Now, sir, if I am a stockholder in one of these institutions, I hold a portion of these privileges under the charter by which that institution was incorporated; and, if the gentleman from Fayette holds some, he is one of the people. It is, then, a mere question of meum and tuum. Is he not as much interested in taking this away from me, as I am in keeping it? If I am to be excluded from holding it at all, it follows, by necessary consequence, and for the same reason, that he would be exclu ded as one of the people from taking it from me. There is, therefore, just as much interest on the one side as there is on the other.

Such, it appears to me, Mr. Chairman, is the position in which gentlemen on the other side have placed themselves by the course of argument they have adopted. They are equally interested.

I come now to say a few words in relation to the immediate question before us. If I understand it, the amendment which has been offered or assumed by the gentleman from Susquehanna, is this;-in the first place, recognizing the 3d section of the 7th article of the constitution of 1790, as it now stands-adding to it a clause in relation to double legislation operating upon bank charters--and then, added to that, is the proposition of the gentleman from Fayette, (Mr. Fuller) prohibiting the banks from issuing notes of a less denomination than ten dollars. This, I believe, is precisely the state of the question at the present moment.

In regard to the first branch of the amendment, we, of course, can have no objection.

In regard to the second part of that which requires the double action of the legislature in the part of a bank charter, although I do not think. it is very important as applicable to the future-still, it appears to me to be objectionable upon several grounds. I am not able to discover any reason why, in granting a mere private petty corporation, the action of two successive legislatures should be made requisite; especially when we know that a single legislature has power to decide upon the dearest rights of property and of life. Where the reason is to justify this difference, I cannot tell. Perhaps some gentleman on the other side may be good enough to enlighten me.

But there is another reason why I am opposed to it. According to my view of the matter, it conveys a direct sanction-it gives an unequivocal endorsement to the strange and wild accusations which have been made, as well in this body as out of it, against the legislative assembly of our state. It would to a certain extent, directly sanction the declaration which has gone abroad, that the representatives of the people are unworthy to be trusted. I am unwilling, by any word or act of mine, to sanction that idea in the slightest degree. I, therefore, cannot vote for it.

In regard to the last provision-that which proposes to restrict the banks from issuing any notes of a less denomination than ten dollars, there are two or three objections which, to my mind, appear so strong, that I think no member can be so blind as not to see them.

In the first place, then, what is this proposition? It is nothing more than an ingenious attempt to annul, to expunge that very important resolution which was passed by so large a vote in this body, some four or

five weeks ago. That resolution, in my opinion, was the most impor tant act which has been done by this convention. I allude to the resolu tion introduced by the gentleman from the city of Philadelphia, (Mr. Meredith) declaring the inviolability of bank charters. Now, gentlemen were well aware that they could not, by any direct means, accomplish the purpose they had in view-of destroying that resolution, and here is an ingenious mode of doing it in an indirect manner. If the amendment prohibiting the issue of notes of a less denomination than ten dollars, is decided in the way they desire that it should be decided, of course the resolution you have adopted, is a nullity. Adopt this amendment and you at once, by a constitutional provision, take away from these banking institutions one of the most important rights derived under their charters that is to say, the right of issuing notes of the denomination of five dollars. This is a most important and a most useful part of their rights. I do not know whether such is the design, but it is manifest that, if this amendment succeeds, the certain result will be to destroy-to blot out of existence, to all practical intent and purpose, the resolution adopted at Harrisburg. Sir, it is gone-absolutely annihilated. We all know that, in the general bank law, there is a reservation that charters of banks may be altered, reformed, or even annulled if the public interests should require it. Here is a reservation on the part of the legislature ; and although the legislature may alter, reform, or even annul those charters, if the interests of the people should require it, yet no other body can exercise that power, no more than any corporation of any borough town can exercise it. We have the constitution of the United States, which protects contracts of this kind, and here would be an answer to it. I trust, therefore, that gentlemen will see at once, that the direct operation of this amendment would be such as I state.

