The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1855-04-05
NUMBER Ill.


and the true interests of the people consul
ted A sudden ard excessive initiation of
the currency, by the creation of numerous
banks, might mitigate and temporarily re,
move the evils We now suffer, but in the
end, would reproduce and aggravatss theur,
The remedy is more 10 be dreaded than the
disease, and its consequences oflen.lines
more fatal and destructive.
Bank accommodations are and ever must
be, ar insecure and unreliable basis oflegiti-
male business. When everything is prosper
ous and money abundani, ,sccommodaionsar
freely pioiTe:ed aud loaus easily secured In
momentary crisis, and in lhe hour Of great
est need, the borrower finds his ascommoda-
tions whhe ld--his paper rejected and his
creditor, the bank, demanding payment OF
liabilities. 1'ho banks in soif.rfctouue, II,
seasons OF pressure, are compelled thus 10
act, 10 prevent suspension and their own ru-
in. In this struggle for life, the debtor must
first fall, public and private interests suffer,
and general arrangement Of business and
the currency Immediately follow.
As a 'emedy for "!ard lmesh and as reg.
ulatotsof the currency, banks have sigually
failed. A well regulated system of levenus
by the National Government, protecting ma.
tional industry, and encouraging the enle.-
prise OF the American people, restraining the
enormous and now ominousy large impor-
tauons of foreign products and merclaujize,
securing the country against Tue exhausting
drain of the precious metals, gold and silver,
to pay for products manufactured abroad,
which we should and couId make cheaper
al home such system is a better regula.
lion OF the currency, and more eerai ia rem
edy for financial distress aud commercial
evils, than all the banks Of this and other
States, tha, are now, or may be established
by legislative enactment Their truth is gen.
orally admitted. Their application to pat
ticulat cases presents a question of more DIFF
ficult determ minalion. Discrimna lions NAV
be odious, but in view of the action of The
Legislature, on the subject of the incorpora-
tion OF new banks, they become important
and necessary. On ;his discharge OF my Off
cial duties in the premises, | may err in
judgment, but will shrink from no response
billy.
Having, on the day Of my induction into
Office, declared that " would not refuse ,o
sanction tho incorporation Of new banks,
when indispensably necessary, and olearl,
demanded BY the actual business wants and
Interests o!the community in which they may
be IocaIed," the question now presents itself,
is The bank proposed to be established by this
bill necessary and clearly demanded by the
actual business wants and interests of ,hat
community? In determining this question,
the locally Itself, lis existing banking facili-
lilies, its proximity 10 other banks and to the
great rnaris of trade, the means of communi-
cation, the amount, value and character of
its trade and business, and other attendant
circumstances should be considered. From
careful examination Of all these, and with
proper reference TO private and public inter.
esls, caunot discover the necessity that re-
quires, or the wants or interests of tho com.
nssniiy that clearly demand the creation OF
this bank. ..
Feelings Of regard for those who desire the
passage of This bill woul! prompt its appro-
val. Considerations Of public interest," and
the sern demands of official duty require mo
10 withhold my signature.
JAMES POLLOCK.