v> •ETO Ot'J'HE OJV THE ISJLJVK tSIJjJj. ' To the Senate and House of Representatives of the Commonweall/i of Pennsylvania; : bill entitledact relating to Banks and to provide for life bet ter governnicntlhefeoj - ,”.isJ t ci;ewubVeluini ed to tli.e Senate,in which it ol'lginuted, without the Executive it)iprobatiort, and with, the following reaßoiiswhv 1 that sanction is withheld,• Tliis bill relates to a subject of deep and universal interest to the people ofT’ennsyl-- 1 vauia;and to its consideration,! have brought! all the energies' of my mind, and ail the 1 lights that an experience of upwards of hall a century has furnished/ I'cannot persuade 1 myself; that duly or patriotism would justi- 1 fy my sanction of its'provisions. Some things contained in' it; 1 would gladly ‘ap pro vc,but I.cannot believe that,’the- penal ties imp&sed so fiVf ah rdlites to the citizens ofthis commonwealth, ought to be repealed, or that the issue of notes un- i dcr the denomination'of five dollars by the banks, to an amount of six millions of dol lars for a term of five years, should be au thorized. . It would be useless lo go into a discussion ftf the causes which have led to, the present! derangement and embarrassment of bur iiiou ctary afTairs. It is'enough to know that they exist and that our baiiking institutions generally, have been unable to. meet their engagements. We have had three bank s ts penstons in less than four"years; - The Te sult is an almost entire destruction of the confidence of the public in our banking in stitutions. ' The intimate connexion existing between our banks,-has invidved all in one common fate, t Those conducted with pru dence and care, are suffering from the mis conduct of others.' That there are some great and cardinal errors in the mode of conducting bur-banking .operations, must be obvious to all, of those things would nut oc cur so frequently as they have dune/ The public will, seeking-the public good, has re quired that these errors should be corrected. That correction all must be aware, cannot lake place at any time, : without cases of in dividual suffering and hardship. Thcse are to be,regretted, but yet, ought nut to prevent the correction of greater evils to the public at large. The indulgence given to die banks by the resolution passed on the Sd day of A priUlSdO, Which suspended existing pen alties for notmieeting dieir engagementipun J 1 til.the 15th qf- Jalluary last, i} wbs hopeef” .would, have’ enabled them fully to resume. *Wben 1 .approved these'resolutions,*! belie/ ved it was necessary to give the bivirks and. the people some time, .to meet their engage ments. -That given, however, was greater than I then apprehended to be necessary, or exactly satisfactory to the public. But as it was a mere question of qs; to tiihc,T jrieldetFiiiy'assent, fallier than riiii! the risk of haying no legislation on the sub ject.. The indulgence t tfui3 given, was‘die-1 tatedby a spirit of extraordinary forbear ance, and the public fully expected' that at the lime appointed, the banks would be ful ly able to meet their engagements. !Such were most certainly iny owii expectations. Those expectations unfortunately have pro ved to be groundless. The banks are now in a state of general suspension, and this bill is designated by the legislature as a re medy for the evil, and a relief to the com munity. Let us examine how far it seems, likely to answer the end proposed; The principal features of it aye, that it re • peals absolutely and unconditionally the penalties and .forfeitures, to which the banks of this commonwealth are subject, fur the non-payment of their liabilities on demand, and renders the banks liable'as natural per sons or individuals are, agreeably to the laws of this commonwealth, fur the payment «f their bills, notes and other liabilities; and also, that it authorizes the banks for the _,tenn of five years after (lie passage of this act, (ftissutf, circulate and receive bills or notes of the denomination of one, (wo and three dollars, to an amount not exceeding fifteen per cent, on the .amount of capital actually paid in. It also, provides-sundry regulations, ami imposes certain restrictions upon the.banks. Some of these .restrictions and regulations are \yise and . salutary, but many of them are in my Opinion,'calculated to produce far more mischief than good. In relation to the repeal of the penalties and forfeitures, and' placing the bifhks on the same fitting of natural persons, it seems fb me that.