Speech of Almon H. Read, Esq., Of Susquehanna, on the Individual Liability of Stock-Holders, for the Debts of Banking Institutions, Delivered in the Convention, of Pennsylvania, on the 16th and 17th of November, 1837 (Classic Reprint)

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Excerpt from Speech of Almon H. Read, Esq., Of Susquehanna, on the Individual Liability of Stock-Holders, for the Debts of Banking Institutions, Delivered in the Convention, of Pennsylvania, on the 16th and 17th of November, 1837Ma. Cumming - The amendment now before. You, together with eight others, _ which I intend to offer ia succession, have been framed with a view to meet what I suppose to be the sentiments of a majority of this convention. My own individual opinions, Sir, in regard to the necessary restrictions upon coporations, and especially banking institutions, are, I am aware, far in advance of the senti ments of that majority. In the remarks I am about to submit, I shall take the responsibility of fearlessly declaring my own opinions on the subject of banking and currency. Sir, I am impressed with the belief - nay - I may say I have a deep and settled conviction, that the permanence, stability, and eventual suce oess of our republican institutions are suspended upon the action of this body in regard to this particular subject. If so, Sir, is it not time that the people of Pennsylvania, en masse, and especially this convention, to whom the interests of the people are committed, should awaken to a consideration and thorough examination of the evils of out monetary system? The fact that an industrious, enterprising, and intelligent people, sur rounded with all the elements oi wealth and prosperity, should, in a time of pro found peace, blessed with abundant harvests, and all the varied productions of active industry, be periodically sub jected to scenes of embarrassment, panic, and distress, such as the last twenty years have exhibited, proves some fun demental and fatal error in the mode and manner of transacting business. Sir, is it not the duty of this convention. To seek out and correct such error?About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.