Individual Responsibility

The biil to recharter the banks of the District of Columbia, passed the Whig Senate with a clause making the directora personaHy reeponsible to the noteholders. This clause was copicd from tbe law ot Ohio ofFebruary. J843. In the discussion, Mr Buchanan aaid that if this principie were adopted, there wonld be but few bank failures hereafter. In South Carolina where the stookholder8 of the banks had been personally responsibile for their issue for more than fony years. he had been informed tha no noteholder had ever lost a dollar by any bank foüure in that state. It was truly astonishing that eo much time had elapaed before thisnecessary and wholesome reform had been adoptod; and he believed that, even yet, it prevailed only in Sonth Carolina. Ohio, Pennsylvania. und Rhode Island. That the stockholders, and dirfictors of banks should be holden to redeem all the p-omises 10 pay. which they issue, or cause to be issued, s evidentlyin accordance with the rules which govern other business transnetions. But it may well bedoubted whether this in iteelfwill be absolntely sufficient to prevent iosses by banks. At the same time this snfeguard should be used wherever a bank exists. Tne people, who are the losers by banks, should watclt the action of their legisla tires, and not suffer laws to be passed whieh tend to build up the Few at the expenso of the Many.