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The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, July 22, 1837, Image 1

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'Villi
BIA M1I0CUT.
"I ht-re sworn upon the Altar of fiod, eternal liostlllty to every fo'rm of Tyranny over the Mind of Man." Thomas jeffenrin.
PRINTED AND PUBLISHED BY JOHN S. INGRAfa.
iighn If Til
Volume I.
ibfthc Committco appointed by the Fourth of July
S? Anti-Uank Comentlon
KtO THE PEOIM-E OF PENNSYLVANIA.
Fkllow Citizens The crisis that now
imnpnila over diir countrv will uislifv this
'address to your calm judgment and enligh
tened patriotism, and secure for it, wc trust,
a .careful and dispassionate consideration.
I It is less the duty, than it is the natural
disposition. of inteliioent and reflecting, men.
fon nil 'occasions of doubt and difficulties to
fwcigh well every source from whence light
fKSto direct their course, or relief to m'itigatc
fJthc evils, they suffer can he jcxpected. We
."53hall make no apology nor invoice your at
Ltcntion further, than to appeal at once to your
KU-.-ll! . l:L 1 .
jniunigcni uiiuursiuuuiiig, iiuu asii yuu to 511
'J i...:.u 1 . a
Vnhc high duties which fall to the lot of every
C, r., . .i:i rr ...'.'
Vliu ui lis lu uioi.iiui gi;. ii i u ivuuiu, tvu
"cannot evade or escape from the fulfilment
of that obligation which rests on every rc-
Jithcr from within, or without, thniaten to
prostrate the prosperity of tjie country ami
;'ith it, all thatbclongs to individual happi
ness and rtai6nal glory. -
The occasion is too solemn and momcn-
Itous'for political 'influence, or partizan riv-
UllJ, LU UlilO cllljr lllilll O .11.UUII. J.1UII11II
mt tne.purestlove of country, shotrld dictate
-the line of policy lo bo adopted, and in this
'address, if wc are guided by any other spirit
V .than this, discard its suggestions and its ar
.'gum'cnLs with Contempt: Drawn, from a-
mong the great mass ot people at this season
of general engagement and industry, by the
araniuuiu uuiy oi ucvoiion 10 me public m
jrest, the individual members of this conven-
ion, cannot but feel that they tlavo as tlccp
a stake in the favourable issue of the nro-
Sent deranged and distracted ""condition of
c... ',. r..: ' .i..,. .i
viti niuiicuii uuuua, .19 uuy ) liuill inuy
address.
E It would We Idler, therefore, if not critni-
L.i r . AVi" i -i'U'i. i
iiuii, iui ua iu aim ui any 'uiiiui uujlui, ill unr
proceedings, than the Dublic frond, in wlii.-li
tils involved the rights, interests and welfare
,vi an.
True wq may not be cxcVript from mtk
takc in opinion, hYit the associated wisdom
s-3hd experience of a bodv of vour fellow cit
izens, respectable, we hope", boWi fi 'Aum
"Jjbr and in standing, will be worthy of some
'Regard. v
'M Our sentiments arc offered to you as llic
iruii oi mucn rciicction, anu attentive ob
. "3$3Crvation on the cxistimr state of thinira
"rtjThc first consideration that must present it
T(self to every man's mind, is what is our
ftfrc'sent condition: The scconu, what pro
educed it; and third, how is it to be rcmedi
"SRed. To these three nronositions. vour nt.
Atniiun ia cuniusuy iiiviiuu. ,
m 1. The present condition of the United
States, in reference to the currency, and all
V l r i j l i,. ... . ,
ui.uiciica oi uusincss mat are luutnaieiv
connected with, and dcpendiiiff-upon it, is
written in characters too plain and vivid to
need much illustration from im.
tin Pennsylvania especially it is deeply
graved on every fopt of our sriil.
;.;If wp turn to the deserted streets of our
;ciucs, it is proclaimed in language not to
;6 misunderstood.
