The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-06-02

SunpdOh. ulu u uot VoOu 'o' mo uuuouCo
ol certsia"hafd money msG" ia Columbus
theif opinions would have prevailed
The report recently published BY the AOdi>
Ist Of State shows, that the Ohio banks had
n circulation, iu January last, more than two
mhons Of their papei; in FEBRUARY less than
three millions aud 10 March less Than one mil-
lion. Perhaps BY this time. there is not more,
than halfa million. How are the psople to
pay their taxes. il this stale Of things contIn-
aesi How are debfsto be padl Who is to
buy our produce ihs fsl see the Ohio
Statesman relies on the Canadians TO purchase
the wheat 10 Northern Ohio. 1t will CRAFTY
is to learn lha.lhe prediction has been verified
bu. 10 Southern Ohio we have no dealings
with the Canadians. Our produce goes to New
Orleans; and neither miers nor shippers will
have the funds TO purchase our wheat or pork.
An abundant crop will be Ofh!te service, With
out market
Again we think the Legislature was unne-
cessarIly severe upon the banks Of ChIllCoihe
and Wooster and the Franklin Bank Of Col.
umbus. The State had borrowed nearly mil
lion and half Of dollars from them 10 sustain
its own credit. Whether the loans we're wise
or uuwise is not the question They were
made BY the lawful agents Of the State and
we are bound to pay them. No man doubts
that all the paper Of those banks will be re-
deemed. They asked fora little indulgence
of,hree months, to enable themio resume, on
account ofihe large amount oil their paper
which had been thrown into circulation, IN con
sequence Of these advances 10 The State. II
was refused. Would any loss have accrued
ether TO the State, or to individual holders Of
theirpaper by this indulgencei lpresume not.
% the contrary, their paper would have clrcu-
lated freely and cuNently 10 all business trans
actions, aud would have aided 10 pay debts.
purchase produce and pay taxesl Would not
This have been betterfor the community at
large? Would any great principle Of Jeffer-
sonian democracy have been violated by such
course ofpocy? confess, that would
have regarded il, as an act Of justice end good
faith towards these banks, and ofrelief to the
people, in those parts of the State where their
paper was in circulation, Two these banks
The Franklin and Chillicothe have been forced
10 windup. Most Of their papers has been
driven home and taken up BY exchanges on
the east, or received in payment Of debts, and
nothing left among the people as a substitute
for this currency! What is still out has been
dlscredted, aud individuals have suffered large
ly by The depreciation.
You canno. expect me to 60 into general
analysis Of the acts ofthe last session, but
few remarks, as to the law 10 regulate banking
in Ohio, to which you refer, will suffice to give
you my views in relation TO that branch Of the
subject. There is much in this statute Of
which approve. Many Of the restrictions,
limitations, and penalties it contains are de-
manded by the voice of the people, and are
sanctioned by the experience this country has
had within the last few years, upon The subject
-offraudulent banking. There is, indeed, moth
ing in the law to which would object, per-
sonaily, because am no banker-Dever have
been, and never expect to be oIe. But there
isl very grave question arises, as 10 the prac
licabilles Of all the provisions Of this baking
law. You are aware that the Legislature can
no, farce any man to engagein in banking The
people can effer charter and prescribe it's
Terms; but, if capitalists will not accept the
terms, there can be no bank. That III takes
TWO TO make abGrgain, rs an old adage, which
applies 10 this, aswe as TO all other transac-
tions in society. Suppose number Of caPi-
lalists 10 apply fora charter and aceede to
nearly all the provisions Of thrs law, but utter
y refuse 10 submit 10 others offering, in the
meantime, substitutes for them, that would
render the bill holder perfectly secure. and en-
able him at all times TO convert the notes Of
the bank into specie at will would you refuse
them charieii Do you, or does any demo-
crat mean to'say that this law contains all tie
wisdom onlhe subject Of fbankingi that the world
can sfford, aud that if moneyetmen will not
acceptii, word for'word, and letter for letter,
as it stands on the statute book, tha, there shall
never be another bank Ohi0i presume no
one, who 10 sincerely what We have all profes
ped to be for several years. a bank Reformer
has as yet assumed this lofty position. Those
among us--f any such there be-vho have
been playing the part Of political hypocrtes,
pretending 10 be Reformers, whilst they were
really destruetives may hsveiak iha, ground
But then these individuals are stripped ol
their disguise, they will soon discover that
they belong 10 that class Of officers, known 10
the Army 'as Supernumeraries,' holdidg com
MISSIONS and receiving pay, but without eI,hel
Companies Or Regiments tofohow them. All
that the people require ie to be made safe IN
regard to bank paper. That is their utimat'
um; and they delegated no sNlhonIy to theI'
Representatives, TO mako any other. The
mode Of securing them is matter OF total IN
fifTarancas rhev are ooooaed IN tha pTeeen