Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-12-10
GOV. CORWIN'S MESSAGE.

read with pleasure by the Wings. l, is worthy
It's author.
the ineres, on the public debt has been
punctually paid nd the instame 10 become due
on the Isl Of January. 1913, will be promptly
discharged. II Is subject of great gratlfica lion
and Just PRIDE 10 every citizen of the State, that
while IN various portions of the United States and
communities. sinking under the pressure Of the
times. have failed TO comply with their compacts,
the pledged faith OF Ohio has been hitherto pre-
served without stain. With proper economy
IN the management Of our resources strict hde-
ity ~ tho fuhment OF obligations already con-
tracted, and due caution in the further extension
OF State credit, IL Ca nnot be doubted hlt all
public works will be Completed IN reasonable
time and every engagement, Of the State faithful
" kept When this state Of things shall exist
tho increased wealth and population Of the coun-
try will enable The Legislature to relieve the bur
den OF taxation, which at this time weighs heav-
lily upon oil. but especially upon the farming por-
ton of the State. The present scarcity Of mon
ey. md depression Of value in the staple products
of the country, is greatly to be depored. In such
n state OF things, while The amount of taxes the
people are compelled 10 pay, remains the same,
the value Of labor and property, from which these
taxes are 10 be raised Is constantly falling IN pro.
portion 10 the diminntion in the amount Of mon
ey IN the country. Measures therefore, when 10 k
ing 10 still further reduction of the currency
IN circulation, are equivalent 10 an increase OF
taxation to that amount. The situation OF the
Blinking institutions of the State, is subject
which necessary connects itself intimately with
the foregoing suggestions. According to a Report
made by The Bank Commissioners 10 the Leg,sla
ture in july last, there in tho State at that
time, % Banks doing business, and redeeming
their Liabilities in coin demand. Since that
report made, he Franklin Bank Of Colum
bus. which in conseq Ienco Of a failure on the
part OF the State TO comply with its engagement
was i'll Il state of suspension, has resumed the
payment OF specie, and may be considered a
mongst the soundest institutions Of the State
From these datas II Will appear that there are at
this time % Banks IN the Slate, all Of which may
he considered as justly entitled TO full confidence.
Oh this number however, the charters of thirteen
expire on the 1st day of January. 1913, aud OF
two Others IN January, 1871. The capital of
these b INKS paid in, from the best data a, my
command, amounts TO about five millions of dol
lars
Thus II will be seen, that without Legislative
action on this subject, within the present month,
thirteen OF the twenty-five Banks in the State
mus, Immediately cease business operations, add
two others IN year from this tune. This will
necessarily require about five millions OF capital
now engaged IN furnishing a sound currency, TO
be Withdrawn from that operation, TO be collected
and paid out TO stockholders, many OF whom re.
side 10 other States This process must inevita-
bly, have the effect 10 increase existing embar-
easements, rstard the payment Of debts, sink still
further the market value Of property, impov erIsh
the debtor class Of community, without any ben
eff, TO the creditor, and result. only IN advantage
to the capitalist no will be enabled to speculate
upon tho wrecked fortune Of debtors, who have
only property werewih TO pay demands against
them. The subject calls for and cannot doubt
ba, ii will command, the prompt sincere and pa
trio,ic attention of the General Assembly. II
Banks 10 be tolerated a all, tho renewal OF
the charters of such Of thorn as are now about 10
expire, and are known TO be perfectly solvent, in
some form, alike acceptable to the stockholders
and the public. would seem to be demanded by
every consideration Of public interest and iegis-
iative duty.
lit shall be resolved by The Legislature, that the
true interests Of the State demand the des,ruc-
ton OF all Banks, and the exclusion of all Bank
paper as circulating medium, then il " ould be
proper 10 permit the thirteen existing Banks,
whose chartered powers are limited 10 January,
1913, and the two others limited 10 January, IS
Al, to expire. This would only leave eight Ban
king institutions in the State, whose charters fail
log IN within few years, would bring us by
gradual steps TO metallic currency alone, so far
as our own Legislation could enforce such state
of things However disastrous TO the State such
a course Of policy might be, 1t would obviously
inflict less evil upon the country if arrived By
a slow process, Than by sudden total change OF
the system now existing. Should such a course
Of policy be adopted tho present session in or
der to avoid the supposed evils OF paper money, /
II VIII also be necessary 10 enact law forbid I
ding the circulation in this State Of the Bank pa
per Of any other state country. The laws Of
trade will still bring Back notes into Ohio, ia
despite of the exclusion Of our own paper, Wills
the neighboring States have Banks, unless Bank
paper of all description shall be expelled from our
borders by laws TO that effect If however, the /
known will Of great ma jorlty OF the people. and
what has hitherto been considered true inter
es,s, taken guides, will become the duty,
as doubt not it will be the pleasure Of the Leg
stature, to adopt at the present session such a
system IN reference to this subject will per-
maneniy establish safe currency for the State
of coin, and Bank paper convertible
into coin at the pleasure of the holder
Having herel ofore presented my own views OF
expediency this mos, Interesting question, and
having reason for changing the general
fea,u of the plans heretofore recommended, /