Piesident Irtietla To the PeOpie qf the United &Wee. Falb* CiTzings: Defeire nrif arrival at the Seat of Goverttniont the painful com munication was tirade. to you by the officers presiding.over .the several; Departments of the deep)y tegfetted• - dellth of NVlLLtsin tuNtiti .I.l.4ttintsox, late 'Presiti , ,nt of the. ilted .States. :Upon, hitn you bad con ferred your suffrages for the first office, in :Our gift,- and had selected as your Chosen instru metit_to_correct-and-reform-all-suelr errors and abuses as had manifested them- selves from time to time 'in the practical operation - of the -Griverninent. While. --standing atilt° threshold of this great-work, he has, by the dispensation of an all-.wise NthiNence, been ; retnoved • from amongst tts, and- by the:prOvisions of the Constitu tion the,efforts to be directed to the accom lilishing of this vitally important task have devolved upon:Myself. • .This same-occur rence has subjected .the wisdom and - stiffig • money .of Qur institutions:toa . neW test. — _ For the first time in'our. histort the person elected AO the Vice Presidency of the Uni led- States,' by, the happening of a •contin; -gency prOVided-for in the Cionstiintioni- has had. devolved upon him the Presidential race. , "The spirit of ; faction, which is di reedy s upposed tothe- spirit of a_lofty pa triutism, may and in'this occasion for as- Odle-'upon MY administration. And in succeeding, übtle`tsircumstances siTsudden . and unexpected, and to responsibilities so greatly augmented, to the administrational public- affairs,-I- shall place-:in dot' inteli 'gene% and patriotisM of the people my on ly sure reliance-, My earnest prayer shall • be constantlfaddrossed to the all-wise ant: alltpOwerful.Being who made me, and by wioise dispensation am called to the high Office . of President of this .Confederacy. understandingly - 46 carry out the - prinCiples of that Constitution which I have• sworn •• “to protect, preserve, and . The usual opportunity-whichis afforded .to a (Thief .Magistrate upon his induction tO offide - o(presetitingiin his eountr'ymen an exposition of the 'policy which wiitild guide'his adinihistration in' the fOrm of an _ inaugoral .a_d_dress,-_nut__having, under the peculiar circumstances which have brought • me to the. discharge of the high ditties of 4. yreiiidencettlinU 'nited'StateS'•beeri-atrOrp i• ed.t.o \ ine, a brief exposititili off the prinei . pies which will 'govern me-in the, general —course of, my administration of public of- . •. fairs would seem to be due as well_ to my; self -as to you. In regard to -foreign na lions, the groundwork of my , policy -will ' be justice on our part _ to all, - submitting _to injusticerom none. While 1 shall sedu ----lously cultivate-the;relations of-pea Ce-and - amity-with one •and - all, it will be-my most imperative duty to see- the honor of the country-shall sustain no blemish. - With a view to this. the contlitio - n of our military defences will become a matter of -anxious: :solicitude.: The Army, which- has in • other days covered itself with renown, rod .the Navy, not inappropriately termed . the right arm of the public defence„ which has • spread a light of _glory.__over the 'American standard itt. all the waters orthe eartir, - should be 'rendered 'replete With *efficiency, In view of the fact, %veil avouched by history,-that , tha tendency of all human in astitutions is to concentrate power in the -hands of a single mail,' wad - that their Ulti mate downfall has proceeded from • this cause. I deem it of the most essential im portance that a complete separation should take place between, the purse any the sword. '• No matter where.or how the public mon -eys., .shaff be deposited ; so long - as the..Pre sident can exert the power el: appointing . • and removing, at his.pleasure; the agents : , selected for their custody, the Commander inttO.:Meref_.thelArtny. and .Navy.is_in,fact, the 'Freseurer.' A permanent and radical 6 change shoutl therelese - be decreid, The. patronage incident to the Presidential of fice, already great,: is , constantly inereas; jog. Such increase is destined to keep pace sVith the •ffrowth of our population, until, without a c. figure of speech, an army of office-holdera may spread over.the The unrestrained power exerted bVselfislr -,iy ambitious men, in order either nr-per petuate his authority or to hand it over to swine favorite.as his, successor, may lead to, the erepleyment 4 -. 