Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-02-11

amount OF capital stock, and place OF
doing business, receive an act OF ncor.
poTatlon subject to Ihe general rules AMI
regulations prescribed 10 the remaining
sections of the bill. We do not readily
comprehend the purposes for which this
! bill has been reported, 1t creates no
bank charter. nor aulhorises the eSlab-
Ishmeut Of any bank. 1t only provides
that the Legislature may hereafter 10
corporate banking associations, and in
effect recommends the adoption of GER
tain principles, rules aud regulations,
which are SET forth in detail, for their
governme ntp>--Eulure Legislatures will
derive the power TO incorporate banks
from the constitution, even if this bill
does not become Law, and will be very
likely, when they establish banks, TO
adapt them TO the exigencies Of the
fines without any reference TO the theo.
TetjcaI notions which this Legislature
might entertain, it. having nothing else
TO engage its attention, it should pre-.
sumEtuousy assume to egsate for
The wants Of posserity. II the bill
should be acted on-ifit should occupy
three or four weeks Of the session, the
next Legislature might regard il as
without value and repeat il; and thus
so much time and labor would 90 for
nought. 10 no light that we have heen
able to examine 1t, does it appear aSl
any thing but humbug-a mere cub
to the whale" To he sure, it might be
construed into an assertion Of the right
and duty Of the Legislature TO establish
system OF banking; but the assertion
of the naked principle, would be- of no
benefit to The people, who are qualified
to assert their own wishes at the ballot
boxes But if that is the object Of the
mover, it would be more economical to
do it by means of a simple resolution.
The system Of banking proposed in
the bill. clearly and plainly stated, |
would find but few admirers, we imag
inc. 1t is intended to give rise to a spe !
cies Of monopoly Of the worst kind --
Banks could only be formed under it on
the principle IN which mercantile or
business partnerships ara entered into
Twoo or three individuals rich enough !
to raise fifty or an hundred thousand !
dollars each, might unite their means
and estab ish bank, bat there are not
many such persons. and the number Of
banks which could possibly be organI.
zed under the act would be "(ew and /
far between" We are too strongly |
attached TO the true princi pies Of re
publican equality, to give our assent to
; the scheme of establishing privileged
class in the Statp, which would not en-
brace one individual in twenty i've thou
sand of the population on whom the
right and OoWer 10 engage in the busi
ness Of banking, shouId be exclusively
conferred. But perhaps it wilt serve
no particular purpose TO discuss this
matter; cerlanly not, if, as we under.
stand, the State Printers veto extends
to this bill as to any and every other
proposition to create new banks direct
Iy, or to proIong the charters Of those
now existing.
, J. sa week since we examined the
, files and bills before the two houses, for
} those which had been reported subse-
Quent TO the time Of our further enumer
alton. How many more have made
! their appearance, since, we are not able
10 say. The whole number we now re-
port, is t,relre! We have before said
that all the Legislation on the subject
r should have been comprised within one
act-Pxcept, indeed, the plans, for any
, new system of Banking But the course
which the rival leaders Of "Relorm"
pursue, each for himself. precludes any
: such mode of action in tho Legislature,
ln the Senate. each member acts for him
self solely Each is ambitious Of mo-
! nopolizing the 1aures which are to be
gained in this cause, and every man
rides the hobby on his "oWn hook ~
The committee on the currency have
not held a regular meeting, consulted
each other or compared opinions on the
subjects committed to their charge, this
y winter. Messrs Taylor, Wade and
Latham compose the committee. The
chairman takes the responsibility Of re
i porting such bills as he pleases, Mr..
Latham uses the same liberty. Mr.
: BARLEY having read some stray pam.
s phIels en- Banking and the Currency,
formerly published BY Albert GalIatin,
reposes no more confidence in Mr.. Tay.
tors requirements on The subject, than
y we do ourselves; but in the same de.
g gree that he enterlans contempt for
d him, he rises in his own estimation In
} fact he considers himself an fait, on The
= currency, and he is accordingly very
d liberal in his contributions TO a commit.
q lee Of which he is not member, both
in the way oro'iglnaI b lssand by offer
n ing amendments TO the bills Of others.
. Mr. Hulues has studied the srienre