The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1841-04-17

wealth requires similar qualihcaton.-
Nor do know that experience shows that
it is wise standard to measure a mans in
toligence or capacity by the length of his
purse. Nor can believe that in this en-
lghtencd age, such standard ought to be
adopted.
As respects the stare directors in tho
banks referred 10, il appears 10 me, that the
interests Of the paolc will be far more likely |
TO be secured, by the election Of state direc-
tors who have no stock, or very small
amount, than by the election Of those who
are interested in having so large an amount
vi stock as this bill requires. Inc stock
holders in these several banks are fully rep |
resented by the directors, whom the elect
themselves, and the State, which has not
full proportion Of representation IN the board
of directors, according to the amount OF
stock she holds, is supposed, in theory. at
least, 10 be represented by the State direc-
tors elected by the Legislature. Is il no,
unreasonable therefore, TO require that those
who are to represent the interests OF the
Stale, which may sometimes be adverse to
those of the stockholders, should also be so
deeply interested in representing the stock
holders, who have more than their fair share
of re presentation s,ready l cannot approve
this feature in the bill
The proyisionsi in the 18th section, re-
quiring the Banks of this Commonwealth
to issue and pay out none but their own
notes. without the consent of the parties to
whom the same are rendered, is rendered
wholly nugatory, by the exception OF "spe-
cial contracts" Banks can very easily
evade the operation Of this section by max
ing special contrac! with all those who
deposit money with them, and obtain dis.
counts from Them, 10 take payment Tor the
same in current bank notes, or in such man.
ner as they may choose to specify. 1t is
useless 10 enac, law, which can be 80 ea'
silly rendered imperative.
The authority given to the Stockholders
ofthe Bank Of the United States; to reduce
its capital from Ihirty-1ve TO fourteen mill
ions Of dollars, has never been asked for by
either the directors, or the stockholders OF
that bank, and in the form which this bill
prescribes, seems 10 me 10 be unwise and
unnecessary If the Legislature is of the
opinion, as great many of the citizens, Of
the com mnonweallh undoubtedly are, taat
the capital Of that bank is too large, this bill
should have provided imperilively, that in
order TO entlle the bank to enjoy the indul-
gehce which il gives, the capital should be
reduced 10 such sum as seemed compatible
with ihe public safety and public interest.
'rhis bill however, leaves it entirely to the
discretion of the stockholders. whether its
capital should be reduced, and in case the
ctrtftin,i then the bske "be fsreassa
from The obligation imposed upon it by its
charter, Of making permanent loan to the
Commonwealth, not exceeding six millions
of dollars,and temporary loan not exceed.
ing one millios of dollars, in any Que year,
at en- interest of four per cent. The bank
is 10 continue 10 enjoy all its exclusive priv.
ieges, for the length of time for which i,
was Incorporated. and 10 be released from
this obligation, which at the time of its Gre
alton was considered one of the most bene
fetal TO the public contained in its charter
The bank effects 10 treat lis charter as
contract between its stockholders and the
State. II has very recently succeeded il
pleading that conlract,as protection agains
the provisions Of the resumption resolutions
passed 3d April, ls40. A highly compe
tent court has decided, that, under the law.
and constitution, this charter exempted j
from the operation Of those resolutions o
the Legislature, without proof of the assen
Of the bank to be bound by those resou
lions; and now it is proposed by this bill
10 extend most liberal boon 10 the bank
without subjecting il 10 the laws and regu
la!ions of the Legislature which control III,
other banks of the Commonwealth
Bat in relation 10 this ssclion of the bill
much more grave question is presented
The 25th section of the lst article OF tn
Constitution of this Commonwealth pro
vides, lhat'no corporate body shall be here
after created, rsneWed or ecfended, witt
banking or discouning privileges, wilhou
six months previous public notice of tn
application for the same. in such manner a
shall be prescribed by law. Nor shall an,
charter, for the purposes aforesaid, be gram
ed for longer period than twenty years, e n
every such charter shall contain a claus,
reserving TO the Legislature, the poUer
after, revoke or aa,,ui the same, whenevs
in theii opinion. it may be injurious to tn
citizens of the Commonwealth in such mar
ner however that no injustice shall be don
TO the corporaiors."
Il is conceded that no notice, such as
required by this section Of the Constitute