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Philadelphia, Philadelphia County, Pennsylvania
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A correspondent to Mr. Stoddard of the Hudson Gazette submits a transcribed fragment of a found manuscript: a dialogue between Mr. Ward and Mr. Courtney on stockholders associating to learn about banking, warning against blind trust in officers, and drawing parallels to Democratic Societies in politics.
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Mr. STODDARD,
I picked up yesterday in the street—a fragment of manuscript worn and soiled; it appears to be part of a dialogue not altogether uninteresting. I have below transcribed the legible part of it, and hope you'll give it a place in the Hudson Gazette.
Addressed to Stockholders and Democrats
TRUE, replied Mr. Ward, I believe it a profitable institution, because I begin to find it so, not because I fairly understand your technical harangue in favor of it, for tho' I have been a stockholder this some time I have but confused ideas of some parts of this banking business, and this seems the case with many of us, tho' the contrary behooves us for our own safety. Suppose we should associate for information on this subject, and thus spend one of these long evenings in every week; collect the best authors on banks, and acquire the necessary knowledge of our own, and also investigate the plans of other institutions of this kind, it will tend to union and sociability, as well as instruction, while we make our free remarks on their various excellencies and imperfections.
Beware of that! cried Mr. Courtney, what would our worthy President, Directors, Cashier and Clerks think of this? It is their business to pry for us into these matters, and what grounds have we to suspect them? or why will men thro' mere jealousy soar beyond their sphere? have we not the right by free suffrage to elect bank officers skilful and wise? and is not their interest embarked with ours, their own benefit will therefore secure our advantage.
Between you and me, I am mentioned at this days election, as a candidate for our Presidency, and if it is the wish of the stockholders I will not refuse the arduous task of serving them with fidelity, as I have long been versed in the business; but, I assure you, the study of it is profound and intricate, and therefore improper for the bulk of mankind.
Pray, Mr. Ward, have you not read the many pieces lately published against the Democratic Societies, I would beg your attention to them, whatever in them is urged against associations for political investigation may, by a parity of reasoning, exactly apply to our present subject.
True, again, replied Mr. Ward, the similitude is indeed very striking, free, equal government, and all its blessings, are the bank, every citizen is a stockholder, Constitutions and laws, in the one, affect the holders exactly as in the other.
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Letter to Editor Details
Recipient
Mr. Stoddard
Main Argument
stockholders should associate to educate themselves on banking operations for safety and understanding, rather than relying solely on elected officers; this parallels the value of democratic societies for political investigation.
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