The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1840-10-15
From the Cincinnati Gazette.
He BANKS AND THE PRESSURE.

II THE BANKS AND THE PRESSURE.
Every reader is familiar with the war
Waged against the Banks by the Van Bu-
rem party in Ohio. Down with the Banks
has been the party cry in the Legislature
and out. When Governor Shannon stood
forth against immediate destruction, he
was censured by the radical of the party,
and the odd Hamilton democracy, on
that account, resolved, that they could no,
conscien'iously support his reelection
The Governor had to weld, or appear to
yield, and was re nominated. The war
fare upon the Banks drove them into cur
taiment, to sustain themselves, as prepar-
atory to winding up their affairs, ard with
the desire Of avoiding collision with the
State authorities. Their circulation was
driven in upon them, and they were obi.
ged to reduce their discounts. On the
3Oth June, 1889, the circulation of The
Ohio Banks was $7,734,l82. On the
30th June, 1910, it stood at S4,l37,535.
Thus showing reduction in one year of
So, 596,646! Their specie on the goth
June, 1889, was 1884, 766; and on the
30lh June, 1910, it had fallen to 81 ,252,.
345, showing loss Of specie, by the
banks, in one year, of 81 ,2s2, 800 or more
than one half their whole amount! This
ls the operation Of one year of the war
upon banks. 10 send from the State one
half the specie in the vaults of the banks,
Qor no one will contend this specie has
gone into circulation,) and to Withdraw
from circulation more than three millions
and a half Of our bank notes. The par
'y"whose war cry has brought on this
state of things, still continue their mea-
sures to compel further reduction, and
superadd to their cry against the Banks
the charge that they have done the very
thing they compelled them to do-take
IN their paper and give ont their specie
How long will it take, exporting, under
Van Buren, extortion, to send out of the
State the residue Of the specie in bank
and that gone, what amount is left in the
State -. a. s.- s-.i
Even His Ercelency,' our Bank-Re-
form Governor, attributes the distress
which is all about US, to the Banks. Are
they not authorized he empha,ically asks
to issue three dollars in paper for one in
specie-and why don't they issue? Three
dollars for one, cries the Governor-why
don't they put out their notes? Down
with the banks, cry the party Does not
the Governor know? Are the people too
blind not to see that the privilege confer.
red upon the Banks, of issuing three for
one, when they can maintain that circu-
lation, when money is easy--nei,her i'm
posed upon them the obligation to do so,
nor the ability to keep up such circula-
ton against the cxertions of the govern
ment to drive it in. Will one dollar in
specie pay three of notes? How pi,iful
is the effort to excite prejudice on this &C.
count! The law requires of the banks to
keep on hand one dollar in specie for ev-
cry three dollars in circulation. Now. if
this law is TO be obeyed, will the Govern
or inform the Banks how, when their cir
culalion is driven in upon them. by forced
means, they can keep up that circulation?
II he cannot, let him hold his peace. The
Bank returns of the 3Oth of June, 1910,
show the circulation of the Ohio Banks
to be 81. 1877 ,535, upon $l,252,545 of
specie! Will the Governor, or any Of the
party, tell the people how much short of
three for one. an issue of four millions
upon a specie basis one million is? Or
how much the banks can lawfully extend
their issue in that state of the case:
The course Of the party has driven the
banks to suspension. And although some
of them have more than the required pro-
portion of specie, yet we have seen that,
taking all together, the banks have now
greater circulation than the law admits
If those below the legal limit of circula-
ton, were to resume payment and throw
out their paper, every one knows, that
while they paid it out on paper having
80 or 80 days to run, it would return up
on them instantly for coin, and soon ex-
haust their supply, simply because specie
is at premium, for expectation. The
circulation Of the city banks, the 3Oth of
June, was more than ,fue to one.
The following letter from the Journal
of Commerce, speaks with confidence
and apparent knowledge of Maine as
Harrison State-but we quote it particu-
larly for the anecdote and definition with
which it closes: sH fa# g#a .a "T1t
.4ae HALLowElt, Sept. IS, 1910.
| send you the result OF our election
SO far as known here when the mail goes
out. The votes in 1898, were for Kent
4a,s97, Fairfield 46,2l6, scattering 4s6.
Fair6eld's majority over Kent, 33l9-
over all, 1893. The Wings have made
a handsome gain on the vote of 1898,
we hope enough to carry the State. If
Gov. Kent is elected, we shall have the
House if Fairfield, the Locos will have
it as the towns and classes which have
made no choice, will be governed by the
result of the Governors vote in a great
measure. am well satisfied, that if the
prospects of Gen. Harrison in November
are as f1attering as we expect they will be,
he will receive the vote of Maine by