Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1842-01-15

II will be deemed very inconsderab'e mat
ter, compared with the Inconvenience the peo.
pie suffer from the present state Of things TO
remedy this, sacrifice, TO some extent, is In
evitable.
Connected with'thc repeal ofthis law, should
be the enforcement of specie payments by the
banks. An carly day should be fixed for this
event, at least as early as the first of June.
Tie time, however, is not SO material, whether
it be few months sooner or later, so that
certain definite and reasonable time be bXed.
Your action on this point, cannot he too prompt
for the public interest. The community has
been long enough held in suspense-let the fl.
nal issue be at once presented, and 1t IS to be
| hoped the people and the banks Will be pro.
| pared for it when it arrives
| Those banks which are in q sound condition,
will conform TO the acquisitions of the l.eg,sla-
turc, without much embarrassment; and those
! which are not, will thus be brought TO the
toucl stone of their merits. The first will sus-
! tain themselves the latter must take their
fate As soon as the produce of the country
has found its way TO market in the spring, the
people will be as able as at any other period, to
endure whatever hardship results from this
measure do not myself believe, that my in-
convenience which can arise from 1t, wall be
greater, nor any thing like so protracted, as
those which are felt by all casses now.
1t seems to me j, would be far better, TO
bring matters TO a crisis at once, than to suffer
under the slow. but death-ike torpor that has
already seized upon all. A very few may,
possibly, fall victims little ner, who could
not escape in the end, but the community at
large will ultimately experience 'etfectual re-
lief Let rashncss, violence and injustice be
strenuously avoided, but no vain hopes, or emp
ty theories should prevent cool, calm contem-
plation of our duty, and firm and unshaken
| Of witbout q IN the riuht
hand or to the left. A suspension of specie
payments is at variance with every principle
OF correct banking.
The forbeurance hitherto extended to the
banks has not been without i,s uses. II has
enabled the banks to test their alleged ability,
, and 10 extricate themselves from their difficult
ties and has added much 20 the stock OF our
experience 1t has clearly demonstrated, that
if the banks could not regain public confidence.
,, under the i'm ugence they have received the
system on which they urc founded is essen
tally unsound and requires thorough amend.
ment or extirpation. We have Witnessed too,
i under its influence the most extraordinary
, changes take place, without any sudden or gen.
I eral convulson. A bank of thrty.hve millions
. capital has exploded and gone down in the
!. midst ofus, 'comprehending within its sphere
y of business, the most extensive relations, both
& with individuals and with other banks, without
i making more tuin poltiouo VI t'o
: Commonwealth feel the blow with oppressive
weight Looking, therefore, at all these con-
o sderations, the indulgence heretofore given
\. to the banks furnishes the strongest reason III
is favor of the course suggest, and fully lust.
10 fes its adoption.
m have recommended TO three several le-
re gislaturps the propricty of selling the stock
D. which the State owns in the Bank of Penn.
10 sylvania the Philadelphia Bank, and the Far.
. p.
III pument that could bring TO bear upon the
subject to convince them of the proprety o!
VI separating the Commonwealth from the banks,
~ and of dsposing Of the stock she holds in them
~ | recommended itin a message, communicated
y, ON the 7th March, 1889, on which day the mar
=, ket price of the said stocks were, for the Bank
,ts of Pennsylvania, S496 for si00 paid; Fhiladel'
sr phia Bank sl0St for 800 paid, and the Far
mers' and Mechanics Bank S62 for 5O paid
I'd The same recommendation was again made
n. on the sth Jan. ls4O, at which time the follow
raj ing was the price of said stocks-for Bank o.
" PENNSYLVANIA $40; Philadelphia Bank s99a
TO Farmers and Mechanics Ba nix s54$ A simi
he lar Recommendation was made 9th Januar,
lS4l, on which dav the following sales wer'
made, viz for Bank Of Pennsylvania s4l2
73 Philadelphia Bank slO0; Farmers and Me
chanics' bank 52i, making the said stocks
90 held by the Commonwealth, worth s2,l51,97O
- By the last sales made during lne pfeSen
"a J month"; the market value of those stocks arc
mt for Bank of Pennsylvania Sl6O Phlladelphi
INT Bank SiS Farmers and Mechanics Ban
OF $50; making the present total worth OF thos
, ice stocks se02, ,i2i by which it is seen that b
ne the course pursued by the last legislature, /
"' refusing to authorize Il sale, the loss sustalne
by the State, on those stocks, amounts to tn
q g. formidable sum of sl,255 SAG. l renew tn
~ same recommendation to you, for the reaso
u" giyen, from time TO time, in my several con
H., Inunications on that subject.
on Before | dismiss the subject touching tn
ia banks, desire to call your attention TO the POI
os icy Of rechartering banks, by the Legislature
nm during the present session, at all. When
charter COR bank has been granted TO a nun
- Der of individuals, for fixed period Of TIM
g.. there no express or implied obi CATION TO rene
The il. On the contrary, the very limitation show
,r that its existence TO be terminated at the tim
sc designated Its stockholders know this, ar
the cannot complain II held 10 their bargain. III
The condition Of banks never is known till they al
of wound up and closed Their mode of doin
his business, enables them to defy public scrutin
an, and TO acquire credit and standing TO whlc
his they may not be Justly entitled Frauds an
in Irregularities of years perpetraton, are cor
he cealed from the eye Of the public, tlll ma
,u- settlement of the concerns OF the bank rs mad'
ave Little knots of persons confederate ana game
ght round these institutons-reap the dement,
ON their existence--monopolize their advantage
and perpeluate their power. We seldom mn
ub- among them the energy, intellect and entepris
md of the community, but those who derive thel
r as consequence from their combinations Sanction
,ro cd and inyporatFd by the law. ] cannot thin