Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-01-26
THE STANDARD.
GEORGETOWN, JANUARY as ls4l.
THE BANK BILL.

t. TO be composed OI OIauSHoSI ds He
first section says,) is very long, and con-
tains III sections. Like the shank" it
proposes to incorporate, this bill has ma
ny branches, and is without form and
uncomely. 1t would occupy much room
in our columns, and, in consequence Of
its length, might not be generally read it
copied. We therefore copy from the Gin
cnnatti Gazette the most comprehensive
summary of its provisions we have seen.
A better idea, however, of the form and
object Of the bill might have been con-
4 veyed in this summary by putting first
the paragraph headed Commissioners
and pre- sent Banks" The bill was intro
duced by one who is sockhOlder, director
and attorney Of bank whose charter will
soon expire; and the main object Of the
bill is evidently TO perpetuate the exis-
tence Of the plesent banks. Under its
provisions they are TO be Immediately
transformed into branches of the State
Bank Of Ohio;" and TO exist until 1862,
" aud thereafter, until the Legislature
shall otherwise determine" Should the
bill pass, and there be any strong oPposi-
lion to the continuance of the banks, after
1862, the elections Of that year will as
. lar outdO those just past, in humbuggery,
b corruption and fraud, as those Of 1910
: ouldd any former elections. To carry
this measure, The 'log.rolling" plan is re-
# sorted to. Each member is promised
9 branch in his own county, 10 induce him
d to support the project And lest a voice
= might still be heard from some remote log
cabin against such dangerous strides Of
n aristOcratic principles, bonus" is held
e out TO silence that desire for equal rights
which still abides in the breasts of free.
men, and which justly revots at the idea
Of exclusive privileges.
- The most extraordinary idea yet ad'
ID vanced in the history Of banking is con
h. tanned in the 18TH section Of this bill
D. which reads as follows:
IN "Sec. rs. In the event of general
4 suspension Of specie payments by the
!. banks Of any two of the cities of Boston
"a New York, Philadelphia, or Baltimore, or
i. application of the President and Board O
4. Control of the State Of Ohio to The Gov
10 ernor, it ShdN become his duty, By proc
10 lGasation, to authorize suspension o.
% specie payments by the branches of the
,e State Bank Of Ohio, until the close of lht
n first session Of the General Assembly
If thereafter, if such suspension in said CT
n. ties shall last so long, on condition tina
,e no branch shall increase the amount of it
y. circulation during its suspension Of specie
to payments"
O. Why should the Governor Of the Stat
y Of Ohiu be made mere bank tool in thi
!, " farce? Ifit is acknowledged that lonI
IN continued suspensions have become ne
10 cessary TO ''sOund" banking, why not au
~ thorize the banks, under such circum
!, y stances, to suspend, il they think proper
j. without applying to the Governor, through
m their Board of Control, and making it hi
" DUTY to issue proclamation AUTHORIZE
" ING them TO suspendH
~ ~ This gives us some idea Of the soun,
no currency" the federalists have promiseC
Of and are attempting to manufacture.
I'd is an acknowe dgment by the banks, VIII
~ got up this bill, that their ability TO NEE
e the demands against them, depends uPo
H. the sOlvency of eastern banks, over whic
is neither they nor the State have any coz
w troll.
~ Besides our objections TO the system
az az we think it would be bad policy at thi
h. time to create such host of hanks q
c. would spring into existence aftCr the pa'
ur sage Of this bill. If there is not speci
i s enough to keep the present banks in
e. specie-payng condition, what will be the
1t. condition when the number in the Stat
At, is increased to eighty or mOreS TheT
Us are now ten or twelve banks whose cha
Il Il ters have from nine to fifteen years "
rs to run. If these cannot sustain then
he selves, the name Of the State wonl
% not be sufficient to sustain the credit I
a. ~ the great number 10 be created.
y This is a~h,g bill from beginning
We end. No one need hereafter dOnbt which
n .sthe bank pariyn No democrat wOul'
y :. at this day. have thought Of bringing egg
~ host Of banks into existence wllho'
u lINl..- = fl..allur n