811 Ate _means within his control, to accomplish his object. • The right to remove from office; while subjec ted- to - no -juSt \ reatrainti . is - inevitably des.; tined to produce.a spirit of crouching ser ' vility with the official corps,-which ; in or der-tit uphold the hand which'feeds them, %I/Mild lead to 'direet and.active interference the elections; both Ste - _and Federal.' -- Ihrely - subjecting 2 the courskofState legis ' lotion to the ilictattoe of the Chief . Execu; • . rive Officer, and making the will of that officer abselutp and supreme. I will, at a proper time, invoke, the option of Con cess upon this subject; and shall readily acqu'- esc'e in the adoption of all proper measures which are 'calculated to arrest these evils, , ordanger hi their tendency. , I will] remove no incumbent from office , who has faithfully and honestly acquitted himself • of the duties of his Office; except in..,e.u.cir cases where such officer has beep guilty of aft active p_ar.isanthip;or_byeeeretuieatur . the less manly c andtherefore the'pirite ob yeetionable—has given hiiolfieialtiallnenee rotbe purposes.of.party,"thereby bringing the patronage of the Government in con Pict *Mille freedom of elections. • Numerous removals .may • beeinne necessary under . this > , rule, These will be , Made by me through:tit) acerbity of feeling. have hail; nri,-"eatrae , to eiterislibr indulge uniliniFfeetinge••tentar*anY,,bet my conk • duct' be. regulated. by, at profound senee of what ii r dlin tb• the% eirstry andits.inati, tutione; nor shall T . .negfeet:tkr aPPly,the eatne..unbentling ride to ttiose pt. My own. appointment;, :Freetlartrof Opinion, wilr he toliiited, the fUll'enjOyinent:Of the right of sOffeage will be Maintained as birthriglij of,'Wvery',Atnerican:eitiien;',6o 1" say em 7 Ohntieitily to 'offieiakeerps, "ihne:lar ando:forilio.”. - ' - , I • hive dwelt tWpcipiej , trOn*tlitkritthiee.i,!becanse,:rernOals from' si*etneeliitelY - Orteite'arlie;`and I would .414 :,!*:.'nountryinetit'th understand:: the' priticiplejerthigxecutitra,,aittion, ;p f '.' e x pitiiiituresokhe- Most rigid . econennyuthonld be resorted miii, ap one of itooOliso o Fillilic,.debttiO•iiitte of gclasa,. • —,---7-7 •;' ' ;thef,lienticby the resolutio n s passed on ,t , ai , , ~ n : notesi• for .less an r • - lite t enl fee Of ha k - ‘'' - di 1' Ili 3d . - "of APrililB4oi9which'-buspencletl e. &Mitre,. Ao the ,'amount of': , ,ei*:l - ,rnillions ' . 4t jilting penalties lbrikst'ineeting their en- dellarirankiiiiiyards, and . ive might' then 'gagements drilll the 15th -Of January last, well despair tending a dollar of specie in it Vat hoped *bold have enabled them circulation. ' then:fully to resume: Then I:-approved, r• Whatever 'arguments - might - be. adduced - these resolutions, I believekit was neces-, in favor of allitnite,d'ainoont,of mall notes,. sery tico'give . the - hanks'and the - people'eome .fora short: teeid in the restitription tithe to meet their engagethents. That of specie_payments, theforee,,of whichltak 'given, - however, - Wee - greOter . --than--1- . then nut been conclusive. upon: troy-raindf:thea apprehended, to, be' necessary,- or, , ,exectlys mount authorized ° livAkiskal, , ato 1 satisfactory to the public:- -Jim' as it wrs a -mere question:of expetliency-tts • tittimeil ' yield l d my assent, rather then run the risk of having no legislation MI t he - Subjeet.- 7 The indulgence thus given, was' dictated liji - a --- Sphirof'eXtraordinary - forbearantie, - . and' the - ftfiblic Telly -'expected that .-ac the . tiine appointed, the - bootie -.W.orchid - Jo fully able to: meet their engegements.. `Such were most certainly 'My own expectations.. Those expectations, - unfortunately,- have proved to 'be:groundless,. The . batiks are now in-a,-state of-general. suiipetiSicin;.and. this bill is designed by-the Legislature as a remedy for the evil, and a relief to the corn- . ntunity. -, Let us examine hoiy . farit seems 'likely, to answer the end propoeed.". • '• The priiielpelfeatures of it- - are, - that - . it repeals. , abeolutely 'and unconditionally the 'penalties .-, and.' -forfeitures; -to which the banks - of this . Commonwealth are Stibjeet; for the - non-payment of their liabilities on , demand;and renders 'the batlike liable, as natural persons or_indivicluals . are / agreca lilt, to the lews'of this contmonreelth, for payment of their bills, notes and other -- liqbilities; anCl_olsn; Wet - it authotites - the banks for the terin of five: years after the 'passage of this act; to issue, circulate, acrd. receive bills or 'neles of- the denomination I of one, twooinc.l three;tl6 - 11irs, to an arripuiit ,not exceeding fifteen per - cent. on - the a - - tnount of- \ • capital actually paid in. - 1 7 '. It 'also proVides sundry regulations, and imposes I certain restrictions'. and. regulations upon the banks. , - 80 me of these restrictions and ,regulations-are wise and-salutary, but-many ofthem_are„,in..ney....oplition:_caleulatekto produce far Miechief than-geed: - --- -. .--.:-In-relation-to the .repeaholthe .penalties: and forfeitures, and .placing the banks on the , Same footing . - of.