The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-12-22

but, on The contrary, my previous CONVICTIONS
have been rather strengthened and confirmed
by subsequent observation aud rehsclIon. l
still entertain The opinion, as heretofore ex~
pressed, that no system OF banking could be
adopted 10 this State, with the same prospec!
of success, as a system Of local banks, with
an increased personal liability in the otockho.
Gers, and surrounded by such legal guards,
restrictions and responsibilities as will secure
the public, as far as practicable, against an ia
flaled circulation, tho nOle holders against loss
and The community against the Innumerable
evils Of bank suspensions. ln establishing
any system Of banking, every consideration
ofjustice and public policy demands, that The
people, for whose benefit alone banks ought 10
be created, should be made secure. That such
has been the case heretofore, few persons, if
any, al this time, with the severe lessons OF
experience which we have had, will contend,
and it remains yet to be tested, by the adoption
Of reformed system Of banking, whether this
desirable object can be fully secured. It's
believed that, by the combined influence of
variOus restrictions and limitations, and the
the Increased liability Of stockholders, with
The supervisory control Of bank commissioners.
and by the creation of an adequate safety fund,
the evils inflicted on the country heretofore,
BY banks OG circulation, may, in great mea-
sure, beav0ided, without 10 The least IMPAIR
ing their ability 10 promote the public good, or
preventing them from realizing fair profit on
the capital invested. This subject is one on
which it is TO be expected great variety Of
opinions are honestly entertained, and should
therefore be approached in spirit ofconcilIa-
ton and forbearance, as il doubtless will. and
with an earnest desire 10 carry out the will Of
the people. 1t has occupied The public mind
for the last five years, and has been extensive
" discussed by the public prints, and in the
primary assemblies Of the people, and it is pre-
sumed, is better understood now than at any
former period.
The public judgement may. therefore, bs
considered as mature and settled on this sub
iec; and tho inquiry will necessarily present
ilselfto your minds-what is the will and wish
Of the people2 Whatever 10 their will, and
whatever they desire in relation TO banks and
The currency, should be the object Of their
Representatives 10 secure. as far as practica-
BILE. The will ofthe people on this, as on all
other subjects, should be the polar star by
which the Representatives should be govern
ed. Whatever the Representative may think,
individually, ofa mixed currency, in conform
ity 10 the genius of our Representative form of
Government, he should yield his individual
views TO the mature judgment and known will
of his constituents. Coming, as you do, from
every part of the State, and having mingled ex
tensivey with the people, and heard them ex-
press their views and wishes on this subject,
YOU will no doubt be able to carry out the pub
lie will, and settle. at least for the present, this
question in q manner satisfactory 10 the great
body flhe community.
10 creating banks, care should be taken 10
guard against any unatural imitation Of the cur
Tency. The idea of raising the price Of wheat
or any other staple commodity which we pro-
duce and transport TO a foreign market for
sale, by increasing the amonnt OF bank paper
in this State, believe to be fallacy, and CAL
culated 10 deceive. The price ofour wheat.
and other articles Of export, must mainly de-
rend on the price which they command iD The
foreign market 10 which they are transported
and sold. The price which they will command
10 Tho foreign market, will depend on the de-
mand and supply, and upon the inflated or de.
pressed state Of The circulation at that point.
The price Of wheat in Ohio. will depend upon
the price Of -four in N. York, New Orleans,
or at oher points to which it may be trans.
ported and sold. The price Of our cattle will
depend on their value in the eastern market;
and go with every other article raised in this
State, and sold in foreign market. An In-
faon of,he currency al the points where our
productions are sold and consumed, would, un'
doub'edly, raise The price there, and cOnse-
quently, here. Bu. an una'ural augumenta-
ton Of the currency at home beyond the real
business wants ofhe community, would only
have tendency to raise the price Of The art
cles we purchase and consume, aud not those
we export, and consequently, would have ten
dency TO swell the profits of The foreign pro-
ducer, impoverish the State, aud increase our
pecuniary embarrassments. 10 creating banks
therefore our object should not be TO initiate
prices, ss that cannot be done successfully as
to our exports, and when applied to our inns
ports, is tax on our own labor and industry.
would respectfully urge uponyou the pol.
cy, aud necessity, Of avoiding any further in
crease Of our State debt, except such as may
be demanded in order TO meet promptly and
faithfully our present contracts. The credit
Of our Stale, and The public faith should be
held iBvioato. 1t is gratifying to know, that
among our citizens, wl,hou, regard 10 party
names, there is but one opinion and one sem