Mobile register and journal., 1841-12-29

.dlllluie tt aitta, 'iis tt'.at. sas 10 esssss -s ias 4 is.faii7a -a ras- f5ei gs51t. ##i aa.- 11a n riHl .p-f a ! oaH saeal5 st-.s -fss il F tsr aI Hi 1Il p par, has let ap,l,aa safa f a trs e1 of which plainly organic. But we sinai no, consent for part to have the support of the principle in any form of amendment of which we be-
 ieye it capable, made portion of the policy of the democratic party. We must, like our opponents, agree to differ that point, and when it comes to be fairly ascertained, we believe that in neither of the great parties aill more than small minority be found, who not persuaded that the system is ral- ically bad. The want of union upon the substitute, if any is what keeps the ma jorlty apart, and will continue, we fear to keep up the State Banks lit tie longer, as an alternative. We are satisfied now that nothing can be done at present but remedy few of the most garing defects of the system, and make it safe alternative possible, until more united counsels come, forced upon the people, One source of apprehension for party IS les- sened; and we hope the knowledge of the impracti- cabty of any extensive change will alter .he policy oi ""i oPpoHCutS3- hcy VII "o iN"SSi iNi"SS to give their aid in improving and relieving tue banks, and sustaining the State Government by ap- propriate means. To embarrass the state finances and wifully obslruct the improvement of defective state institution, in order add to its diculties is nothing better than faction, and seldom fails to have the reward of faction. The members on neither siIe of the house ought 10 consent to adjourn without ap- plying some corrective to the glaring eyils of admin without providing against an increased s- sue of irredeemable paper-without making some preparations for paying the principal and interest Of State Bonds, now due, other than by further ex- pansion of the currency and further diminuton of the impaired capital ,-without rescung the State from dependence upon suspended and decayed institutions from its support from year to year,wlhout in short doing something to prop up for another year-and until the people of the State can be heard for them selves, on this subject the failing fabric of bank cred
 its to which the public faith and honor, have been so nsecurely confded We say, they ought to do all this before they think of adjourning-but confess have little ground to hope that they will do little else than wrangle-elect directors after the old mode -and go home-leavng state affairs in condition of infinite confusion. Should they do better, it will be all agreeable disappointment, for which thank fitness will be all the greater.
 Atthis stage of the public business, it is hardly worth while examine at length, the projects of,he various Bank relormers at Tuscaloosa. It would answer no good purpose there, and we shall have abundant occasion hereafter. portion of our objec- lions, is anticipated in the letter of our Tuscaloosa iend against lhe project establishing two currences at o1ce by State authority. To his argument for its usuifciency and impracticability, we would add strong remonstrance against its inuztice and bad faith We cannot yet consent to entertain the idea that this State will deliberately cgsate to discedt it's own currency-formally putting out of use, as ac knowledged to be permanently lrredeemable, except in payment ofa particular class of debts to the Banks -the notes for which its own faith is pledged. It is bad enough have tolerated suspension so long, but it would be premedated injusce-to say nothing of it's ilIegality and unconstitutionay drawa dis tnctsn in law between two currencies, both of which have the claim to the guaranty of the State faith.
 Another point to which designed drawing at tcnoa, is the alarm expressed among many at Tus- caoosa, lest the downfall of the State Bank system
 
 should entail upon us of stock banks, which seem to be thought infinitely more to be apprehended then the condemned State Banks. The reasoning has not satisfied us that the apprehension is well founded. If Banks ought to exist at all, point not yet settled in the policy of the country or by its expe rence, to be settled for time to among us at least, we are not clear that stock banks rig idly restricted, and made subject like individuals, to the operation ofa bankrupt law, not safer guar dans of the currency than State Banks governed by yate interest throws around private property. That however, is moi the present question: If stock banks be admitted ts be great evils, we do not how, der our present State Constitutions there need be any alarm about the creation ef a dangerous number of these institutons nor how in the present pecuniary condition of the country there need be any fear of Tho State Constitin permits tho creation of aaly bank, or branch of bank dt session of the Legisature-and it is doubtful whether bank char ter does not require two thirds vote of both Houses of the Legislature. Should this Legislature estab- fish stock bank, there would be small chance of another, if they wait until capitalists will take the stock, and pay in the constitutional proportion of half of the capitain gold and silver. In that drec- ton we do not that there is any ground for the exaggerated apprehensions at Tuscaoosa-and we forbear therefore enquirng further into the beness of the preferences expressed there so ear nesy.