- tie - tit - rill persons, 'it '.seems to . mc, that• the bill is peculiarly ob jectionable, in several material , respects.._ It .Prescribes no time when , this repea tr sa cease .to be operative, and- it saves none of the special provisions of.: law--under I which, inde.peUdent of•the penalties and forfeitures It) vic Ilia - the - batiks are Subject, -they may- be required-to pay - theirliabili tiee. - It -seems to me that it _would have . been far better, if any law of This-iiiture° is-to-pas 6 • at all, instead - cCrepealing disci :lately the - penalties and - forfeitures; - to - Cita- - pend the - law imposing 'then ler some de finite period of time. -They - would then, at-the expiratioit• of that time, again take, - effect without any positive - legislation upon the subject. But,, agreeably' te the p - rovi-• Mons of this bill, they_are - repealed forever. Should subsequent - events require their re, enaetment, we might be met with the ob jection, that the charters are inviolate; that. the provisions of the bill in question, when accepted, becomepart of the same, and that the Legislature possess no power- to re-in , , force the existing penalties so 'taken off. ---. -,Greet, caution should he-exercised in the passage -of-laws-affecting torporatione or private rights, and privete - remedies .in.re gard to them. • Corporations being crea tures of the law, and acting puly by its ex press authority, and being responsible only in. the manner pointed out by the law, may; by a. hasty and inconsiderate alteration of the.law, the .who'e operation Of which w..as not forseen•at the Aline - dr its --pessage;-be ruinously, crippled in their, actions or plac ..ed,'S '' i ii i iiiii the reach or the citizens, who .. ~ ' may have dealings with them, or demands' SOTIN TIMER. upon them: There are so Many different, WAsnixoros, April 9, 1841. modes in which the banks of this common ' • ~ . . wealth are connected with the . general in , ..--,.......-----. terests of the community, and themare•so .. l'elo of Ilse Governor On the many legal provisions regulating WM - Cint Bank Bill. ..• flexion, that it appears to me to be airez 7.. To the Senate and'House of -I?eprescnta • tremely hazardous experiment 0 say, tha t. ~.... . .. again st them in • ' lives - of the Comnionwcalth of ..Pbin- so far as respeCts demands ~ • • sylvania: ' , - • their corporate capacity, they shall be , , re - GENTLEMEN t--The bill entitled "an act pealed; and -.the banks- be--placed on the! relating to Banks ,and to provide ,for the footing of na tural Person:PM: individuals.— better • government thereof," is herewith At the first' lance itappearito be plausible, preju returned to the Senate, in which it origi- but it may esult in a manner very natea, Without the Eiectitive• apprcbation, -' ""- la 1 . .. I-to the ommunity,-ot :to the banks, • , ~ , following •• . . •- _ antrWitit - ine - reasons ' Why:that or post . blito: both. • Witheut -tracing its operations 'further; it - Weiliriefiere Wit sanction is withheld.. . - banks from a serious hiconvenience in gisi- This bill relatesto-a subject of deep and -• universal interest to, the, people of peon-- ing bail, on suits brought , - and'on'appeOls sylvania; acid to its consideration, I have . fro m *awards obtained on suits against them; I although the popular impression is, that it I brought all_ theenergies. of ,my mind,and all' the liglits.that an experience_ottfp*ards_ _There may Would - free - thein-froin -no - such --- liability.-1 of hallo century has' furnished: - I cannot • ti - be-other changes wine it would ; persuade' myself, that duty or patriotism- effect, lipt I - shall" not occupy any time in would justify my sanction. of its provi-, - following theni out. It would have been dons. Some things contained in it, I would perfectly -convenient to have simply pro glodly apprOve,hut I cannot believe that. vided orrthis subject,-that so much of any t s e penalti esimposed on the banks, so far laws of this commonwealth' 'as - relates to 1 \ elatoc to the, citizens of this . n p - penalties-imposed upon the banks, or -the ealtwought to. be repealed, or .that t common forfeitures''of their 'charters, : should have , 'been. Suipendeik leaving all the other laws issue o \ miteri under the denomination of for enforcing demands agiiinict - th em ti n- fitio dollars the banks, to an account of touched . nched. • Then all the questions that can 'six millions \qf dollars for a term ,of..five relate to the enforcement of the law for the , -years;„flientillsr_al_ftlUirized-i..-------------7-- collection of demands against - the -banks', --- It ivouldhe useless to 'go into a discus- would have . been provided for, and-it would sion of . the causes which have' lee) to:the -have been known precisely What thencmc, Present derangement, and ' embarrassment dition of-the banks was; but: net so under , of our monetary affairs. It is enough to this lair, - which places:them - ,in • the. same knottr.thiit ther'exist and that Our :banking' 'general class with-natural persona or itfilit'' l Insti4iiono,••gencially:', - haye• been 'unable to vicluels;• , ._,. - -. ••- • ..'''-”" • ' • meet thrill "engager acts. • We • have had SO far as:respec the authority gtven to three Bank - suspensions. in kill than four t'the banks to issue and cireulate , noterunder. ~ years.. The xesultici pn .ahnost entire d 6. the denotifinationlof firedollarajbeg leave etructiumiAtini confidence of the public in , )to tefer.youi to my annual messages, -trans.', °Ur banking. institutions. The .