The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-18
Specie,
$l0,S20,240
22,i44,9lT
87,OI5.340

1897. 634 140,lS5,s90 87,015.340
1t is sometimes said that the whole bank
ing system is but "an experiment" and
that as such, it has failed TO answer the ex-
pectations of its projectors that it is time
it was totally abrogated, and that Pennsyl-
vania ought TO take the lead in this great
work ofreform. # is certainly true, that
the banking system of ihe United States is
SO far mere experiment, as TO be found
in state of constant change and huctua-
ton. No great elementary principles have
yet been struck ont TO experience, TO form
sound and stable basis TO uphold and con
troll it,. Like the banking system of all O.
ther parts of the world, imperlection char
acterize, nearly all its details, and abuses
of the most fagrant sort, have been coeval
with its first establishment.
In legislating on this subject, however,
we cannot close our eyes to the peculiar
condition OF the country, We must take
things as we find them. We are not con-
sidering what would be the proper course
il we we're now about to introduce, for the
liIst time, system of banking in Pennsyl-
vania. The question was settled long ago,
and by constant rapid progression 1t has
been entwining itself with every interest,"
and every measure OF policy in this com,
monwealth. 1t has, for good or for evil,
stamped its influence on every commercial
manufacturing and agricultural interest a.
mong our citizens. Under the operation
OF this system. and on the faith of its con-
tinuance in some form, all our business has
been undertaken, our contracts between in
dividuals entered into, and their debts con-
tracted, our internal Improvements commen-
ceG, and our vast state debt fastened on the
people. Abrogate the entire system,and we
know not into what condition twill plunge
us. Real estate and all commodities Of
commerce, agriculture and manufactures,
now bearing the highest paper price, must
fall greatly in value, and by that fall in
price, thousands of the enterprising and in
dustrious of our fellow-clizens will be ir-
retrievably ruined. The ten years immedi-
ately following the last war with Gusat
Britain, furnish us some instructive lessons
on this subject though very inadequate TO
portray the consequences that would follow
causes in our present si!uat on. And what
heirhtens the evils anticipated. is the reilec-
ton, that the poor, and those immoderate
circumstances, would be obliged TO endure
the brunt of the hardships. The rich be-
inc the creditors, have little 10 fear from
such change in our system of currency it
is the debtor part of the community on
whom the chief burden is cast. In adopt
ing coereive measures against the banks, 1t
should not be forgotten, that the penal con-
sequences do not fall on them alone. The
vast number of individuals, from whom so
many millions are due to those institu-
tons, would feel most oppIessively the
blow. Nor would it be right or just 10
cast the great mass of innocent stocihol-
ders beyond the pale Of legislative protec-
ton. The officers and directors, who are
in fact chargeable with most, if not the en-
tire blame, would readily screen themselves
| from it, elude the laws, take care Of them
selves, profit by the suderings AMI losses
of the innocent and leave those TO perish,
who had little, if any, active agency in pro-
! ducing the present state of things. This
is matter worthy OF your most serious
and deliberate consideration.
On reference to the history of all COM
nercisl nations, it will be bound That every
| considerable fluctualion III the currency,
operates directly and with greatest severity.
on the laboring part Of the community
While currency is in a state of transition
from cheaper to dearer medium, the
prices Of wages are first affected, without
an Immediate corresponding change in the
price Of the necessaries Of life. Those
who carry on extensive business operations
of all kinds, are soon compelled to curtai
or stop, and numerous industrious operative:
are thrown out of employment, or compel
led TO resort TO other occupations that they
donot understand, for the means Of support
ing their families. Besides, though Penn
+ sylvana might abrogate her banking sys
TEN altogether, yet we have no assurance
that other states would follow her example
1t would be difficult, if not impossible, II
, prohibit their bank notes from circulation
, among us. and we should suffer the wors
evils Of the banking system, without it
benefits; for the banks OF other states woult
, be situated beyond the reach of our legisIa
, uon and control. know of no other mod
of securing uniform and. cotemporaneou
action, on this subject, among all the state
of the Union, except through the agency q
U | Il. II . -