The Columbia Democrat

THE WEST BRANCH BANK.

We alluded to the fracas about this little monopoly in our last number, without giving the particulars. After the disgraceful conduct of the Antimasons had been exhibited in the purchase of the stock of this institution, and they had openly avowed their determination to make the Bank a political machine, most of the responsible bidders abandoned the stock which had been previously stricken down to them, and though two of the bidders addressed the following letter to the committee of superintendence.

Williamsport, June 2, 1837.

Gentlemen:--The undersigned, for three days past have been bidding for stock in the West Branch Bank at Williamsport, with a view of obtaining it for the purpose of investing capital in an institution which we had hoped hereafter might be safe and flourishing in its operations, and render the investment profitable to the owners. But a struggle has arisen for stock carried on by individuals who, we believe, desire to control the Bank in future, for purposes well known to themselves, (and of which we are not ignorant,) rather than to render it a source of profit to the stockholders or beneficial to the community.

Such a state of things we must decline taking any interest whatever, in the institution, and shall bid for no more stock, and what has been stricken down to us for our friends we shall suffer to be returned unsold under the resolution which you yesterday adopted, and leave the Bank to the management of those who desired it--being satisfied that the bank can never prosper, or be successful under the opposition it must inevitably encounter from the state of feeling engendered by such collisions.

A. V. PARSONS.
S. H. LLOYD.

For themselves, and in behalf of their friends for whom they were bidders.

To Hon. J. B. ANTHONY, and others, members of the committee of commissioners.

In consequence of the foregoing upwards of eleven hundred shares were returned unsold, amidst a burst of indignant feeling, that will inevitably crush the Bank at some future day, should it ever go into operation. We extract the following, which is the concluding paragraph of a long article in the Lycoming Gazette of the 7th inst., and which will throw some light on the delicate situation in which these political jugglers have placed themselves:--

We do not believe, however, that with such a formidable and never tiring opposition as the proposed bank is inevitably destined to encounter, it will ever presume to go into operation; and our reasons are these: The act of incorporation, although the best that could be obtained, is a very hard one for the Bank. It requires the payment of a bonus to the state of ten thousand dollars for the privileges granted in the charter--and, in addition, renders it subject to all taxes on dividends which are at present imposed on other banks that pay no bonus. It requires that one half the capital stock, ($100,000) shall be paid in before any discounts can be made, or notes issued; and prohibits the bank from purchasing or holding any stock of any other institution, and from hypothecating its own stock. There are other restrictions which may also some day prove inconvenient, such as the following:--"The privileges hereby granted to the said Bank, shall be subject to such alterations, provisions and restrictions as now exist, or such as the Legislature may at any time HEREAFTER think proper to enact," &c. These are unquestionably heavy burthens to be imposed on a small country bank, just commencing operations, and when added to the necessity, expenses of purchasing a banking house, procuring engraved bank bills, officer's salaries, and other contingent expenses, it is manifest that nothing can sustain the institution but the united efforts of the entire community. Instead of which it has no other prospect before it than a bold, powerful, persevering and sleepless opposition which it cannot outlive. Loaded down with a debt of $10,000 before it has issued a note--tied up with restrictions by the legislature--surrounded with opposition--and in the midst of a pressure without a parallel in the monetary history of this country--let the bank go into operation at its peril. If they "sow the wind," they cannot complain if they are compelled to "reap the whirlwind." For our part, we hold ourselves ready to "carry on the war."