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


OF stock aud demind the specie; If he refused
to pay the ten thousand dollars, sue HIM 10
court; get judgment the FIRST term; permit no
appeal; take out execution; levy on bis farm
aud sell il without valuation. This would be
.ompt and efficient remedy. But do You
know snow any democrat in Fairfield county
or else where, who would be willing TO take
stock 10 sucb bankl Would any DO, una>
tic take l Individual liability, 10 be pfactl-
cable. must be- mod fed, and so modified that
'hone-t, prudent men Of property, will be will
hng 10 take the slock; Otherwise, II amounts
TO an absolute prohlbItion against banking OF
any kind. Do any of our parry mean 10 pros
hibh banking altogetheil Let them come out
like men and sayso, and make the issue
Bank or no BGnk;' and notbs guilty OF The
meanness and cowardlce Of pretending to be
bank men, whilst they are inducing tho conf
ding, inexperienced and unwary portion oi
the democracy, TO agree 10 restrictions, that
the wire workers know will not be accepted
by any man, except rogue or 'bankTpPl'
Has the individual liability principle been
properly modified in the bill Of last session!
That is question which remains to be ans
wered. Were any capitalists consulted before
the law was passed. Have they any where
professed willingness TO take stock under II!
ask for Information Ifthcy have, it has not
come within the circle ofmV intelligence. EV-
ery man of property, with whom have con
Versed since the last session, has declared bis
unwilIingness to take stock, with this feature
in the law, in its present form.
Money can now be loaned at twelve and
halfper cent, secured by mortgage on real
estate, worth double the sum loaned. If had
a hundred thousand dollars could loan it
in one week upon these terms. Banking, un-
der safe system, will not yield more than
ten per cent, 10 stockholders. There are no
large capitalists iu Ohio, and bank stock is
made up of email sums, subscribed BY great
many individuals, aided by capitalists from
abroad. Perhaps one half ofthe present bank
ing capital Of this State is owned by non-resi-
dents. 10 an old and rich country, bank
can be put in operation by three or four wea~
thy individuals; living in the same town who
have known ca ch other from boyhood, have
upbounded confidence in one another, and who
are in the bank, supervising its affairs every
day in The year. To them, individual liability
is no more than partnership in selling goods,
or in any other business. They would make
no objection to il. But such is NOT our condi-
,ion. Would any man in Brown Or Fairfield,
who had FIVE or ten thousand dollars TO lend,
invest it 10 bank stock upon the unlimited ia-
dividual liability principle, aud get ten per.
cent, for it-pledging all the rest Of his prop
erty for the honesty and safety of bank at
Cincinnati, Columbus, or Chlllico,he. the in-
side of which he would not see once q year;
when he could lend The same money to his
neighbors, at twelve and half per cent Sc
cured by mortgage, and run no risk at all as
TO the balance Of his property2 If he would
not, how far, and uuder what circumstances
would he be willing TO risk the remainder Of
his fortune, for the sake Of making ten per
cent. on his five thousand dollars Of surplus
capital2 These are questions, which, as prac
ticaI men, we are obliged 10 discuss aud de-
termine. There are undoubtedly differences
Of opinion among ss; but sincerely believe if
the hot headed, violent politicians of both
sides. were excluded, Legislature composed
! Of patriotic. business men, Of equal numbers
| from each party, could meet at Columbus and
settle this currency question 10 one week, 10
the satisfaction ofniueteen twenelhs Of the
people-io the acceptance Of capitalists, aud
in accordance with the first resolution adopted
at the 'West Union meeting.' lflhe two par.
ties had met 10 proper spirit, it might have
been settled last winter. 1t ought 10 be set-
tied, withou, further delay. The interests Of
the people demand it. Nor ought i. to be
considered party question, for every man
who makes living by industry, is equally con
cerned in having sound currency. None but
brokers, mon changers and politicians, who
live by fishing in troubled waters,' are inter-
esled 10 prolonging the agitation. None but
money lenders, creditors and Office holders,
ardinterosied in bringing US TO hard money
currency, which must reduce the prices Of La
Dor and property, far below what they are at
present. Is that democracy, which impover-
ishes three fOurhs Of The people, to benefit a
l fewl
The law 10 regulate banking contains other
provisions, which will meet with serious op.
position; for example-no stockholder can
sell hie stock without permission from the
Board OF Directors. Bank stock s like any
oiher kiud Of property, subject Of trade snd
commerce. Few men like to surrender to 9th.
ere, the right they possess Of doing what they
please with their own property. q
4 ] pray YOU 10 cit down and read this law
acarefnlly, and thon ask yourself, whether, i
you had thousand dollars TO lend, you woult
take stock under IT, 10 a bank al Columbus