The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-12-16

bank charters which WIiI expire in January,
1913. That session, however, passed, aud
no definite action was had on this, the mos:
difficult, and most important Question OfS,ats
policy which will occupy your attention. The
6Dal settlement of the question can be delayed
no longer This grea. duty is devolVed Upon
the present General Assembly with daily
increasing neOessily::tor it's prompt and Perma-
nent adjustment. ...
The long continued suspension Of specie
payments by the banks Ot some Of the middle
states, by those also Of the Southern, Western
and South western sta,es, has brought with all
the evils Of unnatural and fucluating' rates Of
exchange, usury 10 most enormous extent,
embarrassment IN every branch Of busu ess,
with great increase of risk attending al com
merclal operations. This state of things, if
not remedIed soon. will make our currency,
which should be fixed measure Of The price
ofproperty, itself a mere vendbe commodity,
more variable in value than most other COM
mon articles of traffic. 1t may be we'll ques-
toned whether this most unhappy state Of
things admits Of any permanent remedy,
without lmPorInn, changes insour existing com
merclal relations with foreign countries. This
is question over which state Legislation has
no control; the National Legislature alone is
competent to decide il. Whilst the workshops
ofEngland and France, filled with lAborers
whose daily Toll brings them only nero sub
sislence, pour into our markets every vaEletyof
manufacture, by the laws Of their respective
countries the precious metals or cotton with
few Irfng exceptious;y are the only squiva-
lents they will receive from us in return.
Excep, on duties go onerous, as amount TO
prohibition, the bread suffs, and other pr0duo.
tions efmnch the largest portion Of the peo-
pie ofthe United States, can fad no market in
the ports of France or England. Itis obvious
that, under system so iniquilous and unjust
towards us, in the fluctuations Of commerce,
balances against us must occur, and thsse
must in such case be qudatsd by an exportai
ton OF the precious metals This drain, which
no human sagaci.y can always foresee, must
| have the effect to disturb pricos, even we're
our money purely metallic; should il be ofthe
mixed kind, composed Of coin, and paper con-
vertble into coin on demand, then whichever
the unfavorable balance was Of suffic.el. a.
mount, suspension ofspecie payments would
seem 10 be inevitable. AZ the laws now are,
the revenues to the government Of the Union,
must be raised by duties on foreign goods. 1t
is within the power of Congress, by proper
discrimination, in levying duties necessary for
the ordinary expense Of government, 90 to dis.
criminate as to restrict foreign importatiOns
within narrow limits, or compel those with
whom we traffic 10 open their markets TO the
grain grower, as we'll as the cotton planter, on
terms ofperfect reciprocity, Whether Cen
gross. will exert this power, when il shall be
proper, as il soon must be, TO reconsider The
subject, is question which cannot now be
considered as settled with that certainty which
is necessary 10 form safe basis Of State leg
islatlon. The existing state of things, and not
the prospect Of future national legislation,
should be the basis Of any policy, it may please
the Legislature 10 adopt, touching the subject
of our currency. However divided the people
of1this State may be in their opinions, as 10
form in which this question shall be settled
there cannot be doubt but they are all united
in the desire that it should be finally adjusted
by the present Legislature. The expiration
ofthe charters of twenty-four out of thirty.
seven banks Of this State, in January, lS43
demands this not merely as measure ofsounc
policy, but one OF absolute necessity.
The interests and business of the people de-
mand that the capital of those banks, whose
charters expire in l643, if at all cunsis,en
with oIher leading considerations, should bt
retained in that business, in some form, 10 bt
prescribed at this time. Alarge portion Of thiI
capital is held by owners in other States
Should the capital fthose banks be Withdrawn
from it's accustomed uses, the portion Of it owl
ed abroad be taken home, and no means o
similar investment provided, results must fol-
low, more, disastrous TO the State, than any
even in the worst times, .whieh. il has, bilhert,
encountered. ...... ...sesf.... .........
In q communication 10 q proceeding Eegis
lature, my own convictious and views on thi
subjectwere fully presented Plans, for lh
permanentr reform ofour banking system, wer
then suggested by me.--Tlme, and more ma
ture reflection. have confirmed my opinions, q
then formed. Ii is true, that in The deta
which is incident TO all such laws, Ivarius pro
visions, not there pointed out, would be reddir
ed; but the great and leading provisions for tn
security Olthe bill holder, and 10 prevent con
fractions or expansions, ,'as there skeiChed, sli
occur 10 inc as indispensable 10 any system, ei
pecially whom left to operate without the iuffI
ence Of any national legislation on the Subje'
o! currency. lrefer' the Legislature, lhers
fore, to the opinionS aud TefSCtiOpS' con.ainG
. in the communication, embracing this snbjbc
made by me IO,lhe ast General AbOOmblv. Il