-the bill is peculiarly objectiona ble in several material respects. It ”pi-e-' scribes no time when this repeal shall cease to be operative, and it/ saves none of. the special provisions of the law under which, independent of the penaltics.and. forfeitures to which the banks are subject, (hey maybe required To pay their liabilities.-. It-seems . to me that it would haVe been far better, if any law ofthis nature is"to pass at all, in stead or'repealing absolutely flie penalties and forfeitures,;to suspend (he law imposing them for some defiinite period of time;— They would than, at the expiration of that tune, again take effect-without any positive legislationspiiii the subject; But; agreea bly to the provisions qf,tins bill; They are repealed forever. Should subsequenf'events require their re-enactment, we might be met with the objection, that the charters are in violate; that the provisions of the.bill -in question, when accepted, became part -ol the same,'and that the Icgislature-possess bo power to re-mforce (lie existing penalties so. taken off. or Great edutioolshould; be exercls-d in the r passageof laws affecting corporations or pri vate nglits; and private remedies in regard to them. Corporations being the creatures of the law, and acting only by its express authority and being responsible' oidy in .(be pidnied put by tliq laWj . may, by a hasty and. inconsiderate'[alteration 'of the law, (he 'whole operation of which was 'not. foreseen at The time- of its passage, be ruiii-' ouslycrippleJ in their actions or placed be yond the/.ceach of. the citizens,-. who may mive dealings'yith them, or demands upon 1 fnem. Tlicreare.so iOahy, ditrereut.nii(i(leß mwhichthejbanksof this commonwealth, -** theigeneriil interests of’ the cnmiimiiity. nnd there are so iiianv legal provisions reguliiting tliaf conndxion. tliat ii, i appears to me to be-an cxffcniejyliazafdmis experiment to say. That- tp ; ifay: yisxiespccts d « , ?? n ‘ l .S«g'''»Sflhcin r ,in^thuircorporate ca be placed, on the fnotiilgmf 'p'efsons or individuals. ,At the ; : peara jto beplausible, but rt may in^a manner very prejudicial to the community, or to the banks, or possibly toboth. With out tracing its operation further, if would relieve the banks front a serious inconyehi cnce in giving bail on suits' brought, and on appeals from awanls obtained onsuitsa guinst tliem; al though the.popular impression is, that it wouldfrcetheiiHruni no. suclt'li ability. There may be other changes which it would cfleet, but : i'shall not Occupy any time in 'following .them put.' It woul J havc been perfectly convenient to have simply provided ondfifosubject, that'sP much of a nyluws.or(fthrcomiiionwcaith,nß-ielatcBta penalties imposed.. upon the .banks, or (he forfeitures of thoif charters, have been suspended, leaving all the other'laws for enforcing demands against them ,un touched. Then all the questions that call relate.to. the enforcement of' the lawfor tlie collection of- demands against the banks would have.been.pry vid.etl,lor, jndl it .would have been known precisely what the condi tion of the banks wnsj but not so under this l.iWi'whicli places them in the same general clasl with natural persons or individuals.;: ;• So far as respects the authority given to the banks to issue and circulate notes under the denomination of five dollars, j'beg leave to, refer you to my annual message;, trans mitted to'llie legislature of last year .and to the present legislature, forany general views. The untoward circumstances wliich have placed the banks of this commonweal thin their present situation, are to he deeply re- i gretted and in no particular, more so than Tn i iheemharrnssments thereby created in pro- I curing small sums fur the coin man purposes i of change, among the"oifizcTOj in*th®i# vin ous transactions. These embarrassments, arc undoubtedly in many instances, a severe hardship upon the Community,'but the ques tion presented for consideration is, whether this inode of relief would, not, in the end, be more injurious to the community than the 'temporary inconvenience they ,now suffer. This provision would authorize the issuing and circulating of bank notes, for less than five dollars, to the amount of six millions of dollars and upwards, and we might then.well despair of seeing a dollar, of specie in circus latino. , ■ , v : Whatever arguments might be adduced in favor of a limited amount ofsinnll notes, fur. a short period, to'aid in,the resumption iif spccie'payineuts, the force of which has not been conclusive upon my mind,the a mount authorized, by this.bill, and the period they ore 'pernntied, t arm |'n' my judgmenty greater than cari lie required by the .exigency, of the or than the people of the commonwealth would willingly tolerate.