Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1850-01-17
The New Jersey Ranks.

The New Jersey Banks.
In reply to the attacks of Thompson's Bank Not
Reporter upon the Dover aid Perth Amboy Bank.
of this State, the Journal Of Commerce publishes
long and conclusive article in one of its las,
weeks numbers The Reporter states its first OBJ.
Jectlon to the admission of these notes to be nclu
ded in general objection TO one-man Banks
lhe Journal of Commerce properly remarks:
what difference does it make whether a bank
is owned by one man a hundred. provided the
capital is all paid in, and provided, also it is in the
hands of respectable and responsible Board OF
Directors, each member of which is personally IL
able for IFS circulation Such exactly is the fact
with the Dover and Perth Amboy Banks Each
has nine Directors, as good men as can be found
anywhere,-men OF property, too-so that if the
principal stockholders, instead Of being wealthy,
as they are, were to fail to morrow, every dollar
OF the circulation would be redeemed. Was the
Reporter aware of the personal liability of the
President and Directors of both these Banks, or
was he not !? If he was, he has no excuse for his
SANDERS! lfhe was not, he was totally unoual
fled TO write about them.
"The injustice is the more fragrant, because the
Directors of few other banks in New Jersey are
as yet subject tothe personal liability clause The
others VIII be, when their charters shall be re-
newed /; but they are not yet, i. e. most Of them
and therefore the Reporter has happened to pounce
on precisely those Banks whose circulation is bet
Ter secured than almost any others in the State"
The fourth objection of the Reporter is found in
the fact that the circulation of foreign notes under
So is forbidden by the Revised Statutes. The
Journal Of Commerce in reply says:
The distress of broker on account of the vi
olation of law by the circulation of out-of- the
State bills under five dollars, is laughabe enough
especially when it is remembered that this foolish
law has never had any practical existence. Pub
lie sentiment pronounced at once and so unan-
mously against it, that no attempt made TO en-
force il. Besides, ifthis argument had any weight
against the circulation Of Dover and Perth Amboy
bills in this State, it would be equally applicable
10 all other out-of heS State bills below the denom-
inaton mentioned, including those Of all the New
England Banks. When our State shall actually /.
prevent such circulation among US, we may expect
the compliment TO be reciprocated. A pretty con- /
diton OF things truly, when the circulation each
State shall by law be restricted within its own lim-
its The general policy of New York has been
precisely the reverse of this. We have invited
capital hther by higher rate Of interest than ex-
lists in most OF the adjacent States, and it has come
from all directions. We have admitted Insurance
Agencies from other States, 20 help bear losses
in case of fire. We have admitted the currency
of other States,--and the more Of It the better
Thus New York has become the great centre of
money operations for the whole continent. 1t is
not Thompson's Bank Noie Reporter which can
turn the Sun backwards in lis course
Enough has been said, we trust, 10 show that
the motives of the Reporter, stated by ITSELF
for assaling the banks in question, are entirely
Both 0! those Banks have been :
long IN operation, and their engagements have al
ways been promptly met. The discount on their
bills has always been small. They were never
'ounder, we believe, than they are al present.
There was never less occasion 10 doubt their
,redit."