Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-08-02
For the DeAoesatis stsndasd.
To SAMUEL MEDARr, Esq,
Editor Of aEe Ohio Ssasesman.

!
DR. SR: Your communication og
ihe9th ipsi.has been n q and considered.
Containing neither aTenIhenIg noE facts,
which have any bearing upon the queS-
liOn before The public, cannot turn aside
from my main purpose 10 notice its Iibal-
n. Nor viii pause 10 correct or point
out the various false issues you have at
tempted 10 make, further than to say.
tbatthis Is no controversy between youand
me as indiVidusls' This is a stFueQlo
between "Reform" and obstruction -
regard you as the organ and represent
tative Of the ''hard money!" sLoco foco"
desiruciiVe'' portion Of the democratic
party Of OhiO-eomprising perhaps about
one tenth Of the whole number, and ins
cluding number Of Editors and Politi-
clans; whilst am the advocate Of TIE re-
naming nine,tenlhs, constituting the old
fashioned HBankrefoFm" Democrats Of
the State: ! address you, because you
opened the correspondence by violent
attack upon me IN your own columns and
because you are the ediior Of q paper
having an extensive circulation, and here.
forfQTe exlevting a large influence over
tie Democracy Of theIState, But for your
position, it is probable your name would
never have appeared in any thing presen..
ted By me for the public eye.
Most Of your misrepresentation bIGl-
ders and misstatements. shalIs leav6
10 be corrected by the thinking and intel.
lieent part Of community who may see
them. Il is for such persons write and
am willing 10 abide BY their decisiOn.-
ButiR your paper Of the 18th inst. You
charge me with misrepresenting the
Banking law Of last session--by saying
thata stockbolder might be sold out and
ruined before it was known whethera
suspended bank would be solvent or in
solvent able or unable TO discharge ali
its liabilities without callingon the stock
holder at all. The same charge had
been made before, by another editor, but
it was SO ridiculous did not think II worth
notice. Since you have repeated il, /
viii devote few words in reply.
Suppose bankwith capital ofhalea
million to suspend payment. 1t imne-
diateiy seized by the Bank Commission
ers and turned over into the hands Of
Receivers to be wound up. It's assets
consist Of a banking house and furniture
worth ten thousand dollars; notes and
bills of exchange received from its bor-
rowets amounting 10 rnilIion Of dollars,
coin and bank notes of other banks TO the
amount of one hundred thousand doIlarss
and it has circulation among the people
Of eight hundred thousand dollars. If
the notes and bills Of exchange are up-
on responsible men, this bank is solvent
and will ultimately ray every dollar il
owes. But what follows under the law
Of flast.sessiOV? Suit can be brought inn
mediately ag 4insl the bank for the whole
amount Of circulation SS00,000; ludg-
menis tblained in court and before ius-
tices of the peace-pe Ehaps Eve hundred
or a thousand judgmeRts.-lhe nnmber
depending upon the amount each plain
tiff may claim, executions are issued and
property demanded BY the officers; and
what is there to be levied upOn2 Sim
lpiy the banking house and furnituTs.-
The notes, bills of exchange &c. are not
subiecttO levy. The irsi large execu-
tioh, would cover all the real and person.
al properly the bank would have. What
follows ihen2 Scire facias is issued on
all these judgments against theiHdividusl
stockholders, iusgmeGt, execution and
sale, and the ruin Of which spoke, be-
comes an ines,taDle consequence. In
the meantime, the receivers are pFose-
cutting suits on the Bills Of Exchanges and
promissOry notes. which are the Pfinci-
pal assets of the Bank; and in the course
Of wear or eighteen months viii reduce
them TO money for the purpose of dis
charging the liabilities of the Institution
AFTER aes Ockholders hare hRcOHe beg
gaTs! No lawyer csn read tho law Of
last session, without seeing hat such
must be the result ;and il IS surprising,
that men should SCI iehmsclves up
as "leachers in lsrael' who have not ca
pacity 10 understand the practical opera.
tions of system, Of which they areslhs
authors aud advocates.
Our system avoids al these suits ~
note holders ndrequiFss the safety fund
and the solvent banks 10 redeem the notes
OF . suspended thanksgiving The people
no trouble about il. The banks are 10
wait until the assets can be converted
into money, and will then be reimbursed
tor The advances they have made
Should The assets be insufficient, heinz
dividual liability Of officers, and she pros
portionals liability Of stockholders make
I'D the deficiency. All this has hovsyels
been forine " explained ! hope q
hear no tnors Of my misrepresentation
ofthe general banking law, until those
vho make The charge can satisfy the pub
lie that they understand The Law ihsm
selves.
wish now to call your attention %