The home journal. (Winchester, Tenn.) 1858-188?, 1859-06-16


multilariouS evils Of our banking SyS'
TEN, yet every representative should
be reminded Of his patriotic duty no
less than his constitutional obligations
TO palIate the public distress, and
provide against the further contnu-
ance of ruin upon the country,
II the representatives Of the people
fail to exert the power committed to
them, by the omission Of proper leg
islaton, or the neglect OF unceasing
vigilance to prevent the recurrence Of
such scenes Of public embarrassment
and sad private disasters as have pc
riodicaIIy afflicted the community,
they will be justly chargcablc with in
fidelity to TO thcir constituency and u
rccllrs>ncSs Of their qualified obliga-
tons, and will render themselves ut
trrly unworthy Of the confidence and
support Of 4 conIiding and patriotic
public.
The liabiIiticsof stockholders should
be such rs to secure the public against
every possible contingency in the pay
ment OF the notes they cause to be IS
sued. The unlimited liability OF tie
stockholders, not only indemnIics the
note holder, but ensures the superior
stability Of the bank. 1t was ascrib'
able TO such liability, that, in 1888
and in 1928, when great number OF
English provincial! Banks were swept
from existence, among the private and
stock Banks in England, Scotland,
/ Ireland, and some other European
countries, scarcely Il failure was
known to have taken place. The Leg
/ iSlatgrcs Of some Of the New Eng
land, North and NortA-WrStcrn States
have. in the enactment O! various
laws, within few years since. set us
examples worthy Of our immediate
imitation, by increasing the liabilities
Of the stockholders to the full extent
Of lhcirrcaI and personal estate
, The fact is fully established by the
sad experience Of the people. that
. the Banks are not rclidbi" without
such restrictions rs will fully secure
the note holder and command puOIic
confidence.
II We Judge Of the future by the
past, it cannot be doubted, but cor
poraious free from the wholesome
restraints OF legislative supervision.
will never fail TO abuse the rights
and privileges conferred upon them,
aud rndangrr alike the liberties OF
the people and the prosperity ol the
State. Their very instinct is to make
money. They care nothing for the
public welfare any further than their
own advantage is conccrucd.
1t is certainly idle to talk about
"c1uaI rights and privileges while
the individual property otStocNholdrrS
in Banks is not liable for their debts
as much as the individual property OF
merchants ana other tradcsmcn is Iol
HcT&. There is not one particle OF
Justice in the law that cOmpcIS the
farmer or merchant to pay his note at
maturity in Bank and sells him out OF
suffers him to be dishonorcd, protested
> and sued, 1.-THE fails to pay up prompt,
", while it cXoncratrs from judg.
mcnt and execution the assets orBank>
and extends the time Of the payment
orLtcH debts, and ever denies to their
creditors ic@oi interest upon their
fuuds.-allcr torcibly OBTAINING them
to suit their own purposes. I'orbcar.
ancc under such untNirnc>s and DIES.
poIi>m ceases to be q virtue. The
corrective lies in the people.
twin be readily perceived, that
have my doubts as to the constitution.
oliiy Of of cstabIishins Banks. National
''",S ~ u.',,.,',, E.;I,.n, L.,I. nntn.