.ffclf wo traverse our canals and rallrd&d, wc
''find the "panic," prophecy fulfilled, they
lag! indeed "a barren waste," and hear the
irfdubitablc marks of premature desertion
jand decay. Nearly one half the cars and
b'bals, aro withdrawn from operation, and
what remain have little to do. The officers
hro almost sinecures. Their pay; aild the
jntercst on the debt, contracted in tho con
struction of our canals and rail roads, rc
ntain the same as in seasons, of prosperity,
' Mule the revenue denvcU iron! them, is
lamentably deficient. Unless this down-
Awaru course be speedily arrested, the State
Pennsylvania is on the high way to bank
Tuptcy and ruin.
ff wc survey tho smaller towns, and 1HS
fc'ciuhlry at large, what do we behold but bu
siness interrupted, merchants uiid nicclian-
tftln. fill thn nnnoaanvina C ..IiaJ,!
lantly high, tho moans to purchase .them
straitened. lreditbrs pressing their dc-
.;rnanus, anu aeutors unable to pay. Tho
banks closed, the specio in their vaults,
- iMjfit up from the public, their notes not
comrcrtable into gold and silver, tho laws of
iliejBtato shamefully violated, and immense
Issues of unlawful paper rlioney rushlilg
Into circulation in all quarters of tho state,
to the banishment, and exclusion of tho
specie, with which, one year ago, tho coun-
!r abounded more plentifully than at any
prmer period, in tho History of our rcpub-
icT Brokers, shavers and speculators, tho
"Womened birds of prey that swarm round
P08lrat0 carcase of tho public currency,'
t are increasing, and thriving on the wants
jand misfortunes of tho community. The
hTpfes of the easto'rn banks, at a high dis
iCMnt la the western part of the dtate, and
BLOOHISBVRG, COOTBIA
the notes of the western banks at a still
higher discount in the eastern part of the
state, and pie citizens ofthc different ex
tremities of our wide spread unionnlirio3t
cut off from each other in commercial 'in
tercourse, and rendered aliens in their own
land. ( In a word the 'durrency, the very
lilc-blofjd of business in this active enter
prising and thrifty nation is so deeply di
seased already, that a general paralysis has
seized upon our prosperity, '& although our
government is the most free, and fostering
in the world, menaces, 'if some corrective
be not applied, to sweep it, with the besom
of destruction. To tho general view ofthq
subject 'here given may be addcJd, 'ih'is of
an individual nature, that every man who
thinks he has the honest representative of
(tive dollars in his pocket, in the shape of a
five dollar bill, is cgrcgiolislv 'mistakc'if, for
owing to tho depreciation of bank note's, 'it
is in reality worth little more than irec
dollars, so that every man who has in his
possession, oris compelled to take paper
money of great or small denominations, has
at once a practical illnstratf6n of the injus
tice and fluctuation of the system. This is
no .exaggerated picture, fellow citizens,
proofs of its sad reality arc before us, ami
around us, on all sides. The description
harrowing ns it is, is re-echoed from city
and country, frflmjiill top siM Valley, in all
sections of the land.
The foundation of our national prosperity
is shaken; but not overthrown. The na
tion is toll youthful and vigorous, the holds
of corruption are too weak, the energy 'of
industry, and the impulse ot patriotism are
to'o strong to yield 'more than a temporary
submission to the storm. Let us be on the
alert, and call into action the inborn spirit
of t)ie American people, ascertain the cau
ses that have produced these evils, and the
remedies that are practicable, and we will
rise again with new strung nerves for the
contest, and augmented wisdom to provide
against their future rccuVrence, obtained hi
.1. .1 I 'A I . I 4 ' , I n
me near uougni oui precious scnooi oi ex
periencc.
After this general depression has donejts
work, the resuscitation ot general and nidi
vidual prosperity, will in otte or two years
by the adortli'6n of proper measures, not
only restore to us what has been lost, but
will fully compensate for every evil, in the
stability and security that will lie imparted
to our currency.
II. Having adverted, to the existing con
dition of the country, it Viext becomes ne
cessary, in order to provide a remedy, that
the causes winch have led to it, should be
examined, and if possible that means to c
ra'dicatft them be pointed out". It will not
become essential, to take up and consider
separately the various causes that have been
assigned by yifl'erent .writers. It will be
enough to say, that neither the re'lhbV'al of
the depositcs the specie circular, nor all,
or a.ny of the measures of President Jack
son sTadministration have produced, or could
by an? natural possibility, have produced
the present state of affairs Those meas
ures important as they were, to check the
spread bt the disordors in the currency, and
to lay the foundation for their final cure,
and correction could no more produce the
vast ami violent convulsions, that we have
already described than according to Mr.
