Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-13

my III 'ho management VI our resources,
strict fidelity in the ful6lment Of obli-
cations already contracted, and due eau
ton in the further extension of Safe cred.
lit cannot be doubted that all our public
works will be completed in reasonable
time, and every engagement Ofthe State
faithfully kept When this state ofthings
shall exlst,the increased wealh and pop
ulatlon OF the country will enable the
Legislature to relieve the burden OF tax
alton, which at this time weighs heavily
upon all. but especially upon The farm
| ing p orton Of the Slate. The presant
scarcity of money, and depression Of
value in the staple products of TIE cOun.
try, is greatly to be deplored. In such a
state of things, while the amount oftaxes
The people are compelled to pay, remains
the same, the value Of labor and property =,
! from which these taxes are TO he raised is
constantly falling in proportion 10 the
dminutOn in the amount Of money in the
country. Measures therefare, which
look TO a still further reduction Of the
currency in circulation, are equivalent to
m increase Of taxation to that amount
The situation Of the Banking institutions
of the State, is a subject which necessa.
rily connects ITSELF intimately with the
foregoing suggestions. According to a
Report made by the Bank Commission.
ers to lhe Legislature in July last, there
were in the State at that time, twenty.
two Banks doing business, and redeem
ing their liabilities with coin on demand
Since that report was made, the franklin
Bank Of Columbus, which, in consequence
of failure on the part Of the State TO
comply with its engagement, was IN a
StNe ofsuspension,has resumed'payment
ofspecie and may be considered nOngsl
he soundest institutions of the State
From these data, it will appear that there
are at this time twentythree Banks in
the SIIte, all Of which may be con-
sidred as Justly entitled to full conf.
dence. Of this number, however, the
charters of thirteen expire on the first
day of January, lS43, and Of two others
IN January, 1914. The capital of these
Banks paid in, from the best ]ata at my
l
IF dollars. Thus, it will be seen, that
Without Legislative action on this subject,
within the present month, thirteen OF the
twenty-five Banks in the State must i'm
nediately cease business operation, and
Iwo others in year from this time
ThIs will necessarily require about 5 mill
IioEs Of capital, now engaged IN furnish
ny sound currency, to be Withdrawn
from that operation, to be collected
and paid out 10 stock holders, many Of
whom reside in our State. This process
must inevitably have the effect to increase
existing embarrassment, relard the pay.
ment of debts, sink still further the mar,
ket value Of property, impOverish the
debtor class Of community, without any
benefit TO the creditor, and result only in
advantage TO the capitalist, who will be
enabled to speculate upon tho wrecked
for nnes of debtors, who have only prop.
eriy wherewilh TO pay demands against
them. The subject calls for, and can
not doubt but it will command, the
prompt, sincere and patriotic attention of
The General Assembly. II Banks are to
he tolerated at all, the renewal of the
charters "fsnch of them 90 are now
about to expire, and are known to be
perfectly solvent, in some form, alike ac.
cessable to stockholders and the public,
would seem to be demanded by every
cOnsid ration Of public interest and leg.
islaIive duty.
If il shall be resolved by the Legisla.
ture. that the true interests of the State
demand the destruction oC all Banks and
the exclusion of all Bank paper as cir
culating medium, then it would be proper
to permit the thirteen existing Banks,
whose chartered powers are limited TO
January, l343, and The two others, lin.
tied to January 1874, to expire. This
would only leave eight Banking inSlitu-
tons in The Slate, whose charters falling
in within few years, would bring us by
gradual steps to metallic currency alone,
so far IS our own legislation could en-
force such a state Of things. However
disastrous TO the State such a course of
policy might be, it would obviously inhict
less evil upon the country, if arrived at by
a slow process, than by sudden and TO-
al change Of the system now exisling.-
Should such course Of ppIicy be adopts
d at the present session, in order 10 avoid
he supposed evils Of paper money, il will
be necessary also to enact laws Eorbiding
he circulating in this State of tho Bank
paper Of any other State or country. The
avs oftrade will still bring Bank notes
N Ohio, in despite Of the exclusion Of
our own paper, whilst neighboring States
have Banks, unless Bank paper Of all de-
scrPliOns shall be expelled from our bor-
ders by laws to that effect. II, however, ,
he known will of great majority of the 9
people, and what hAs hitherto been con. b
'ldsred our true interest, are taken as /
gnides, il will hecbrne the duty. as | =
1ount not 1t will he tie pleasure of the \
Legislature, to adopt at the present ses. =
non such system ln reference to this sub. Z