The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-25
PRINTED AND PUBLISHED BY II. WEBB.

to follow the business, directly or Indirect
ly, but such as may be specially licensed
greatly TO check many Of the evils Of which
our city population complains.
| also recommend, an unconditional re-
peal of the law authorizing stockholders TO
vote bv proxies; or if you should be of the
opinion that this would be going too far,
then, at least so far, as to prevent proxies
from being given by stockholders residing
in the county where the bank is lucated, and
prohibiting bona jide stockholders, residing
out of the county, from giving proxies "
any officer, director or agent of the banks.
This system of proxies is susceptible Of
The grossest abuses. 1t has been used to
keep i'll office directors, presidents and cash
iers Of banks, who were not the free choice
of the stockholders. II prevents those who
are interested in banks from investigating
their management, and enabling dishonest
officers, not only 10 delraud the banks, but
the banks to delraud the public, 1t is an
unnecessary exception 10 the plain rule of
common sense, that where majorites gov.
ern, the voters should attend in person.
! also recommend the prohibition, by
law, Of the pernicious practice of issuing.
what is denominated post notes, by the
banks, or notes payable al a future day.
This is violation of the spirit and princi-
pies OF all judlcious bank sit is danger.
ous power TO be exercised by the banks, and
it will, ultimately, enable them TO evade
mos, of our penal laws. 1t calls for elfectu.
al ex,iipation.
l also recommend that the power contain
ed in the amended constitution, of repeal
ing bank charters, reserved to the legisla.
,ure on the creation of all such corporations,
shall be made a fundamental article of eve
ry bank charter in the state. This will
bring every bank charter directly within the
reach Of the people, at all times, and will
enable them 10 rid themselves of any banl a
ing institution by repeal, the conduct, or
power of which, renders il obnoxious.
also recommend, that the time given TO
the banks. after the presentation of their
notes and refusal 10 pay them in specie, as
well as to make application TO Judge by
the holders thereof, 10 exhibit proof of the
fact, for the purpose of proceeding 10 have
their charters forfeited, shall be restricted
from three months, to thirty days. This
will afford strong guarantee against all lu-
ture suspensions, and place more speedy
remedy in the hands OF Ihe people should
such occur.
also recommend that the directors OF
the banks of the commonwealth shall be
rendered personally llb!e for The payment
Of all notes issued by the banks respective
y under their direction, il at any time the
same in circulation, and the money due 10
depositOrs shall exceed the ratio Of three
dollars for one of the specie in their
vaults.
also recommend that from and after a
certain period, perhaps Of one year, no
banks in this commonwealth shall be allow
ed to issue any notes of a less denomina.
ton than len dollars. This will insure as
a larger amount of specie in general circu-
laiiOn, and add greatly TO the stability OF
The currency and the banks. Our expert
onoO in relation to excluding from circua.
ton notes under five dollars, full ~ confirms
the policy Of this recommendation.
also recommend that The banks be pro-
hibiled from making dividends exceeding
seven per cent, per anrum, and that the
law prohibiting the declaring of dividends
duling the suspension Of specie payments,
be rendered more eilectua. Ii is under.
stood that several banks in this common
wealth, have waulonly and necdlessly vio-
lated this law since their suspension in o.
tober, last. II this be fonnd to be so, on
examination, recommend, further, the
passage Of law repeating their charters,
Oh such conditions as may seem expedient
to maintain the laws inviOlate aud 10 pro-
tect the rights Of the community. The idea
Of q set Of associated individuals publicly
declaring division Of profits among them
selves, and refusing a, The same time 10 pay
their just debts, is revolving to every princi-
p!e of common honesty and good morals.
If the laws of this commonwealth are thus
contemiuously trampled on, without even
the poor pretext Of necessity urged in be-
halt Of the act Of suspension. think it is
time an example was made of of the often
ders, TO vindcate the law, and TO punish
their temeIity.
1t also recommend that more efecIual
provision be made TO compel the banks to
furnish full statements of their condition 10
the auditor general, or to the bank com
missioners, should the legislature enact
law for their appointment.
The principal of making the stockhol-