-" The latter part of the same section? lop, for the first time in the legislation of Pennsylvania, expressly sanctions (lie issue of postnofesr—No por tion of ,our citizens, so far as I have' been informed, have asked this at the bands of the legislature ; and the. policy of issuing them by the banks has been more than ren dered doubtful by the experience of past years, and has been loudly reprobated. I have already slqtejl that the regulations and restrictions imposed upon the banks, were, some of them, wise pod salutary, and I shall confine my notice only, (o solnc of the principal ones, which I consider pecu liarly objectionable... In the first place, this bill provides that-the. directors of any bank, individually, or collectively, shall not con tract any liabilities to the 1 bank, exceeding certain limits: that is, when the capitaT stock actually paid in does not exceed $250,000 the amount of such liability shall nut exceed the one sixth part of the aggregate loans of such bank, and proceeding to'provide that pas the capital of each bank increases in amount, the relative proportion of liabilities shall also be increased. At a cursory glance, this provision might appear to he a Very con siderable security to the public against the monopolizing rapacity, of bank directors; but upon-mure mature consideration,'it will be manifestly fraught with dangerous con sequences. One of the must grievous com plaints against the banks oh tins common wealth has been their oifljr issues .and ex pansions. The direct tendency of this pro vision seems to be to produce them. If, for instance, a hank has.jnake loans to an amount of $lOO,OOO, the liability of all thedirectois can only amount.fu one sixth of this sum.— But should they wish to obtain more, they, have nothing to do but to increase the ex tent of loans to's2oo,ooo, or to any other sum, without limit, and. they can increase their own liabilities to one sixth of thafa •nnunt. It .is evidently, .therefore, ufierihg a direct -inducement to expand their circu lation, arid tliaj,' too, perhaps', by loaning, their money to urispumf borrowers, or for purposes not calculated to promote the in terests of the public. I cannot, therefore, yield my .assent to such.a provision as this. Fite- cashiers of the banks are specially entrusted wjtb all. their cash and other prop erty; yet by the sixth scclipn | of. tjiis bill, they are prohibited from keeping any private of individual account with the banks of which they afe, cashiers. If. there be wis dom. or additional, security; to the public in this, it is, I confess, beyapu. my comprehen sion. ■ A material change in the number of rides t;>: which stockholders of banks sliatlVbc cn atiie,'.in-sucU'manner as shall be prescri bed by Jaw, Nor shall any.charter, TbrJlie purpose aforesaid be granted for a longer period than twenty years, and; every such charter shall contain a clause, 'reserving to ‘ annul the same, whenever in tlieir opinion it may be injurious to the citizens of tlie Coih-' such, manner,;however,.that noinjustice shall be .dope-to. the. corpora toFs.” r .. .It ta concefled that nonofice.such as is require!! ,bjr (his section of the Constitution, and.thc act of 1 sf J o He 1839, passed' iti pur suance thereof; has been th*bill now under The irih section of this bill tloes certVihlj absulve the bank; of, the. United, States .from some of tlic conditions iiTiposedjU jion it, by ihe act granting jfs charter, and if the provisions of that section, do not come withinllhe letter' tlv^hf I 25 sTarticlepfthe to?giVe thepublic notice, of all intcnded appllcations for'cre ating or changing the charters of monied Institufions. If. this'section of the bill in queslion. Rhould be dccmed fo conie >vithin the.;,Section of the Conatitutidn qhqted. it omits.tl;c very important provisionVwhich of, KpfftpVfcif ‘.