Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-06-15

sors o.s, several lrs Bans, according 10 t,sct &c
ws.d, So n. io,,hcr nh ,h,r rvsg-csirr pto
f~sspss 81 sJ-css and iatsss general surcf's'cn o
~
n. dvis. 81 il~ director, 81 tie several local Dsnl,
.-ss-s Bsp., D,.ooupi- (saer si,iag good .scuri,,
sus TIE feful dschargc - sif dotes sod the rtnrnIs
l@J@sa.' 10 ,i.cif ,3ooessofs, ~hsn thcu
eascs stall sipste Of III fsotefts II 10,
Bsnt va iei, hAnd, shall H. 10 eIryue tho bills for
nisAs3 ism b, u,cif scsFoctiss State Banks by sign
ing dsea, and mstinH them l,syab, spef,e on de.
msod NJ tbsit several and losn m. ssne by
dsscOuuing sotual business rsf having bu, .ofi re
node 70 and which hsnk director hs, shy 10.
ess. esther direo,l, ineHecii.
The difpc,ou Of local Banks should not loan large
sv~cul.,or. when tict dong 40 will deprive
thes II the 81 di.counng the regular business
paper 81 Tho place. although such sToculaiors can az
scsd 90 make the loan much moro profitable 80 tho
Stockholders thsn their otdnsry husinrs. by making
their Does doe IN distant city. which they export
their purchases, and where the 81 exchange 10 high
sgsins the place where ,be bank b. located on which
place IN sddnion 30 the lawful interest, the bankers
car sei their drsfs for large pc mum on tho et
change The election OF tho directors bv the PEOPLE
interested tho discounts will ob,iaie this since one
handled fair traders, who require credit at the bank
Of oDe thousand dollars each, will exercise far moro
isi0r with hundred thousand dollars. American
manufactures will thus bo cncuunged--inlsnd com
Defoo fsoilila,cd--tbo farming interests promoted
and paper money lie made slcty convertible, uniform
In ns value. snj easily to be obtained other
Eodies wi,hou, interfering with existing banking in
siu,ions.
The insiduous entertainments upon society, through
chartered banking companies. Of dishonest principles
In our business transactions of deptaviy Of moral
sentiment, and disregard OF moral honor and honesty
In tho cobdue, OF monetary affairs will 10 eloc,u-
ally checked by the adoption Of the proposed system
Of Republican Free Banking. Tho evasion of Law
10 bu, step short OF its open violation And the
passage Of bank note. a, pat which one, FIVE. or
ten per cen, below par i, bu; step for paying out
parcel OF bills in which ,hcro Is known to tho payer
IN be one, five 10 dollars counterfeit money.
This system OF Republican Free Banking, ,hs, your
Aersstias,s propose - yout honorable body for sdop
lsr. 70 desyssd 10 give ne pspsr psrtioa OF the
H0sf nssshs character. with ell ihe advantages to
- klAollsu asd s,sehhsldsfs the, could be obtain.
~ chartered United States bank and branches,
without tho dangers and inconvenience oihe central
tsed administration Of such an immense financial and
political power the latter possess, and from
the laws OF its situation would be likely exercise
II eentralizes the government Of the currency and d.
vides It's administration. Giving the United States
Dank-she Bank Of Is,uc-ihe centralized control OF
the capital stock the specie received for the sale OF
stock, the issue and apporonment Of the bills and
spcce among the several State Banks the profits tho
ssfe,y fund.- the dividends, tho forms Of business and
Of making returns for publication. While it complete.
" separates the administration Of the currency from
the general United States or several State Banks of
Issue, and divides it among tho people, 10y giving to
the electors OF the several places where local Banks
tho Banks OF Dscounarc situated, the election ofihc
sof H.
banks to the disoounng OF only actual business pa.
per- having bu, short periods run, which drcc-
tor has interest either directly indirectly, and
the ordinary business Of bank Of discount This will
render the administration of the currency divided
End independent OF its government are the election
Of tho officers and administration of the affairs OF the
townships separate and independent OF the government
Of tho Union.
Your memorialis,s trust, that the stock ofan United
States Bank, founded upon the principles OF Repub
can Free Banking. will be saleablc and produ ctive
90 any stocks in America, while it will constitute
bond OF union between the citizens and government, Of
this country upon the apoweriul principle OF sef-in
tercsi, equal that which supports the government
Grea, Britain in the bond OF private interest, caused b,
IL national debt, withou, any Of It's ooncoman, evils
This stock would probably constitute the mos, pofi,a
BILE, safe and permanent, investment of capital, in th
United States, II in the world being cash in han,
when capital is required money at interest at all times
and convertible into specie the same the funde,
debts Of America or England. The bbolder wou
he from the failure of banks the depreciation
Of their notes; and the public rom the expansions
ruinous consecutive coniraelons Of the currency.
Your mcmoriss,s, therefore, respectfully pray, tina
your honorable body will be pleased take the sub
'eo, OF the banks and currency into your serious
sideraiion; and to authorize the people provide them
selves with republican currency, tina, shall be FIRE
from the Influence Of private interest credit polite
strictly convertible. uniformly current throughout N
Union. and as easily 10 be obtained other commod
hes or IN such manner your honorable body -
deem meet, provide for the formation Of 49, CO
renoy, that shall be current throySp%Stbe bnjra4< A
x-As{GagI. No. J: y;s, 4 /! 4K III fNlAL o