The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-04-28
HON. THOMAS l.. HAMER.

days, 10 series o resolutions going the round of
all the whig newspapers in Ohio, aud said to have
anaied from a number of gentlemen ofthe democratic
patty, alta tel in in West Union, in the County of
Adams ON the 25h ult:
These resolutions purporting 10 have been offered by
Yourself therefore entitled to consideration, not
ly account Of the acknowledged talent of their au
Thor hui for the that heretofore very many of
the democratic citizens of Ohio, have regarded you
being little less than apostle in the Of equal
rights
propose for the benefit of my fellow democrats
throughout the StTte give your resolutions brief ex
animation and to contrast the sentiments contained in
them, with she views you havn expressed and the prn>
crpes you have recognised, on the subject, at
other times during The last rwO thee years.
IL the first place you will pardon me, for expressing
my regret that you found it necessary, fom your cey
peculiar situation, to frame your resolutions much
in heJog.' No person possesses greater command
Of language than yourself: No greater per-
spcuty in style and was therefore wholly unnecessa
for you leave the public in doubt for single mo-
ment as to your real motives and intentions.
With your first resolution have no fault to find, for
too am in favor ofa well regulated banking system.
for the State Of Ohio, which shall combine the two
great principles of safety to bill holders and fair pro-
fit 10 bankers and at the same time furnish currency
convertible into specie at the will oflhe hoder ard
such the feeling Of the democratic members of the
last General Assembly. as evnCed in the passage of
the bill to rsguate banking in Ohio Your second and
third resolutions may be passed by in silence, as the
charge tina, "a hard money faction" exists in Ohlo
OILY he maintained upon The hypothesis that bankers
will not submit to, 'such restrictions, limitations and
penalties in their Charters shall efectuay put an
10 any further swndling Of the community on their
part. lfthey will not thus submit, and ifbanks cannot
be conducted in Ohio upon the same principle Of ndi-
vidual responsibility, which regulates the husness tram
sactons ofall our private citizens, as well with the
banks themSe as with another, then and in that
event shall be proud 10 know that am cassed with
your hard money faction
But LET us hasten to the fourth resolution for really,
here to center ali your trouble in regard to the
currency. And now, will please to be explicit enough
to let understand what you by 10 "Such res.
trictions limitations and penalties in bank chsrter
will forbid any honest, prudent man of property from
taking stock and thereby leaving the business roges
and bankrupts. eCl Dare you say that you mean by
''restricnn" that feature in the general banking law
lately passed by our Legislature VIII ch makes the
stockholders Individually liable for all the debts of the
hanks Aeesh6r 10 be crcatedl Such seems to be your
meaning and yet this is the leading principle i'll bank
reform as advocated by the democracy ofour State, du
ring the last four years. YEA more than this, it is
one OF those conservative rules distinctly marked out by
yourself necessary to be adopted by Legislature,
in order protect the people aganst some of the many
ills brought upon them by banking and orer ra>
ding in days that are gone by.
Do you recollect sir, tho very excellent 'address to
the Democratic party the State Of Ohio adopted at
The State Convention, held in Columbus, the 8ih
day orJanuary, lS4Ol And do you know the author
ofthat addres>l If am correctly informed, every
word oft written by your own right haLd; & now
with your leave, will make an extract frnm that ad
dress, on the subject of banks and the currency, that
the people may be enab ed judge whence that
pernclous influence which was exercised ugon the
the General Assembly at It's lale session.
Speaking Of the extent ofour embarrassmenis as a
State, and as individuals, you say very properly
increase of bank capia in Ohio, could hiring no relief
The report Of the Bank commissioners made 10 the General
Assembly during the present session. shows that there about
six millions of bank stock chartered in Olo which has
been taken mp Why charter wien this lies in the
and desires take 1t? The truth s there are,
no moneyed men in in the country who are de.
ous invest their capital in this way And suppose they
did, what must follow? If dozen banks were charter.
ed this winter and put in operation, they could not relieve
So long the balance of trade Is in favor of the
Cities and against the west, constant flow of specie
continue the West. This would drive in the pnt
in circulation fast they thrown out and their
the country would very little exceed the amount Of
peceine vaults In other words the coin would be in the
banks and the notes given to tie people in place of it,
STATE BANK would Ne in the conditioh II
this time chartered hut this now,
for another reason WHERE 10 fill
the vaults of State bank? BY borrowing of COURSE But we
cannot borrow money progress with the public works. All
our efforts have failed both Europe and nj hOme How
then Obtain coin to put in operation State bank?
cic fact connected with the operation of banking
which merits serious attention. The spirit Of speculation
and overradng, which to be inseparabe from
iure needs bIt slight stimulus to- call il forth. Heite
when the hanks, either national local. have thrown large
masses of paper aordng facilities 10 all who demand them
making money It is called plenty, almost every sin
duced extend his credit beyond reasonable bounds Every
ting nppears prosperous around We all run in de hut
when the foreign creditor demands the amount due him. that
very demand creates upon the banks for Specie and dis
allies them from affordng relief The community then suffers
the two fold inconvenience of being encouraged to involve
ITSELF by an expansion of the paper currency and when pres
Sod for at time VIXEN II stands most In need of
sstnnce il meets cotracon Of this currency, which
nggravaes an Increases its difficulties Sucha state of things
demands thorough radical reformi and is for that prin
cpe we Lave leen conendng for years. with tie federal
party. ~
Butts there no remedy for the evils suffer There
Isl and we may find il al our doors if take the roub
IL 10 look for ia Pass the Independent Treasury BIZ
| separating tho government fom banking Institutions.