Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1845-06-26
For the Woodstock Age.

settled the question, that Vermont as well
as New Hampshire, tho both so much be-
hind the other States in this movement,
must and will have the facilities of trans
Por,ation and travel that our sister states
enjoy-that she will have Rail Roads-is
not the present suitable time TO present
to the public mind and let public opinion
also settle another weighty matter, in
which the prosperity and happiness of the
citizens Of Vermont are deeply involved
| mean the subject of Currency-of Banks
and Banking. That the old and Iong-tried
system o. Banking as it has existed in the
United States, has been thoroughly tested
and found wanting, few, very few, think,
will deny! Indeed the errors and evils of
the now prevalent system are so manifest
from the multiplicity of frauds that have
been prdcticed and nave passed unpunsh-
ed thatlhosc errors and evils have become
almost sell-evident propositions! Presum-
ing, therefore, that all will admit the evils,
the question then arises. what is the rem
edy' The answer and the remedy are both
very simple and brleC-mahe all bank is
sues and bank, debts safe. And how is this to
be done? By the introduction Of two words
into the Statute Book, "IadiUidual Liabil-
Hy"-makc the stockholders of all banks
hereafter to be chartered liable as copart-
ners, as they would be in any other bust
ness-labe in their indiviual capacity for
the debts of The Bank and the whole need
ed reform will be effected! We shall then
have safe and sound currency. Under
this system, no citizen of Vermont will ey-
er lose dollar by the banks Of his own
state, Every dollar bill, beside the capt.
tai OF the bank for its security, will be en-
dorsed by 90, so or 100 stockholders, who
all and each guarantee its redemption
and why should it not be so! BY what
principle Of equal justice can any Leglsa-
ture constitullonaIy permit one class Of
citizens under the sanction of a charter
merel y, TO absolve themselves from all re-
sponsibliy, except the capital put awhile
all other classes in trade, Manufactures or
Mechanical pursuits, are holden to the last
cent Of their individual property. Because
set of individuals under sanction of a
Law get together and employ the best ar
lists in the land to engrave their promises
TO pay, does this furnish any excuse, for
releasing their property from being liable
10 pay those promises! Is there any more
Justice in exhonoraing the stakeholder of
bank who puts in his money for the sake
Of profit, than in releasing druggist or
dry goods merchant, from any further La
bilily than the capital he puts in, and hold
ing the Gr0cn responsible in all his prop.
erty, not invested in his business to pay his
business debts! Equal Justice and equal
Rights forbid this preference. Mr. Ed.
E tor, This is no newpnd uutried prime pie or
. system that / propose as a remedy for the
! present crying evil. 1t has been tested in
q Scotland for perhaps century, at least
for long period no Bank issues have been
permitted in that country except on the
. princip pie Of copartnership-making the
h stockholders OF every Bank liable, and ma
= king individual property holden Cor the
Bank debts-and what is the result Of this
system there so long tried! Why Sir-that
no bank in Scotland has failed, while in
u England, where capital only is holden,
Banks in the same period of time have
e been constantly failing and involving the
u poor and Industrious classes, or portions
Il of them, in distress and ruin.
In lS47, the charters of the Banks OF
I Woodstock, MrddIebury and Bellows
J. Falls cxpirc-and in lS4S-those of Man
: chester, Newbury and Orleans also expire
AS many or most Of these will probably
= apply for renewals-or as new charters to
: replace these may be asked lor--is it not
{ timely nov to bring the matter before the
public eye and after fully and fairly laying
II 1t before the public, let public opinion
= settle the question before it comes before
! the peoples OBSERVATION-DISCLOSURES the
people ofthe frugal and industrious state Of
= Vermont will perpetnnte system which
I may involve thousands of its most lndus'r'
Gus citizens, in distress and even ruin?-
I Forbid it reason Forbid it Common
u sense' that there can be anything but Il
u Just decision, when the question is fully and
u fairly submitted to the people, viz: Whelh-
} er we shall have safe or unsafe Banks, 1t
is said, we may have safe banks under the
. present syStem-my proposition is that we
= ougM-we must, and that we 1rIH have
> safe Banks, and rot leave it to scbemlng,
: designing and wicked men to say whether
! we shall or shall not have a safe currency.
u u Asa proof of the evils Of the present sys-
y TEN of Banking, look, Mr. Editor, to the
y statute Books-see the weeks, nay, months
) year after year, that have been spent in
," enacting Laws to compel the owners of
e Banks to do Vhat is r1ght-pages upon
pages load the revised statutes of almost
: every State to correct the evils that have
flown from this system and 20 prevent
:, others, and after all, all this legislation
. . falls short ofmeeting the evil and of giving
- US a perfectly safe currency' Inventive
" and dishonest minds continue 10 evade TINS
) precautionary legislation detailed as II is,
while simply the motto which the Banks
Ct Rhode Island chartered since 1886, have
placed upon their Bills" Stockholders In,
If diriduap- Property HoidCn;" incorpor-
. Al Oh, u,tH