Kiddle's metaphor the shifting of the baL
last, could arouse tho storm that dashes tile
ship on the breakers or the bubblcS that
dance on the bosom of the ocean could pro
dil'ce the hiightv upheaving waves, that toss
them to the winds. The causes lie deeper
than any measures, within the constitution
al power of the whole legislative and ex
ecutive departments of the general govern
mcnt to devise, and adopt.
Touching the immediate interests of tho
people, ili so few points, any system of le
gislation on me pari ot tnc national govern
ment, must, of necessity merely regulules
ami cannot create tho multilanous opera
tions of the whojo community. Let it be
I'ccdllcctcd too' that in this instance, the
premonitory symptoms of the final catas
trophe, began to be -exhibited before Gen
Jackson was elected to the presidency at
alt. it is true, that during his administra
tion the causes that were before al work
silently and secretly, have been accelerated
by his efforts to remove them, and thus
prove most incontestibly that they were
seated in the system he sought to amend,
and not in Iuh measures to" affect It. This
ji'bsltidfi is susceptible of such clear demon
stration, that no honest man can doubt it.
What was that system, against which all
the energies of President Jackson's power
ful mind, and transcendant popularity aided
by the zealous1 t'o'-opcration of (he people,
was directed for eight eventful years, with
out completing the salutary reforms, thai
were essential to render it beneficial to the
country! Your own experience and good
judgment will point at once to the uncheck
ed & uncontrolled uamvimT aya'risju,
that has been for years, growing up in this
.a 1 --- - ' ' " 1 'ii
COUNTY,
country, under our short-sighted and im
provident legislation. That system com
mencing on a small scale, shortly after the
establishment of our government, amidst
tile w'ahts and fluctuations of the times
when our boundless extent of territory
and our mineral and agricultural sources
of wealth, opened fruitful fields for enter
prise and speculation, and when pdpital, or
something that would nnatvnr no tl...
senliitivo oT capital, was alone wnniinrr m
devclopc them fully, and elevate our coun
try to a condition independent of the capi
talists of Europe, has been steadily and
constantly extending itself, under various
pretexts', until it 'lias finally, become so firm
ly interwoven with all the business con
cerns of the country, as to hold them abso
lutely in its embrace, and to 'crush ilfem in
its fall to the dust. Whether tho origin of
una Bysium was rigiu or wrong, it is need
less now to inquire. ItTs sufficient, tliat at
its very commencement there wore not
wanting men of profound sagacity, and dis-
uiiuri'sicii patriotism who predicted the very
result, that has been realized in our bto.
and who tinrcd
was then prophecy, but is now fact, that
.ui 3iuni uasuu on sucn erroneous prin
ciples as the banking system, would in tin's
free republic, tend to the establishment. of
lavoreil crasscs-T-distmtioiifi between the
"I"1 yum u iiuiuiuiiig tuiruncy anu
a spirit of foster!
schemes of speculations, which would even
.. . ,i. . ...
ninny ovuriurn uie most stable government,
uim reuuee to poverty and wretchedness
life most active and industrious people on
the face of the globe.
c submit to your candid judgment, fel
low citizens, whether such has not been its
tendency. ,
Wc know it is sninnlmips 'sniff
wu.u, mui im.
euls have been brought on by "overtrading
mill Knfi'iilnlinn"nnl cirnun.
... x . 4j..wug uioidliuca jlfU
Kvcn to prove the truth of thjs statement.
Th'at these caVlse3 have contributed to the
general result, will not be denied but not
as primary causes. To a certain extent.
they arc rfiuta, and not causes. They are
all powcrlul, when nourished and sustained
by an uncontrolled banking system like
ours Wit without it, they would be harm
less if not laudable manjfestalions of enter
prise. No man will nnirnrrH in iruiK.il.i:n..
or in overtrading, unless he has capital, or
,1 t""l"" yiauuL-ui purposes IS
the same thing'. Credit is the greatest in
centive iu uom, anu credit is the corner
stone ol our system of banking: The fun
damcntal defect is, that according to the
luiiiuijucB on which ouroatiKS have all been
incorporated', they mav be established, and
go into operation oil creditt or a "fictitious
capital" alone. Their very existence is
ideal. , They arc mere phantoms that in
habit their own vaults. The officers and
stockholders, when acting jn their official
capacity, are vested with artificial intangi
uiui uiiu iiuiiuu in uicir dealings will
me.n' i"py arc governed by different con
si'd'cralloiis from IvMnt llifcv i!.,.,i,i u :
J UU,
each acted for himself, and was directly and
.ouiionni.- iui ins conduct
From these peculiarities of the banking sys
tPm.lt fnllnilfQ flint 10 nvlilnn..
