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


restrictions and regulations are wise and sal.
utary. but many of them are, in my opinion,
TO produce far more mischief than
good.
In relation TO the repeal of the penalties
and forfeitures, and placing the banks on
the same Cooting of natural persons, ii seems
to me, that the bill Is peculiarly o5jectioua-
be in several material respects. 1t pre-.
scribes no time when the repeal shall cease !
TO be operative, and 1t serves none Of the |
special provisions of the law under which, |
independent Of the penalties and lorTeitures
TO which the banks are subject, they may
be required To pay liabilities. 1t seems 10
me that it would have been far better, if any
law of this nature is to pas. at all, instead
Of repeating absolutely the penalties and
lorleitures, to suspend the law imposing
them for some definite period of time
They would then, at the expiration of ina,
time, again take effect without any positive
Legislation upon this subject. But agreea-
bly to the provisions of this bill, they arc
repealed forever. Should subsequent events
require their re.enaciment, we nigh, he met
with the objection. that the charters are in
violate; that HE provisions of the bill IN
question, when accepted, became part Of
the same, and that the Legislature possess
no power 10 einiolce the existing penalties
so taken off,
Grea, caution should be exercised in the
passage Of laws affecting corporation or
private remedies in regard TO them. Cogpo-
ralions being creatures of the law, and
acting oaly by its express authority, and
being responsible only in the maner pointed
out by the law, may, by has,y and
( linconsiderale alteration Of the law, the whole
operation Of which was not toreseen al the
time of its passage, be rulnously ctippled IN
their actions, or placed beyond The reach Of
the ciizens who may have dealings with
them, or demands upon them. There are
SO many dlficyen, modes in which the banks
Of this Commonwealth are connected with
Tic general interests of the community, and
there are so many legal provisions regulating
extremely hazardous experiment 10 say,lha
so far as respects demands agains; them II
their corporate capacity, they shall b'
repealed, and the BANKS be placed OF
the footing Unnatural persons or individuals
At the first glance ii appears TO be plausible
but it may result in manner very prejnd!
cial to the community or to the banks, Of
probably to both. Without tracing It's ope
ration further it would 7eieve the banks lron
serious inconvenience in giving bail OF
suits brought, and on appeals from awards
obtained against them; although the popula
Impression is, that it would free them from
, no such liability. There may be olhe
, changes which it would effect, but shal
not occupy any time in following them out
1t would have been perfectly convenient II
have simply provided on this subject, tha
. so much of any laws of this Common
wealth as relates to penalties imposed upoI
, the banks, or the forfeiture Of THEN charters
should have been suspended, leaving all th
other laws for enforcing demands agains
them untouched. Then al the question
that can relate to the enforcement OF tn
t law, for the collection of demands agans
the banks, would have been provided for
, and it would have been known precisel,
. what the condition of the banks was; bu
, not so under this law which places them il
the same general class with natural person
or individuals.
So far as respects the authority given t
2 the banks to issue and circulate notes unde
the denomination of five dollars, | beg leay
f to refer you TO my annual messages trans
2 mi,led to the Legislature of last year and 4
a the present Legislature, for my genera
, views. The unloward circumstances whcl
: have placed the banks of this Common
, wealth in their present situation, are TO b
t deeply regretted, and in 90 particular NOR
so, than in the embarrassnents Ihereb
= created, in procuring small sums for III
2 common purposes Of change among the ci
uzens in their various transactions. Thes
r embarrassments are undoubtedly. in man
instances, a severe hardship upon the com
, munily, but the question presented for cor
sldcration is, whether this mode of relic
t would not, in the end, be more injurious
, tae community than The temporary inrol
$ venience they now suffer. This provisio
3 would authurize the issue aud circulation {
, bank notes for less than five dollars, TO tn
: amount of six millions of dollars aud uf
g wards, and we might then well despair {
: seeing dollar in specie in ejaculation.
: Whatever arguments might be adduced !
S favor Of limited amount of small notes, ic
c a short period, TO aid in the resumption {
e specie payments, the force OF which hf
J, not been conclusive upon my mind, III
: amounl authorized by tins Bill, and the p,