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Thomas Clarkson

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We clieerfully mnke room for the histor of ihis iriitiiution given by oyr intelligent coi i. respondont on the first page. It seems, nc a(. oonlmjr tu liis sliowinp, tliat tlic Bank w n_ chartert! in 1C35 - il it became thcdepos! . Inry f t Ite Süile fuwdt) - lint its Cat-lncr, i conjumtiiiii wiih theSinie ofiicerr, "made il niete enjrine of pmtt," .atlvuncing funda t 1 "i.fficK hulrirrst and gainblers" an 11 " B.i tik , irnd il fui!ed in consequenc Jg nf suoh niiiii ureirient, mviujr (lic State mor U. j ftiBfi íi'ilf' a inilünu of t!ollarn: Ihat inslead r ! ik ,p)f, tliey tiricd out a !nt of tlii ,s, j lr.i.-li, viz: note.-: uí' politie il gitublerp, office i ln.ldeiö and Wildcit - thai the Staff ls not bei!)-; ab!e to gel uny tliing else, took thes ipfcti--, and yave a dicharnre of the dobt i fnll, nnd agretd to pay the $12,009 of Ik dtblt of the Bank', and finally nfiftr fhilmg jj 1# meet its linbilitiis, and thereby defrái dinff it r" creditore, il hos ogaip. resumed banking busi nes, and continues f exercise a!l ihe povv ie ers of a Bank corporntion. Now, we subtuit to the render,- no matte w!;at msy bo hfa noiions on Banks - whotlie y a B-ink ouaht to be continued in existence e which has failed tn its engaements willi tlx Si Stote, .qnandered the property of i'.s slocks holders for pirty pnrposps. and which has nol ? nccomplished the letritimate purposes of L Bank. bnt dtirinrr t)e four years of its aclion . brouht loss and stiflerinjr to all partios conneclcd witl: it. Bnt onr correspondent says it g a lineu Bank' - thut it has new stfckholders, new ? director?, new officers, ond new capitul. All ? this we presume ia true; but there is ono old ï charactcristic nboiit it tliat i important- t OC?3 t lias AN OLD CHARTER, J) under - wbicli the writer admils that the prdssest mis] manoprement has taken place. The present _ Stockholders are now in a lejal controversv with tlin State toobiain a contmuanre of the sanie privileges which conrepsedly been perverted for party corruption and pnblic loss. They waut privilppes which have been abuseduj uien ti i.-ui.-i ufMii.-, mm ny wnicn Uie public is liable hereaftcr aiain to suffer. For our part, we are opposed to the exercise of such power through the charter of a Bank which hos already failed. The charter was granted ten years ngo. whpn ihe State as thinly seriled, and tinder circurnsi anees very different from tliose which now exist. Wo say f such privileges are to be gran'ed by the State to any class of, persone, let it bc done now, by a new oct of the Lefrislature, througb which the whole question enn be fairly discussed. Besides, the "restiscitntion" of one broken down Bnnk Iilce this will prepare ihe way for nnolher, and thus the present g-?neraion mny witness a resuneclion from ilje dead of a whole brood of Wildent B;inks, whose iniquitiea were supposed to be forever buried in oblivion. Bnt the writer irtfprs the future nOnt management of the Bank from Tts new Diroctors whom he repre-ents to be "activo and solvent merchants." Adinittintr thts to be so, i. thrir srood charaefpr a certain security against loss by the public? Is it certain that the insiilution will alwnys be controlled by ts present dirpcfors? Was not the Bank of Michiffnn underthemannrei.ientof men ofliigh reoutction and good character for infegrity and abil iïy: and were not the farmers deirauded of tlieir produce to a vast amount by !s failure? We well remember that persons pe6is?ed in recommending thnt Bnnk ns solvent after itf paper had begun to deprecíate, because they paid they personally knew the manngere of he Bank to be men of the preatest wortii nnd integrity. But did this confidence save them from loss? It did not! We say, put not, unnecessarüy, into the handa even of honest men, the power to swindle their neighbors. Bnt t eeems that the writer w opposeo to making the property of the stock hnldrrs personally iiable for debts of the institution, nnd to show ihere is no necesiiy for it, he refers u8 to the Banks of New England gonerally. Well, hnve there not been heavy losses by New England Banks? But we are not in NewP f " w 4IllVIMgU IJ U tCI y (lililí (lii plncp, with a populntion essentially different in chararier. And whnt is our experience? Let onrfifij' or sixty brokon Banks, by which our citizens havo been defrnuded of immense sums.answer the inquiry! Under these circumptnncep, shall the corpses of these old irresponsible institutions be "resuscitated ' Trom 'heir oiFensive graves, and their rottenness under a fplendid nnd porgeuus extenor, nssume the direction of nll our com mercial affaire? For our part, we are for letfcng tlie dead banks remnin in their dishonored resting place?; and if any of our cilizens wish to be invested witli the powers, whirh, ir o'.her hnnds have proved so disastrous, lei their petiiion le presented to the people for their consideration nnd decisión. As to the sa f et y nnd utility of the different systems of referred to by the vvriter, we will soy something re3pecting ench of them hereafter. Wéwisn uurpositioti directly understood. We liave nö orrsoiial hogiihty to the Stnte Bank of Aiicdiprn.or its ofñcersor propríetors. What little we knowofthem has impressed ds fuvorably rnther than otherwise. Nor do we ailribute lothcm any mproper or unjustifinhle deiiiriip. We presuri e their on)y objpet i to do a fair banking btisinesf?, and thereby -benefit thomeelves ni.d occommodate the community. Bul our objoction is to the pofst'ssion of banking povers without any tiilrqvute, fttfegvnrds for the. sajety of the rn ti lort throvgh the personal respmitfbility nf the pi'api rtors. And if euch powers are siill io be fxprcse, tvilhout thia responsibility, we thmK that sound policy nnl the ropittalion of our State and of iis instituí ons forbid ihat ;nry ll))ld be ejiercised under the charter uf nny corpmation wbicii has grossly and fjngrantly cbused them. Q3 The BufFnlo Pilotmokea mentían of ti cc viny from Wheoling, Vá., n parnpj)íct publiraiiorr'pniitfcd ';Tfio Tffagun Bonnd, nurl I),? bolitionisis Flrored." If thenuthor hs lii.'ifle ooi] !)is iitle, he has perfwrmcU two dif Bei '; i-.hj?.


Signal of Liberty
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