Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1846-06-11
4Ab bNQUIRDR,
LITCHFIELD, JUNE IL, 1916.
THE ~IRON BANK"

THE "IRON BANK
The chartering of bank with tie above
name at Falls Village, in this county, has re-
Gently been theme Of no little interest both in
and out OF the Legislature. The ultra portion
Of the "powers that be- have had their fears and
anger excited to their utmost capacity on the
subject; for, in the shadows even Of a contens-
plated banking house, they can discover more
frightful ghosts than ever McFingal conured
up in his visions Of "second right" The loco
papers throughout the State have taken our sa-
gacious law makers under their especial care
and keeping. and are loud in denouncing the
penalty of accommodation against all who
shall dare give their votes for the establishment
Of sach an odious monopoly" and from the
precision with which the majority in both
branches of the Legislature have thus far fol-
lowed in the wake of their party journals, we
have little doubt but that the "Iron Bank"
J will 60 by the board.
The Housatonic, between the towns of Ca
naan and Salisbury, contains water-power
which can scarcely be equalled in New Eng.
land, and heavy capital is already invested
thereon in manufacturing purposes The peo-
ple in that vicinity are famed for their vigorous
enterprise In years gone by. the "democra'
cy" have frequently chartered banks in Sec
lions of the State where there did not exist half
the active wealth which is there to be found
But, since Gen. jackson commenced his efforts
10 "reform" the Currency Of the country, the
party.pendulum has vibrated from one extreme
to its opposite, where it remains a s. fixed fact"
too plainly Indicating that, no matter to wfaf
extent the exigences or convenience ofthe busi-
ness community may call for banking institu-
ticn, the edict of the party is againstt.
! The debate in the House on this question
will be read with interest by the people of this
county. We make the following extracts from
the report Of the New Haven Palladium:
Mr. Boardman stated the reasons for report
ing this bill. The Committee were biased at
first against chartering another bank in Coanec-
ticut. But they were overwhelmed with evil
so as to favor s the cpe h 81 hs s ssts
In Litchfeld county, the third in the State,
|
branch of the Phoenix Bank at Litchfield
This bank is TO be located at Falls Village, near
tho lines of the towns of Canaan and Salisbu-
ry, in the north western corner of the State
There are many manufacturers in that county
and they must have banking facilities The
way of doing business is such that this class OF
citizens must have credit. They cannot trans
act their business with specie. Within six
miles of this village there is manufactured
1908 600 worth Of iron. Salisbury iron is
better than any other in the world for cables
| and similar articles This is home manufaclu-
( rng,-nothing foreign about it,-it ought to
have all possible encouragement at our hands.
1t ls sold IN large amounts and employs large
number Of men, lie went for home manutac.
lures entirely. He would not import single
article which could be made at home. He
spoke only for himself. He would prohibit
every such article from being imported. He
went for domestic industry al all hazards. Lay
direct tax to support government Unnecessary,
but encourage yeur own citizens So strong
a case in behalf Of bank il not often found
Bridgeport is seventy miles oif.-Poughkeep-
sic N. Y. is still further off Some other
Banks in Massae husettS, they resort to, when
they can do no better. The Committee were
not entirely unanimous,-they stood to in
favor of this institution. He commended it
warmly to the favor of the House.
! Mr.. Dixon one of the Committee, spoke in
favor Of this measure.
Mr.. Jennings stated the extent of the water
power on the Housatonic-it was very little in
! terior to that u Lowell. There were many
young men who wished to go into manufactu-
ring buslness-that of cotton, SC, who could
do nothing without Banks. He alluded to his
own experince He lost all his property, by
fire. &c. He did not dispond. He got help
from Bank directors, and now employed so
men and paid them more in amount than all
the Indian corn raised in the town of Saybrook
They were in fourishing condition, and en-
Joyihg the income of gainful labor.
| Mr.. Burial. said his constituents were deep.
ly interested in this measure he did not wish
to hurry the action of the house-he moved the
third reading-but withdrew the motion.
| Mr. Clark had been opposed to increasing
banks. Bat now he had been convinced that
the people in that section needed bank and
ne shoaad not oppose it, since people had be-
come more sober on the sabject.
Mr.. Minor introduced an amendment, pro-
viding that the bank shall pay $1,000 to the
Governor TOR the benefit Of the insane poor
Tie w shed II paid Tor an agent to examine into
the condition and number of such persons, and
for their sole benefit.
| Mr.. Boardman regretted this amendment
He syrnpathlsed with the gentleman in his
feelings for these unfortunate persons. He
would 20 for moderate appsopriationfrom the
treasury for this benevolent purpose. But
he would not raise the money in this manner
Such provisions have worked badly in the cases
Of several banks he had known. The bonus
comes ultimately out of the business classes
and The laborers.
Mr. Clarke said there was reason why this
bonus should 60 to the insane-as people were
peculiarly liable to 60 mad, z had be n.
| Mr.. Williams said il was an object to have
the capital Of other States come into this. II
was re gion Of country abundant in resources
abounding in minerals more useful. far more
useful, than gold. He believed this stock
would be above par and therefore he said, they
onght to pay bonus. We were giving the
stockholders an advantage and they should con-
tribute to the benefit of some others. He ia.
vored both the bill and the amendment.
Mr.. Robinson moved that the amendment be
increased to $4,000. He was in favor Of this
charter. though he did not suppose this leeisla.
turs would grant any bank charter.