The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-16

made, accommodations imp-udently gram
ted, and their issues extended, no. oaly
beyond all the bounds of moderation and
prudence, but greatly beyond their ability
10 redeem them.
The inevitable consequence Of this inn
polite and cxtravagant course, was re-
sort for the second time to a suspension OF
specie payments. The disregard of prin-
ciple and faithlessness manifested by this
act should have deprived them at once OF
all legislative support. But at this time
they had entwined themselves almost in
dissolubly around the interests OF the
country. Every department of business
and trade was entirely at their mercy, the
people and state were completely within
their grasp. The pecunary embarrass-
ment and distress that would have been
occasioned by the sadden withdrawal OF
their paper from circulation was truly
alarming.
Influenced by these considerations and
deceived by the deceiiful prospects held
out by the banks, that they would in a
short time be able to recover from their
difficulties, the legislature which assem-
bled soon after their suspension again rem
dcred its aid and indulgence. The Ut
most liberality and lenily was extended to
them at that and the succeeding session.
Every measure that would tend TO relieve
their embarrassments and sustain their
sinking credit was freely adopted. By
pursuing this policy they merely postpo-
ned calamity which 1t was not in their
power to avert.
Tha! calamity has since fallen upon the
country with paralyzing force. The
paper Of the banks has Deprecated 10
about one third of its nominal value.
Thus loss has been inflicted upon the
country corresponding to this deprecia-
ton, upon the whole amount oftheir notes
in circulation.
The injury they have in this manner oc-
casioned has been greatly aggravated and
increased by the peculiar circumstances
under which it occurred.
The failure of multitude of banks in
the neighboring states, and the great re-
duction which had been effected in the
circulation Of others, preparatory to re-
sumption of specie payments, had caused
an exclusive reliance for currency upon
our own institutions. The sudden depre-
citation of their paper has therefore almost
entirely deprived us Of circulating med-
um. They still remain in state of sus-
pension. and will, presume, in some
manner be made the subject of legislation.
Should you merely withdraw your sup
port from them, and leave them in the
possession of their chartered privileges,
by availing themselves of,he reduced value
of their paper. they will probably be able
at some future period, to resume specie
payments, and to some extent regain their
credit. Should this ever happen, there
is every reason to apprehend that it would
only be to repeat their course of impru-
dence and folly, and to expose the country
again to its ruinous and whitening effects.
They have already failed to accomplish
the object for which they were created,
and have proved themselves utterly I'M
worthy of trust or confidence. A just re-
gard for the public interest requires tina;
their cooperate existence should be spec
Oily terminated. AS the most direct and
eliectual mode Of attaining This object, |
would recommend repeal of their char
tiers. The power of succeeding egis-
lature to repeal any act of a preceding one
affecting the public interest, results from
the very nature Of our institutions. 1t is
the only ellectual security of the rights of
individuals against the INVASION Of corpo-
rate bodies. The period has arrived when
It has become necessary that this power
should be asserted and exercised. The
careless and unguarded manner in which
chartered privileges have been granted,
the boldness and IMMUNITY with which
those privileges have been abused, and the
injury which has thus been inflicted npon
the people, forcibly illustrate tho absurdily
and danger Of subscribing to the doctrine
Of vestcd rights. The only eilectua mode
ofrestraining the grasping and over-reach-
ing spirit of monopoies, and of combining
them within their chartered limits, is by a
prompt and wholesome exercise of the
repeating power. Prudence, of course,
would dictate that this power should never
be wantonly or unnecessarily employed,
but when the conduct of a corporate in
s,tution renders it necessary, or the pub
lie welfare demands lit should bp nm