-intimate mitten to the Legislature of lest yearand to', connection: 'existing,. between our banks, , the present 'Legielatureifor - iny• general-, hack inivelvedi Alm: one common fate:— views; :The untoward itirennisitineer 14hiCh , i Itheee conducted , witty. prudence and care,_ hare 'placed :the' . bids; Of this : do'mtnoti= 'are suffering `fine the.' unsconduct - tf others; Wealth• in their kesent-'nitnitioni_tin tb I ~ b i That there are - some• great- and - cardinal deeply.regrettedoind iii - no partictulnitnerei l 1 errors in - the. mode of condeetine our bank- So than I. in , ' , the i etebsoasstnentli ithereby-. Ling operations, must be obvious to all, or ereated; - in•precurint , tintall - arr.tetii•tor tits thosethinge 'would not oeeur so frequently ' common purptnieci'of change"titiOne - thii;, as they !have: done.. • ' ' , The! 'public -, will, citizemii -, iii . theiiivarlous, tranit*lblit- seeking the public *good,' hail reiluired- that,Thetio - entharribeinentattrif anthitibtediri4O, theec,.errors. ~ should ' be- Mirrected.':: :That minrinstaiMes, , ii - seitere likedshlp trimm the ', correction , all• Most be .awarti,• cannot take - :ceinnittniCii - - tut kthie-qiiestion ,preeentiiii!:ifor place at an-y. tinitt 'Wight:Mt- caseirkie indi4: - consideration ,is,: whether this meide•,;of re.!. vidual masking_ ind: haidehipt: Thestritre lief would;ink:. itf..the'.!endi, - 'be more M.N . '? to be _regretted, b u t 'yetl - ought : - 4t tol'ine . kinua.' , .to the community then:the temporary' vent the Correction. Or stviater'etrilailek the' iticsiiivigenckthey 4 no*iiilffo: i lhis . :oo.: .ptiblip atlarge,-:, The-Indulgence - giVen. , te, - visiero.lvotild . .eittheilze!thelssuing . and - cir . . befisedtilounly wise and pa trinttcconsAffieney will never object tothe: imp.osftiou'if neCessiary burdens for,nSeful eti4; an& trtie Wisdom .dictates 'the resort 'cri.,such. means, in order to supply•the de fieiencies in the revenue, rather than -to those doubtful expedients; which, ultima ,ting' in .a 'publie debt, "serve to' embarrass the resources Of the country •and to lesson -its'ability to: meet rang- greatTernergency: which may arise. All sinecures should be abolished. 'Ulte_apPropriatione-shotffil. - b' direct and explicit, so„ps...to leave as limited • a share of discretion. to the ,diebursing agents, as mill N . found compatible with tha public service. strictsesponsibility on - the'part - ofiall , the - agents of the Govern= mentihould he maintained,.and peiiidation or defalcation-visited with immediate ex pulsion from office and the most condign punishment. . • s'flie public interest also demands • that, if a war has existed between the Govern merits- and the currency, it, shall cease.-. Measures of a . financial - character, now having the sanction of-legal enactment, shall be fefilifullyenforced until repealed 6ythejegiSlative . authority., But, I owe it; to myself to declare that" regaril-existing . , enactments as unwise and° impolitic, and In a high degree oppressive.-- I shall proMptly .. give my sanction to any:eonsti to tional measure WlfiCh7itiriginating in- Con- Shall have for its object •the restora tion of a sound - circulating- medium,rao.Cs sentially necessary to give confidence in all the transactions.of life, to seetr:e to in , dostry its -just-aml - adequate' - rewards, and to re;-,establisli ih prilvllle prosperity.. In 'deciding upon tie .. adoption of any such Measure to' the 'mid proposed, as well as - - Its Conformity to 'the ConstitutiOn, I shall resort to theFathers.of :the great Repub lican • school ft;r advice .and insiruction,lo he drawn from their.sage views of our sys tem of Government, and, the light of their ever glotiouS example. ' _ Tht, _institutions under. Which we live, my.cminiiYinen, sceure each L perion in the lickfett - eninyment of his rights: Th - e speetaele is exhibited to the world of a Government tleriying, its powers from the consent of the governed, and having: ha parted twit only so: much Rower as is ,ne cessary fir its successful operation': Those . a re' - , eharg - eil-its 7 ailintmstratioli should:eAraully abstain, ftoM All attempts to ettlare the range - of 'powers-thus grafn. ed fire severai,departnvents of_ the -Gov ernment; other than by.an-lappeal to the People for additional-grants, lest by sodu ing they- disturb,: that . balance which 'the patriots -and statesmen - w1t0. , -framed-the Cointtifution designed to bstablish - between the - Federal-Government amt-- the - States 'composing - the Uition. The observance of theseralei is enj'oined upon us by that feeling of reverence and uffeCtion . - which finds a place in the heartiof every patriot for the preservation of union and the bles sings of union—for the .good, of our chil dren and our children's children, - through counties's generations. An opprisite course could not fail to generate factions, intent upon