Litchfield enquirer., 1853-05-12
WHOLE No. 1854. No. |.


 dissolution or iaiIuGe of any of these iusli- tutions. Something of the kind is FeQuired ] to prevent tie possibility of ihe plates fali% ing into the hal.ds of those who might use them for purposesof fraud on thec0mmunity Not having had an opportunity to look iniO the Bank COMmssiOHeFs' report for the year during which they have been enc gagged iE tleir duties, am unable 10 refer particularly to the condition of the banks. The recent disastrous failures of two of the banks, by which a large number of persons have heen virtually robbed of their earnings, will be brONghl tO your noice.- A high sense of duty overlooking all minor considerations, iMperaiively demands the most searching investigation into the affairs | of the defuncs corporations, whose brief existence terminated sO disas!r0usly to the community. Independent of the loss 10 the bill holders, which is very great, tie system of which those banks constituted a part, has suffered from the shock-the effects of which, are manifest in the suspicion which has been cast upon our banking institutions generally. t s. ss- sss ..
 The recent warning we have had on this subject, calls lur an inquiry into the whole subject of Banklng as il is now conducted, especially under The old system. Eveniu- ally tEe banks shhnld all be required sto come under the general law. But for the present, some Legislation is required to check the uncaled for and dangerous amount of circulation of !he banks, and bring it within some rule which shall exactly measure the liabilities of these in- stitutions, by the means they possess for ample indemnification of the public aga;nss losses under any emergency.
 Nothing can be more pernicous than an imitation of the currency. Though it may help stockholders, it is ruinous 10 oihers, and undoubtedly the most ingenious con- trivance which can be devised to rob in- dustry of it's wages, and ttake from the mouth of labor the bread i: has earned.'-- In the most thriving condition of banking, the industrial classes begin to see in high rents, and increased pr,ces of every article which enters into the cOnsnmptioR or iam> flies, mysterious influence al wofk, which prevents them from accumulat ling anything The bank failures of which have spoken, If sifled 10 the bottom, will f1rnish a key to some of the evil lying at the foundation of the system, which, fl timely removed, may save us from future bank suspensions, wiih all their serious consequences. .
 The recent scarcity of specie, which is partly caused by excess of paper money, has created the desire fo: the issue of irac- iional bills. This is subject also which demands attention, and as there seems tO be no provision against any such issues, the enactment of 2 law is required to put the seal of prohibition upon anything ofsthe kind. If all bank bills under tie denomi- nation Of five dollars. were lO be struck out of existence within the next year, the con- stitutional currency, increased by every arrival from the Pacific, would flow fin to take the place of bills, and give us sound specie basis for legitimate business opera tions. a. .ee eeS
 That such result is desirable, and that the time will come when it will be deemed the part of wisdom and justice, 10 place the stockholders Of banks in point of liability, to the extent Of their property, on the same ground with individuals and partners in business, are propositions which can scarce ly admit of doubt.
 suggest for your consideration, whether greater powers ought not to be given ,s0 Bank Commissioners than they now have. Either this should be done, or the hanks required to make frequent statements of their affairs. These suggestions are prompted by desire to ensure the greater safety of the public and at the same time, keep unimpaired the credit of the insli,u- lions themselves. -. a
 A law is wanted to bring our railroad | companies under the immediate supervision of the State. It must be conceded l think, that we ought noi to trust altogether 10 the prudence and skill of tl,e managers of the roads, or their agents. As these means of communication are multiplied, the Obliga- ton to cxerciaAdue care and diligence may, under some Circumstances be lesscned or impaired. It therefore becomes a matter of signal importance 10 create necessity for the exercise of constant vigilance, by the enactment of laws which shall simply provide, as far as human foresight and sagacity can do, against ihese frightlal accidents which have so 0llen left dismay and ruin in their path. Many of these ac- cidents are the direct consequence 0g de. fective locomotives, badly constructed rail- ways, ina,tention 10 the requisite repairs. improper signals. and other causes which might be enumerated, and which can only be guarded against, to the greatest extent, by subjecting the cOmpa nies to the scrutiny of officers deriving their authority from tho Legislature.
 The appointment of General Railroad SUtuBuioSIOuCtS9 pO " " HPNSSSAA AM sssASsS N& l iu Dart of scientific mcn, with power tO visit the several Railroads from time to time, for the purpose of in9uiring into and reporting abuses, if any shal be found 10 exist, and with further power t0 require a compliance with such rules as it may Le found necessary to adopt in regard to lhis matter, would be an important step tow ards increasing the public confidence in the system. Direct interference with the aE- fairs of Railroad Companies, is not asked for, bu. only such general supcryisioa of the roads and the means of conveyance upon them, as circumstances imperatively require. The dictates of wisdom, no less than those of humanity. clearly point 10 the necessity for legislative action upon this subject. gs assas .@ gsa ei
 Ihave had no occasion t0 change my views of the present attachment ws, aimee