.v...., .w..w U, ...ui. 1 W lAlOiCUti; IU a COUn
try, supplies a vast amount of false capital
and holds out a lure to the speculator, and
trader, to engage as deeply as ho can, for he
i oiui buii;. winie ne is aoie to obtain cred
it, no matter, what may be his debts, and
his obligations. Thus a false impulse is
given to all kinds of business and proiects
uiu UIU31 luuiu aim ausurtij nnu promoters
Utld Ubundahce of mbnev to nili-n nrA tlm.
Thus also it happens in the prosecution
oi iiiuac opurauons, men cecomo indebted
to foreigners, to each nthpr nt tinmo ,.,1
tho baiiks and the bahks cd.ritract thc same
Kinus ot debts and when pavment is de
manded, it can onlv be matin hv nnlnrrn,i
urcuiis dv iiicornoraung auuinonai h.mk.
-and IhhrrinKnrl fiina nf ninn.
When individuals or hanks lipfnmn in vftli'nrl
m debt, they resort to the same means fo
extrication. Thnv nlav n Imld mma trn. ,
. . J l J Jj...W It
game it is,) stretch their credit to the utmost
limit, and in common phrase, "make or
brqakf" by the adve'niurc.
fll ifu wan Ul IMU1X IUIIU19, WI1CI1 CtCUll
K'l I . .1 . .
inns, me ocnciitoi me insolvent law i:
their remedy and in the case of linnWa
a suspension of specie payments. And
"iv wivu. Mjjuil IIIUII UIUUIIUID UUU U1U 1UU
nnv.i .,: .i:. 1 ,1 1.
ne, are in uoiu cases me same.
This is the process, and this tho courso
that has led to the existing stato of things.
Wo appeal to the history of illb couhtry for
its conhrmation. Let any man examine
the amount of nominal banking cnnltnl. nt
different periods and also tho, spirit of
speculation and overtradirfg as Indicated by
tho imnnrts nf tlin nnnnlrv- thn snloa nC
public lands the prico of labor and of the
vaiioti8 commercial comm'odltics and tho
Proiects of new towns, and cities, tnrnnikn.
. 1 (
canal and railroad companies, and ho will
una 111 an cases, the latter near a strict rela
tive proportion to the lonner, Am pffuks 1
SATURDAY, JULY 22, 183T.
have increased, so have th
just enumerated, increased in the same pro-
,,u iiiigiu nave spread the sta-
uauuui lacis uciore you, but we do not wish
to swpll( this address, tq a greater length
than is necessary and if any doubt,- let
them consult the records that arc accessible
to all.
The ruth of this view of tho subject, is
further illustrated by tho mad tenacity, with
which President Jackson's attempt at rc"
form were resisted on the part of the banks
and their friends. The rottenness of the
system is proved by, the trc,mor and agita
tion, with which .the first exposure of it's
deleterious operation was received. The
Bank of the United States, the great self
styled "balance wheel" ofthc system W
forth its most .tltinnst utinrnins nnA ,,.
t t - , aill. 1 a.T
joined by itsstripnling co-adjutors, to pros
trate President 'Jackson, and to grasp the
sceptre ol supreme power.
Instead of co-operating with the govern
ment, to remove some, at least, of the most
obvious defects of the, system, they clung
with Inflexible resolution to them all, and
it the very time when the issues of paper
money ought to have been gradually and
prudently contracted, they were expanded
to an inordinate degree, & many additional
banks were chartered by tlm several state
legislatures, under the influence of threats,
panics and pressures, created for that pur
pose. To counteract the wide spreading
evil, under, a wise recommendation of the
national executive, a large amount of gold
and silver had been forced into ciiculation,
but the increase of bpnksa))"! the expansion
of the paper circulation verc so great, that
this specie has been swallowed up already,
and is now expelled or withdrawn from cir
culation, by small notes, or is.hoarded up
by the banks and nrivnti? inrlUiilinU ml
exported to Europe, scarce a vestige of it,
itnmnqiHiliirnlir r-.-wi ..!.!.... T . f
v,...,,ui....i.ij oycauui, remaining in cir
dilation', flliatbahlsinff 'nvsfim. wl,;h n,t
. ' - J "'I 'T . mu-
mits of such results, is radically wrong, and
opposed to the best interests of the people.
