The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1846-01-17
Number 30.


lrevagance invades all the departments
OF soclety--indeiinl,e credit invites TO
a thuilless extension OF Indebtedness Till
At last, the laws Of trade, unchan ging as
those of nature, produce reaction, and
The whole artificial machinery ia crush
ed. Tne people Of the country are in
Id~hed 10 the cities; the cities are in-
debled abroad, were the promises Of
the banks are not accepted as money
and The banks are called upon 10 redeem
their notes in coin. Ths,hcy can on
y do by drawing in their means, reru
sung new accommodations, land pressing
their debtors FOR payment. The .circu
Iallon OF the country is sudde My con-
rae ed, property is sacrificed. in many
instances without relieving the debtor:
'nI his energies are parsIzed by hope
ess Insolvency.
Such within the recent memory Of
'll OF US, has been The action Of yilalel
banking system on the faith of the
Sla;e, the stability Of her institutions,
and the free energies of her people. 1t
has taught US grlevouS lesson OF suffer-
ing; but it will not have been allogelh-
er unprod uclive Of good, fit aas inn
pressed on US the solemn and impera.
tive duty Of guarding against racur-
renee Of similar evilt.
The abuse Of the banking system are
found in many forms, but they are es-
ssntiaIIy the same in their origin and
result, excessive issues of paper, and
its cosequent depreciation. To give
The power of manufact ulng money, yet
IelccualIy 10 limit its exercise, by
legislation, is practically J impossible. Ii
IS obvious, that no enactment can abso.
lutel ~ prevent the unlawful issua of pa
per by back, which has The lawful
right TO issue any Returns of bank
officers, however exactly prescribed, or
honestly made, give no security for tho
periods that elapss between them; and
ct -H4;"s of the Bank bv
commissioners, which n-~~ .-.n reSaTf-
ed 10 in other States, are apt to induce
dangerou, reliance on the vigilance Of
such officers
1t may be, that the princi pie of indi
viduaI Iiab lily for corporate engage
menls, which has recently been insert
ed IN some of our charters. may, when e
properly extended and made NOR direct
y operative, secure not on Y the crpdl
or from loss, but The currency from
dangerous fluctuations. The experl.
ment should be fairly made in the case
II every Bank that may ask a renewed
If It's charter. That its progress may
ne the better tested, respectfully re
commend that The banks be required TO
make moCthIy returns of their condi
ion, to the Auiltor General; and that
.heSe be 40 arranged.as 10 present moro
'ompel aud exact view Of their trans
'ctIOls, than is furnished under the ex
sting law. This wii CacIjals the fu
ure Inquiries of the Legislature. and
he periodical publication OF the returns
viii secure 10 such of the bank, as arc
eSlImateIy administered, the reward
-. ;I'' GI".'r 'II"'' ~" :" ','' Increased
- ',J 49, 49,, " , t"' ?1''''' nee" scarce
yanor', ooG ~ Ia''' S s'",'. n',' 81 Wv 0'"~S 10
o,,,,e,a1 '''I' "I r''I' 'ToD'" 'e 'no'ousn'y
"ro 'h,,, ob.n'o, p"H .'''y 'oeei '''"e"' "e
,C,.., s''1' .S'0 'i' "a 'V"ueu'
,.rersaoo ,"s 'T"''''''u',;o"s '"', nave SPe'l
'I''' I"0S ~ 'PP'''d,'o"s from exist
: oa"Ho, ;.,., :" "y J'us"e"' 'ne cap!
>, "o" ,,' I",''''' :" ,''eS0 INSTITUTIONS IS
,"f'2 ONf f'',N ~ r' Wv BUSINESS wants ot
~ ~. 'U'"'D'"''y. ,,'' .,y Nc ''"'7 40 not lnul
,'I I,I D,;n,,I, '''", "v,Sssl'y O' any audl