the, gratification- of'theirselfish Inds; to give birth to local and sectional jealous ies, and to ultimate either in !waking asunder the. bonds . of. union, or in building up a central systerrt, which would inevita-. bly end in a Woolly sceptre . and 'an iron crown. In • eon - elusion, I beg you *to be assured that I 811E11 exert myself to carry. the fore going principles into practiCe during my' administration of the GsWernment, .and, Confiding M. the-proldetingTeare of an ever watchful and °vet:Ming Providence, it shall he - my Jiist and-highest duty - to - iireserve. unimpaired' the free institutions Under which we live, and traremit-thsm to those whoi shall_secceed_ me_ in I.lieir__ full-forceand vigor: elore. ; ,tli; i•I i,,Ai It g'- - 01.4 Tv 4,,:71 - :•P'-•;/,' 41:.-t!!. ..0 . :;1t7 6 10..i9 ti.i . * i 9 Ir.c4::: riod of time during whicli they are permit ted,. are ; in my judgment,' greater . thati can be required by the, exigency. of..the,occa mon, or than the , people of the' common- Ir wealth, would. willingly tolerate. The tat=;, tet. - part:J:4'th sanie-.-.sttctiOthTtoo•i-fcir-the first time in'the legislation of P.enitsylvenia,' „expressly sanctions the issue_of past notes. No portion of our citizens, as far as I have been•informed, have asked this at the hands „et the; Legislatur e; and the policy. of. isso- I mg thein:by• the banks has been more than -rendered doubtful-bv_the - experience of.past years, and, has-been loudly reprobated, I have already stated that, the regulations and restrietionalm.posed_ uppn the banks,. !Were; some Of them, wii§e and salutary, ;Mind I shall - confine my notice onlY._ to' some• of the principal eves, which I-consider pe ' culiarlyobjeetienable,.. In the 'first,place, this bill provides that he directors' of any hank; individually or collectively, shall not contract any liabilities'to the hank, exceed ing certain lintits: that is,'ivhen the Capital. stock ;tetually paid in - does 'not._ exceed. $250,000, the •amount of, such liability ahall . nat . exceed - the - o,ne4ix • ilr - part - of the , aggregate, loans of such bank, and proceed; ing to ..provide that. as the capital of each I i bank increases in amount; the relative Prp portion of liabilities shall also be increased. At a aursory.glante; : this provision might • appear:to• be_ a very considerable security . to the public 'against the monopolizing ra- . !wit) , of bank'directors but upon. more : mature ConsideratiOn; it will be manifestly fraught with dangerous consequences. • One „of_tite moat grievotte.:complujotiogttiost the: 'Yanks of this eomiiiatwealth.has been their over: issues, and" expansions. The direct: tendency of this provision "seems to me to • be; to produce - Th . on. if, for instance; bank has made loans: to an- amount of $1450,00, 'the liability-of all the- directors can: only amonnt , to-une;sixtirof - this - sumi But should they wish -to Obtain more - , , qh • have_nothing. to do but ..to increase the ex- - toot of loans to 6200',000, or to any other sum; without limit, - and they can = increase •their-own liabilities to one•-sixth of_liiit amoinit.- - It is evidently;.therefore, "offer.: tn a- - direct inducement to expand their circulation,` ndthat, too, perhaps, by loan ing their -money-to ;unsound --borrowers or_ for p•urpasei•natcalcufated to ifromote the interests of the_ : public... I ea,nntit,._thereT fore;, yield say_ assent , to sneh... a i provisiUn as this... . ; ..:.• - • .' . The - cashiers of the banks are bpecially entrusted - with all their cash and other pro perty; yet byy, The sixth - section:Of - this bill, they are prohibited frbm keephig any pri vate or individual account with the banks of which they are cashiers. If there be \ wisdom; or additional security to - the pub lic in this; it is, I confess, beyond my com prehension.. A material change in the number of.votes to which Stockholders .of - banks shall-be en- titled,. is also, 'made. It is provided 'that every share of stock not exceeding fifty, shall be entitled tb a vote, and. a propor tionate increase of. votes to the numbera shares of stock held, is extended, wan in definite number. : By the law os'lrstood before, fifty 'shares_of stock.-there entitled to- thirteen votes with a relative proportion for any number of shares.' It appears to me, that the effect of this change would be to Place - the control of each bank 'in the hands of q few persons, and to enable them to monopolize its management. Fcan'not thinkoherefore, that this provision is cal= culated to advance either the interests of the banks or seciiie'the interests of the public. This bill further provides that directors 'hereafter to be elected in banks with 'an ;amount. of capital stock paid - in — not - lose -- than three millions of dollars, shall be hold ers in their own right of not less than three thousand dollars of the stock of said bank; - and extending . a likeEroportionate quali fiation to the directorswelected- in all the 4other banks. And further proyiding, : that . I persons