In England, similar results have followed
similar cau'sas, and the experience of the
namung system mere, aitords powertul and
conclusive proof, that the positions which
we have endeavored to maintain, in regard
to our own banking system, are undeninhlv
true. Indeed, so intimate are the commer
cial relations of England and the United
stales, and so blended together arc the
transactions of the bank of England, and
the bank of the U. States, that nothing can
materially affect the one. without nfonr.tinir
the other. The bank of England, having
agrceu to export go much, ol the gold and
silver of that couiilry, as lo render it incon
venient to command, at all times, enough
to redeem its own notes, anil to meet its
other specie engagements, had thought prop
er to require from the batik's of this coun
try, its debtors, to return the necessary
sum for that purpose. This was either an
excellent real or pretended cause for tho
bank of the United States of Pennsylvania,
to suspend specie payments, and to c'dinpel
all the other hank's lo follow suit, and like
wise to enable their friends to put forth a
copious supply of small notes, to take the
place of the specie, and to bolster up the
immaculate credit system, iust totterinir to
its fall. Such is the true secret of two of
tho most important events, tho "suspension
of specie payments," and the "issue of
small notes," that characterize tho present
times. And such also is the univprsnlitv
and identity of effects, Jlo wing from this
credit system throughout, tho old and the
I1PIV worlfl. Tt id nnnnnrl tlin cnmA tiii.v
wherever it reaches, and has a kindred in
terest 111 an parts ol the commercial world.
Tint as this f!nnvnmimi llrw linpn nim.
bled to consider the state of affairs, more
particularly m J'ennsylvania, we will turn
our attention to this state alone, for a few
moments, although what has been already
rfininrkflil nfthn pnnilitinn nf tliliifri' ht Inrrrn
hns inr.hlflpd nncnu'ti in rrnnprnl annsn 'IMio
j. " - C.. III.
extent of our territory the fertility of our
son me inexnaustioio resources oi our
mineral wealth tlin indnstrv. pntprnriio:
and number of our citizens, have all desti-
!lP.d Pp.llllRvl vniliri in Yt'n tlin TrpTfctniin nCl
l.n TTr 1 p. ;'i
iiiu uuiuii, anu uiiu ui uiu ursi in uusiiiesa
and importance, among tho sister states
I1hnt Wn sfimllfl fiml lini-p no innpli lionbinrr
capital as any other state, is thercforo natu-
1 1 0 .1 r t t . .1
rai, anu perieeuy coniormaoie 10 me gener
al order of things in other states. Hut that
we should Possess nearly treble tho amount
of banking capital of any othpr state df ilie
union, is a most surprising fact, and one that
demands some explanation. Did our business-
operations bear the same relative nro-
portion to those of New York, and other
large states, that our banking capital does to
theirs, wo might, have sup'posed, that it
Wa. in Cnmfl Aotrrnn ihn nlTanHnnifn .nl
or supposed necessity, but tins is not tlm
fact. Our bankill!? canitnl is of ninslirnnm
Kiuirui, iui ujMvariio ui tivu minis oi i
has sprung into- being within the last two j
Ye&n' j
growth, for upwards of two thirds of it
Wifmlicr 13.
The amount of bank capital incorporated
in Pennsylvania, when Govcnor Ritner
was elected, was $17,00t),000 the amount
now existing in Pennsylvania, is about
Fifty.eight Millions of Dollars, so tha
under the auspices of Gov. llilner and his
menus, it nas been improvidently increasad
about Forty-one Millions of Dollars in less
limn iwo years. i either reason nor neces
sity can be nleadedin iiiRtinV.i (inn nr avahoa
r I .....v-.iwh v VAbUOl
of this ruinous policy. IU origin can be
lounu only in a morbid excitement of that
wildspiritofsneculation.wbip.il ha un
always nurtured & sustained by our empty
liiuuii system, as wo nave already observ
ed, the measures of the national administra
tion, during the last eight years, were cal
culated . to impose some .check on ihn cv.
tension of this system, and ift tneir opera
tion, had levelled the most powerful and the
most dangerous of the foster mothers of
speculation and qvertrad,ing with the dust.