‘power jn» ,ilter, ( revoke.or annuithe aamc,?’; when foundin- V “ n ?.??4«5 citizens pf s IhbComnionv’.calth, upon the term* of doing no injustice to' 1 the' corporators. These are the principal objections to the form and details ufthiy bill, that, present themselvesto myv'miml;:and iii ' addition to these,.lliere orebtliers nhicli would render this bijlasa measure of relief,.either, to the banks’ur-tp the' j)ublic, ;whully ; unavailing. ‘Miaye. retained this bill.without returning.it io“the Legislature, almost to the latest period j .'Vl'SIfJi could'do so, with the power of rc turning it with my objections, fur the pur pose of ascertaining, if possible, the views of die most enlightened .practical business *P en - '.P .V 1 .? community, in relation to its vn nbus provisions; and I speak advisedly when I say, that if this bill were to become a law it is questionable whether one-feiUh of the banks-ot the Commonwealth would accept of its provisions. Indeed, I can scarcely find among cither the friends or tlie foes of the banks, or nmong any party. notwitlistandiiij: tin? extent of my intercourse with_lhe. cili zens.ofthc.Commonwealth from all quarters, I any intelligent persun who now believes that this bilj ought to become a law. When it ,va . a presented to me, I examined it', in vinh for a single provision, which promised cither to give relief to the banks, or to the people, and I feel strongly fortified in iny convictions upon Hie subject, by the coinci- ; dence of the opinions, ot all must all prac tical persons who so far as I know, have ex pressed opinions in all quarters of the i Ciimmoiiwealth. and engaged in all pursuits ' I lie present condition of the banks ami (he citizens of Pennsylvania, is calculated to awaken our most earnest ami serious con sideration’. With an amide amount of re sources to meet all their liabilities, and with the assurance.that those resources are hourly multiplying, oh* - pecuniary aflairis are sur rounded with embarrassments and difficulty land the furbadiiigsof many, for the future, seem to afford little to cheer or to encourage. I do not myself believe, that there is any real ground lor the despondency that seems generally to prevail. We have met with a slight' revulsion of fortune, and without waiting to estimate its true extent are seized with panic and apprehension. 1 fear that neither the measures adopted by the Legis lature, nor (he language held by niany of its members is calculated .to dispel this panic and apprehension. It is one of the inciden tal evils of-a government like purs, tlmt not .only..tlie conduioa; tiiesd entrdsted witli 'tlio' govern nient,is liable to innocent misunderstanding, dr to.interested misrepresentation. The in-, stant a slight disturbance in the prosperous business'of the' country occurs, either from niiy derangement of'’the law's of trade, or from the mismanagement of' the banking institutions of the couriffyror from any combination of causes, not easily devel oped, it is seized-liold of, amhiiademheme of partizan declbination ’against those who happen to. differ in their political opinions from the-dcclaimer. Truth is toopften sac rificed to expediency, and the welfare of the public made to yield to the private or per sonal interests of those who are contending for power. -By such means as these, is the public mind harrnssed and disturbed, busi ness men checked or drived from their avo-' cation—the resources of the country depre ciated and the measures designed fur the relief of the people thwarted and rendered fruitless. What (>ut the operation of such a state of things as this iould have produced the prevalent impression that the great and substantial state of Pennsylvania, with her rich ami cultivated fields—her incxhausti ble coal mines—her numerous furnaces and foundries, was on* the verge of bankruptcy; hercitizens within the very jaws of ruin, her business .men of all kinds languishing and on the very point of general prostration and annihilation.' It is true that the banks of Pennsylvania have suspended specie pay ments—and many of her citizens have, by engaging somewhat too extensively in busi ness or speculation, beionie considerably involved in debt or embarrassment, bill her banks, with possibly one or two exceptions, have ample means to meet all the demands upon them, and those ot her citizens who are. embarrassed, with feW exceptiomi, have abundance of property, which may be cbn vertable .instantly into money.'sufficient to pay all their