Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1855-04-21
REMARKS OF Mr.. LAPORTE,
On the Biz 10 Charter the Lock Haven Bank.
In the House, April 5, 1855.

Mr. SPEAKER--Before vote is taken upon
this bill, / desire to make some general remarks
upon the question before us. L have viewed
with serious alarm aud apprehension the faclll-
ty with which bank charters have passed this
| House. Near three and a half millions OF dol
lars of banking capital has already been au-
! thorized, SO far as the action of this House can
90, and great number of Bank bills are on
our files-enOugh if passed. to double the bank
ing capital of this State Nothing like success
full opposition to this wholesale increase of
banking has been manifested here. Individu-
ally, members profess to be opposed to this in
crease but unfortunately, so many are in fa-
vor of some accessory bank, somewhere, that
they withhold opposition to others, out of fear
for the success of their favorite project.
A question of great public interest, the cur
rency question, is involved in these projects of
new banks. Our currency at the present time
is in healthful and sound condition, because
of the restrictive policy in regard to banking
that has been pursued in the main for the last
ten years Other states where this policy has
not been pursued, have not met the CONNER
cial revuSion of the last year as it has been
met in this Commonwealth We have no bro
ken or suspended banks, while for time every
mail brought us Intelligence of bank failures in
other states where banking has been excessive
Gentlemen talk about the wants of trade as
though in cnacting banks they create capital
They only create paper money based to a great
extent upon credit, swelling and vitiating the
volume of our currency, enhancing nominal
values encouraging excessive importations of
goods and stimulating all kinds of speculation
upon credit. We cry out to the general gov
ernment for protective duties, and then calmly
| legslate here, in a manner to give foreign pro-
ducts better chance in our own markets than
can be found any where else. A great increase
of banking capital must be followed by an in
creased circulation this increase of circulation
must lead to initiation of prices, and under this
imitation foreign goods will come in in spite of
f duties and find sale in our markets, carrying
away in payment our specie because, under
, initiation the prices of our own products are too
: high for foreign markets. and they cannot be
y taken in exchange; hence specie, mainly, must
: be taken away in payment undermining gradu-
ally the inflated paper currency, which enables
f the goods to find a market here Like all un-
!; natural forced action, it carries its own pun
|. ishment and the commercial interests of the
country soon becomes prostrated by overtrading
, induced by our banking. Men become excited,
y they can buy everything cheaper than they can
/ produce it, and we become buying people in
stead of producers. The export Of specie pro-
l. duces alarm-confidence is lost, and where then
+ are your banks? In the market as borrowers col
ecting their debts, refusing to discount, tight
a enlng up the screws in every direction, and in
d stead of relieving distress, they aggravate it.
G A sound, stable currency is the best protection
e to our industry, and the great safeguard of the
d prosperity of business Without such q cur
e rency labor cannot be protected, nor can any
e business be regularly remuneratiye. Califor-
3 MIA gold Is steadily pouring in upon U.s. and do
" not let us drive it out by extending baser
circulation. The increase of gold keeps pace
II II with the increase of buSiness-and this great
lie paper supply is not wanted
u The people of Pennsylvania decided last fall
that corrupt national administration must be
n rebuked by defeat of their party in this State
. But what man in this commonwealth dared to
avow that in case of the success of Gov. Pol
) LOCK and his friends, this wholesale increase OF
S banks would take place? have good author
o ty for saying, that Gov. Pollock himself, while
d on the stump last fall, expressed his approval
). of the policy Of Gov. BIGIER in regard to banks
Great as was the provocation from Washing.
J. ton, l do not believe that Gov. BrGIER could
e have been defeated if the people had supposed
IS that his policy in regard to banks would be
= abandoned by his successor. | believe these
things are properly understood by the present
u executive, and that but few more banks, if any
lie will receive the executive sanction
d l am ready to sustain the veto message al
r. ready received, in regard to the Pottstown
Bank, notwithstanding it has been denounced
. as old fogyism and exploded doctrine Old
e fogyism is on the other side of this question,
1t and the doctrine truly exploded by dear-bought
. experience is the doctrine of the Hon. speaker,
- who has so earnestly advocated this hghpres-
, sure system, and denounced the veto message
l. The doctrines of this message are the doctrines
h of the people, and are only opposed by those
r who are grasping for exclusive privileges to
e make paper money, and play fast and loose up
on the currency of the country.
The great mass of all parties have settled
down in favor of the restrictive policy in regard
10 to banking, which was commenced under Gov.
It Skunk, and they little expected that the revo-
luton OF last fall would be signal for ovcrturn-
o. ing that policy. 1t seems that every knot of
9 spectators i'll the commonwealth eager for ex-
/ elusive privileges, are down upon us as though
IS they never expected to get another chance
IL They have been restrained for some wears, and
= they come on now more eager than ever
. verify believe, if they succeed generally, as it
seems they will, unless defeated elsewhere than
. in this House, it uM be their last chance for
y many years. The people will not tolerate such
r prohigate legislation. | call upon "the old
line democracy" of this House to stand up to
e the principles of the party on this question ;
for if they abandon them, cannot see anything
y left worth contending for. They will then be
C obliged to stand upon the rotten panks of
= popular sovereignty" as Illustrated in the re-
It peal of the Missouri Compromise, and carry on
n their backs the fugitive slave law. Their par
ty will be distinguished only as the pro-slavery
! party of the country, and the people will see