system Of banking that gold and silver
should be paid in 10 certain amount OF capital
stock, the basis of its business The closer this
principle had been adhered 10, in the business Of
banking, the better The credit, and the pros
porous the condition of our banking institutions, and
the greater the prosperity of the people. II banks,
with an Oscnsble capital Of 100000 dollars but
with real capital of only $4,000, in consequence
of the care and fidelity OF its conductors, had given
us currency uniformly good, it TO be espe tei
that less safe and uniform circulating me lium
would he afforded with the entire amount OF capital
in gold and silver actually paid in the stockholders
restricted to the amount Of loans, the directors
I liable to penalties and Imprisonment for any
and every fraud upon the public With such guards
and with the hard money in their vaults TO re leem
4
a mere CIPHER amounting to nothing-mere m )on-
shine To what are we to attribute the two bank
! failures in this state-thc bank OF Windsor, more
parli ularly J Was it not to the bad management
Of lis ocersto the fact that the presi lent cas The
baak-the stockholders and dire tors its money
| lenders and its money borrowers, while the public
had little no ton with the concern but 10
suffer from its failure Would il or could it have
failed with its entire amount of capital paid in, and
with all the guards OF the present, bill thrown around
sl.1
looking the president and directors in the face for
the protection OF the public No sir, Mr. President
| am for no legislative decepon-no holding out
Of false coors-no recording upon the pages Of your
/ statute book, IN SO many letters and figures,
hundred and Gfy thousand dollars, when you actu-
ally mean 10 record hut one half tina, sum. II were
better tell the simple truth at once both upon the
Statute book and 10 all apple nis for bank charters
II bank with the capital Of 100000, or more, is
wanted by the applicants, and required by the inter-
ests Of the public, say, in so many words, and in
plain terms, gentlemen, furnish the sinners TO that
amount and we will hear and answer your petition;
If $50 900 capital Is all that the wants Of the public
require. let that sum be the amount Of capital aud
let precisely that amount in gold and silver he paid
IN Mr. =. sal he desired 20 sec pl rn dealing and
straight forward legislation lie was no friend 10
hne-spun theories, but foe 10 speculation, especial-
liz 10 bank speculation. Stockholders should be
money lenders not borrowers.
Mr. Curtis regretted that he was the only member
ci the ensure Of the section requiring the whole
amount Of capital paid In. Other members OF the
com ntiee would have been able better 10 have as
signed the reasons In opposing the whole amount
OF capital he dad not wish 10 be understood as OPP
posed silver and gold the basis " banking, but
IN favor Of il believing, however that part Of the
capital instead Of the whole, would be safe for the
pubr, and better accommodate applicants for banks
$4,000 n 100000 was asked, or even more II
the issues were limited accordingly. lie did no,
know. not positively eeraia but ihat Jealoisies
might have crcp, into his hair-some 81 his loco foco
notions might be incorrsct. Himself an party had
been accused Of hypocrisy and dishonesty IN their
ATTEMPTS at reform, they had been Told that banks
had been established upon the best possible prnri-
Piles, and fairly condocied-ihsi bank directors were
high mnie and honorable men, far above the reach
OF suspicion. Bot all Of sudden the waS
changed Gentemen with new-bJrn zeal, were
fof binding the monster in chains, and siranging
him even 10 the death. lie felt little e slous
tie busiaess-he feared the banks would he sbls
20 Ouirise tie s,orm-,hey were IN danger Of heiis
stranded and he feafeI, going 10 tho destruction, b,
hal oeen aroused of desiring lie desired ~ suci
thing. Was In fsso, Of substantial and sober 70