New-York tribune., 1842-01-31
Y He T R IB U N E,
0hio-Bnnkrupt Lnw-Resumption and
its consequ.nces---Gene Rankin &
Inv. &c,
Correspondence o! the \. I. Tribune.

CORES oopdence OF the n l. Tribune
CoLuMgus, o.. Jan. 20 o42.
We look here with perfect astonshment at the
course taken in Congress in reference to the Bank
rupt Law. We had no idea that any serious effort
wsuld be madeto rcpealit-aRd that Whig Members
should lend themselves 70 the projects Of Benton &
Co. whose only object is the distraction and defeat
the Wing party, is we'll calculated to excite sur.
prise il not indignation. 1t is to be hoped, how
ever, that the voae of TIVE People will yet be heard
ard the infatua,ion of Members will least be
rendered harmless. Should Congress pass an act
repeating the Bankrupt Law, and should John
TYLER veto ii, tie gratitude OF thousands OF broken
down. though still struggling and still honoro1le
men, would attend him, and his administration
be strengthened by the unequivocal support OF
those hitherto opposed to his measures, aud many
of whom have looked with distrust the subject
OF the veto power, would be overwhelmed by the
full tide Of grateful feelings that would set towards
the man who, by the exercise of that power, had
saved SO many thousands from a bondage compared
with which the m.eries ofSe-hern Slavery are
paradise of delights. God grnn, that their lirpbs
may be uurnanaclca-that again buoyed up by
diencc TO their high resolves, they NAY do
something for their country's happiness and their
countrys prosperity.
The bill compelling the Banks Of this State to
resume specie payments has passed the Senate and
will pass the House within week from this time.
The Act is to take eject or. the 4;li f March,
The bill provides that failure OF refusal Of any
Banking lnstilelion redeem lis i0cs aud bills in
specie on demand, shall be construed into an nban-
donment of It's charter and forfeiture Of all It's
rights and privileges, and also that from the time
of such refusal the Institution shall be deemed to
be insolvent-is to be placed under the control Of
the Bank Commissioners, that its affairs may be
wound up. The provisions of the bill are very
rigid, but the public feeling i. such in this State
that almost any Legislation against Banks would be
tolerated The feet will be that some few Of the
Banks will resume, but it is not believed that
majority Of them maintain themselves in
Resumption at this time The Banks that can
sume are those that have done no business for i
year two past, and generally prepared 20
wind up. fear the attempt at Resumption will
result in the entire failure of some of Our Banks
rather, the developenaent of the fact that is
supposed to exist, that some of onr Banks
trelv unable to redeem their circulation. The
failure of the German Bank of Wooster under cir
cur,stances that lead most men TO believe that deep
Iascnlity was at the bottom of 1.-THE second and
final failure of the Bank of Cantor-the iailnre al
the Swindiing Shops in Cincinnati, with the de-
stractiye rule of a blind mob consequent upon it
4 i ~ ,bnlo mir TX
and very suspicious, and whenever the Banks do
resume, their paper will rush in upon them like
flood. Those Banks that can stand the first
shock may probably be considered perfectly safe,
A bill to establish General System of Bank
ing was introduced into the Senate this morning by
Mr. Latham, Loco-Foco Senator from Ross Co
OF the peculiar character of the bill [ am yet
informed, bu, when i, is printed will endeavor to
give YOU its principal features. The measure is
somewhat important, it being he plan which the
Leaders have fixed upon under which to control
the Banking operations at the State Whatever
it may be- it can only become a Law by the aid OF
the Wing votes, portion ot the Locos arc m
veterate against any and all systems of Banking.
One peculiarly of the Wings, you know, is u de-
sire to build up as well as 10 pull down-and while
the old system of Banking appears to be tumbng
into ruins it is naturally their d.sre TO aid in build
ing up something supply its place. They have
no, now the power 10 erect suc.l structure as they
desire and whether thcy will be willing rather
than to have nothing TO assist the Loco-t ocos IN
fastening upon the State system containing so
much humbng as will be coS,aned in the plan pro.
posed by them, remains get to be seen. They
will undoubtedly do that which they ;hiak best
calculated TO promote the interest, the honor, and
general welfare of the People of our great State
Yours, IS.