Let every man refer to the benefits which these banking institutions have every where diffused. Let him look to the state of Pennsylvania! Let him reflect on the high eminence which she has attained among her sister states of the Union. And to what is all this to be traced? I answer to no other source than to the aid which she has received from the banks. Your public works have depended almost entirely on the co-operation and assistance of the banks; from the loans granted by the banks from year to year, and although individuals have contributed a portion, still we are mainly indebted to the loans of the banks for the progress of our public improvements. A few years ago, when the credit of the commonwealth was such that loans could scarcely be obtained, requisitions were made upon the banks, which were complied with, and our public works were continued for another year. But we can go still further back. We can go to the improvements connecting the eastern with the western part of our state. I refer to the turnpike roads between Pittsburg and Philadelphia. Without the aid of the banks, even these roads could not have been made.

But we can go even further. Our commonwealth has, in fact, subsisted on the revenues derived from the banks. At an early day a part of the funds of our government were placed in certain banks of the commonwealth, and for a period of twenty-five years, the government was supported by the dividends arising from those funds.

But look to the effects of these institutions upon common life. The mass of our citizens are operatives throughout the commonwealth, and almost every man depends upon his daily occupation for the means of support in life. The mechanic and the manufacturer and the merchant receive their returns for their labor not at the time the work is done, but at a certain future and stated period. What are the people to do in the mean time, for the necessaries of life, or for such comforts or luxuries as their circumstances may justify, unless the means are obtained in this way.

The mechanic obtains all necessaries from the, merchant in the district upon credit, founded on the returns of his industry which he is yet to receive. Where does the merchant obtain his cridit? From the merchant in the city. And where does the merchant in the city obtain his credit? From the banks. So that, the accommodation effected by the banks, comes thus imperceptibly, almost to every man's home and fireside; and, although it is not obtained, yet its influence is extended to almost every man in the community. I am, therefore, opposed, upon every principle, to the amendment of the gentleman from Fayette, and also to the amendment originally offered by the gentleman from Lancaster, and I shall vote against both.

Permit me, Mr. President, before I take my seat, to offer a few remarks in reply to what fell from the delegate from the city, on Saturday, in reference to our meeting here. Coming, as it did, from that timehonored source, and with his peculiar feelings and eloquence, it produced an impresion with every member, not soon to be forgotten; and, I am sure, that in expressing my own feelings, I express the feelings of my fellow members from the interior, when I say, that whatever may be the results of our official deliberations, we shall carry with us to our homes, and to our constituents, a deep and abiding sense of the liberal spirit, the kindness, the hospitality of this city.

Sir, its noble institutions of every character-benevolent, literary, scientific and useful, have all been thrown open to us, in a manner most gratifying to our feelings; and more than this, the hearts of the citizens have been thrown open to us in all that kindness and hospitality could offer, to alleviate the privations of the stranger-separated from his family, his friends and his home. Besides, sir, we have had the gratifying opportunity of witnessing the industry, the great works, the vast business concern and the great progress in the useful arts of life, which so eminently adorn and distinguish this, our own great metropolis.

Sir, if no other result should be derived from our adjournment to this place, I trust, and I say so with peculiar pleasure, coming from the district I represent, I trust it will tend to confirm and to perpetuate that liberal and enlightened sentiment of policy, that the interests, the prosperity, the happiness of the fair portion of our great and growing commonwealth, is essentially and intimately connected with the interest, the prosperity and the happiness of every other part.

Mr. COPE, of Philadelphia, said:

I shall doubtless incur the charge of tenierity, by engaging in a debate already exhausted, and before an audience whose patience must be worn

out; and were I to consult my own feelings only, I should certainly not make the attempt. I will, however, proceed at once to the discussion of the subject before the committee.

That branch of the resolution before us which proposes to restrict the banks from issuing notes of a smaller denomination than ten dollars, is, I presume, a matter of comparative indifference to the traders of Phila delphia. Our inerchants receive and pay mostly in checks on the banks. To another, and a very respectable portion of our citizens, our manufac turers and mechanics, it is of more consequence. Some of these pay weekly, in wages to their workmen, from five hundred to three thousand dollars. Supposing a man's wages to be less than ten dollars a week, notes of that amount would be much more inconvenient, both to the payer and receiver, than notes of a smaller denomination; and if the parties prefer five dollar notes, what good reason can be assigned for refusing to gratify them? Five dollar bills are more convenient to the market people, to travellers, and to the country population generally.