debts, but the resources uf the entire people of the state would almost fri a single year, liquidate, all the demands that can be made upon them Un der soph circumstances as ties, must regulate themselves by the same general.rules of wisdom, prudence anil ecbii bmy, whicli nevcrJails to. extricate iridivid-' Uals from similar difficulties. The substan tial means of the people of Pennsylvania, to pajr off all their liabilities arb’not in the slightest degree impaired. The, people of dhiß.Uummunwealtlrtiecd-nothing but a'litile time—reasonable patience tinder temporary evils—the npplicationoftheirownpersever ipg and hardy intlusffy. in jirdducing and transporting to market her two great staples Coal and Iron, and the propitious blessings of Heaven upon her harvest fields, to replace ills'll, upon that solid* footing of prosperity arid indepeqilence'which they so proudly bcimpied_before_lheyjvcceJimded frbin itby; m . r 9 al » and headlong spirit of speculation. Ihose. who wyth their eyes open upon these things,,will persist: that Pennsylvania, and her citizens have been precipitated into the bottom ol the gulf of bankruptcy*, must be perinttied to cherish the pbiihtoms of their own ci'eatibh and wait until the coriimbn sense ol the rctuVn of pros peruus times lmvc convinced thorn of their error. own interests, or those of .the political party with winch they happen (b be associated Will W promoted by ti.nducing/tlie crcdit of tlie lu bei one of and 'distress, ! I b)lowed tq pursue tlie course wliicli j been* fit to adopt, rinliV' the, oner-,; ring mtclligence of thß , has delected ~ - teptiun. and' held, Ibem up to tlie 'i ie .P.rnorpr till honest riienr for alfeinptipg, to practice' upon their creduliiy. Penriyalva '••a like most of the sisteiV states; of ‘tlie Union, and Eonie of thbcoiniriercial rialions 0 | Europe; has engaged beyond her availa ble means; in trade, enterprises of improve ment, arid spcculation. btit her/fccUpcrativc fahe the-lead of M*• ' theiny'in Extricating herself from, the brnbarrassmcrifs wliibli heset hef. 'Herfe- nature ftfrnisliiiig; ati annual gupply,arid - liefer can Want atnarket. 'fhe-imlbstry of her cl»l- owh statepbut its-independence too well to repine at the payment of a few dollars tax, lor the sutiering of” avtciiiporary inconven- I lence, to see that. State placed beyond the jreacli r Df':froultfis deioniuls' made uponher -justicei of urtanstycred ealls upon her honor* ■ - 4''«W fdurid who Would persuade Address, byJPresidentTaler them that'their property and . industry ire -TO THE PEOPLE OF* THE U, S'J’A'rKS.'! to be taxed, forever, and who would incul- Fh-ww-citizens: Beforemy arrival at tho Seat cate_ the unworthy sentiment, thpt those who ot Government the .painful .communication was are in favor'of maintaining -the faith and mad , e .t° you by the officers presiding over tho honor of untarnished, arc the foes SeTP5 eTP . ral departments, of the deeply regretted of the people;‘but they meet with no cn- 'a ! h ? W, , t , u . AM I f I I£K " Y Hakbison, lato presi coirragemcut from the great mass of linnpar Slates.* Upon'him you had inlciestcd advisers. On,this important sub- wentto correct and-rcfoifr iX such-eriorsland ject, public feeling is Sound and united and abuses-’os had manifested themselves from limo will di» much to direct the efforts and inspire ij.!*!?® *** practical operation of Government confidence and rfcsolutioii among our citi- "‘O' o standing hi ther threshold of this great zens. ’ work, he .lias, hj the dispensation-'of an all wise .tun,The-nity_ol-Philpdclplua-ls-tnailu the directed to the accornplisliingof great distributing mart of foreign, and do- portant (ask have devolved upon myself. This mestic goods and, manufactures for the Wes- same ’occurrence has submitted the wisdom and tern and Southern stales of the Union. sufficiency of our institutions to a new test. Fur I his- circumstance has' rendered both ■ the H ui brs * i 11 ? 0 ili'°.P?f s ,? n ousted to the Vico Pre-s -hanks arid her citizens debtors to a Iht-ire . < °* lbo United .States, by the happening of amount to New York and the North bist j 1 c onimgen c y provided forjn the Constitution, ei-n states ™,l i„ U „ i i * iaB had developed upon.-lmfl the Presidential uf . , e . an 'l t° v u i ope, and. rendered the ficc. ihe spirit of faction, which is directly on’- pui chasers of these coininodities in the West posite to’the spirit of' 0 lofty patrotism, may find and South, in the same manner indebted to °. n 'his occasion for assaults npdh niy administr..