Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-08-16


they who reap their profits, are unwilling
to trust the honesty of their own selected
officers, aud therefore require The people
10 sustain the loss That such an obiec.
ton will be Far from sufficientio persuade
the people Of Ohio longer 10 endure the
hazards OF an Irresponsible paper money
system, it would be an imputali on upon
their intelligence to doubt.
Atthe last session OF the Legislature
the high duty of restoring - the people
Of Ohio currency convertible into gold
and silver at the will of the holder,
deVOlved upon the democracy.
That measure was adopted with such
strict regerd to the dictates OF right and
public expediency, that twenty two Of
the banking institutions of the State i'm.
medately assembled in convention at
Columbus, and unanimously sci forth
their ability 10 comply with the requIsi.
iions of the resumption law, and up to
this day, without exception, have paid
out gold and silver at their counters
The consequence ofthe adoption OF this
measure has been, that exchanges be,
tween Ohio and the eastern cities have
been reduced from ten, fifteen and TWEEN.
ty per cent, TO rate seldom greater than
two! And instead of Ohio becoming a
prey to her sister States, she has set an
example which has been followed by 9TH
or leading members of tho confederacy,
and raised the credit Of the common.
wealth throughout the Union. In addi-
ton TO all this, the resuniDg banks, in
stead Of being plundered by the people of
other States, had ton the 30lh Of June
last actually increased their specie ba-
sis (since March) in the sum Of $780,
OH. This important result is exhibited
by The certified reports of the banks them.
selves, and when taken in connection
with the fact that the same banks, since
the 30lh of March, have increased their
circulation in the aggregate sam of S42j,.
976, il affords the strongest evidence of
the financial wisdom which characterized
the Legislative action Of the democracy
during the last session.
With these facts full in view, the dem.
ocraIic party Of Ohio have no reason to
regret, but most unqualiedly 0pprove of
the policy adopted by the represent lalives
in the Legislature. With a bare majority
il either branch, the democratic mem.
bcrs mac fully fulfilled their duty to their
country ana their constituents, and have
raised the character of Ohi1 democracy
throu thout The Union. With fun knowl>.
edge that an excessive initiation Of paper
currency had been the great inducing
cause Of all the wild specnlItion and ul,
innate distress which have made The last
ten years an epoch in the history Of the
country, the democratic members of the
late legislature declined incorporating any
new institutions, except under such guardE
and restrictions, as would emf I
ncnlly "combine tho two great principles
Of safety TO the bill holder and fair prof.
I to The banker" This course Of poIicy
vas adopted after having first ascertained
hat, on the lst Of January last, tbirty,sev-
N Ohio banking institutions were in OK.
stence, whose charters authorized Gn az
yrega'c capital Of $ls ,O00, ,00O-and that
At no period since their original incorpo-
ration, had more than Sl2 900 Of
stock been subscribed The proprety Of
Ibis policy was also made more evident
by knowledge Of The fact, that, after the
banks whose charters expire on the lst Of
January next, shall have gone out of be Il.
ng, there will still remain, in active oper-
atom ten (specie PAYING banking insti.
utions scattered over tho State, whose
charters authorize banking capital of
,ut lille undsr $l,000,000. These
'aRks, under The most rigorous enactS
nents upon our statute book, arc at lib.
'rty to issue apaper circulation equal to
hreo times the amount Of their capital &C.
ctualIy subscribed. Thus it will be |
cen that the bauks whose charters con.
Inue after The lirs;nf January next, have
no power Of furnishing (if ifneeded) pa. Il
or currency of 2,0O0,00O-beino
reater, by three millions, than that which g
Ohio after the disastrous ban q
Expansions of 1896, Y. Neither, as ba Y
cen supposed by soma, will the expira, T
on ofthe charters Of those banks which b,
oso in January mex I, curtail the amount s
circulation. A critical examination III
the condition Of the expiring banks will r
establish the fact, that I'm ,o a,
arch last. they aud owed community ne
Illnce Of more than one million six
lndred thousand dollars. oF
Faithful to the prime piles heretofor ot
the democracy Of Ohio ar at,
lied on TO enter upon an important M es
ical campaign, which is 10 close in two en-
'nths time with the election of a GOV. ne
nor-tweniy ons members of congress isl
and legislature upon which will de. ge
I've the election of United States, wa
nator. The political foe by whom wa
10 ho confronted, is the same against un
ON the friends of equal rights have Co
de battle in by.gone days. Il is the ch
no which embodes those who in I799 AZ
re the advocates OF sedil on iaw:it il The res
10 which in 1908 denounced the illus. ful
us Jefferson as jacobin and an inf. il {
iii is the same which during the last risr