Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-27
GEORGETOWN, O., TUESDAY, DECEMBER 27, IS42.

and the community against the innumera.
able evils OF bank suspe nsons. In eslab
fishing any system Of banking, every con.
sideratien Of justice and public policy de-
mands, that the people, for whose benefit
alone banks ought ts be created, should
be made secure. That such has been
the case heretofore, few persons, if anv,
at this time, with the severe lessons o.
experience which we have had. will con.
tend, and it remains yet to be tested, BY
the adoption of reformed system Of bank
ing, whether this desir able object can be
fully secured. II is believed that, by the
combined influence of various restrictions
and the increased liability Of s!Ockholder
with the supervisory control of bank com
missioners, and by the creation of an ad-
equate safety fund, the evils inflicted on
the country heretofore, by banks Of cirN
culation may, in great measure, be
avoided, without in the least impairing
their ability 10 promote the public good,or
preventing them from realizing fair prof
it on the capital invested. This subject
is one on which it is to be expected a
great variety Of opinions are honestly en-.
tertained, and should therefore be ap.
preached in spirit of cancellation and 'or.
bearance, as it doubtless will, and with
an earnest desire TO carry out the will Of
the people. 1t has occupied the public
mind for the last five years, and has
been extensively discussed by the public
prints, and in the primary assemblies Of,
the people, and it is presumed, is bette
understood now than at any former peri
cd.
The public judgment may, therefore,
be consideredas mature and on this SUBJ
iect; and the inquiry will necessarily pies.
ent itself TO your minds-what is the will
and wish of the people? Whatever is
their will, and whatever they desire in
relation TO banks and the currency,
should be the object OF their representa-
tives TO secure, as far as practicable
The will ofthe people on this, as on oil
other subjects, should be the polar star
by which the Representative should
be governed. Whatever the Rep.
resentaiive may think, individu
ally, of mixed currency, in conformity
TO the genius of our Representative form
of Government, he should yield his in.
dividual views to the mature judgment
and known will of his constituents. Com
ing, as you do, from every part of the
State, and having mingled extensively
with the people, and heard them express
their views and wishes on this subject,
you will no doubt be able TO carry out the
public will, and settle, at least for the
present, this question, in manner sat
isfactory 10 the great body ofthe commu.
nifty.
In creating banks, care should be ia.
ken to guard against any unnatural infa-
tion of the currency. The idea Of rails,
ing the price of wheat, or any other sta
pie commodity which we produce and
transport TO a foreign market for sale, by
increasing the amount OF bank paper N
this State, | believe to be fallacy, and
calculated 10 deceive. The price Of
our wheat, and other articles of export,
must mainly depend on the price which
they command in the foreign market 10
which they arc transported and Sold
The price which they will command in
the foreign market, will depend on the
demand and supply, and upon the inflated
or depressed state Of the circulation at
that point. The price of wheat in Ohio,
will depend upon the price Of -four in N.
York, New Orleans, or at other points to
which II may be transported and sOld.-
The price of our cattle will depend on
their value in the eastern market, and SO
with every other article raised in this
State, and sold in foreign market. An
iflation of the currency at the points
where our productions are sold and con,
sumed, would, Undoubtedly, raise the
price there, and, consequently, hero
But an unnatural augmentation Ofthe cur
rency at home, beyOnd the real business
wants oft community, would only have
tendency to raise the price of the arti'
cles we purchase and consume, and not
those we export, and consequently, y, would
have tendency to swell the profits otthe
foreign producer, impoverish the State,
and increase our pecuniary embanaSs-
ments. In creating banks, therefore, ,our
object should not be to iuAate prices, as
that cannot be done successfully as to
our exports, and when applied to our I'M
ports, is a tax on our own labor and indus
try.
would respectfully urge upon you
the policy,an even necessity, OF avoiding
any further increase of our State debt
except such as may be demanded in Or
der to meet promptly and faithfully OuI
present contracts. The credit oI
our State, and the public faith, should be
held inviolate. 1t is gratifying to know
that, among our citizens, ,swith regard II
party names, there is but ore opinion an
one sentiment on this subject, Howev
or much we may be divided on the polite
al questions that agi'a'e the country al