our early assemblies

For the first of these abuses the people have to reproach themselves, for having urged the Legislature to depart from that truly republican doctrine which influenced the deliberations of, and which taught that the incorporation Tory Burch Outlet of the moneyed interest, already Burberry Outlet Sufficiently powerful of itself was but the creation of an odious aristocracy, hostile to the spirit of free government, and subversive of the rights and liberties of the people. The second abuse, the mismanagement of Banks, is to be ascribed to a general ignorance of the true theory of currency and Banking, and to the avarice of speculators, desirous of acquiring the property of others by an the mominal value of stock, and by the sharing of usurious dividends." In order that this subject may be clearly understood, your committee have thought that the following concise history of Banking in Pennsylvania would be acceptable."The committee then give a short history of Banking in Pennsylvania, and of the operations of the United States' Bank, up to July after which they remark" This unwise procedure of replunging the people into the debts from which they had been partially extricated, and of involving others who had hitherto escaped, was continued for a time, but the dreadful day of retribution at length arrived. The Bank, i. e. the U. S. Bank, discovered almost too late, that its issues had been extended beyond the limits of safety, and that it was completely in the power of its creditors. It also foresaw that the payment of that portion of the Louisiana debt, redeemable on the st of October which was held by foreigners, might occasion a demand for a considerable amount of coin, that the enhanced prices of China, India, and other goods, occasioned by the depreciation of the currency from the over issues of itself and the State Banks, would lead to a demand Tory Burch Outlet for specie, and that as it Tory Burch Outlet was professedly a specie Bank, and liable, under a penalty of twelve per cent, per annum, to pay its notes on demand, the same delicacy and forbearance would not be exercised towards it as to the State Banks. These considerations compelled it to seek its own safety, and from that moment a system of reduction commenced. This reduction operating upon the State Banks, which had not profited by the opportunity afforded them of contracting their loans whilst the other was extending, obliged them also to diminish their transactions, and a general curtailment ensued which has not yet had its consummation.