Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1858-01-15
VOLUME 25, NO. s.

the persons among whom they circulate, be-
liete these promises will D. kept. The char.
aeter Of tho bank. like TINT OF the merchant
will depend upon its positive ability 10 per-
form it, promises, IL does not necessarily
follow that no issue ought 30 be made be-
I yOnd the reserve Of specie retained IA hand.
Tho very Purpose OF the bank IL 10 mako
other descriptions Of property serve, 20 u
certain extent, the purpose OF specie. But
what should be demanded OF the hanks, and
they should be put upon such footing as 20
require 10. j., that while the banker may bo
permitted 80 10 manage a. to have the least
practicable circulation, he should bc held,
upon his peril, to keep within bis capacity
OF turning his effects into specie 80 rapidly
a. TO meet any possible demands from the
bills. Any system which docs not Also.
lutely require this much, and any Iractco
II the hanks which pot, Il beyond their
power e. perform this much. j. deemed 20
be- wholly wrong and unsafe. There should
b. M contingency where this rule should
be relaxed ~ much i implied in The du.
ties Of the hank a. the public, and ~ much
is demanded by the safety of the public;
suspension OF specie piymcnis by the banks,
is either violent Implication upon the sys-
TEN, or upon ~ management.
The multiplicity Of banks IN this State Is
an evil. and a spirit Of rivalry among banks
is promotive Of evil. Tho legitimate pur-
post OF banking 4. u facilitate the business
Of the community. Banks should b. locat-
cd with strict reference a. actual business
wants Where such wants are fully met
by one bank. another shoull not bc created.
. 4. n. 10.
tween small banks leads to che encourage.
ment of class Of paper not contemplated
by the laws.
IL is not understood that the temporary
inability Of our banks % make specie pay
mcut., results from any want N ultimate
ability 10 discharge al their liabilities. Nor
i, there just apprehension of their rsoundncss
ard ihr security Of the public a. connected
with ;hem. On the contrary, they have MAIN
uncd th. irc credit with c,mmcndablc rromp-
titulc during the prevalence Of scyerctt re-
yul.iJn.
. Your Judgment j. invited 90 tio oonai-r-
a.',1 of tle question whether any measures
ar noe slry ~ prevents recurrence ol bank
suspensions, and 81 provide against tie e,-
feet. upon the country consequent thereon.
Whatever checks or restraints you may
think proper 90 throw around thr system TO
protect thc community against Injurious
ilAucnra, from thatGuirt.r, i0r thc future,
if it d. true that, g. great extent, the prcs-
cnt PROSTATE condition 1f tu1 business Of the
country and tlc apparent scIrcity Of money
Is Attributable 90 gytraNginc' ~ invest
mcut which has made o. adequate return,
AMI cxtrnuglnca beyond tlo iurume-thcn
/ IL il obvious that tHr remedy the ease adj
mits ~ AMI requires. iur T"rmnnrnt r,li,i,
y retrcnchmcut ard rcDuumy ol investment
ani economy of expenditure, IN All depart
mrnts, public ana private, individual aud
prr,lntl--ln economy which shall rriticise
III, fitness of the smallest item Of outlay,
and force within the narrONest limits both
public and private disbursements. Emhar-
ras,mrnt las not come because the sources
Ut wealth arr not abundant, both u the
bountio- Of nature and the cr'ative art of
our people. but simply because we have not
aocumuiaio! by Jrugaiiy.
IL isnot too much O. add. that the ecOno-
my Ut living. real virtue, Is toJ little un-
dtr.tood and practicrl by all classs among
us and that We are not, IN our habits and
tastes. sufficiently American, but in these
defer 20 foreign customs, and unwisely and
mra,riprir,lly prefer the imported fabric
ard production . those Of American sGill
aud labor.
III" public laws having undergone
thorough consolidation under the Obserya-
tim oi the last Lc.i.laturr, and thereby
ur'rcciing any supposed necessity COR gen
rril legislation nt present, aud the prD5l-
biiiy Dt small demand iorspcciil legislation
fr,m general prostitution OF business, would
seem 20 authorz' the hone that, with de-
termination formed 40 Che outset AMI acted
urln psr,istcnty, the nee,llul business ot
the sss,iIn may b, triunrtol IN lees time
than is usual Oyrr.legi,lntion j. an evil;
frequent changes aud amendments OF the
law. are inpplitic and unwise next o. cer-
nintv the stability of the laws sot the at.
mnsi mpOrtancs. II isony when sJ regard.
"a that a prr.umptiye know, d. ol the laws
is not an ah,urlliy.
ln the iurihcnnc1 Of ties, views, and In
the practice of that State economy which Is
especially due, at this time. towards tho
peopls We represent. lct u. carefully refrain
IRON all measures not clearly demanded,
and lc, whatever Is required be- dispatched
with that prumptitude which shall exhibit
spiri, OF generous devotion 10 tho publ;
veal.
With States, a. with individuals, unin-
terrupted prosperity is not 10 be expected;
vet it j. believed that tho retrospect of tho
brei history Of our STATE, affords most graf.
flying evidence OF public prosperity, and
hold. out 10 the future cheering prospects of
coming advancement ia Gll the essential ele'
mcnts IT great Commonwealth.
With the increase of our population and
the progress Of settlements. under the en-
courtscm,nt Of liberal policy adopted by
the legislature, manufacture, have sprung
up in the State. and have become a success
ril aud permanent branch Of the business ui
our people.
The enterprise OF onr people, keeping pace
with the general ~ vrmrnts which hayo
prevailed Throughout tac country for i'm
prIycmcnts In the means Of iniercommuni-
cation, has lcd u the construction of line. Of
railway. which, while they aGIrd facilities
lor lhe frequent intercourse OF our people,
and serve tu develops the natural resources
OF the State. aud stimulate u increased &C.
tiyity it, enterprise aud industry, have put
va m direct aud easy Communication with
the most remote parts vi thc country, and
aiTjri also facilities Tor the most extended
internal and external cOnmerce Of the STATE
by their extension into Canada, and connec-
ton with the railways Of that country.
lncited By the natural Advantages Of our
extended sea coast, adjrdins sais and COM
inodou. harb6rs, our citiz1ns have. with
Characteristic energy. engaged Ia commerce,
navigation and the tsherie, Maine furnishes
annually more of the tonnage which c0nsti-
tutcs the splendid fleet OF the merchant ma
rine Of the nation, than any one Of her sister