Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-12-23

which has placed this burthen upon the
consumption of foreign merchandise
and foreign luxuries. Take it for gran
ted that this fund, under the deed Of ces-
sion, belongs to the states, and conse-
quently to the whole people ofthe states,
equally, and that it is fully sufficient to
defray the expenses of government
(Which contend it is, if prudently ad-
ministered0 what would be your rule
Of appropriating the burthen and ex.
pense Of supporting the government ?
Why simply this every man, woman,
and child, in the U. S., would pay an
equal sum. The day laborer with his
ten or twelve children, would pay one
dollar each, whilst the man Of wealth
would only pay in the same proportion.
By this means foreign merchandise and
luxuries are exempt from the burthen Of
supporting the government, and persons,
without regard to circumstances. take
their places. You do not, to be sure,
wrest any thing from The people by this
operation; but you do them the same
wrong, by Withholding what is justly
their due, and which would, if properly
applied, greatly improve their moral
and intellectual condition. acR
As you will have laid before you du-
ring the present session, a detailed re-
port from the superintendent of COM
mon schools, | forbear going into par
ticulars on this important subject. 1t
IS one that is full of interest and he
who shall do the most TO give it an ef
fective organization, by throwing around
it a system Of checks in the use and dis
bursement of its funds, and guards in
the care and disposal Of its property,
will perform service 10 the state that
will call forth the thanks and the graft
tude of the whole body ofour people.
AS the interest and future prosperity
ofthe state must depend upon a sound
and uniform currency, l have taken
some pains TO obtain, for the informa-
ton of the peoples representatives, an
official statement of the condition of our
banks. Their ability to meet the just
expectations OF the public, by resump-
tion of specie payments simultaneously
with the banks of our large commercial
cities, will not be doubted by any one
who will take pains to read the follow
ing statement.-Oficial returns from
thirty banks (no returns from the bank of
Cleveland or the bank of Canton) show
ing the following results: The capital
paid in is, $s,947,Ols so. On the llth
of May our bank circulation was 49,
Os3,36l So; on the 9th of November,
it was $5,7s6,O73 SO; making reduc-
ton in less than six months, of S2,297,-
2s7 10. On the llth of May the specie
in our banks was $2,3s6,22 96 and
on the 9th of November, il was $685..
22O II; giving an increase of specie for
the last six months of $275.90S 2l.-
On the llth Of May, the debts due banks
amounted TO .$l7,O4l,764 "a and on
the 9Th of November, the debt due was
$l3,l92,257 63, showing reduction Of
debts in less than six months, of $780,.
sos 10. This statement shows that the
circulation of our banks is about $2,l7,5
on each dollar of specie. The amount
of easter funds sold by the banks, from
the llth of May to the 9Th of November
is $4,2S3,437 SO; and the amount sold
by individuals and brokers, during the
same time, is $2,4lS,00O. We canno,
vouch for the entire accuracy of the last
statement, but we believe it will fall
short of, rather than exceed, the true
amount. l oH f.
Mark the difference between the
present condition of our banks, and the
suspention of specie payments, and tina,
which took place under the suspension
Of 1913. That suspension took place in
the midst of a national war--a state o.
society that always leads to, and fire.
quently introduces, distressing defange.
ments in the currency, and other bust
ness affairs Of nation. After contin
uance of the suspension of more thar
three years, and when no efforts were
made to affect restoration of specie
circulation, new edition of banks wa,
created in the country, founded alto
gether, or nearly SO, upon the existing
bank paper. In Ohio alone, in 1916
fifteen new banks were added to the
then in existence all of which com
menced the issue Of their noles, with
out any expectations to pay specie 10
them until future day. We have NJ
means ofascertaining The extent of thei
issues, but they were very great. MI
Crawford, then secretary Of the treasu
Try Of the United States, in his public re
ports, estimated that at the suspension Q