Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1860-04-28

'uoie 70 peIuhpS uO suDJeCti VI euSh Eop
eral Importance, so little understood ns the
principles Of banking. We are led TO make
these remarks from the fact of seeing since
the passage OF the General Banking Law, in
some Of the most rabid Of our democratic
papers, denuncations Of this law, that to the
Intelligent reader are, at least, amusing when
not too fatty absurd That true democrat,
who by virtue Of his democracy, is supposed |
to have on inherent aversion TO the grant OF !
exclusive privileges, should prefer system |
authorizing the issue Of ties, the security and
redemption Of which, depend almost wholly
on the character aud reputation Of the officers.
is one Of the anomalies Of the day-an apt |
illustration of the blind lending the blind.
But. that these same individuals should de-
nounce the only system ever devised for the
perfect security Of note holders in the event
Of failure, system based on views for which
the democracy have always conteuded, viz
no monopolies and no exclusive privileges, is
perhaps, no less surprising than many other
strange Inconsistencies Of q partisan press.
We have couversed with number Of intelli
gent gentlemen, connected with our Banks,
on this subject. While they freely admit the
entire safety and security Of the new system,
their principle objection is that it will not
pay, unless in the cities, where there are large
deposites, as every dollar issued must be Sc
cured by pledges Of stock in the hands of the
State Treasurer. 1t is not our object TO make
invi1ious comparisons between the new and
old systems. Our neighborng Banks have
been so we'll managed aud sustained such on
excellent reputation, that people have, und
Justly too, the utmost confidence in their sol.
vency, nnd will have, so long as they are
1 under the control Of such men. 1t is the
system which enables rogues, assuming the
character Of honest men, to impose upon the
community, that we object to. The Bank Of
Peunsylvapia, Until q short time before its
final crash, was deemed model of safety, and
so were many others of the thirty.six banks
that have collapsed since the time Of Simon
Snyder, involving about fifty millions of CAPT
tai. True, our neghbor of the Gazette looks
upon this as trihe, and nothing to complain
of, when people are once used to it. Indeed,
we looked upon the objections urged by our
neighbor as kind Of joke on his part until
these attacks were repeated. Another Of his
objections is that this bill was passed by
bribery. This is cutting it rather too fat
Some Of the friends and borers Of the city
banks will, no doubt, put on ON indignant
smile on learning this fact. II is well known
that our legislatures, for some years past,
have had majority in favor Of the General
Banking system, but our city Gnaneiers have
always managed to prevent the passage ol
such q bill. We remember well, during the
last year of Gov. Polocks administration
that q similar bill was most Unexpectedly
consigned TO the tomb Of the Capulets-
smothered. Mr.. Ball, of Erie, then stated
that no had had the personal assurance Of O
handsome majority in its favor in the House
but sudden change had come over some o.
the members. What caused that change
OF course our neighbor would never suspect
, that our Philadelphia fnanciers had anything
, to do with it.
: But our neighbor has still more alarming
, objection. lie contends that this Banking
. Law will absorb and prevent the payment o.
/ our State debt. Had the opponents Of the
law been shrewd enough to have seen thi;
objection, it would, no doubt, have proved
fatal to the bill. But how the payment o
the State debt is to be affected, We cam
comprehend, or how A, who holds bonds aut
mortgages against b, could, by transferring
} them as collateral security, to third person
prevent from paying of the same, wher
T due, is O doctrine entirely new to the lega
e profession. When the State is ready to PAL
a her bonds, notice will be given, and if any i,
!. the hands OF the Auditor General ore called
Q on for redemption, be will surrender them
and retair the money for the redemption o
the notes, and the Bank will have to wind ~
or procure United States stock, in place o
the other, and the loss if any, will be incurred
by the banker.
: The only question is whether such banks
, , will be profitable Like all other business, i
will be left to regulate itself. If banks or,
established where they are not needed, likt
t stores, brokers' Offices, &C., they will be dis
continued, and the loss if any, will fall on th,
D banker, not the noteholder.
D The only question with business men il
a whether it will pay. and this is its creates
a recommendation, as it will not pay wher,
c there is no Legitimate business to sustain it
b Nor can rogues or sharpers pervert its US,
). with loss to any but themselves.
y The best evidence in favor of the system i
n its practical success 10 the State of New
York. As for ourselves, we have no uteres
whatever to subserve in the matter but W
0 do not like to see great public measur
o denounced, without some show Of reason.
ca Peace has been concluded betwee
. Spain and Morocco. Morocco now yields U
an important strip of sea coast, aud make
many concessions in trade and religious pri,
. ileges, together with 100000 pastres t
pay the expenses of the war AS to loss
life, Spain is the greater sufferer.
!. r. Judge Black, 10 refusing to accep
n the challenge from Gov. Walker, says that i