Arkansas true Democrat., 1857-11-17

Logc Ncf5 duu utAci f Ac SisitiNo charter of .
 corporation, e ged in the business of ba,l
 ing with view make profit. They The usually invested with exclusive rights and u We ha vileges which are withheld from the baIanof tract o the oommun'y' anu a 1, @ @ ct theselann the public, which they should be reopS.9,
 str;c,Iv to rarform The most imno,,luiet Sine, these is in nav their liabilities in spec een info mand- and I recommend to the considar..g simself, of the General Assembly the necessity of - launc king suitable provision by law to enfore, ,s emoer. faithful observance of this as well as of All xperim obligations which they have contracted ater,' t A future day be fixed. upon which they bns far as required to resume, giving them reasonable sgardn sufficient time to prepare to do So without ecom'h pressing debtors. In fixing future day romlse' prasnn,5ion the occasion may be a fit ora Me nose snch additional restrictions. labilos recisely penaltins as exnerience nav have sbowr shiie tn poaass,, r., r,,ra tho mn hlic ao,ipst f,t" sity of nons;onc If the hanks have violated ~ Il they charters, the General Assembly possess the ent as doubted power to impose such restrCtious ownuu @ blities, and penalties, as conditions upon wb, ne they may be permitted to continue the exerlI comp of their corporate privileges. mere 'e
 To sanction by silence and aoquaescns Of fl need ,,6E o,abo,1tieS yeoeote4 s,,snens;o,e oYj ain the fr 1a. ,,o.;;oJo of tn,e is to t,zoto 5 EAf the yt,J ,o t5o ,,oto boLje.o , .,I:,s ion wil unjust The loss sustained by the peopeb AS the depreciation of bank paper since the $ tue i susnension has been far oreater than tb f;ity, so | amount of the annual tax which they are 'e'n'sp quired to pay for the support of the State Aciu'l roror,or. os ,,;lI ha ,,an;fo,, h.. oI" Nntranc ! q f,, fcts Tboavar,,a o,,o,,rt of Lt Ind an VI o'lA hota Ma o "'. Sno 1. ,',s ; u.''ol M ag cake
 .'7 o I,at s.., f VIII as escrpt
 " " . : z lS t; e .t ~ 4lss 1t u : '1so No ~ olr;.I t~Ia. a; Io'eS Qsther." about 8a per cent, being sometimes at 6, srj.,,nd at others at II per cent This heavy loss bae .hn fallen upon the people-each note holder bea, .aS . ing his proportion, whilst the bank owneB a.o 'l, s we have seen, have been dividing profits amou,,s th themselves. 'nac;,
 As far as my information enables me to iuds. hara our banks are believed to be in solvent con sc tol dition and could if reasonable time be give, nnIov be prepared to resume specie payments pe,,y w1 manentlv, without inconvenience to themselys,; Ia or oppression to their debtors. The intereuev as of the public, in my judgment, demald md ba whilst none of the rights of the banks theu.,elv
 selves will be infrnged or impaired, if the,,derts shall be required to do so. Unless eficenlts q legislative action be had this subject t.;l to | public have guaranty at hat period ta.ct is principal stock banks may resume, for 1t Bi Ii is fact worthy of observation that much the agg,luab portion of their capital stock it is undersoois inst \ ~ other States, and however much the local StOcs,e da holders may be disposed from of Dictates priety and duty, to return to cash paymeLsictm they may, and probably will, be controlled mck les | their nonresident CO., partners who have lee S 1 interest in common with the community rom | which these institutions exist, and who may s-fron contented that they shall raman iu their pessae fo suspended condition, long as they recei7)ndu, their accustomed dividends. rance i, +h, Gr-t hat bavo L a suspension of the banks for protracted ps,e ca rod in this State. h 1919 the banks not on1,rns
 in this State, but generally throughout tdsfran Union, ruspended payment. In l82l antscaus again in 1923, the General Assembly passeier
 | laws requiring them to resume, and in puru4ans
 auce of the laws they did resume in 1924 aut,nts in 1925. During this long suspension of 6yaere years or more, the depreciation of their papeDt be was greater than it is at present. being someluse
 times great as 25 and 30 per cent ThDne heavy loss upon he community t0oud haue, doq,e tn Jess continuei longer an it did at hat tne b4sr DO for efectUe legisatUe Hterpositon At that tims)od
 at present, 1t urged chiefly by the bankaere
 themselves, their debtors and those ho hopebbacc to obtain further loans that 1t was against thne s
 public policy to force or require resumptO1,ct fC because, said, the specie in the vaaaourse would be taken from the State and their imms,ss O diate debtors and through them the communiTill oppressed. illio
 The General Assembly thought otherwisorty
 They passed laws requiring them to pay thesgior debts, under pain of losing their charters-,ss, They did resume and sch consequence as haithi been predicted toAo,oed And the opinion is COL he hdently entertained that no such conseduencay it. as are now predicted would follow a resumpttize
 ion, especially if reasonable time be given u1ffic the banks to prepare for the same, but, on harges contrary, that the public interest would b.. greatly promoted by it. io'
 The evil consequences apprehended by many
 as likely to fellow resumption by the banks Oi w one State, while the banks of the other Statsdol' remain suspended, it is believed are more imahe 7 gnary than real. The banks of New York sctio and of the States East of her, it is known di ON, not yield to the suspension which took place ilg.
 Pennsylvania, and other States in her negh.le d borhood, in October, 1889, but have contiuusi at to pay specie, and to maintain a sound con. 1T vertbe currency. The banks of Missouri did w not suspend at that time, because those of the .egi States adjacent to her territory did so, but cony,
 tinued to pay specie. In the specie-payin, ast State the money-market is easy, and there our no pressure on the people. ndu
 ons