Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-02-15
OHIO LEGISLATURE.
SENATE.
Wednesday, Feb. 2, ls42.
prTTrFONs PREsENTE ED.

eFcitiEens 0t OliO, Tor The Incorporation
OF Estate Safety Fund BdAk," with
central board of cORlrol.
Mr.. Stanton moved that the petition
be referred to the committee On The |
currency with the following inslruc
liCns:
GTo report q bill TO establish State
Safety Fund, 10 be composed Of branches
at such points as may be necessary Ior
the public convenience, to be liable iof
each others issues, and TO be under ihe
superiniendence of a disinterested cen'rai
board ofcontrnl, with such capital and
snhiect to such restrictions as may be
necessary for the safety OF the plb'
hc."
Mr.. Hszeltine offered tho following
amendment 10 the instructions OIMr. Sian
ton:
GPRov1DED, the bonds of the State can
be sold at par for specie, TO the amount
necessary to raise tho stock OF said
bank"
Mr.. Walton called for a division of the
question, and it turning on referring TO
the Currency committee, the reference
ives agreed 10.
Mr.. Taylor then moved to lay tho in.
Structions and pending amendment on the
table --los,, yeas 10, nays 25.
Mr.. Holmes moved that the instruc'
lions, with the pending amendments, be
indefinitely postponed.
Mr.. Walton said he would vote for the
Indefinite poslpOnement. He wen: against
the resolution, because it instructed in
favor ofa State Bank. Where, he would
like 10 ask, would theSiate procure funds
to take stock in this State Bank Sir,
the State cannot pay the hands on our
internal Improvements. II the gentle
. mans constituents wish to make political
capital out Of this petition, no could in.
form them that they knocked at the door
Of an empty Treasury in vain.
Mr.. HazeIline said, the gentleman who
introduced this proposition has informed
us that il is not intended that the Slate
should take stock. He was tired OF see
ing the name Of the State used for bank
ing, when il was acknowledged that the
State purchase no stock in it. This was
the case last winter, with the "sOw AND
PIOs," introduced by gentleman of the
other House, who for thai act, was driven
10 the peaceful shades Of private life, ant
with him, many Of those who supported
that project.
Mr.. Taylor said: This is strange pro-
position to be brought forward at this pc
Tiod. WHAT IS A estate SAFETY FUND.-
First, a safety fund is fund set apart by
q number of banks, with which 10 redeem
the issues Of any bank upon its failure
This is the system adopted in New York
But in this case, the State il To nWn bO h
the bank aud The safety fund; and ask
how will the State set apart her own fund
10 redeem the issues OI her own bankH-
The State is, Of course, bound To redeem
the issues of its own bank, aud !" talk oI
the State setting Hpurt fund, will
which 10 redeem lis own bills, is an ali
OuFdity.
But how is the State to establish banl
in her present financial c"nd'ion2 Tue
price Of Ohio stocks is now down 10 sky
seven cents on :he dollar, and il is diff
cult to sell them even at that raduce'
price. But be fore the State can Gstah
iish bank, she must sell her stocks II
this reduced price, in order to procure
funds to invest in the bank, for there ar'
no funds that caR be applied 10 this pur
pose except the State bOUOws ihem.-
Establish this bank, and the State vii
present the ridiculous figure Of going in
10 market with her stocks at ~ GEMS ol
the dollar, in order to obtain funds TO in
vest in bank! Why cir, funds cannu
be obtained 10 ctrry on the Pdblic Works
nor even to pay those tU whom the State
Is now indebted for work performed OI
the canals, and other Public Works; hu
while this is the case, hero is p'0prsi
tion TO make State Bank, for which mo
ney must be borrowed. Now, il Slat'
stocks must be sacrificed, il would lOol
one would think, much more just Ia sa
crifce them to pay the public creditors
than to invest funds ia bank while bank
ere falling on every hand, and plugging
the community into bankruptcy and ruin
Il il not enough thai there should be in
eOFpoEated RnBBER.sHrPs oil over III,
country; bot IL 10 proposed TO CODver
the State itself into one great and over
pOweTing public robber, TO prey upon the
labor and property Of the Citizlns.-
The proposition is not only absurd, bu
ReTniciOus.
Aflsr sOmO remarks from Mr.. Thom
e,
The question was taken on the mntior
to indeAnitely psstpone The instruction.
and pending amendments. The yeas anC
nays being demanded, were yeas lS,nSyl
IL, - follows;
Y1As- MeSas. A,en, Bar,iev, CLARK,
Goodins HAzelline, Holmes, Hoslet,er
Latham, Leonard, Mitchell, Mcconnell
Rsam. Rltchey, Robbins, Spanplsr, Tay
Ios. Walton and SpeakeE--lS.