The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1839-12-13


ae by which heprice of every thing is fixed
and regulated. II has driven principally all the |
gold and silver ou: of circulation, and usurped
lhs place Of The precious metals. The impor-
tant part that paper money is thus made TO per-
form in all the business transactonss oflife. and
the impracticability of returning to cIrculu'
ton composed entirely ofspecie, and the strong
tendency there is towards increasing, instead Of
Diminishing. the quantity Of bank paper. in ma
nv parts Of the United States, impose on the
legislatprsth the important duty of regulating and
controlling, as far as possible, paper issues, and
guarding the public against all possible loss, Ell
ther by the failure of banks or depreciation of
their paper. We are udmonished Of the neces-
sity of this ffom the history Of the past, and
what wo see daily transpiring around us. That
a base and vtiated currency is one Of the greats
est evils with which we could be afflicted, can.
not be doubted by any one who is capable Of
approaching the benefits oca sound and steady
circulating medium. That the present banking
system has filled the country with ffuctuaIing'
unsteady, and at times, dspreciatsd currency
is demonstrated by its history for the last twen-
ty>fve years. That it has been occasionally
used by men destitute Of moral principle as a
means of fdefraudng the public out ofarge sums
Of money, is equally true. The public has wit
messed, year after year, perpetuation of these
wrongs by irresponsible corporations, until tho
policy of permitting them 10 exist has become
doubtful question with some, and the propnety
and necessity Of reforming them is conceded BY
all whose sjudsmen are not Swayed by lnter>
est, or influenced by the party conflicts OF the
day. In matter of such great moment to the
public, we should lay aside oLr party feelings
aud prejudices, if we have any. and act alone
for the permanent good and prosperity of ou'
country, in which we all have an equal stake
and the welfare of which we all, no doubt, de-
sire, whatever may be our party predictions.
? The means of obtaining sound stable ant
safe circulating medium, is a subject on which
l am aware, a great variety Of opinions exist il
the community. In matter, hover. ofso mucl
importance, free and frank interchange Of o
pinion, and full and candid investigation o
the whole subject will be likely, in due time
to enable US to adopt that course of policy beu
calculated to promote the general good. Th
tine is rapidly approaching, when seme settle'
and definite policy mus, be adopted. in relation
to our banking system, and the currency. Mos
: ofihe presen, bank charters expire by their owl
limitation, on the first Of January lS43. Th'
policy hereafter to be pursued, should be settlet
before the expiration of the present bank char
ters. Whether the present is propitious time
to fix upon the settled policy TO be adopted il
relation to banking and the currency, or whe'
,her it would be more prudent is wait develop
men,s OF another year, is submitted to your own
better judgments.
/ consider it impracticable this state to return
to a hard money currency Each state of thi,
confederacy, possesses the power incorporating
banks, and regulating them at pleasure. This
power has been, and most probably will con-
b tinue to be literally exercised by most of the
states. If We should dispense with banks, il
would not prevent the circulation amongst US
of bank paper. There is no way eff excluding
hank paper from circulation, only by the con-
temporaneous action of the several states. This
is not to be expected. If we should abolish
banks of circulation the consequence would be,
: that the NOES of other states would flow IN a.
mong us, and circulate In the place of our own
- rho NJ hat In MI
hus be transferred from our own,to sater states,
without any advantage IN return. If we must
have a paper currency, II is better to have one
of our own creation, subject to our own control,
and amsnable 10 the people OF our own state,
that one issued by corporations beyond our lu'
rsdiction, and the reaclrof our laws. The poll
icy. however. of dispensing with banks 0fcr.
culaliun entirely, is advocated by but few, and
perhaps without full consideration OF the cir
cumstances by which we are surrounded. = The
great majority Of the public acknowlede the u
tity of banks, in the business Transactions oi
life, when they are established upon proper Prln'
clples, aud conine their operations to Legitimate
banking. :,
In nv inaugural address. took occasion dis
tinctIy to stale my views on this subject. ther
stated as my settled opinion. "That our sys-
TEN oil credit 10 WHICH We nave lOhR UcoH dO'
customed, could not be destoyed without de-
ranging to great extent, the business order o
the community our policy, therefore.
should be, not TO destroy, or impair that part o
our credit system, which exists in the shape o.
bank paper, but to place it upon more solit
andsubslantial footing. That currency which
is best adapted TO our various wants, long busi
ness Ilabits, and all the circumstances ny which
we are surrounded, is one composed partly o
gold and silver, and partly Of bank paper, made
safe TO the public, and convertible at all time
, into gold or silver" These were the view
which then expressed, and still entertain OF
this subject. However difficult it may be /,
reform our banking system, SO as to make il saf
} to the community, and al the same time rende
The circulating medium in some degree stabl
and uniform, believe it is not entirely imprac
ticabe. The great object to be obtained, ia
: circulating medium of uniform value, convert
Bile at all times into specie, and made entrel
. safe to the community. Cannot this object b
obtained by any system Of banking which ca
be devised1 Although am free 10 admit,
cannot entirely entirely, yet believe we ca
/ - - -. ,l,a attainment of fliia ohipcl as