Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-12-17

aid for controlling the business and u
ieresis OF the country. Situated at 81
various commercial points, they are enI
abled TO acquire an arbitrary control OV
what little gold and silverFsmains 10 Gil
. cnlalioh, and.which they can gather u
and export out OF the State, and, in
great measure, intercept lis flow into ib
State aud Ilsus, compel the people 10 ad
opt their promissory notes, as their al
most exclusive circulating Ihe,Iinm.
| Il would be unreasonable to presum,
that the favored recipients OF these exchl
eive aud lucrative privileges, would ex
pect to have their responsibilities 10 thI
public increased, which would be but the
dictate Of iuslice and common regard fol
The public safety; but not SO. Instead
oC consenting to an increase OftheiT OBJ
legations, for the honest and faithml ex-
erciss Of their perrogaliVes, they require
important special exemptions from the
liabilities to which other persons are SUBJ
jectsd. fa +"sb
First: II is claimed that the stockhol-
ders of banks shall be exempted from
personal responsibility for the payment
I OF their debts and the redemption of their
notes. II is difficult TO conceive how any
community, blinded by neither prejudice
or by interest, could he deluded into a
consent to the justice Of this claim
Way should bankers not be adefespon
sible for their bank dsbtsupon equal foot,
tjdg with lhe individual cilizenf The
business Of bankingis not any more haz :
ardous, indeed if prudep'ly aud honestly
conducted, il is less so, Than the mef-
camille "r manufacturing business, or
other ordinary pursuits. lf those who
own The banks, and have the entire coz
lro and management Of them, are unwiI-
ling to trust their safety themselves, they
ought not be tolerated in asking The com.
munity 10 trust them, and 70 adopt their
promssory notes as money. When a
bank isils, The loss must fall either On
the holders Of its bills and creditors, or
upon the STOCKHOLDERS. The former re-
ceive none of the profits Of the bSnk, and
have no voice in is management. Moth
ing can be more AagEantly unlnsl than
that Blankets, who receive all the profits,
and have the entire management aud con
troll Ol the institution, should require the
commUnitg 10 run the risk and bear tho
loss in case of failure. The iHdividu-
al citizen, who industriouly follow his
pursuits, regularly consumes TO increase
his ability 10 discharges his liabilities 90
he accHmulales propsrty. But not SO
with bank; il divides all lis profits a.
mong The stockholders as they accumn-
late. The riches which are acquired by
bank are not retained BY the corpoTa>
liou, bul are regularly, at short periods,
divided, and lel: TO accumulate as pri.
vato property IN the hands OF the iDdl'
Viduaj Stockholders. Tho stockholders,
Therefore, mag be poor in their corporate
capacity, as a bank, while, they are Inn
mensely wealthy in their private cupac
~. as individuals, from the profits recelv.
cd (rom their bank. Thus bank may
fail and hocome insoteni, either iraudn.
lehilI or otherwise, and the people with
large amount of lis paper in circulation,
/ be left-to suffer, while the stockholders
are living in affluence, and surrounded by
wealth, accumulated by mosns OF the
! bank. The exemption of the Stockholm
| ders from individual liability holds out
! s,rohg indictment to engage in excess
i've issues Of bank paper in order 10 make
large profits, and furnish the means OF
committing frauds with impuniy.
Second; II is claimed that anks shall
i be exempt from liability 10 taxation upon
( their capital, and be subject 10 be taxed
merely on their dividenus OF profits. All
other persons are taxed for the support
Of the government, on the capital ofthel'
Investments. The private citizen who
lends his money at SIX per cent, interest
Is taxed one per cent. on his capital
while bauks, with extraordinary privileges
claim that tuxa!ioA shall touch only thei
prefits.
Third: Il is claimed that the charter
OF the banks shall be exempt from a.
/ liability to alteration, amerdment, OF Fe
> peal, ny tn6 law NAMING PN"H -. -
:. State. Private. copaTiuerships, and q
. The modes Of prosecuting other branche
/. Of ,lndpsrg, ,are subjecl TO the correc,ln
+ hands Of Legislation. Butt aualog
10 ihe rFesuwed nfallibilily ef the divin
n petrogatiyes oi Kings, the people are le
!. io belieys that banks can do nc, wrong
' and that, therefore, certain sanct1l
r should be ihrown aronnd their cbartere
J. r,gbls and proceedings, which viii pla'
i them above The rude arm Of sOyeTeil
Is tpoweE, slara .ss3 aai n sal5
i, Fourth: Itis, claimed that they shl
x he protected FROM any aci OF, ,be part
lie government, OF priyste cilizsps, calen
rs ted 10 impair public confidence ip,J he
"a inasmuch as their success depends up
q lKeeDinQ suspicion asleep. p ieF9 .
III, Fifth: TiscIaimed that theiF ccnditi
81 4 pfoceeSings shall "a al times ee
~ a. EIahl examination md inspection
q. Z ! z,'tl z s. sessaa 4. Althounh the uNblif