Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-03-01
RESUMPTION.

u0eu ~ OOSuUouSS 70 WHICH tnO I0ouoT
IS referred for q ist Ofthe bsnks that will
resume specie payments on the 4th Of
March, in obedience to the resumption
law. To this list are to be added three
others mentioned on the irst page Of fihis
paper. These banks have made such sT-
raDgements as must convince every mind,
that the resumption law will be attended
with the most beneficial effects. The
banks that have lately stopped we're in
discredit before 4 resumption law was
talked Of, and we doubt whether much
could have been saved TO the public had
they been permitted to defer their pay.
ments till dOomSday; while thousands will
be gained BY the public by The great dif.
ference in exchange which will be the
immediate result Of resumption. Even
members o: the legislature who voted for
gradual resumption are now convinced
that immediate resumption will not be
attended with the bad effects they apple-
hended, as witness the following letter
from Senator Robbins, which we copy
from the West Union Intelligencer.
CoLUMBUs, February %, lS42.
DEAR SIR: am advised by your last
paper that you entertain the opinion that
Ohio cannot safely resume specie pay
mcnts, whilst the surrounding States re-.
main in state Of suspension. Without
mature reflection you would naturally sup
pose that this state of things would lead
to drain Of specie from the specie pay-
ng banks, when, in fact, nothing can be
more false than lhis opinion, and the rea.
5on'ng that supports it. The moment
Ohio Resumes, her banks, Of course, re.
fuse 10 receive any bank notes but their
own, or others made equivalent to coin,
Ohio bank currency becomes of equal
value with that ol New York, the notes
and drafts Of the suspended banks can on.
Iy be sold at or 10 per cent. discount,
whilst the exchange with Ohio and New
York is at par. Now is ii not evident the
withdrawal Of specie from Ohio, 10 place
in the banks Of the surrounding States,
involves loss of the difference between
the value Of suspended aud specie paying
paper. All experience confirms the state.
ment that in 1885 when all the country
south Of New England was in state Of
suspension, instead Of being drained Of
specie, Boston was the point TO which
specie flowed continually. Ohio is the
centre Of many great States, let her banks
establish sound currency for themselves,
and the whole region (which she is the
centre will purify itself of it's trash, which
now disgraces it, the solvent banks will
resume-the trash will disappear, nor win
this change Of currency create the confu-
sion or distress generally apprshended.
Delegates from 10 Banks have resolved to
comply with the conditions Of the Re.
sumption Law, and the Western Reserve
Bank may be added TO that NUMBER
These 20 banks have a circulation Of two
millions, and one million Of coin on hand,
By settling balances without coin between
themselves as agreed upon in convention,
they may in few months increase their
circulation.
The Blnks that will be driven into lio.
uidaIiOn have greater demands on the
public than the public have on them.
their notes in circulation will therefore
be wanted 10 pay the dehls due them.
selves, and will consequently not deDre..
c'ate much, as they ara bound by law to
receive their own paper in payment of
debts due them. Not till within a few
days did think, thst ell the Banks worth
preserving could sustain themselves If
required TO resume on the 4th day Of
March, | therefore wishing to paralyze
business as little as 10 consistent with 90
desirable an object, voted FOR Rradual
resumption. A majority Of the Legisla-
iure thought otherwise, and ! hope no
evil will follow.
We have divorced ell Rail Road end
Turnpike Companies from the State
Treasury, and will suspend Oh public
works but the Erie aud Wabash Canal,
which will be finished by the frsl of July,
and paid BY sale of Canal lands; Canal
lands will also be sold 10 pay up the in
debledness Of the State on the Miami
Extension. Six hundred thousand dollars
mast Be borrowed to pay the July inter.
ssl on the WSlhOnding, Hooking end
Muskingum improvements. This being
done We shall borrow no more money un.
III another plunder system Is esIsblishsd,
which ] hOre never 70 see.
An examination Of your paper suggest
ed the propriety Of this commune itiOn,
which ! hope you will publisb. and aS the
present and future prospects, Of Ohio hang
on . speedy return 10 sound currency,
J hope no man residing in Adams county,
Of any political party, will throw any Ob.
StruciiOna in the Way.
Respectfully,
W. ROBBINS.
s. P. DnAKR,