The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1846-02-14
Number AZ.

| ~ "o oeHofe uHd HOUSe " HepeSeWH-
hUes ofthe Commonwealth Of PennSys
vdnia.
GENTLUMEN;--The Bill entitled AN ar,
Incorporating the Armstrong couaiy Bank
was presented for my signature on the l6'h
lay Of April last. II con,emplales the es-
tablishmsnt Of Bank at Kiuann.ng. with a
capiIal Of fifty thousand dollars, which may
DO increased to one hundred thousand dol.
srs, al the pleasure of the Stockholders.
This bill involves the policy of incress-
ing the banking capital of The State, aud the
establishment of new Banks in various ser.
lions Of the Common wealth, agains, which
[ have expressed my views at large in the
message transmitted to the Legislature as
he commencement Of the pr, sent Session.
There does not appear 10 he anything in
The condition, pursuits and business Of the
people Of Armstrong county, differing from
hose of many ether counties of The Slate,
within whose limits no banks exist, which
present peculiar claims for the establish-
nent Of bank. Their pursuits are essen-
TALLY agricultural, which Of all the indu..
trial employments Of sbe people, receive,
and happily require, least the bgnirisl aid
from Bank accommodations.
However useful Banks may be, in faciI,
ta,ng commercial transactions, experience
haE hn hal
which have been furlheres, removed trom
heir influence, have suffered lie as, from
pancs and pecunlary embarrassmen,s.
II is by no means certain, that the men
Iengaged in the increasing manufacturers Of
armstrong county, where capital is so i'm
uediately productive, require the aid, or
would be materially boneiued by The es,al.
ishmen. OF bank. Their business trans
tc.ions concentrate in Pmsburg, the great
market .or their Iron and other productions
As ,ha, pon, they lay the. foundations Of
credit and establish claims 10 accommodaS
ltons.
The creation OF bank docs not, under
my circumstances, presents strictly local
Question Each o. these institutions odds
IS proportion 10 the general crculslion Of
'sper money. and thus effects the currency
# The whole Stale, in the soundness of
which, all are interested Our currency
row is comparatively good, and regard
. II an imperative duty Of the Executive as
veil as the Legislature, to guard agains, its
depreciation. We ere admonshsd by re.
zen, experience Of the disastrous effects Of
Excessive banking, from which Ihs cllzens
have not yet entirely recovered no. to sanc-
ion course Of policy tending TO produce
ike results,
i In addition to these reasons for withhold
ing my approval Of the blil, more careful
consideration than found leisure TO bestow
upon ,he subject during The first months Of
my official duty has satisfied me that in o.
der 10 make the principle of individual liza
lbiliIy of stockholders effective il should
embrace all the Liabilities of the corporation.
By The provisions of the bill before me, il is
limited 10 note holders.
i Ii is true that deposiIes are made volun-
Iarily, while men are compelled 10 receive
in payment Of their dues the currency which
is in general circulation. Bul lhis does no,
fleet the rule that stockholders who derive
profits from corporation should incur a
D spondon. liability for al lis engages
ments.
All the contracts OF bank are voluntary
:. Il may refuse 10 accept deposlle, as read
: lily as it may decline issuing its promissory
q notes; then why should the lisblh,y OF It's
share holders in case OF failure. not extend
u 10 all lis debts. Ii 10 trne that one contract
T may be more favored hy the law than 9th
!, ers, in the order Of pay menl, when the runC
/ is sufficient 10 pay all; but can peIceiv,
e no leason for exonerating a solven, deb,o
> from 'he payment OF all his debts. lndee,
II he deposi'or Of moneys for safe keeping, i
T. in general regarded as a creditor of IN
most meriiOrious rank, as he bargains neilt
~, er for interest nor pro6l--his deb, parlakt
in OF 'he iruest character which has Just CLAIM
Of Ito peculiar projections. 1t is true that Il