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

s,jct has been thoroughly discussed; aud tie time is
al hand whsh Of valuable e'noraation w,ll have
hesh collected which will enable us To act unle SLAMS
dngly and wisely in reference 20 his matter
'Une thing now know that corpuralil'ns she
vice Of the age, aud that every arauuf orpnate pow
er is ns much laEen from the ofpuhir liberty
No such grant should therefore he made unless il clear
ly Conduces to the public good; and whenever ii is
shown that The powers'Given used, ahuse', To
the public injury, the grant ought to be revoked
And now let me inquire, what do you mean by lin.
itaionsl'
Can it be possible that you seriously object to that
seCuon of the banking law thar limits the amount Of
paper promises to be issued by any bank t. the
of capital actual paid in by the stockholders and limits
the circulation to three dollars in paper for in spe-
Gle remaining IN the vauIlsl Il my memory serves me
sir, you constituted one ofan Informal committee, the
last winter which prepared the address and resolutions
submitted to the democratic convention. | am aware
that you did not write them but it is an indisputable
fact that they underwent your examination anu criticism
before they were reported by Judge Birchad
| fnd the following language in that address:
ave have claimed the right 10 redress and prevent
by law tho frauds AMI errors Vt corporate bodies TO pro
Uide and compel the enlargement Of the specie basis Of
bank paper; To add, further security OF the bill ho-
der, the personal responsibility Of The stockholders to The
capital stock Of the bank tU make all needul proVI>
visions to meet aud prevent suspensions Of specie pay
ments as well as providefor the punishment OF swim
ding as oen as chattercd raguery dscovsrsnew modes
orevadng subssIIug laws in fine, TO make each paper
dollar equivalent in vaae to aspece dollar and to per,
nit neither the circulation or existence o deprecated
paper currency"
by ''pcnalies," you probably those provisions
in the banking law of last winter by virtue Of which
4 4 III Ja
or otherwise greatly abus, their trust, are subjected to
imprisonment in the peniten;ary,
The law Is rather severe, must acknowledged but
you will recoect that the democratic members Of The
Legislature had before them the following very signif-
cant resolutions adOJted on the 9th of January with
great unonim,y, by some thousands jOf their PCtca'
brelhern IN conventions:
''Resolved, That the banks of this State ought to be
compelled either 10 resume specie payments or TO sur
render their charters and wind up, without further m-
position upon an honest ard confdng people
Resolved That it is the duty Of the Legislature to
guard, with jealous care against making ncGnslderae
grants Of exclusive corporate privileges and where such
grants have been heretofore made to promptly provide
efficient remedies for the protection of the public.
Resolved, That we have entire confidence in the
wisdom and ability of the democratic membss of the
present General Assembly of this State and rely upon
their efforts 10 a0Opt SuUaOe medSuies "
circulation a worthless, depreciaed and irredeemable
PAPER currency
When these~ resolutions were submitted 10 your con
sderaon in the committee room, you did not take ex~
ceptions to any of hem but permitted them to be
reported to the convention, and finally aided by yonr
vote In adopting them or al least you did not oppose
their adoption by word or deed
And now, sir, after having been instrumental in fra-
ming chart 10y which members of the Legislature
should govern their conduct and when they have yel~
ded willing obedience to your Instructions with what
proprety can goa call them RECKLESS ldemagoguesi'
/ confess to you that am somewhat sensitive upon
this subject, for independent ofany consideration of
self respect or esteem, never knew SET ofmen less
obnoxious to the charge ofbelng reckless demagognes
than The democratic members Of the last General As
semby. They were actuaied in all their movements
by streng desire promote The public good; and when
their judgments were deliberately formed in regard to
the necessity Of particular measure to the public veal
no fears of censure and promises of favor, could for
an instant divert them from their purpose. am proud
that was an associate ofsurh men, and tell you in
conclusion sir that yOur candor WILL ere long, adj
monish YOU as will the voice of The people Of Ohio
that You have done them well YOURSELF gross in.
Justice in this matter
am very respectfully,
Your obedent servant,
RUFUS P. SPALDINGi.
CoI,mhus Anril 16 1870