The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-05-19

THE DISTRICT BANkS.-No ~,
shall detain you no longer than to take slight
notice of some of the details Of Mr.. Tsppans ceie-
brated bill -
Sec. l. Without adding one word as to the incon-
venence, embarrassment and delay, necessarily CON
sequent upon its exActons, what can he the adssn'
tage policy Of such provision that contai ned
IN the first section even in the Of new bank
Besides the remarks already made this point say,
If il be intended make the stock accessible to
creditors purchasers in any possible form Of pro
ceeding, the thing is more simple and feasible by
direct application the bank for, there the amount
and ownership manifest and, that even If a
transfer has been made at any prerious moment:--
whereas by this provision the record may be omitted
for ten days. And il il possible, that any law under
Heaven, for any rational purpose, can require the
solemn recording and public notification in two news
papers for three months, for the transfer Of single
share of stock say 20 25 dollars, although from
the very of the case and every sound prin-
cipe such transfer should be permitted weekly daily
and hourly yes, perhaps ten times in an hour!
And after all this vital section Of the bill, crude
it is, is merely generally and negatively declara-
tory II charters or rccharters bank establishes
nothing operative even its own terms; and if,
the next day after it, enactment, charter should be
granted without its provisions what is to become OF
this act
Again, its conditions to be in force " from and
after the passing of this act" Is it, then, intended,
to alter existing charters before their cxpiraiion
Sec. 2. Twenty dollars will obviously be mini
limit for very inconvenient for all parties.
IL
pocket is not very comfortable one ten whole or
half dollars would all useful purposes much
better and considering the yet inadequate amount
Of specie in the country, would be more practicable
and more generally convenient.
Sec. 8 In this section not only the corporate prin-
ciple itself is to be destroyed, by making individual
corporators stockholders liable for corporate debts
but single partner stakeholder" to the amount
of single share say % IS dollars of stock is in
dviduay to be made liable for all the debts Of the
Institution Nay, even mere ministerial officer or
agent of the bank who has no interest in its stock or
property, is to be made thus liable! Was ever such
monstrous project bred in the brains of sane legis
ator2 As proceed with cursory view of this
sero-carcature of BILL the conclusion is constantly
irresistible without adverting to the established repu
tation of its author that the object Of the whole
scheme is to destroy and prevent every pecunary in
corporation for one in his will invest
ney where he is to be thus exposed and copardized.
Sec. g. Is this section to authorize the payment of
notes under twenty dollars to bank banking COM
panies or what is the precise object of it for it
stands it seems unintelgible; except that although
in the second section, the penalty for passing notes
less than 20 dollars is not less than FIVE hundred
thousand dollars it is here only made double the
amount of the note offered to be passed. There is
nothing else distinct specific in it,
But Citizen" says that by Mr.. Tappans bill
banking to be left open and free natural right"
We the freedom and right it confcrs Heaven
save the mark :" And every man, he says, who
has money to lend will be allowed to lend it freely -
any may receive money deposit, if his neigh
Dor chooses trust him with it for safe-keepng; any
may buy and sell bills of exchange" I! &c
Indeed and those really privileges for which the
people here to be indebted to Mr.. Tappans bill,
and to be thankful accordingly Or all this trash
a mere mockery-intended to reconcile the ignorant
to severe privation Something like administering
to sick child bitter pl-perhaps, even arsenic it
self, by faithless nurse-in tea spoonful of pre-
serves. Can any one be stupid as to believe that
Mr.. Tappans bill can have more to do with securing
to the people those benefits than an Ukase of the En-
peror of Russia proclamation of the most puts
SAINT Emperor of Lilliput2
strange jealousy of banks, as instruments of the
wealthy and avaricious, is industriousy incucated
among the poor and ignorant but the fact is, that the
very wealthy and avaricious are not, generally, the
friends of banks they profit most by the absence Of
banks it is then they pile up their mpositions on
those who with moderate and inadequate capital seek
to employ productivity their time and industry but
whose sanguine and audable anticpations are too Of
ten disappointed by the oppressive exactons Of private
usury; such public, legalized institutions would
have prevented Now and then, it is true there islam
exception to this general rule the case of some over
grown, incident, sluggish, capitalist who is willing to
commit his funds to the safe-keeping and manage
ment of some respectable public institution but gene
rally speaking, they the men of moderate means
of enterprise and credit anxious to acquire compe-
tcnce and fortune by their industry who are the ayo
Gates foI, and the friends of banks
In our general attention to this subject we cannot
overlook most formidable resolution introduced into
the Senate by an honorable Senator from Missouri,
which now, think, lies on the table of that House
expressly prohibiting the discussion or entertainment
OF any project relating to the removal continuance
OF the banks of the District until they shall have re-
sumed specie payments! Now, is it possible that the
Senator, whatever may be his inveteratc, abstract
unique notions this subject WILL in the face of the
late action of the ncighborng States, insist as his
more than draconic resolution indicates upon the de-
struction of the banks Of this District before he will
tolerate discussion in relation to them Il il to ono
arrogating superior purity, wisdom and philanthropy
so much more agreeable and satisfactory reproduce
Or recreate from premedcatcd, chaotic mass of de-
composition in which thousands will have been in