The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1841-04-17
NylGZ1gWIEl
OF THE BANK FsgLTA.

TO the Senate and House of Representa-
tires. # the Commonwealth Of Penn
syiomia.
GENTLEMEN THE bill entitled " An &C.
relating 10 Banks. and tn provide for the bet.
ter government thereof" is herewith return
ed To the Senate, in which il originated,
without the Executive approbation. and
with the following reasons Why that sauc-
ton is Withheld.
This Bill relates 10 a snbjec, of deep and
universal interest TO the people of Pennsyl
vania; and to its consideration have brought
all tic energies OF my mind, and oil the
lights that experience of upwards of hall a
century has furnished I cannot persuade
myself that dnty er patriotism would just iy
my sanciicn ofis provisions. Some things
con.aineJ in it, woald gladly approve. Sul
! cannot believe that the penalties imposed
on the Banks, so far as relates 10 the ci,i-
zens of this Commonwealth, ought TO be
| repealed, or that the issue Of notes Jude,
| the denomination Of five dollars by the
| Banks, to an amount Of six millions of dol
lars, fer the teim of five years, should be
authorized.
1t would be useless TO 60 into o discus
sion Of the causes which have led to the
present derangement and ,ssnbarrassnent'o of
that they exist, and that our banking ins'i-
,ulions, generally, have been unable to meet
their engagements. We have had three
bank suspensions in less than four years.
The result is an almost entire destruction OF
the confidence of the public in our banking
| Institutions. The intimate connection en-
listing between our banks has involved all
in one common fate. Those conducted with
prudence and care, are suffering from the
misconduct of others. That there are some
great and cardinal errors in the mode of con-
during our banking operations, must be
Obvious 10 all, or those things would not oc-
cur SO frequently as they have done. The
public will, seeking tie public good, has
Ireuuired that these errors should be correct
ed. Tha. correction, all must be aware,
cannot take place at any time, without ca
ses of individual suffering and hardship
These are to be regretted, but yet ought not
TO prevent the correction OF greater evils TO
the public at large. The indulgence given
to the banks, by the resolution passed on
the Sd day of April, 1910, which suspend
engagements until the 9Th January last, II
was hoped would have enabled them then
fully 10 resume. When approved those
resolutions, believed that it was necessa-
ry TO give the banks and the people some
time to meet their engagements. That CIV
en-, however, was greater than then ap-
pretended TO be Necessary, or exactly salts
, factory 10 the public. But as il was mere
question OF expediency as TO time, yield
ed nv assent, rather than ran the risk ol
! having no legislation on the subject. 1he
indulgence thus given, was dictated by
spirit of extraordinary for6earance, and the
public fully expected that at the time ap'
pointed, the banks would be fully able Ia
meet their engagements Such were mos
, certainly my own expectations. lhose eS'
r pectalions unfortunately have proved TO be
or0und,ess. The banks are nov III a state
, of general suspension, and this bill is de-
$ signed by the Legislature as a remedy ioi
the evil, aud relief to the community
| Let us examine how far il seems likely ID
answer the end proposed. =.
/ The principal features ot it are that u
/ repeals absolutely aud nncondnonally' me
= penalties and iorlriiures 10 which The 9anRs
. Of this Commonwealth are subject, Tor lht
non.paymenl of their abilities on demand
and renders the banks liable, as natural per
sons or individuals are, agrefably to the
4 laws of this Commonwealth, ;or the pay
ment of their bills, notes and other lla6lll
o ties; and also, that il authorizes the banks
5, for the term of five years after she passage
:. of this act, TO issue, circulate, and receive
v bills or notes of the denomination OF one
|. two, and three dollars, TO an amount not eA
G ceeding fifteen per cent. on the amount O
!. capital actually paid in. 1t also provide