tote elected State Directors, in the Bank of Pennsylvaniq and in the Ptiltidel phia *bank, shall be-stockltolders - to the amount of one thousand tloilars, and in the COlumbia Bank ,and Bridge company to the amount - of five: hundred -- dollars. - -" whole system, here proposedjo -be estab lished of requiring the directors, of ,the se veral banks.of this commonwealth to be the holders of stock 'to , so large tin amount, seems to me to be - exceeding* objectiona ble.. It places the control of thebanke at once in the -hands either of the rich, or of the large stock-jobbers and stockholders. So far 'as respects the country banks in I particular, its operation will be-a hard'one„ It will amount to a disfranchiseinent of • some of the most competent and efficient . bank directors in , the commonwealth, and eventually place, the banks in far less com- form and details of this bill; that present peknt hands,,than even those that now ma-. themselves to my mind; and in addition to nage them. The banks already aristo- these; there are others which would.render °ratio enough, without the additiOn of this, this bill as a measure of rehef,-either to die ?which is, in effect, a property qualification, bankr or, to the.public, wholly unavailing. Cto their directors. I can see nothing so, I have retained this bill without returning peculiar in the character and -duties of al it to the Legislature, almost to the latest bank director, as ,to- require that he shall' period when I could do sa, with the power penes& from *five 'hundred to three thou- of returning , it with - my objections, for the. saiiddollarref property, - 'to) quality hini 1 purpose of ascertaining,_ if possible, the for it,- when. no other -office in this corn, vieltor of the „Most-enlightened prectiCal . menniealthrequites.a similisr qualification. 1 bonniest merlin the community, is relation Nor do I know thatexperitmce shows, that to its walnut provisions; and I speak ad 'it is a wive- standarti to .'measure "a man's i visedly Whiner say, Ahat if this bill were intelligence•or capiscitrby.. the length ; of' to become' a laW, it' is qintifiimabl&whether his purse, Nor can I believe that in this one-tenth of the banks of the, Common , enlightened; age; such a standard L ought-tn .Wealth Would' acceprof iteproviaiona. .be adopted: AR iesPects' the state diree-7 deedaciiii acarcely find ,among.ecther,the - tore in the. banks referred to; it appears, to . ftiendi or the-foes-of the banks: or among 'Pe, that the 'interests' of the public will be . Amy party, i notwithstanding- the; eXtent of - "fer.mere'likely lo.be'securedi by the elec- - with. the citizens of the Lion of state directions who have.- no sto - Ok s • commonwealth, from 411 . .quartere, any in 'e - r' a verY' small . amount,' than by ~the eke- titillgentl person who now believee that Ah is 'iion~ofithose-.who are= interested in having' hill ought to beconie a law. - When it wag. inSiatge - an amouritlotstockes this first presented to me 1 examined it insv'aits . 'Flue stockholders ;in these Sweat', for ,a single .'provision; which promised banks atelbily represented by the 6601011er to give relief to ;the bantio, Oito.the. tors whom they elect - theMselvers, and the' popleond ' , feel strongly.. fortifiedin my litate,*hich has full= proportion ~ of rppre.sqlOpoil in; the beard sof 4irectom,,ae f , sort ing,to'tlie', amuOtit 'of 'stock she holds', is supposed, in_ theciy, at least, to be repie sented.hy. the state directors elected hy,,the Legislature. •Is ii not uhreasonable, there- - fore,, :to require 'that ,those who. are, n, re p - . ledentific_iiittregts cif ih6 state; which may .B,o4 . ietimes.be,.adverse to those of the stock;.- - boldersi - shinild - also - be-so-deeply - interested - Liftikpraeafing . ,tb RthaliOrd eriij 2 W-66-haVO- , mote than their fair share of representation already? I' cannot approve 'this feature' in the r . . , The ' , provisions in ihe, 18th section, re- ! quiring4lte.banks of:Odd - commonwealth' to notes, — without -issue-inul-pay-,-outnotiebuttheirown- the ceitieit.Of the parties to - whoin the same are,-tendered ,=is;-=rendered wholly hugatory'• by ilia exeeptinn of " special ,contracts.". Banks,can very easily evade Ithe-cperatioW of this section,, by making a special contract with'all those who deposite money with them, and; obtain discounts froin them, to take payinent for the- same in 'current bank notes, or in - suck, manner *they. may choose to tipecify, 'lt is use less. to enact a law, which can be-so easily rendered inoperative. The authority given 'to the: stockholders of the Bank orthe United States, : to reduce. its.capital friim 35.t0 . ' 14 millions of dol; fats, has .never been asked for, by either the,,directors- or ,the stockholders of that' bank, and in the form which this bill pre-- •peribes; 'seems 'to' trie; to be_ unwise and un •necessary. If: the -Legislature is of - the - iipi►iiii►s as a — greatnienreitiiene'or th - e` commonwealth undoobtedly are, that the Capital of that bank is' ion large, this bill" shduld have provided imperatively,. that in order to-entitle'ilie bank to enjoy- the iridul genCe which it gives, the capital '.should be reduCed to such' sum - as seemed compatible with the'public safety and public Interest., This bill, howeirer, leaves it entirely to the discretion of: the stockholderi whether its. 