The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-12-30
V. P. BONHAM.



State BOrOICag. & no of The worst fleets of the
system which conpoS State to borrowing
money is that it lessons lis credit, 1t places it in an
attitude Of dependence upon corporations and indvdu>
ais which very much degrades its character. From
heing high political agent, it converted into mere
financial beggar watcher of the times and seasons of
the money market, solicitor at the stalls of brokers
and capitalists
What would be thought of Mr.. Juhn Jacob Astor, or
any other man of immense wealth, if he were seen
theadug his way through the lanes aud by ways of the
city to procure temp oary loan of money, 10 small
amount What would be his reputation on Change, if
he were daily found mportuLIng the miserable old
black medica, who oen takes his station in front of
St. PauTs church, Why, either that he had los, hls
wits that he had managed his affairs most greviousy
that he had undertaken schemes which neither rea-
son common sense would Justify His credit would
soon sink in the market with as much afssry as GER
tain stlc cks in time of panic Nolhpg but the sxh-
bitlon Of the most und0uhted securities would restore
him to favor and trust.
1t is pretty much the same with great States when
they en- er the market as borrowers from banks All
persons, who accustomed to th nix Of such matters
are asonished at the proceeding. That the authorities
of States, embracing millions of thriving people, own
ing thousands of acres of productive land with pross
peCt of vast wealth for the future should 90 begging
from the door of bank or one capitalist to that Of
another-banks and capitalists that with difficulty sus>
tain themselves is fact that strikes them with SURPRISE
Under wise administration Of public affairs such n
wonder could never ho seen. The occurrence of it
proves that the states which submit to the degradation
have been nserably msdrected, that they have been
under the control of either houghtles or unprncpled
men, that no prudent or wise government could have
brought them to so amentabIe an emergency. The in.
ference would be a true one, that political power.
possessing tho resources of Pennsylvania or New York
coud never, without the greatest departure from the
rules ofcorrec legislation, be reduced to the necessity
efleaning upon banks for support, or of hawking their
obligations about the street, silly huckser does
her decayed fruits 1t is because those states have been
seduced into the most extravsgant schemes, because
they have accumulated unwarranted liabilities, because
they have run with lanaicsm into all kinds of pro.
jecs for internal improvement, that they have been
forced into these disgraceful positions.
Nor do we see any method Of bringing this system to
an end, so long legislative bodies entrusted with
so large discretion Tho temptations which beSet
these assembages too powerful to bo resisted. If
they do not always run willingly into bad practices
they sure to be- or Oter seducsd into them
The only remedy is for the people themselves to re-
sumo the exclusive control of the business. Let the
principle of the resolution offered by Mr. LoomS at the
last session of the legislature he carried out; let no bill
for borrowing money bO passed until it has been subs
med The decision of the people, and the embarras.
sing condition in which we now find our finances will
never again rscur.