Banks

The Ljegjáíat'vé Comtnittee on Banlcs reporte] unfavorably orí a pe:iürn to incorpórate the Citizens Bmk of Jacfcson, The peti'":cts nsked lor gnch a bank becanse Uubanking- cnpitol of the Stute is not sufficiem 'o pprchase the surplus produce of the 'Sfale, and properly encouynee inaintfactiues, boCfinse u-e are.floodrd w.tli vvonhess p..per.from foréígn corno:. -.tions, and because the fnnds and monr-y ot'lhe S:ote ote niünopol'-zet! hy n gw and cxchanTG3 must be purchaaed at greoL .tpeni-'e in Detroit. The Committee, in replv refer to the conequences of making Bank Charters, asshown v on f Wildcat system. Of tho 70 Banks of lichig-an, oaly five remain. The report conunes thus: "As to exchantres, your committcfi believe u-y wore ucver lower Ihan at present, or ire easily tube obtaiued; and Ihey cannor ccrtaiiï therc 3 any "lack of capital to pnrlase the surplus products of ihe farmer, or properly encourngo the manufacturingterests of the country." And jt is well-known and bclieved that ihe farmer and mercbant are better eaiisfied wifh the éxcfiongs now t!mn whcn those worlhless banks existed in the slate, and they eo often found tbejr property exchanged for the vahielcFs raga of inso] vent banks. Experíence has taughúis thnt "bnnks ore monopoliej!. ir. moral unjust in their tendencv," nnd tiiat they lio veno .eouls; tbat it is alinoet itnpopeihle, by iegij-lntion, tó put upon tJiem sucli resíran!s'as will pro', eet the public (rom fraud nnd impo6Üion."' We tb in k tlie Conamitf.ee migbt bave truly .aid ihat it wasquiie impossible, by legislation, to secure the public fronj imposltjons result.inL froni institutio.ns. The com - mittee, howevcr, lay clown the broad doctrine tliat "!he ooTy perions vvhü derive nny benefit frórri ufcíii corporal ions are fhe ofiicers and stockholders," andonclude wilhexpreasW the b(íüei tíiat a Bank ís itöt desired by the peoplo o.' the State. The Supreme Court of this State have decided that tl,e General Banking Lnw of Michigan was uncanstituiHinal. The Cansiitution provides thut "tho Le;islaure tall pnss no ■ act of incorporatjon uajess wjth, the assent. of at least the words of each IIonsp." The ph.-ase, "no ncl-of incorporatioir' ímpíies Ihat a special and particular act or charter for each instituüon shall be pnssed by a twx thirds vote. But under the General Banking Luw, the power of creating and the responsibility of sanc;iont!)2r, was transferred from the Leiislalure to twelve Heeholders. Tiie conseqtiences of this decisión are supposed tobe important and extensive, thouh we are at present unable to state them. {L?" John Wentworth, of Chicatro, an Editor, nnd'formerly íi journcyman printer, and now Memher of Congress has sent os hfe (■-peècl of Jan. 9, in liie House, on ihe im - provement of the Western Vatera It contoins miicii sfalisiicnl informal ion of interest. Mr. W. look g-round the rrdoction ftlie Wivy expenses to 000,000 in.stcad of $9,000,000, .is csked for by the Administra! ion. Uc considere the navy a pet c!ild, nhich was ín a fïiïr way to use up the patrimooy of all tho rest. Tiiis wasa time of profobndpeñee wirii all naiions: yet the expenses of the Navy for the last five years hnd cxceefïed 30,000,000; nnd wiven yöu scek for thu aeïvantages of all thi.vyou mio-ht n6 well seek for Xkfi tiacks wJiich our ships have., left on theocran. UiKÏor the Auministratioos of Jack?on and Ailams, the expenses of ihe Navv werenot quite ?4,0(i0,0Of. lie repeüed the idea (Iiatall the forein frade is coníine.d to tl:e Allantic citirs. A largo nmoiwit went tfiroitgh tlie Stv Lnwrenco. The cnlargement of tire Weilond'Cana!. now ín progress, wül húng boats of 3í)0 tons'bortíi en direct from Liverpool (o Chicago, without once btilk; whüe t!ic completion of the Illinois and Michigan Cany l.navigablo for boats of 150 ton?, wil! open a conununicatioa wiih the Lukes ond the Mi.sissippi,