'capital should, be. reduced, alai in case the itoekholders slialLehoose to, make the : re- ! . -ductiOni-Ahen_tlie__lank is to be 'released, from the obllaetion imposed upon it by"its charter,•of making a permanent lOan to the „commonAvealth not exceeding six millions • fdollai.can4 a le — m - Piiiiiffoin not exceed- . ing one'inillion.of.dollars,-in any one year, at - alt interestof 4" per cent,. The bank:is . to Conti n loges: fur the length of 'tiine• for winch it was incorporated; - andto he released from this obligation, which'et_,the tinie.of, its, creation was considered one' - of the most beneficial, fo the_ • public contained in its charter. - - The bank affects' to treat its charter as a contract between its stockhol ders. and ..the_state. _lt. has very recently. -succeeded in pleading that contract, as a protection igainst - theprovieions of the. te sumptioh resolutions, passed . , 3d of April, A highly aompetentscontt. has de . cided, that, under thelaws.and "constitution, _this charter exempted it from the operation of-those resolutions of the legislature, With out proof of the assent of the bank to be bound by those, resolutionst. and now it is proposed 'by this bill to. extend a most li beral boon to the bank, without subjecting it to the laws and'regulations , of the Legis lature, which control the other banks of the m .commonwealth. -'But in, relation to .thi s section of .the bill, a uch more grave question is,-presented. The 25th section of the Ist article of.the constitution of this commonwealth provides, that "no corpo rate body shall be hereafter' created, re newed or extended with banking or dis counting privileges,. without six months previous public' notice of •the applieation for the same, - in - such-Manner -as shall ,be prescribed by law. Nor shall any charter, , for the purposes aforesaid, be granted for 8,, longer period than twenty-years, and every such charter shalrco ntain a clause,-re serving to the legislature the power. to al ter, revoke or annul the same, whenever in their opinion it may be injurious to the citizens. of the commonwealth, 'in such Manner however that no injustice' shall be ' done to the corperators . ." . • his . conceded that no-notice, such as is -requiredby this sectiot of the constitution; and the act of Ist June, 'lBB4l, passed hi pursuance thereof, has been given- in rela tion to the ,bill now under consideration. The 17th section of this hill-thiestertainly absolve the bank of the United States from some .of the conditions . imposed - uponit, by the act granting its. - echarter, and if 'the provisioes of 'that sectioil . dd not cane within the letter of:the 25th'seetion of the let . article of the constitution, certain lytheti come' within the intention of it, which -was-0-gitre-the -Public-notice-of -all-inten-- lied -applications _ for . creating. or_ changing the charters of monied institutions. If this section of ,the bill in. question, should be deemed to come within the section of the constitution Opted, it omits the very im poitint provision which the Constitution 'requires, of a reservation to 'the Legisla ture, of the ".potirei to alter,. revoke, or annul the same," when found injurious to the citizens of the commonwealth, upon the . termi of doing no injustice to _ the cor , porstors. .; . , • These are the principal objections to the ' • evictions upon tle su tojec , h e coin cjilenOti Pf opinions, of elinoL4 all‘;Prac. tical Version's Aho, tio far- kuow, have pinions in all quarters of the commonwealth, and •engaged in - all pur suits of life. • T 'citizens of condition - cif,' .the banks', and' the citizens Of. Pennsylranta, is calculated to awaken -ear most earnest • and: serious consideration. With an ample amount of omit. a to meet - all their liabilities a with - the . asSurarice that those ,reeources are bodily Multiplying, our pecuniary affairs are surrounded with einbarrassm.ents.'and difficult} , and the forebodings of many,,for the.futurei•Seem'to afford little to cheer or to. encourage;Tl ao inyielfs that ther& is. any..real• ground 'for . :_the' dds pendency that. seems - , :generally to prevail. We. have met .with, - a slight 'revulsion of fortune; and without waiting to estimate its true extent.artiseized. with panic and. 