Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-01-13

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their a~rKiety to adhere to their faVorite
but visionary theory ofindiVidual respon'
sibility, have not only engrafted thsi
principle on the bill, in its most unlimi-
ted extent, but have gone so far as to
require an acceptance of this act by the
slockholder RS, before it shall take effect
Look, sir, at the amendment OF the Isl
section, offered by the gentleman from
Wayne, and which, by a party vote, you
have adopted. This is its phraseology
"Propided that tie stockholders of am
such bank accepting Ike provisions of this
act shall be jointly and seUerGly liable in
their individual capacity for all debts or
liabilities created By any such bank after
the passage Of This act" The stockhoI.
ders accepting the provisions Of this act.
The charters Of the banks TO be effected
by this bill must expire in a few days.
They could only by the bill be extended
by the stockholders accepting this act.
fthe bill could pass this day, scarcely
lime is afforded for the news Of its pas
sage 10 reach the banks in distant parts
Of the. State. Does not every man here
know that between this and the first day
Of January, the stockholders cannot be
collected together and accept this bilI2
Iftbey do not accept, their corporate ex-
istence ceases, and yet from the time
limited they canDot comply with the
law, because they cannot be called to-
gether for that purpose before the let OF
January. What does your bill say to
them? Your charters shall not expire,
if before the time fixed you accept the
provisions of this act, and agree to be
personally liable for all'the debts which
may be contracted but before you shall
avail yourselves of those provisions, you
shall perform an impossibility. Should
any man or any party regret the loss Of
such bill, which, if it had passed would
have fallen a dead letter, and which con
tains within itself the g of its own
destruction? This is the bill for which
you have struggled so earnestly, and
which defeated The wishes Of ito PROBES.
sed friends.
Examine this bill in another aspect.
The expiring banks are indebted 10 the
community IN a large amount. No suit
can be brought for the recovery of a
debt against a hank aflerit0 legal DISCO
luton; unless the law provide The rene.
dy. No remedy is provided by law IN
less i! DO by the 18th section Of the act
for the settlement Of the business Of IN.
Incorporated associations, end il is a
doubtful question whether a remedy be
provided By that section. IL remedies
are not thus provided, do you not leave
it optional with the banks, by accepting
or refusing to say whether they will
subject themselves to suits for the pay
ment Of debts If, therefore, the banks
could in time accept the terms offered
by the bill, what principle DO you ssteb.
IishP That these banksmay or.may not
be sued for a debt. Take the'casesof a
bank owing more to the people than the
people W it What bride do'yoI offer
such bunk. Refuse to accept, 'Sud you
shall not be sued The'bank roGUses,to
accept and thus %eXonorates itself from
the payment Of its debts. Are you viii.
ling to give TO a corporation the right
10 dete rhine whether itwillno pay its
honest debts? Are you willing TO alb,
solve these expiring institutions from
their legal obligations, and confer on
them privileges which no other mem,
bers Of the community enjoy. If such
be your principles Of action, they are
not mine, nor can my consent eve be
obtained to grant such i~mmunilies 10
any men.
Again sir, If there wa time sufficient
for the acceptance Of this bill, would
stockholders do So unde. tho restrictions
you require, Would Individual stock.
holders render themselves liable Tor all
the debts Of the bank, TO be contacted
when you deprive them OF oil pow
ers2 Your bill provided that theyshouId
issue no notes; that all their liabilities
shall be redeemed in gold ~ silver coin;
and they shall continue but six months
after let Of January. For the privilege
Of this continuance, shorn Of all the
means to make profit, you make each
slockholder responsible for all the obi
cations which may be incurred. l ask
gentlemen if they believe any man
would hold himself responsible on such
terms. The bill is in my opinion Wis.
ionary and absurd. Because between
this and the LIST Of January, 1t could not
take effect, and because no stockholders
would incur additional liabilities without
corresponding benefits. Your PROBES
sions eVinOe a warn desire 10 continue
the banks, but by your aclions you so
limit and restric. your W measure,
that you know it cannot be effective
We will act efficiently for the public
good if you of the majority unable TO a.
gree among yourselves, will concur with