Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-12-13

porate promissory notes to be made cur
rency by the authority OF law, and TO sub
stiute Them for the circulating money oi
the country.
Cd, That, in order to give their PromIS-
sorry notes more the appearance ana ao'
thoriy of actual money, it is claimed thaE
they shall be received in payment OF the
public dues of every description, y the
positive sanction Of the government.
3D. 1t is claimed, that the banks shall
have their usual powers to put out their
capital, on loans or discounts, at interest,
and also, to lend out at interest their pa
per credits in the form of bank notes, and
thus receive an interest on their promis-
sorry notes instead Of paying an interest,
as does the res! Of community.
4th. 1t is claimed, that they shall have
the power to receive the funds of other
persons on deposite for which they pay
no interest, but upon which they are en-
abIed to receive profit, by loans and
otherwisr.
5th It is claimed that they shall have
the authority to deal and speculate in the
exchanqes and public stocksot the country
9Th That they shall have the authority
to grant credits on their books, and trans
fer the amount Of the credit from one per-
son TO another; and to make loans, without
limitation, to themselves, their officers,
managers and iavorites.
9TH. That they shall have the authority
to take six per cent. interest IN advance,
on their loans aud discounts, and thus be
enabled TO realize compound interest in
stead OF simple interest, to which the rest
ofcommunity is restricted.
9th. That they shall be permitted to
transact business, through the intervention
OF brokers, according to the underwritten
code of "banking usage;" whereby, they
are enabled to evade: with impunity, the
nconvenient restrictions Of law, and in
functions Of integrity.
With thpsp ample powers, banks can re-
aize compound interest on their capital,
the chief part of which they usually lend
out, also, on that portion of their deposits
which they lend, and likewise on their
promssory notes which they issue, and
lend out as money; and besides all this,
tipy can have Their profits ans ng f'om
their spcculalous in the exchanges and
the public stocks of the country, Hhd their
illicit transactions through the Intervention
OF brokers, as we'll as the advantages of
liberal accommodations to their own man
ayers and particular friends. In the ex-
ercse Of these high prerogatives and eX-
elusive privileges, banks can furnish to
their managers means of extraordinary eE
| fcencY for the acquisition Of wealth, aud
for controlling the business and interests
Of the country. Situated at the various
comuercaI points, they are enabled to ac-
qure an arbitrary control over what little
cold and silver remains in circulation, and
which they can gather up and export out
of the State, and, in great measure, in
tercept its flow into the State ans thus
compel the people to adopt their promisso-
rv notes, as their almost exclusive circu-
lating medium.
It would be but reasonable to presume
that the rsvored recipients Of fhese pX-
elusive and lucrative privileges wou'd
expect to have their responsibilities
TO the public incroosad. which would be
hut the dictate O. justice aUd common
regard for the public safety; bGl not so
Instead Of conserving 10 an increase ot
their Obligations, Tor the honest and talh
luI axerclae Of their special peroa""ves,
they rrqOlre important epecIat 'xrmp
iions from the liabilities 10 " hict other
persons are subjocped.
FRS: II ,s claimed that Stockholders
o banks shall he exempted from person
al respnnsb iity for the poy mNm of their
do BITS. and The redemption OF theirnOtes
II is jfiiCult 10 conceive how anv com
muuuy. blrndcd by neither prejudice nor
by interest, could be deluded into con
sent to h Justice Of this claim. Why
should bankers not be made Tesponsfbl .
lor their bank debts upon equal footing
with the iunlvidual ctZeni Tho busl-
ness-oi banking is not any more haz rd
ous, indeed # Prudenl'y and honestly
conducted il is less so, than the mer-
csnuIe or manufacturing business, or
other ordinary pursuIte. II those who
own he banks, and hive the entire con-
troll and management of them. are I'M
willing to trgst TO their safety them-
selves. thcy ought not to be tolerated in
sskine Inc community 10 trust them, and
to adopl heir ptomissorv notes as mon
er When bgnk tails, the loss mus
/ fall either ON the holders OE i's bills and
credi'ors, or upon its Stockholders. The
former receive none OF the profits OF The
bank, and have no voice in its manage
meuL Nothing can be more hagrsn'ly
uujnst than that the bankers, who re
ceve oil tho profits, and have the eUtir'
rnnnnnnrnrn, nnA cnnirnl Of their insli.