'apprehension.. I fear, that neither ,the measures: adopted by the Legislatnre, nor the language ;held. by many of its members is rcaleidated to 'dispel• this panic and,ap prehensien: It _is ..one ~of .the_incidental evils of a government like -ours, that'ntit only the condition of ihe . public, but every action of these,, with the govern inent; is liable le innocent misunderstand ing, or to' interested misrepresentation. the instant a slight disturbance 'in' the prosperous liminess of , the country occurs, either fromany derangement °Ellie general . laws of trade, or from Bui•inieinailageMeilf of the banking . institutions - of -- the country, or from any combination oreausei; ea sily developed, it. is seized hold of, and made a theme of party declamathm against those .who happen to differ iti c ilieir politi cal 'opinions:fro lb -- the - deeliiiineit -- Thitti is: too often...sacrificed to expediency, and the welfare of the public made - to yield to the - private or personal interests- of those who are contending for, power. By such . means as these, is. the public mind -harm sed and disturbed,. - business men- checked or, diiVen, from vocations-there- sources of the .Country depreciated and the ineaeureqesigned for the relief of the. peo ple thwarted and - rentlerediruilless, What tint the_e_peyalien- of such a state of - tVings thiS could have produced the prevalent impression -that - the great -and -substantial rState of Pefins3ivatita, with ltcr ric(r and I ca mines—her numerous furnaces and-foun dries, was on the verge of bankruptcyher citizens - Within - the Very jaws of ruin, her business mien of ail kinds_ tanguishing,':on - the-very.point of general prostration and ,annihtlation. -It is true that the batiks of Pennsylvinia,havu suspended qtecie•pay -menis—and,many..of her Oitizems engaging somnivhat too extensively in - bu qiness or speculation. become considerably involved in debt and enibarrassment, but . her banksovith possibly pne or ,two .ex ceptions; have ample means' to meet all the . demands'upon the, and those of her citizens who are einbarraSsed, with few exceptions, have. abundance or property, which may' not be convertible instantly into money, sufficient to pay..all their debts, but the resources of the entire people, of the 'state would almost in a' single year, liquidate all the demands.that can be made,: upon them frOm -abroad: Under such .cir comstatices asilicsenommunities.must re giilate- themselves by the same general rules of wisdom, prudence and economy, which never fail to extricate individuals &Om difficulties; The substantial means of the people of Pennsylvania; to pay off all their liabilities. are not in the slightest degree impaired. • The people of necd.oothing_b_tit a lit ,. tie . ' tiiiie - -:- - 4easonable patience' under tem porary evils-the application of their own - persevering - and , hardy industry in - produ cing and transporting to,: • market her two great staples Coal and Iron, intl the propi tious blessings of Heaven upon her harvest fields, to replace them upon that solid foot ing of prosperity and independence which they so proudly occupied before they were hurled' froth it by the rash and headlong spirit of speculation.. 'Chose who with their eyes- open, to:_thcse things, will per sist that Pennbylvania, and lier citizens have been precipitated into the bottom ,of the golf of bankruptcy, must be permitted. to cherish the phantoms of their own crea- . tion and wait until the coeimon sense of .the. people„.and the 'return of prosperous iimes7hatrtimvinced=them of . theirerror. - 'Those. who believe that their own inter ests, or ihrise of the political party with *Mali they happen to be associated will' be 'prompted by traducing the credit of the state,_endr.represthiting_her condition to be onnor hopelessinsie_hitedness and .distren,_ must be allowed to pursue thticourse which they have 'seen fit to adoptoiptitthe uner 7 _. ring intelligenCe of the people, hei detect-' etl the deception, and held them .up to the reproof of all' honest men, for attempting to practice, upon their eredulity*-Ptinnsyl vania, like most of , the sister states of the Union, and some Of the commercial nations of Europe, his engaged beyond her availa ble means, in trade, enterprises 61'..imnrove 7 . ,ment, and speculatioN'but her recuperative energies will enable her to take.the lead' of all of °them, in extricating herself from , the embarrassments which beset her. Her *resources , are nitature th'at' Seldom fail itt furnithino an' annual supply { tindAtever can want a• market. TheinduritrY of her: 'citizens -ialnitiriog. ; and, they love not only their. °lvo : State, ,but its ; independence too well to repine'at the paym!nt'ofa few.dol- - lars..tat,nr the - . sinflerineW temporary. inconvenieWee, to see that State placettbe rola the' 'technic fruitless-demands mode. upon her justice, or-unanswered calls upon her 'honor,------41--few -may be • found 'Who •WOuld, ; persuade then). that their., ,pronerty industry are tw.6e.titeif : liiievei,•:and Wh - 0 ,tvoulttinculcaw the,t-miworthr Mont,. that, those who artilitletfoi"of al'ain taining the faith and honor Otthe' . ,State un-. tarnished, are iliereieti•Crthir 'people . ;'• but they meet with -nci . .:. - erinciiiragement . 'from. the , graariltafia : of hottest - mien,:lied anti jUat tie.',faithlesa sets.. Un ,; this iniportani' 'Subject; publie, Ebeling` Ss? sontid