The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1843-03-18

issue relief notes, have been forced TO re,
sumo, while nearly Two .hrds OF our owt
banks remain ia state Of suspension This
has had the sfec, ot building up two cur
rencies in Pennsylvania based upon
specie payments, and The other upon prom
ises 10 pay--.she latter. vi course ,cuu.tautly
Auciua,ing, and always AZ a ruinous depre
citation. As long as there is one dollar Of
the relief issues Of bank in circulation,
or in possession Of that bank, by The terms
Of The act Of the Ath of May, il canno, be
|conpelled TO resume within the period lin.
tied. Now, under such circumstances, the
anxious inquiry is, what is to be done!-
Shall weresign ourselves TO this state Of
things wi,hou, an effof. to escape from
hopeless suspension into which we are
plunged7 Or shall we cas-! about and Seek
10 ex,ricate ourselves, and the currency from
our pl esent deporaole and almos, hopeless
condilionl B.
Having thus briefly stated the case,l will
now adver, TO the proposition submitted by
myself to the Senate, which has elected
the censure of some OF my fellow citizens.
1t is 10 give the Banks permission to issue
small notes redeemable in specie, TO ap
amount not exceeding twenty five per cent,
on their capital stock actually in exis,erc;
on condition, that such Banks will resume
specie pay ments on all their liabilities;
and the Relief Banks, before they can en-.
JOY the privilege, mus, resume specie pay;
menls--relinquish their unexampied immu'
mites under the relief law, and thereafter
become subjec. 10 all the laws of this Com.
monwealt.l, relating to banking Institutions.
In other words, they must come out from
I-L:- i 49, = ''----
place themselves in position where they
can be reached BY legislation and law
Should they afterwards suspend their char
,ers can be Immediately forfeited. under The
provisions Of the act passed a, the last sess-
ion. Connected with this. is the provision
ha, the law shall expire by its own lmiia
,ion. on ,he 4lh May, lS46. f#
would ask the respectable gentlemen
who passed the vote of censure upon melt
The foregoing proposition is so mons'rous
as to call Down ccnsure SO unqnallhed!-
We are now cursed with small no,f
system in the mos, odous form. II ranno
he lignifiea with the name, and hardly VIII
the senblauce OF currency. and my obJec
is to gr, rid Of tins and in place OF II, II "
mus. have paper issues. have them base
npon specie. and If the banks cannot pa
specie To place them in a situation wher
,hey eau sc reached BY the law OF 'h
land.
Another view of this sntject-a law hs
been passed, the present session OF '''e i'et
i.lalure, providing for the cancellation
the Treasury, Of one hundred ihousan
dollars of these relief issues per month :
r There is now about sevenlsen hondre
h thousand dollars of .hese issues IN circul
I ,ion, As ibis amount is gradually will
f drawn from ci,s J'sion now is i's place
be suppliedl Not. cer's'n'y hy ou' enu
n ,ry banks, as long as they are in state
& SUSPENSION, aud have already explaln'
;. that. as long az there is one dollar of the
n relief issues uncsnceled, they can. wi
5 impunny, remain in state Of suspens'o
\. If therefore, small notes. rsdeemsble
.e specie. can take he place of relief issue
ID gradually Withdrawn by cancellation a
thus fill up The channels Of circulation vi
n specie basis currency, would ask in
,e candor, would moi our condition be inprt
c. ed! .....
lie There is s,ill another view OF The subJe
II. all the States surrounding us have p
n. mit,ed their banks TO issue small notes;
he when our currency is on level with oil
re S,,ues we are Huoded with these fore
n, issues. and all legislation has as YET ia'
lat in preventing sheir circulation. II ."
or notes mus. circulate, would no, the peo
nd Of this commonwealth prefer clrculas