It has been stated by a delegate from the county, that originally the Bank of North America did not issue notes of a less denomination than ten dollars. Assume it to be so, for the sake of argument, and what follows? Why, that the public convenience demanded notes of a smaller denomination-for most certainly that bank, like all others, has for many years issued five dollar notes.

But I have it in my power to furnish some curious and authentic information for the member from the county, (C. J. Ingersoll,) on this subject, derived from an examination of the minutes of the board of directors of the Bank of North America, which I will take the liberty of reading, viz :

"BANK OF NORTH AMERICA,
August

"Mr. Richard Bache moved, upon the recommendation of Dr. Benjamin Franklin, that this bank should now issue small tickets or notes, to supply the call of the public for change, during the present interruption to the circulation of copper coin; and presented a sheet of paper of a very peculiar fabric, as most suitable for the purpose-of which paper the Doctor had only two reams, which he would spare the bank for this particular use.

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Wherepuon the board resolved that Benjamin F. Bache print a number of tickets of the denomination of three ninetieths of a dollar, equal to three pence specie, and also a number of tickets of the denomination of one ninetieth of a dollar, equal to one penny specie."

The minutes of October 1, 1789, contain the copy of a letter from Thomas Willing, Esq. president of the bank, to Alexander Hamilton, secretary of the treasury, from which I have taken the following

extract:

"We find, and daily experience convinces us, that there is much less risk of imposition by the counterfeiting of our paper, than of gold and silver now current in America; of which there are so many base pieces well made, and current, that it is hardly possible for a person to receive

it without loss, though ever so well informed. It is a truth, that we have destroyed, the last three years, to the full amount of twenty thousand dollars, offered to us in payment as gold and silver."

These extracts furnish us with the experience of our forefathers on the subject of paper and specie, which it will be well for us to remember in the course of this discussion.

The resolution before the committee, if intended as a measure of hostility to the banks, will prove abortive; the arrow will fall short of its mark. The banks will not issue one dollar less on that account, since all who borrow of them, if they cannot obtain five dollar notes, will be glad to get ten dollar notes.

When the Bank of England was chartered in 1694, the same cry of monopoly was urged against its creation. This cry was raised, not by the people, but by the proud barons, who foresaw, in the measure, an abridgement of their overwhelming power. They perceived that its tendency was to elevate the commoners in wealth and influence to a level with themselves. They were right. The commerce of the country, which they were too slothful, or too aristocratic to cultivate, was then at a low ebb; but by the stimulus to industry, which the bank soon diffused over the whole nation, manufactures began to flourish, and the canvass of Great Britain to whiten every ocean, in every quarter of the globe. From that period to this, the wealth, the power and the greatness of the British empire, has been constantly on the increase, until they have attained an eminence surpassed by no nation on earth.

A bank, in its simple elements, is but an association of individuals, for the purpose of lending money. A charter guaranties to the stockholder, that he shall not be made liable for more than the stock he subscribes; and is as much a matter of convenience to the public, as to himself, since claimants on the bank can, with greater facility and certainty, assert their claims, by suing an unit, which a corporation is, than by pursuing individuals difficult to be designated.

A bank is invaluable to young traders of fair reputation. It enables them to enter into competition with their more wealthy neighbors, for fortune and for fame. Were it not for the facility thus afforded to merit and enterprise, the business of the country would be confined to a few capitalists, who would purchase on their own terms, and sell only for extravagant profits. The farmer would receive less for his produce, and pay higher for those necessaries he wants in return.

Banks prevent robberies. It is no doubt within the recollection of others beside myself, on this floor, that for some years before the estab lishment of the old Bank of the United States, in 1791, robberies were of such frequent occurrence, that two or three burglaries in a single night, were not uncommon. Our highways were infested by thieves, and our farm houses frequently despoiled. The Bank of North America was then the only one in existence, and as it was but little understood, people were not in the habit of depositing their money in its vaults for safe keeping.

When that bank was re-chartered in 1787, the late Judge Breckenridge was a representative from Allegheny in the legislature, whose ses