The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1846-01-17
Number 39.

u
of soclety--indefinile credit invites TO
a thrlfless extension of indebtedness: Till
At last, the laws IF trade, unchanging as
hose Of nature. produce reaction, and
The whole artificial machinery is crush
ed. The people Of the country are IN
d bed 10 the cltIes: the cities are in
debIed abroad, were the promises Of
The banks are not accepted as money
aud the banks are called upon 10 redeem
their notes in coin. This they can on
! do by drawing in their means, refu
sing new accommodations, aud pressing
heir debtors for payment. Tne circu
lation Of the country is suddenly con-
rae ed, property is sac'ific.d. in many
instances without relieving the debtor;
anil his energies are paral,zed by hope
ess insolvency.
Such within the recent memory of
Isll of US, has been the action of vitated
banking system on the faith of the
SAFE, the stability Of her institutions,
and the free eoergies Of her people. 1t
has taught US grlevouS lesson 6i suler-
ing; hut ii will not have been allogeth.
er unprod uclve of good, fit has i'm.
9, pressed on US the solemn and mpera-
tive duty of guarding against recur-
renee OF similar evils.
E The abuse of the banking system are
! found in many forms, but they are es-
sentialIy the same in their origin aud
result, excessive issues of paper, and
> its cosequenl depreciat To give
= the power of. m,nufact uring money, yet
= eHectualiy TO limit its exectclsr, by
. Legislation, is practically Impossible. 1t
Z is obvious, that no enactment can abso.
n lutely prevent the unlawful issue Of pa
per by back, whicn has the lawful
e right 10 issue any Returns of bank
e officers, however exactly prescribed, or
k honestly made, give no security for the
periods that elapse between them; and
6 Inspe ctions Of The affairs of the Bank by
!" commissioners. which have been resort
ed TO in other States, are api TO induce
g dangerous reliance on the vigilance Of
. such officers.
81 1t may be, that the principle of indi
ID viduaI lib lily for corporate engage
nents, which has recently baen insert
9d in some of our charters. may, when
u properly extended and made NOR direct
t. ly operative, secure not on v The credi
" or from loss, but The currency from
|. i1ngerous fluctuations. The expert
a nent should be fairly made in the case
} # every Bank hat may ask rene wei
} # its charter. That ils progress may
:. &c The better tested, | respectfully re-
5 commend that the banks be required to
N make morthly returns Of their condi
Z ton, TO the Auitor Generals: and that
these be soarranged.as 10 present more
= complete aud exact view OF their trans
= 'ctlo rs, than is furnished under the ex
. sting law. THIS wil acIiate The fu
ture inquiries Of the Legislatures and
d he periodical publication OF The returns
: will secure TO such Of The bank, as are
= iegitlmalely administered, the reward
+ OF their fa,t fuluess, IN the increased
, confidence Of the public. need scarce
: y sdd, that the claims Of the banks 10
general confidence should be thoroughly
5 Investigated, and fully ascera,ined, be
lore their charters are extended.
l These recommendations have specI
- 'S'S' W llOul tAiSL
ing banks. la my judgment the capi
tai now invested IN these institutions is
imply sdequale 10 the business wants OF
f he community. The time do not ind
cate The present necessity of any addl
Ional stimulus 10 The splrit of ofenIerprlza
. md | cannot allow myself 10 hazard, by
any acl oi mine. a possible renewal of
The excesses, which we have witnessed
so recently.
+ PennsyIvsna combieS in an eminent
d. gree the three great elements OF indi
;, vIdual and national wealth, agriculture
J commerce, and manufactures; aud the
" pursuits and industry OF her people. are
probably divided among them. Her
AIlls and mountains are almost every
: where filled with inexhaustibe supplies
oil non ore, and mineral coal, and her
valleys abound with water power for pro
e peil'og machinery, in the midst of The
finest agrlculmal regions. She has
} constructed, al great cost, line Of i'm
improvements By canals and rsllwsys, con
y Inectlng the waters Of the Atlantic
y, with those of the great West; which
lh moi only affords our citizens a cheap
IN and convenient mode Of transporting
e. their products 10 market, but also ben