Grant County herald. [volume] (Lancaster, W.T. [i.e. Wis.]) 1843-1844, 1844-01-13
1919 S22i,475


Although in so far ga the conpany's books
are concerned. their stock owned in Scotland
stands in the name of Adam g. Anderson. Of
Aberdeen, as agents, yet ii really is owned by
nearly one hundred of the most respectable in
dividuals in that country.
The committee report thai the issues Of The
institution 10 the shape Of evidences Of debt.
or bills designed TO circulate at laTgo as money
are Unauthorized by the chartered privileges Of
The company function belonging exclusively
to bank OF crcularon-and expressly ard
unequally prohibited by the charter of This in.
s,itution.
The committee further report:
The 5ih requston of The resolution, rs 10
the general nature OF the business adopted by
The company" is already parIalIy answered.
The naUre ST the institution. il will be percei.
we'd, is not an index 10 its business, as disclo
sed by the examination. The answer TO the
fifth interrogatory stales the business 10 be,
marine and fire insurance, receiving depostes,
loanlng money. and ln purchasing and selling
domestic bills of exchange; the las, of which,
it seems has more than o. adrupled since June
lS4i, and most Of the others doubled. But;
although the business of insurance meets us
most prominently in the statement of It's OPP
eralions, yet by reference to the IN answer il
will be perceived iha, il is almost the only ba-
siness which The company is not extensively
engaged in.
The repor, Of the Secretary shows iha, ne
financial concerns of the institution, al the
time of the examination, were in favorable
condition and your committee have no doubt Of
the fact. The men who now have charge Of
lis Interests are men of character and shrewd-
nos ha W hOlo nf 10
stock it might long continue in prosperity. Bot
the majority Of the stockholders are citizens
of foreign government. neither subject nor
amenable 10 our laws; and who OF course,
cannot feel, TO +he same extent, The moral force
Of all those obligations which connect ciii-
zen with his own laws and government. II
will be perceived tina, sl3O,6 Of the stock
are owned in England and Scotland. 30. 925
IN the different States, and bot : 1925 by citi-
Gems of This Territory. How soon il NAV serve
the purposes of these foreign stockholders 10
employ new agents TO do their business de-
ponds upon themselves. Your committee on
ly aliude 10 this subject to show the great DAN
ger TO be Appreciated from the Institution,
from the facts disclosed. and TO show the great
er necessity OF early checking suy vnwar-
raniable assumption Of power.
80 '"As tuintoUN udNe NsnScGNdel tler
powers IN one particular. how soon may they
IN another! And when are where are ;heir Trans
gressions 10 stoPl Ii apparently only proffers
protection TO our vessels ana houses against
the favages OF the storm and the devonIinu
element aud u Is amply endowed for that pur-
poses bot us business operslIens. in reality.
are OF dlhefeni halGTe. So far as these res
specs mere matters OF contract between The
company and individuals. whether they per-
tam 70 Ioaning nancy. shaving notes, or deal
log 10 exchanges, provided they only come
"i'hin us chartered provisions, ynnr commit
lee nave nothing TO compl.ia. Bot when it
assumes the power Of debating TO Us a curren-
cy1oi flooding our Territory with baseless,
ana. as yoar commitse believe. unsafe paper
unsafe because il is unauthorized and IN
provided for-they believe the doIiCs OF the
Legislature call loudly for restriction.
They have no doubt that some of The privi-
ieges OF the institution may be favorable to
Inc Interests Of a small class Of our citizens,
yet hey cannot for moment admit thai any
o. these advantages, except that Of insurance.
>oi which but little is done depend upon the
AIlsienes Of such an institution; but on The
contrary, that they would all be attained 10
me same ex'esi by private brokers and probs-
oiy oy The same individuals. BeL al sBy rate,
were ihis charter snnulled, the great evils fear
"a oy The commonly, would be removed. and
ne people saved from what nigh; become a
worthless e'reulssion. The past exPeriencs