The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1839-11-30


we mean, that they should not lend their
credit, but upon the security of labor per-
formed, or a commodity really existing, aud
the fail subject Of commercial interchange,
equal to the amount OF the loan asked, or if
they cannot be prevented from extending
the time of indulgence BY renewal Of the
notes of their debtors, after the lapse OF six
ty or ninety days, or compelled 10 change
their directors periodically and TO submit
their affairs TO the supervision of public a
gents, appointed for the purpose, and that
their charters be at all times within egisa-
tive contrOl, without the inlerpositon Of ju-
dicial proceedings, and the stockholders
made liable for the ultimate failure Of the
institution, and in all other respects reform
ed where reform is necessary for the pub
lie safety. If this cannot be done then the
sooner we get rid Of them the better.
We are worn out with reliance on pro-
misses, when our confidence only serves TO
betray our own insane folly and gulibility;
and the utter treschery and worthlessness
of those who make them and the promises
they make. We say the time for pallIativeS
and patching, is at an end--and the disease
must be radically cured, or the system dis
solyed,-and if the Legislature expect, that
we will suffer the {" wool TO be drawn over
our eyes" any longer, they commit a mis-
take, and we will seek for that corrective,
in the balloiboxes, which it is in vain to
LOOK for, IN our Legislative halls at Harris
burg; where too many seats are filed with
corporators, bank debtors and stockholders
and where the lobbes TEEN with borers
Of all sorts, for objects calculated TO enrich
themselves and rob the public.
l. Therefore ResOtved-That the expe-
rience of forty years has sufficed 10 satisfy
US, that banks have not supplied sound
; currency-and if they cannot accomplish
, this end, all arguments ia their favor van
ish into empty air; and no reason can be as
Z signed, why these institutions should be en-.
i dowed with privileges, unenjoyed by other
+, money lenders, who risque their capital and
: aud liabilities, without the aid of charter
!; 10 screen them from the effects Of their own
b fraud and folly.
i Q. ReSolUed-That unless banks can bt
o restricted in their loans to fair business
g transaction, conducted on pure commercial
/ principles, il is worse than folly, TO expec
stability in the currency they supply, o
IT regularity in our domestic or foreign ex
l. changes If their notes only represent val
s. ue in expectancy, founded on chimerca
/ schemes Of speculation TO supply lnxur!
h and extravaganza, instead of actual ex
II changeable commodities of the yalus o
4 the paper in circulation, then banking vii
Is continue what it is, and has ever been, III
St plunder OF industry TO support dleness AM
+ pride.
ri -1soSesooss--. sIfs,sS,--.-a-svsyos
r. banks cannot devise a method, by whlc
ie their issues and circulation, shall be conhr
l. ed within the limits prescribed by prudence
10 for the use of their paper, i. e. a medur
i'd of exchange of one commodity Of valu
g, for another of equal worth, then ought th
S. whole system to be exploded as schem
H. for robbing the laborer OF his hire, and il
# duslry Of its earnings 10 enable the idl'
10 pampered and luxurious few, TO trampIe III
nt der foot the rights of the many.
e. 4. ReSoiUed-Thal the practice of vo
so ing by proxies at the election of bank-oif
s. GERS, and directors, is serious evil an
ct ought to be done away--and that at lea
De one third of the directors Of all banks, ougi
TO be annually changed and replaced vii
On new men, because we are satisfied, that
h, the same persons have the conduct and mai
g. agement Of bank for series of years, q
e. attempts al Investigation of its cohcerns a
b. idle mockeres.
or 5. ResOiUed-That we view the crealic
as of banks and other corporations TO The g
lie tent hitherto carried, in no other light, th'
lc- as grand political scheme, devised by Il
,le arislocracy of concentrated wealth, for Il
it purpose Of holding in check and conrollil
We the freedom of mind and action of the
ed, more worthy and honest felOw-cilzens.
as establishing privileged classes in the COZ
m munity-hnall. prostralng our Stale soy
in reignilies, and forming a consolidated GO
e. emment, through the agency of nation
on bank, as stepping stone TO the annihi
o lion Of our republican institutions.
in 6. Resoived-That we are opposed
cry the present banking system, its tendency
la ing 10 increase the number of debtors
,m, these moned Institution, TO an alarming {
ags tent Thereby, inducing a state OF dept
ire, dence on them, wEieh necessarily beg
lals political and private subseTviance, and (
or ables the monied power TO exercise compl
to control over their political conduct; thus
in effect converting our free and independ