Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1860-07-19

gardless of the specie clause. Under such
circumstances, the specie, instead of stand
ing as l to 4, might easily be brought to
represent l in 10 or 20, or even 100.
The 18th section makes provision tor
Withdrawing real estate from the bank,
and but for few lines in it would be safe
and stringent enough The clause we re-
fer to is that wherein it is provided that
the delivery of certain amount OF notes to
the Auditor General may cancel the mort
gage security. Under this provision 1t
would be no difficult matter, with the op-
portunity spoken Of in section IA, for a
friend to obtain loan from the bdnE II
self, which said friend might hand over to
the party, and he in turn deliver them to
/ the Auditor General-an operation which,
with suitable friend and equally suitable
endorscrs, (such as democratic bail bonds
used to be in great part) would at once re-
lease from all liability property which note
/ holders might regard as most essential to
/ the redemption of its issues.
The first section authorizing the direc-
tors to increase the capital from 5000, 600
to 100000 is also wrong, for under it lands
of all descriptions, situate in any part of
the State, might be taken in, such as coal,
timber, oil, &c.
We have thus drawn the attention Of
the present stockholders to what most in
| timately concerns them in the first place,
and the public next. By it they will see
that unless they make up their minds to
place unlimited confidence in all their as
sociatcs, they must attend al meetings Of
the board, and keep themselves fully post
ed in the transactions of the Bank The
best men sometimes err where money can
easily be procured by cmbarking in schemes
and speculations which ultimately prove
their ruin, for it is not always capital that
commands success. Hence, in this case,
with a peculiar charter, which, from its
very nature creates a monopoly of few,
more caution is necessary than usual. All
remember with what confidence the direc-
tors of the Lewistown Bank managed its
affairs, some of them even being sanguine
of its solvency almost until the hour when
it closed its doors in utter and overwhelm-
ing bankruptcy; and still more recently
how Longenecker and Bachman, of the
Lancaster Bank, conducted inanciering
operation to the amount of half million
without the knowledge of the managers
yet those men, even while false to every
trust, to honor and to principle, and while
! beggaring widows and orphans, stood
| high in public estimation, indeed, as second
to none for honesty and integrity. We
believe in banks, as on well-managed rail
roads, it is necessary to public safety that
every one concerned in its management
ought to be a spy upon the conduct and
actions of all associated with him.
Whether our deductions of the loose
( points in the charter are correct, men vers
ed in law can determine. We point them
out nor, so that no one engaging in the
present effort to establish bank here can
plead Ignorance Of provisions VIII. ch might
be used for evil IF its affairs will be man,
aged with prudence, not for year, or two
or three, but all the time, they may sue
ceed if otherwise, less than prophet car
foretell the fate of the property invested
in it.
! We may pursue this subject, and in tha
case our next article will be
1st. The stock subscriptions, and how
made.
I'd. Can a legitimate banking busines:
be done under this charter?
Rsg-A Breckenridge and Lane electora
ticket will be started in Iowa.
psa=The Muncy Luminary seconds ou
suggestion relati7e to an early Congressional
nomination, and puts up the name OF Hon
F Jas. L. Hale.
narThe Democrat is now supporting sec
tional candidate, Douglas having hardly
a grease spot left in the south.
asapMr. Hale must feel bad very bad in
deed, after learning from the Democrat, tha
he could not prevent the passage of a loan t
pay off Bucks debts.
s1 Burke's New Hampshire Democrat
out for Breckenridge and Lane, and so is Ez
President Pierce. One hundred guns wer
fired at Concord in honor of the nomination:
nra The Ambition innrnals all dennnnc