The bank of the United Stales, the head
& front of the credit system in this country,
connected with, and supported by the bank
of England, was Obliged to yield to the su
premacy, of thq popujar Will, and had it
been suffered to sink quietly to rest, it would
have been not merely a barren victory over
that all-pervadmg spirit, that has terminated
in the presqnt djsprders of the currency, but
it would have coris'tituted a substantial an&
salutary reform. A concurrence of most
extraordinary events had placed .Governor
Ritner and liis friends in power, just as tins
was about to be consummated, and they,
with that bljnd disrcgard.pf.iconscquences
that ever signalizes the speculator, and the
.disciple of credit delusion, snatched the ex
piring institution from impending dissolu
tion, and,. conferred urrtm it a prolonged ex
istence, witli -unhearu of powers. So great
an increase of the nominal capital of a simile
state, and at, one point, the city of Phila
delphia, jn so ..short.a. ti,me, was sought to
be justified, on theegrnund tbt it would be
an actual addition of Thirty-five Mllions of
Dollars to the capital of the state, which
would not only enable it to meet the shock
attending the extinction of the banks ofthc
United States, but would.supnly abundance
of Vnoney to complete out wjde extended in
ternal improvements, and prepare Pennsyl
vania to outstrip in the march of advance
ment and prosperity, every other state and
nation in the world. The charter of that
institution was hailed as a new era, by
Governor Ritner,i and.his adherents, which
would be regarded by after ages as the prou-
dfist in tbn nnnnl nf llip ctotp Wn wurii
to be rescued from debt, bankruptcy and
rqin, and ))c basis, of our prosperity resting
on this bailk, was lo be as firm ana immo.
vable as the everlasting hills.
But how has experience falsified all theso
cheering prophecies! The very reverse is
jjjue. . '1,'he supporters of the credit systent
in thn nlllPr stntpa nnrl in m frl 1 n rl wppn
struck aghast at the temerity of Penn's'yl-
! rPL 1 1. 1
vuiiiu. 1 nu oanK, unucr wnose sway, as a
national institution, tlin pnrrpnpv nf tlm
cquntry had reclei anj rocked for Uy.e.nty.
years, as soon sis it became a state institu
tion, wns so ohvinnsK- disnrnnortionp.tl to
the wants and condition of the country, as
tu 14111 tv mi; uiiiuu uicuib ay aiuill llliu tuin
fusion, and bring it nrecinitatelv unon our
heads.
This catastrophe has doubtless been has
tened by the ruinous policy of the advisers
of Gov. Ritner, in thqir conduct in reference
to all the measures of tho national govern
ment. They have spread panics, pressures,
and false alarms throughout the country
until public opinion, both here and abroad!
is worked up to a.stato of feverish exciter
ment, sinking and rising Alternately at every
breeze, as unfixed and unsteady as the wind
that swayed it. They seem to have labored
to destroy confidence, and to depreciate our ,
credit, with so much assiduity and success.
that both l(i this country and ipEuropej
our merchants, business men, .arid blinks
solvency. And how righteously does Di-
T..:An l ii...! r.. ii,
vine justice order its retribution, lor tilt
hvfirv mpn who nmv pnrlnro thpsp snflpr.
vjiiu jujutu uiuci iu) reinuuiiuii. iui 11113
liigs most deeply, arc the authors of those
pnlilnmina- nn 1ia ..unl.tt nV'.l ! .ri.irnrii.
calumnies" on tho country aVtlitsifovern-
ment, which have accelerated the crisis! If,
is now upon us, and let a candid world judgo
w,ho is. to blame.
III. The remedy to bo proposed is not as
easily carried into pfTnp.t n it is suirircsted.
, . , - - - - - op
It is evidently to be found, in rcrnoving, or
in checking and controlling.effectually, tho
ByBii-ui, uc rauicauy ueiccuvc auu wrung in,
itsplf. tlin rpmpflv mnat nnnaist in nhroirfltin(r
. , ...,.... .......
the entire system, or in so regulating it, as
iu raiati ip ucieuiB. mucii (iiuai uu icti iu
tbn wimlnm nftlin lpftielntnrp nut wn mnv
safely assert that it is enticj-ly practicable to
restrict the banking system, soaa to pre
vent the recurrence of the calamity it has
now brought upon us, without materially af-.
now orougnt upon us, without materially ai-
fectlng the existing rights and privilege's of.
any individuals. Render tb UablUUee $t

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