The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-08-11

cial portions Of our people.
2,d. That in stlOrdIng This convenience to
part, The whole people have sustained d.
rec, loss Of haf a million.
3rd. That the history Of bank frauds and ex-
plosCns, since The first oganzallon OF govS
ernmeut. furnishes no instance in which
bank officer sus aimed loss.
4h That the sum Of S2l 600 600 is paid
annually 10 the banks Of the u s., for their
notes the paper circulation of the country be-
ing estimated al $500, 100000, loaned at7Per
cent
s. That the interest of these loans goes ex-
cusivey to the bankers, and If the same
amount were devoted yearly 10 the manage
menl of goldand silver ci cuation, more than
one hundred millions would be added 10 our
metallic basis every five years.
1t will thus be seen that whilst paper cur
rency is furnished at a vast sacrifice to The
community, lis advantages result almost ex'
clusivey to the banker and then TO the coTh"
mereiaI portion of society: but that the losses
must be borne by those whose avocallons in
life require no assistance from the use Of pa
per money. Such being the fact, it is surpr-
sing that the bankers and their political allies
should object n the justice of protecting the
people from injury ard holding those who reap
the profits responsible for the losses. 10 ef-
fectthis end, the Democracy Of Ohio, through
their representatives al Columbus, have for
years past sHempted to bring about that re-
form in the banking system go loudly demand'
ed by the people. They have contended that
the stockholders in bank shOWd be regarded
in The same light as other partners an trade
Mechanics, merchants and traders, who joan
their neighbors in business, are held mutually
responsible for the debts of the company. The
same rule of iustce applied 10 interpretations
would protect the people from the losses they
have sustained by the enormous explosions
which have every where deprived labor OF Us
reward. The laws of the land require the of
fcers of iustiCe to seize upon the private pro-
perry Of tradesmen, who, in attempting to en-"
large their business have over~reached their
abilities, Why should moi the same rule be
applied to bankers? Ifitbe allied dged that bank
stock would not pc subscribed under such
charter to what does the objection amount than the plain
TRUTH that paper money banking institutions open door SO
wide to fraud, and corupng in their tendencies tnat
hey who reap their profits, unwilling to trust the hones
ty of their own selected officers and therefore require the eo
pe to sustain the That such objection will be far from
sufficient persuade the people OF Ohio longer to endure the
hazards of irresponsible paper money SYSTEM would be
an impntation upon their intelligence to doubt
AT the last session of the legislature the high duty of res
torng people of Ohio currency convertible into gold
and silver at will of the holder devoved upon the demo-
cracy That adopted with such strict regard 10
the of right and public expediency that twenty two
of the banking institutions of the State Immediately assembled
in convention Columbus and unanimously set forth their
ability to comply acquisitions of the resumption lawand
up to this day. without exception have paid out gold and
silver their The consequence OF the adoption OF
this has been, that exchanges between ONO and te
per cent seldom greater than two. And instead OF
ONO MN .r sseS she has Sc; an exam
confederacy and raised the credit of the commonwealth
throughout the Unioa. In addition TO all this the resuming
banks of being pundered by the people states
hAd ION 30th of est Actually increased their spe
Gle basis nce march, in the sum of 268Ol7 doArs-Ths
important result Is exhibited by the certified reports of the
banks themselves And when taken in connection with tho fact
the banks since the Both of March, have increased
their circulation in the Aggregate sum of 425376 1t Affords
the strongest evidence of the financial wisdom which chArAc.
erized the legislative Action the democracy during the last
session.
With these facts full in view, The democrat
ic party of Ohio have no reason to regret, but
most unqualifedly approve Of, the policy ad-
opted by her representatives in the Legsla-
lure. With bare majority in either branch,
the democratic members manlully fulfilled their
duty 10 their country and their constituents,
and have raised the character Of Ohio democ-
racy Throughout! the Union. With full know
ledge that an excessive imitation Of paper cur
rency had been the great inducing cause Of
all the wild speculation and ultimate distress
which have made Tho last len years an epoch
in the history of the country, the democratic
members Of the late legislature declined incor-
poradug any new Institutions, except under
such guards, penalties, and restrictions, az
would eminenlly combine the two great prin-
cipIes Of safety 10 the bill>hoder and a fair
profit to the banker This course of policy
was adopted after having first ascertained that,
on The LIST of January last, thlrly-seven Ohio
banking institutions were in existence, whose
charters authorized an aggregate capital Of
$4,000, 000-and that at no period since their
original Incorporation, had more than $l2,-
900, 900 Of stock been subscribed. The pro-
pretty oflhs policy was also made more ev-
dent by knowledge Of the fact, that, after
the banks whose charters expire on the lst of
January next, shall have gone out of beng,
there will still remain, in active operation, ten
(specie psying) banking institutions scattered
over the State, whose charters authorize a
banking capital ofbut little under $4,00O,0 900.
These banks, under the most rigorous enact~
mens upon our statute book, are at liberty 10
issue paper circulation equal 10 three times
the amount of their capital actually subscribed.
Thus it will be seen that the banks whose char
ters onniinue afier the first of JanuaYv next