280
AMERICAN IDSTORIOAL ASSOCIATION.
provision is made in the Charter for Territorial Stock The cause of the opposition to the Country is that by excluding them from the Bank they coltld speculate on their produce at pleasure etc, now they can get assistance from the Bank untill they have time to dispose of their produce etc. The danger of a Contest between the Banks and should one be ruined it would involve the whole country in ruin The danger of Multiplying Banks see Ohio and Pennsylvania, and if this Charter is granted it will be held up as a president to future Legislatures to grant other Charters The Bank of St Louis is now going in to opperation and it would b"e much safer and much more politick( i) to try the experiment with that Bank a new years to see wheither the Country flourishes etc before another is established The charter has been granted more than two years dureing which time it lay dormant because the Citizens of St 1,ouis were unwilling that the Country should hold the influence in the directory which the La.w gave them, they asked you in 1813 for a Charter, you granted it on such principles as you then deemed conducive to the prosperity of the Territory principles which guaranteed to the Country an. equal participation in the advantages of the Bank, the Merchants of St Louis by their conduct in permitting that charter to lay dormant for two years have said that unless they can monoplise the Bank to themselves to the total exclution of all others they will deprive the whole Territory of the privileges to be drawn from a Bank &c why should the Legislature yeald to the Caprice of the Mercts, of St. Louis in 1813 The Legislature deemed 150 000 Doll•· a sufficient capital to be vested in Bank Stock- What has caused a. chmge in two years which renders it necessary not only to double the Capital invested in Bank Stock but to vest that Capital in two seperat companies-the injury which will result from the competition of the two Banks-- We see therefore upon a fair and impartial investigation of this subject that no possible evils can in any way result to the community from a postponement of this question in as much as the chartered Bank now going into opperation will be sufficient to supply the present.exigences of the Country and will more effectually remidy the evil ~rising from the circulation of forreign paper than two can that no injury will result to the individuals concerned in as much as they entered into ILil association which without the prospect of getting a charter was deemed an advantageous one and and by re- fuseing to grant this charter we do not leave them in a worse situa- tion than they volent&rily placed themselves .in on the contrary· we see that a different eourse is frought with the most dangerous and serious consequences we see that by adopting this Bill at this time
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