- Philadclphia. The moment (he banks of. tkm - And in succeeding, under circumstances so Pennsylvania, resumed specie payments on i- s " Jtl cn and unexpected, and to responsibilities so the 15t|. of January last, laige demands 1 r! ,S u n f, m, ; d ’‘hon'lminislration of public upon the hanks, merchants and citizens of 1 r A hapa( i e,n 'he mtelltgence and patri -P1.1K.1.11v.i.T^ —r’a.m-i —, , 01 °" 3 m of. the people my only sure reliance, ftlv se -veln vi ’ v l ll 'V l , bC n" ~d‘ l rc - c , arfl( ;f !"“•>>« sl.-dl •etje in New York and the Eastern Slates, the all-wise and all-powerful Beingwho made me, noth nn account of the citizens of those . and hy whose dispensation lam called to tho states, and on-account of the furei"-n credi- high' office of President of tliia Confederacy, un turS of Philadelphia were presented to the ‘■eratandingly to carry out the principles of Hint Hr sneci. fun.U «... ""I I* V ° I'f, m I Tl>* u.iial opporlunily which i. aflbrdctt li b ih/phVln I it*’ 1’ ‘R Ve ’ lrawn from [ Chief. Magistrals upon ilia induction to office of 1. 1 a v u, Pn |a hanks, during the nineteen ! presenting to his countrymen an exposition of the nays they coii(inue.(|_speci.ev payments, and I P olil 'y. which would guide liis administration,' in immediately taken out "oMlie state. ’j’|,j s ! 'ho.form of an Inaugural address not having, mf enormous sum so drawn out of the Philidel I tl< ' r tllc peculiar circumstances which have brought phia banka, and the manner in which it was 1 T , l °r h ,? ‘‘if !““g« l of-the high duties of Presi disposed of str«no| v leads u« tn .t,„ k„i: f d, \ nt of , tl io United States. bm*u allordcd to me, a that there must have 1 , ■ bcbtf lexposition1exposition of-the principles which will gov nr 1 U3 |- lave been some combination ern-mc in the general course of my administritum „ erstamling among those by' whom it of public affiiirs -wnuldtseem to he due as well to wa? .obtained, to make an almost simu'taue- as to yon. In regard tp foreran mi ii„ns ous rush upon, the Philadelphia banks, either 11,e . groundwork 6f my policy will be justice on fur the purpose of compelling thum airaiu U, «v r . R ar !.Vi u> ‘“Justice iroui none, suspend, or of restrainin'- their imi«l ' v Vbilc I shall-sedaloasly calm'atc tlio relatiu.u of operations - O. > ><-ir general peace and Simty, with one and all, it will be my - If ;« 1,,1 ’ ■ - , ■ .. nioat linjicralivc duty to.see that the bomb;of thu . |,tp the Citizens .of other States, andtufineign beconjo a.mpltyy of soliciludo. ’l'hcAni.y," creditors.; Uinlcf lhe laws ol this Cimiumli- other'diys fovend. itself with rc :.wealth,'imposing 'penalties a'ml. augmenthd " ow,, j aftd mtf.'Navy, not inappropriately termed I rates of interest upon the" banks, these de- I'° °5. Ulo public dd. net,, which l,„ 8 mantis will undmili'i<.ill v 1... . i 1 ■ spread a light of glory.over lire American sian eßbXfnr T r • le ’ I "" 1 • I,lMr t’ rll “' U'" l ' 3 Waters if tl.e oarlli, should ho r,u cttqits tor the relief.of IliA citizens- of-this dered r. plme with efficiency. . commonwealth, be fatally restrained and In vieworthunu-is, wdi uvourru-d by histnrv, 1 cn PP* c d. iiiut the tendency of all human iustiimionß isia !ti he banks of Pennsylvania having been col,cicn^ni ie powreid the- hands-of u tangle mui, establisfieci for the. benefit of the neorde:of ? nti j!’? 1 ° ! V‘" ate downfall has prOcu'ded Pennsylvania, the enforcement of the uen- flfo ™ th - 3 o'" 30 ’ 1 dt S l ,“ il of II,M “u>siessential im altics to which thev aei. ‘I r purutnee that a complete, separation sliould' lake llv lert lh .l l i e B , ub J ecl * " ,n J b « safe- place between the sword and purse. No matter I™ d„. ‘". tbe banila ”• people. ,So lung whero or Jiow (he public moneys shall he diposi as tile existence of the banks is believed, to O'd, so long as Hid IVsidontean exert Uni.power luc useful, and their general conduct is such 9 f appointing ami removing, at Ids pleasure. Urn as to deserve and secure the confidence of agents selected for their custody, the Commander | the public, they will not be disturbed nl- ,‘“' cl ' k ' r o| ' tbe Anoy and Navy is in fact th» though hourly liable (o thrriffflictibll of’the , rei ' | R l ,r !’, r ' P"?ua n eiU and radical chaugo penalties which'the liwnr».e.:i.' r ’ should therefore be decreed. 