The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1857-01-13
: p ~ 10 t-4
,NOs.534s


stanfly adding to the great common stock oi
legal knowledge, while crude, hasty uud
weak opinions do but darken counsel, mul.
tiplying words without wisdom."' = fs-'sp'
While as State it is well to cherish just
and proper regard for the standing of the
Supreme Judiciary in the community at larga.
yet, our first and most urgent duty is 10 the
People of Michigan to- secure 10 then1s the
blessings Of pure and intclligcut adninisi
tration of public justice in order to both vof
which, il IS requisite that tho Court Of lass
resort should be left cntifely free, TO devote
their time, and their fun abilities, 10 the dis
charge Of those duties alone, which properly
belong to Supreme Judicial tribunal gF
REPRINT OF LAWS. y SAa-ss4
have been notified by the Secretary ,of
State that the session laws for each yesS
since ls40, arc out Of print. The rapid SET
tlement Of the northern part Of the State,
and tho organization of new townships, has
created an unexpected demand for them, and
no further copies can be supplied. It is be-,
lieyed that before the meeting Of the next
Legislature, one hundred, or one hundred
and fifty additional townships will be organ.
lied. 1t would be difficult, If not impossi-
bic for their township officers and magistrates
TO transact business without access to tho
statutes. submit for your consideration
whetherin this exigency provision ought not
to be made for the collection and arrange.
ment of tho laws now in force, and for their
publication. e -.lp wAl
An act to authorize the business of bank.
ing, was passed by the last Legislature, but
as it did not reach me until after their ad.
journment, i had no opportunity TO state tho
reasons which induced me to withhold my
signature and approval. Iei ~. selS-
Like most new States, oun has been set.
tied by an active, energetic and enterprizing
class Of men, who are desirous Of accumula.
ting property rapidly. 1t is an incident ia
the settlement Of all new countries, from
which our State is not exempt, that there is
n deficiency of capital to facilitate the con.
duct of its business, and a vague notion pre-
walls that credit can be made to supply tho.
deficiency. Whenever anr opportunity has
been obtained, class of restless borrowers
have rcsorted to banking, with the vain hopo
that the necessity Of capital could thua By
supplied. Improper means are resortcd to-
to force into circulation large amount Of pa.
per currency by. the establishment of banks
remote from place Of business, and by ex.
or otherwise obtaining circulation
emote fro m the place Of redemption. 4s.a
The people of Michigan have been made
to feel kcenly and bitterly the inevitable ro.@
suits of these schemes, and it is no matter OF
surprise that the laborng and producing clas-
scs, those who create the wealth, believe
that rather than be swndled periodically by
fraudulent banks, they would be far better
off with no banks at all. A want has un-
doubtediy been felt by our commercial meiy1
for bank facilities, and their business has frc..
luently been restricted because they could =
not obtain them, but 1T is question whether,
his INCONVENIENCE TO few, has not been
more overbalanced 10y the sound currency
which tho many have received in exchange
or their labor or their produce. 1t is no.
iceable fact, that tire last two years are the
,nly ones in the history of this State, IN
shich the people have not bcen swindled by
banks. You will undoubtedly 10 ?
old that the business wants Of many locali-1 =
les in this State require the establishments OF
banks, and will be urged to pass bill TO ar..s
horize them to 90 incorporation. If so,
rnst you will concur with me in the prop,ie-
y of providing such safeguards as will secure I!
he community against bankruptcy and fraud, go
n this most important matter, they have
light to look to you for protection. 'g
IL is urged in favor of the establishments
,f local banks that q deprecated currency
would be thereby driven away, and a sound.~
r takoits place, but this is against all cxpe-
ience A
Banks do not desire a large circulation iu 8
heir immediate vicinity, and they frequently /.
,ecome the agents of putting into circulation
deprecated or fraudulens currency, remote =
rom tho place of redemption. 10 guard =
gainst this, would respeety suggest II you
hould frame bill, that all banks be prohibi. Z
ed from paying out any but their own notes y
rom their own counter, and tho establishments
# a system similar to that voluntarily onter. g
d into by tho banks in New York, by which
II balences are frequently settled. This
would REQUIRE all banks to send home for coll
eeton ali the notes Of Others which they had
eceiycd on deposit or in payment Of debts,
md would enable each TO obtain in the ifr>,
nediato community in which it was situated
uch circulation as its credit and character
would entitle 1t to- One of the great evils
experienced. when bank paper constitutes tho
hief circulation. is its constant flucuation.-s
Distant rumors Of the curtalmcnt Of banks at
he centres of commerce create q panic, and
ther banks begin to withhold their usual u
to provide against coming Y
torm---the prices OF property or produce arc
ometimes designedly affected, AID while for. y
unes are secured TO some, great saerItices frc- =
uently occur TO others. Such occurrences
re highly detrimental to the transaction Of =
egtimate business and can only Sbc -
prevented in the opinion Of eminent writer's y
pom currency by the infusion Of q larger 4 y
mount of specie into circulation The large
monthly receipts Of gold from Calfcrnin,,
which havo taken place or several years, -
make it possible without Inconvenience to dis ..
,ense with tho use Of small bills. This
sould insure to- tho poorer classes who are y.
he most conidiug and the least ablc =
n hoo loss p or nll times Z. positive cOnsider.H