Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-01-19

the Farmers and Mechanics Bank S62 for $50
paid. The same recommendation was again
made OH the 9th JAN, 1S40, at which time the
following was the price OF said stoCks-for
Bank Of Pennsylvania $40; Philadelphia
Bank $685. Farmers and Mechanics Bank
S54f. similar recommendation was made
9th Jan, 1841, on which day the following
sales were made, viz fol Bank Of Pennsylva-
MIA S4l2 Philadelphia Bank 500; Farmers
and Mechanics Bank 523, making the said
stocks, held by the Commonwealth, worth
2,157, $40. BY the last sales made during the
present month, the market value of these
stocks are, for Bank of Pennsylvania 1eO-
Philadelphia Bank 48; Farmers and Mechan-
ics' Bank so (; making the present total worth
of those stocks 1902, 424; by which it is seen
that by the course pursued by the last leGisla>
ture, in refusing to authorize a sale, the loss
sustained by the state, on those stocks, amounts
to the formidable sum of 1885 $40 dollars. |
renew the same recommendation TO you, for
the reasons given, from time to time, in my
several communications on that subject.
Before dismiss the subject touching TIE
banks l desire to call vour attention 10 the po-
licy of rechartering banks, by the legislature,
during the present session, at all. When a
charter for hank has been granted 10 num-
ber of individuals, for fixed period of time,
there is no express or implied obligation to
tion shows that its existence is TO be termina-
ted at the time designated. Its stockholders
know this, and cannot complain if held to their
bargain. The condition OF banks never is
known till they are wound up and closed
Their mode of doing business, enables them
to defy public scrutiny, and to acquire credit
and standing to which they may not be Justly
entitled. Frauds and irregul ariries of years
preparation ase concealed from the eye of
I'll 81 he
Germs of the bank is made. Little knots of
persons confederate and gather round these
nstitutions,-reap the benefit of their exist
tence,-monopolize their advantages, and per-
oetuate their power. We seldom find among
them the energy, intellect and enterprise of
the community, but those who derive their
consequence from their combinations sanction
ed and invigorated by the law. | cannot think
such system as this Of perpetuating these
corporations, Congenial TO our free institutions.
1t establishes monopoies OF the most odious
kind, because not limited in duration. If the
business of the community really requires the
aid OF bank, instead of renewing the charter
of the one ABOUT to expire, establish new
one. Let its subscription books be open to all,
and if it be advantag eous, let all share in it's
enjoyment, who may choose to do so, and if
not advantageous let all participate in bearing
the burthen.
Besides it is not 2 fl time to renew bank
charters, or to establish new ones. The pub
lie mind is not settled on this subject, hor can
we fully appreciate the soundneSs or unsound-
ness of the banking system, until resump-
ton of specie payments takes place. Let the
recommendations l have now submitted to
you, be adopted, and let US wait year ac
least to Judge OF their results This. expert
ence will essentially aid future legislation, and
perhaps rescue us from fatal errors. The his
tory of the legislation of this Commonwealth,
in regard to banks, is a succession OF plausible
theories; let US hereafter rest on the solid ba:
sis Of enlightened experience. Then may we
hope to escape the rock, on which all our
banks are now temporarily shipwrecked. l
hope and trust most, it not all of them, are
able to resume specie payments but it is im~
possible TO know This, OF TO conhue "a their
ability and disposition to do so, unless we have
the proof, which they alone can furnish. The
public has ceased to yield its credit to any
corporate pretensions, which are not support
ed by corresponding acts. = ! have appended
several tables connected With this subject, as
ahording matters of convenient reference.
The general subject of creating and regula-
ting corporations, is SO intimately blended with
that of the banking institutions OF the Cons
monwealth, as to Claim place next IN our
consideration. have remarked in former
all purposes, has been carried to fearful ex-
tent in this State. Year after year they have
been springeth up around us on all sides, and
are rapidly becoming competitors with indi>
yitluals in all sorts OF business. When Conf>
ned to their legitimate pdrposes, such as the
construction of canals and railroads into our
fertile interior, and rich mineral regions, |
shall not utter word of complaint but to
this limit, strictly should they be restrained.
The Increase of corporations is a growing evil.
have again and again cautioned the Legisla,
ture against the granting of corporate privi-
leges cannot too strongly impress this eau
ton upon your minds On rete, ring TO the
acts of the last Legislature, we find the grant
of corporate privileges to have been free and
almost indiscrminate, So much so, that of
147 laws enacted, more than one third were
either acts of incorporation, OF acts supple
mentary thereto. ] adhere to the opinion,
heretofore expressed, that corporations ought
never to be created, where the object to be
accomplished is within the probable reach of
individual exertion. They absolve men from
personal liability, and may tend, by undue
combinations and concentrated action, to EN-.
barrass the operation of government, and in
terfere with the popular sovereignty. Let the