1 lie palKiiagem- Hence on h.en.oe Aei E *»** ci l ,nnt »» «*' Presidential office, already great, is ILf , ni( -r occaSmnsduring suspen- constantly increasing. Such iiicreasn is destined sinnsj clearly demonstrate this. If it be .tp kesp pace with the growth of our population, j the interest of the, public that the banks *•“*!,Rwi'hout a iiguro ofspeecli, an army of offico should continue to exist, it is tlie interest bnldersmay le spread over the land. Tlicun lof the banks to ciinduct thcmselves in such restrained power exerted by a selfishly ambitious a manner as to satisfy the public that such ".' an ’, er .!° pr-rpetuou- Ids athority or to hand is the fact If tho V "''''.sucli ,1 over to soffic favorite as his successor, may ir l. 5 forbear towards lead-to tl.e employment of all the means wiildu the bahks to enfoice the penalties, the banks Ids centred to aeeempiifli his object. Thu right should doubtless forbear lotyirds the public, *9 remove from office, while subjected to no just to produce distress and embarrassment. restraint, is inevitably destined to produce a spirit The banka can do much-by the iiimjc ill pf-^roncliingservility with the official corps which which they treat their debtors, to create or m or ,‘ l , e r ■*'! “1’ ,,01d ‘he hand which feeds them, to diminish our pecuniary difficulties. Tliev "vc e "f‘‘l < L‘.", cl “ fi ! l s c ‘, ive {“'erferance in dm have not nnlv o' riohl hfir ,1 • I-, elections, both Stale and federal, thereby subject- S -.‘r 1 * ?*• hwduyr to ing the. course of Slate Legislation to ihe dicta exact adequate -security from their debtors, tion of the Chipf Executive Officer, and makimr but should press them unreasonably— tho will of ihsit officer absolute- ond supreme! should they bring to a shfHfTssale and coiir- 1 will a proper time, invoke llic atiion of Con sequent sacrifice* the property of those, who gras® “ponthi^ohjeet,and shall ninlily ncmiiost o by a safe and reasonable course of trcalmenl ‘bc adnptian °f all proper ineasun a w hich ,are might have paid them, (jicy will peril that vTn •V* arre9t i h, ’ 6 M cvi,s ’ 80 f'dl of daagcr public confiilenre vidiiVlr'...,,la.. a 1 •- m their tendency. 1 will remove no incumbent ill If: Vi e:, - "l“cliumlcr the law is from office who has faithfully and honestly acint tlie sliield of jj'mr protection. f lnTiines of ted'[ himself of the duties of bis office, except in ditnculty like the present, mu-* such oases where such officer has been guilty of tual justice and mutual fo'rbearimce on. the an active partnership, or by seoret means—the less part, of the hanks and the.people, is (he •'real manl ?’ and therefore the more ohjrctienahle— guaranty for the rights and interests of bolli bas K' vpn *'* 3 official influence to the purposes of Let the - banks of Petinsvlvaniii therefore P arl J’> tb ? r c b y patronage of the Gov act with discretion nn.l iVi • eminent in conflict with tho freedom of elections. hnoJn.-V « n M..J“btlce and -thpy Numerous removals may become necessary under . ‘ «f this this rule. These will he made by me through no Uomiponuialth. ihe citizens of niher acerbity of feelings. .; Stales.and the foreign creditors to tvliieli I 1 Imve had no cause to cherish or indulge un have above referred, have r.eilher the same k ' nd .'telings towartlsany, but iny, conduct will be interests, nor perhaps the-same inclination re B“l» , «d hy «■ profound segse of w hat is due fo in.extcmlitig indulgence to the banks of this tllc cf, ', lntr )’ and ils il, , stiUl ! ior ! s >' norslmll I nrglict state, to promote mutual -i.lnni™, li ‘ oa PP>y 'he same bnhrnding rule to those of my Wll he witl in' heir !!!!! , S „ i l °'' n appointment. Freedom ol opinion will ho „I .t 1 ” .P“ ' CI vise apd'pairioiic conslituency, will never ' 4hiB-salutary newaaary fturdptitf ftr — fully approve of *any : measure that wilt nra- ® Sl^J!u^ l ends; and true wiadom dicißtes-the resort lo b . C,n 5> c * IPP I®** 1 ®** ?P ela,,o "?> •«.»t! f f om Which; nltimating in a public debt, serve to em ;th® forfeiture M lbc V charters, by cninhitia- -;barassthe-.reaourcesof. the country and to lessen iwablfity to meetany.grea't emergency which may and of Eupppe, lo'cxqct the penalties whicli a r|Bß.i4 All sinecures should, be' abolished. • The. were originally designed 'for the safety and, a PP ro P r ‘“t'