The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1859-01-13
NO. 8.

S!Te rIght ulrectton 10 tue business or
3 agriculture, and act we'll their part in ev-
cry department of life. An object so
fraught with usefulness is entitled to tho
: highest CO Z ID, ndatioD.
: The application of scientific principles
to the practical purposes Of life, is bus
realizing the full benefit Of those laws of
nature, to diseove, and to profit by which
is undoubtedly one of the great ends of
human reason. The more this impor-
tant object is held in view and effected
by our hi : her institutions of learning, the
more valuable and useful will they be-
come. The Polytechnic college of Penn
sylvauia at Philadelphia, is founded on
this basis; aud its attempt to popularise
science, and connect high requirement
with practical ability, is presented TO your
favorable consideration.
Under resolution of the last House
of Representatives com nittee was ap-
pointed by the Speaker of the House, to
examine the state and condition of sever
al banks chartered at the session Of 1857.
! The resolution directed the committee
to report to the Governor the result its
examination within ninety days after the
adjournment of the legislature On the
2Oth of July last, the report of the COM
mttee, together with the accompanying
evidence, was filed in the Office of the
Secretary Of the Commonw ealth, copy
of which will be laid before the House of
Representatives.
la view of the facts reported by the
committee, in reference to the organiza-
ton and subsequent management of the
Tioga County Bank, the Crawford Coun-
| y Bank, and the Bank of Shamokin, |
would recommend careful inquiry into
The present condition Of these institutions
and if it shall De asecrteined that the
public is likely to suffer injury from the
further existence of either, speedy and
certain remedy may be found in legis-
latiye repeal of the rights aud privileges
granted By the acts of incorporation.--
The power to alter, revoke or aDnul the
charter of bank whenever its continu-
ance may, in the opinion of the Legisla-
ture, be injurious to the citizens of the
Commonwealth, is expressly given By the
Constitution to the General Assembly
to be exercised, however, In such manner
as that no injustice shall be done to the
corporators.
Obedience to this constitutional iDiunc-
ton would require that in the event of
repeal of the charter of a bank, care
should be taken that the rights OF the
stockholders to the surplus assets of the
bank, after payment of its debts, were
protected; and that suitable provision
should be made for settling its affairs.
The injunction contained in the Con-
stitutiop, that the repeal or revocation Of
a bank charter shall be in such manner
as to work no injustice 10 the eorporators
is hot qualification of the power to re-
woke, or aunul the charter; but it is SIM
ply a requirement that. in taking away
the charter, the rights of the stockholders
shall be protected, so far as is consistent
with the act Of repeal itself. l do not
doubt that the legislature. may alter, re-
woke, or annul, any existing bank char
ter, whenever in It's opinion the continu-
ance of the charter uay be injurious to
the citizens Of the Commonwealth. Any
other construction of the constitutional
reservation, would make the interests and
safety of the public subservient to the
gain of the private stockhoider. BeieV-
ing, therefore, that there is no want Of
power, cannot refrain from expressing
my decided opinion that whenever it is
clear that bank is insolvent, or in great
danger of becoming so. or whenever its
privileges are so used or abused as to Sc
riously prejudice the interests Of the pub
lie, it is the duty of the law-making pow
er to protect the people, By destroying its
corporate existence.
In this connection | deem it my duty
to reiterate the views expressed in my in
augural address | then stated, as my de-
cded opinion, that there should bo no fur
ther increase OF banks or banking capital
under the present. system--expressed
q decided hostility to the issue of notes
of a small ACKNOWLEDGEMENT recon-
mended such a change in our laws
relative to banks, their organization and
management, as would at least secure
beyond all question, the prompt redemp-
ton of all bills or notes put in circulation
by the several bankipg institutions Of the
Commonwealth.
Well satisfied of the imperfection of
existing laws relative to banks and bank
ing, deem it a duty to inform the Gen.
eral Assembly that | cannot give the
Executive approval to any bills charter
ing additional banks without a radical
change in the entire system. 1t is bot
just to state that in my opinion large
majority Of the banks Of toe Common
wealth are we'll and safely managed. and
in perfectly sohad condition; but this is
due to the honesty aud intelligence of
those having charge Of them, rather than
to the efficiency of the laws. Under the
Of incapable or dishonest
men, experience has shown, that there is
really but little, if any, security to the
public in the regulations and restrictions
now n 10 fouad in our banking code