Mr WEEMS desired to know if money was not
a commodity of trade as much as any other article?
He held that banks were vastly important
to the commercial as well as to the other inter-
ests of the State, and thought that the effect of
this proposition, if it prevailed, would be to de-
stroy every banking institution in the State of
Maryland. Would gentlemen who were enga-
gaged in commercial pursuits absolutely deprive
themselves of the opportunities of negotiating
loans for the purpose of carrying on an honest
trade ! He apprehended that if they should pre-
vent stockholders from obtaining accommodations
at a bank, subjecting them to criminal prosecu-
tions if they did, that they would not find persons
willing to serve in such a capacity. It was his
opinion that banks were indispensably necessary
to an agricultural and commercial community.
There was not metallic currency sufficient to satisfy
the one hundreth part of the wants of the
people, and if the banks were to be suspended
what would become of the agricultural portion
of the community? He considered that banks
were useful, and for that reason, he should vote
against this proposition, there being an honest
difference of opinion between him and his col-
league.
Mr. SOLLERS said, that his colleague had con-
firmed every thing he had said, that the adoption
of this proposition would have the effect to make
men with honest motives, become directors of
banks. The inducement held out to be directors
was that they should be permitted to borrow
money ad libitum. And this was his, (Mr. S's.,)
great objection, because at any moment they
could absrob every particle of money on discount
on a particular day, by dividing it among them-
selves, and could create a panic and scarcity in
the money market—and speculate on the panic
and scarcity thus created. He disclaimed any
idea of breaking up the banks of the State, for
He knew that they were necessary for commercial
purposes, but he desired to make them honest.
His colleague had told him that if they engrafted
such a provision in the Constitution, there would
be no inducement for him or any body else to be
a director, fur then they could not obtain accom-
modations at bank.
Mr. WEEMS. I did not say that.
Mr, SOLLERS, Very nearly it. Why did my
colleague come to this Convention ?
Mr. WEEMS. I was sent by my constituents.
Mr. SOLLERS desired to know if by assuming
the duties of a member of this Convention, his
colleague had made money ? He certainly had
not. Now, if there was not enough of public
spirit among the commercial men of the country
to become directors of banks for the great public
interest, he detested, he despised, he trampled
under foot the miserable, sordid motive that in-
duced men to hold office, for the purpose of spe-
culating upon that trust. If a man could not be
found to assume the duties of a director of the
bank except with a view of borrowing money
from the bank for the purpose of speculating upon
it be was not worthy of the trust. He had of-
fered this proposition in perfect honesty and sin- |
cerity, and should like any one to point out to
him one single objection to it.
Mr. GWINN had no objection to the latter part
of the proposition, restraining the President and
Directors from using the funds of the institution;
but was altogether opposed to that part of it
which made an individual who might lie a stock-
holder for perhaps only one hundred dollars re-
sponsible to the entire amount of his property for
the liabilities of the bank. There was no reason
for such a proposition. In New York, there had
been a rule adopted which had been found to
work sufficiently well, and which was founded on
a substantial principle of equity—that each indi-
vidual stockholder should be liable, to the amount
of his stock for the debts of the bank. He could
easily imagine that if one man had invested his
whole fortune in a bank, and had misused its
credit, and that bank became insolvent, the indi-
vidual deriving all the advantage from that insol-
vency—what justice would there be in saying
that a man who held only $1,000 in stock should
pay $100,000 to cover the liabilities of the bank?
The proposition was not maintainable. Let the
stockholders be made responsible according to
the amount of their pecuniary interest in the in-
stitution He moved to amend the amendment
by striking out these words: "their individual
capacity for all of said responsibilities of said
corporations, whether," and inserting in lieu
thereof, the following:
"To the amout of their respective share or
shares of stock in such banking institution, for
all its debts and liabilities."
Mr. SOLLERS accepted the amendment.
Mr. BUCHANAN said that it would be perceived
that this was precisely the amendment which he
had suggested to the gentleman from Calvert.
Mr STEPHENSON moved further to allend the
amendment by adding at the end thereof, the
following;
"All liabilities of banks shall be payable in
specie, and the aggregate of the liabilities and
issues of a bank shall at no time exceed double
the amount of the capital stock paid in, and the
Legislature shall have no power to pass any law
sanctioning in any manner, directly or indirectly,
the suspension of specie payments by any person,
association or corporation, issuing bank notes of
any description. Every stockholder of a bank
shall at all times at his pleasure, examine and
inspect the books, papers and accounts of such
bank."
Mr. HOWARD inquired of the gentleman from
Harford, if he would have any objection to adding
to his amendment, the words "the Legislature
shall not authorize the issuing of any paper under
the amount of five dollars?
Mr, STEPHENSON declined to modify his
amendment as suggested.
Mrr GRASON said;
That the amendment of the gentleman from
Harford proposed that the circulation of a bank
should never be greater than double the amount
of its stock. Everyone, familiar with banking
operations, knew that the notes of a bank bore a
very small proportion to its stock; and there- |
