THE· AUSTIN PAPERS. 279 Bank would hazard its credit and safety by extending its accomoda- tions too far and by attempting to injure and ruin the other-as to a check Sir the Charter of the old Bank prescribes [rules] for its gov- erm. which were [made] sufficiently restrictive by the Legislature who granted it, and the intrest of the Bank alone is a sufficient guarantee against partiality-for sir if the Directors were so far to disreuard 0 those principles of equity which aught to govern e~ry man in all his transactions with his fellow man, they at least would be attentive to. their own private interests which would lead them to give general satisfaction to ull so far as the friends of the Bank would permit them for if they pursued a different course and instead of give- ing that general satisfaction w:bich would arise from impartiality- they were to disgust and enrage their customers by their partiality and injustice, no person would apply to it for discounts-it would do no business and would be an expense instead of a profit to stock- holders-Competition therefore is dangerous and there are sufficient checks in the charter and in the individual interest if not in the in- tegrity of the Directors-you are told that the Individuals who hav associated themselves togeather will be injured if they do not obtai a Charter Sir I do hope and trust that when individual and locai interest comes in contact with the interest of the whole community that this nor no other legislature that ever did or ever will exist can entertain the shadow of a doubt as to the course to be adopted, Sir individual interest has nothing to do with and aught to have no bear- ing whatever in the decission of this question it is one which involves the interest of the whole community as such must be acted on by this House, but sir even admitting that the House would suffer themselves to be biased in favour of this charter provided any individual injury would result from its rejection or postponement, and I cannot see that any argument can be advanced in favour of it on that ground for sir the individuals composeing this association entered into it volen- tarily without any prospects or· perha.ps expectation of getting a charter they were perfectly aware of the ground upon which they stood of the position they had taken if it was a bad one I cannot see that there is any obligation on this Legislature to relieve them at the hazard of the interest of the community I can therefore see n9 evils at all which can result from a Postponement-let us now consider wheither any can probably result from acting upon it now and pass- ing it or rather the danger of emitting more notes than is sufficient for the circulation of the country in consequence of which they will return to the Bank for specie which will be taken abroad The danger of depreciating the value of the paper The stockholders consider that the Territory is by a strong im- plication pledged to support the Bank of-St Louis in as much as
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