Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-16
From the PHILADELPHIA SPIRIT Of the TINES, -7prl 01



This document is of such terrible length as 10
preclude US from giving it entire. We have, there
fore, prepared synopsis, containing the whole of its
important features.
The Governor states, that there are several provi-
sions in the bill which he would gladly approve, but
that there are others which he cannot sanction. He
then refers to the preceding suspensions-to his reuct
ant sanction of the Resumption Resolutions, and the
expectation formed BY the people that the Banks would
sustain the resumption, and gives his reasons for Veto
ng the bill in full His first objection is to the entire
repeal of The penalties imposed upon the Banks for
fusng to pay specie on their obligations fhese penal
ties merely suspended for short time he might ap
prove it, The next objection is 10 the issue OF small
notes. The amount authorized, and The time during
which they were to be uttered too great The
would not relieve the Banks, and would certainly
drive every dollar of specie from circulation. The is
sue Of post notes is also objected to, uncalledfor
and reprehensible.
The injurious tendency Of that provision which
seems to restrict directors from contracting liabilities
to their own banks but which in reality affords them
pretext and nducement to expand their business be-
yond healthy limit is well pointed out and properly
condemned The reduction Of the number Of votes to
which stockholders should be entitled, also condemn
ed, it would place the affairs of the banks in the
hands ola few monopolists of stock. The provision
that directors shall be stockholders to given amounts
objected to, because would place the management OF
the banks in the hands of the rich only, stock job
bers. The banks already arstocratic enough
without the addition Of this property qualification 10
their directors. The State Directors, too would be
more likely TO the public truly if they held no
stock at all in the banks. The 18th section Of the
bill, "requiring the banks issue but their own
notes, except by special contract, is considered idle
from the ease with which it may be evaded.
The authority given to the stockholders 10 reduce the
capital of the United States Bank, is deemed unwIse
and unnecessary in its present form. The release Of
the bank from its obligations 10 make loans to the State
s objected to- besides, the Constitution Of the State
quires that corporate body shall be Created rcncced
or extended without six months previous notice has
been given, and without inserting clause in the char
ter reserving the right 10 'aiter rer0ke annul Tho
same" No notice of application for this change IN
the charter Of the bank having been given, and
seIvation Of the right 10 revoke being inserted, 1t IS
unconstitutional
These are The principal objections 10 the bill The
Governor says he retained it until the last moment, to
ascertain the opinion formed Of it by intelligent BUSH
ness men, and satisfied that its provisions would not
be acceptable tenth of the banks themselves.
The Governor then reviews the present embarrassed
condition of the State, and expresses belief that our
difficulties oyerrated, and that there is no real cause
for dependency lie attributes the prevailing panic TO
the unwsc conduct Of certain legislators and the croak
ngs Of interested demagogues He considers most oil
the Banks able to meet their engagements ultimately,
and is assured that business will recover from their
difficulties IN short time.
The late drain upon the Philadelphia Banks, by in
\
and ntmaon made that the drain was the result OF
combination 10 force the present SUSPENSION or to GRIP
pie the Banks in their business.
The Governor thinks that the most advisable course
now TO pursue, is to leave the Banks TO the people
They will discriminate between the good and the bad,
and sustain those that merit the indulgence He recon-
nds mutual forbearance and regrets that the Legs
ature after being in session three months, should not
have presented such bill he could sanction-one
that would the citizens against the banks, and
the hanks against brokers and foreign sharpers
lie commends that citizens Of other States, and
foreigners be precluded from enforcing the exruordi-
nary penalties against the banks but that the laws re-
main as they TO citizens, and concludes
the communication, which is able and patriotic, with
this remark:
"In all our legislative acts should RENE mber that
without encroachng upon the rights OF the citizens OF
other States, first and highest duty is to take care
of the interests of Pennsylvania This is expected from
US by the people, and less than this would be an unpar-
donable shrinking from our duty.