Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-05-03
THE RESOLUTIONS.

The Hillsborough Gazette publishes the
resolutions oflhe mesting held at West
Union, and accompanies them with the
following remarks:
While we disapprove Of the spirit Of :he
- above resolutions, the object sought to be
attained in them, has, five understand them
our fullest appreciation.
Our views, in short, are these: Give US
paper currency perfectly safe, and at all
times convertible into specie, or no paper
at all. This we understand to be the prin-
cipes of the Democratic party; and this
kind qf. currency, we believe,is the object
desired to be affected by the passage of
the resolutions referred to.
Some of the Wing papers'and politicians
say this, is Wing doctrines. Well, we are
glad TO be informed of the fact, and only
regret that they have not been uniformly
found acting, in concert with the Dem.
ocratic party, in the practice Of this doc
trine.
We are infolmed by one of the gentle
men who was present at the adoption Of
the above resolutions, that those who com
posed said meeting cancurred in their
views on something like the following
principles for banking system for this
Stite, viz:
3 That a bank with branches should be
created, in which the state, If the Legis-
lature thought it necessary, should have
the privilege, when means could be got
of taking one third or one fourth Of the
capital stock Of the same--that no bank
or branch should have the power Of furn-
ishng its own paper for circulation, bnt
that board should be created who should
upon being satisfied. that such banks or
ranches hid nona fide the amount of gold
RnI silver paid into the vaults of each as
required BY its charter, furnish each with
the amount Of paper, which the charter al
lowed, it TO loan and circulate---charging
each with the amount SO furnished, in or.
der that the Legislature at any time might
ascertain by looking at the books of The
said board the amount Of paper each bank
had in circulation. This provision is de-
signed to- prevent the possibility Of either
Ofthe banks or branches over.issuing.-
That the banks so created shall contribute
yearly such per cent upon their stock las
may be deemed sufficient by the Legisla-
ture, as a safety fund, to be paid into the
Slate Treasury. that each bank or branch
shall receive in payment ofits debts the
paper Of all the other branches at par-but
shall not loan the same; that they shall
have monthly or quarterly settlements
with each ether-and an exchange Of their
paper-that the State shall take the paper
ofeach bank or branch in payment of its
dues-+thatin case any Ot the brauches or
banks so created shall fail to redeem its
notes with gold and silver on demand that
it shall Immediately go into the hands of
commissioners created for that purpose,
who shall take possession Of all its means
for the payment of its debts-that the
other banks and the Stste shalt neVerthe-
less continue TO receive the paper Of such
branch at par till all its notes are redeem.
ed. That TO indemnify the state and
the branches so receiving the paper Of
such branch, the safety fund created as
aforesaid, shall be divided in proportion to
the amount Of paper each may have on
saidbranch; that whatever deficiency may
still exist after exhausting The said fund
ehall be made up in the following man
ner--6rst, byappFOpriating the assets Of I
the bank or branch; secondly, the officers
and directors whomay have consented to, I
or been guilty Of any act in the manage !
ment Of said bFaRch not authorized by it's
charter, to be liable in their individual
property; and lastly, that in case any bal
ance should still remain UNPAID or unre.
deemed after exhausting the above secu.
rites, that then thefstockhoIdefa shall be
iiablasin their Individual capacities and
proPefiys u proportion to Their stock re.
speesiyay. That the officers and Giract.
ors Oftbaa branches Or banks 60 created
sball'be prohibited from borrowing from |
the branch for which they respectivelyac
as sucb--that the system heretofore adop-
ted by the ban sOf renewing the nosesofI,
borrowers, shall be so changed as 10 pre-.
vent fraud and usuFy upon TIE borrower
Or the unreasonable extension Of the