The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-01-06
BANK REFORM,

Mr.. Taylor of the standing Committee on the Curen
cy, has reported the following bill into the Senate,
which was read the first time. The people may look
FORTS speedy passage Some such protection they de-
serve and should have. The fact is, they have been
ridden over swindled and oppressed long enough, by
Bankers. 1t is quite time they were rising in their
might to put down check the power of money corpo-
ratons. Wo rejoice that they have become awakened
to their true welfare and sent such agents to Columbus
will promote that welfare, and teach Bankers tha,
the penpe ofOho have rights, that they loYe liberty.
and that Bank thradom no longer keep them down.
This bill once a law, we wonld soon see where the
honest banks-if any-are. There need be no fear of
such law becoming dead letter. as many have be-
fore IL The community has suffered too much within
the last year or two, at the hands ofprveged robbers
TO any longer refrain from enforcing wholesome laws
however severe for time the operation. No. Let the
Legislature finish the work. make strong laws ard
put corporations on the same level with private ndivd
uas, and the people will back them up
BILL
TO enforce the res umpon and continuation of specie
payments by the Banks within the State Of Ohio,
Sec |. Be 1t enacted by the General Assembly of the
State of Ohio, That any banking institution in this
State, shall fail or refuse, at any time after the day
of one thousand eight hundred and forty.two, upon
demand made at its banking house, or usual place Uf
doing busnes, during bankng hours, to redeem, with
gold or silver any bOnd bill, n>te, check certificate
ofdepose, paper evidence Of debt that has been is-
sued or may hereafter be issued or put in circulation by
or on behalf orsuch banking institution, such failure or
refusal shall be deemed and taken an abandonment
and forfeiture of the charter of uch institution and of
all franchises. overs ard privileges conferred by its
act interpretations and porol proof of such refusal
shall be good defence TO any action brought by such
bank ioI the recovery ofany debt obligation due
such bank, which shall be contracted sGbsequent to the
day above speci6ed and for all done or liabilities
incurred, after such abandonment and forfeiture, by or
ON behalf Of such institution, the stockholders and d>
reoors hereofshal be held jointly and severay liable
in'their individual capacity.
The second section provides, that upon the failure
refusal ofany bank 10 redeem its notes, shall be deenp
ed insolvent and thereupon the Bank Commissioners
shall institute proceedings against it and wind up a
fairs
Sec g. That in all actions brought in any court in this
state, against any bank or banker, TO recover money
dpe from such bank or banker if process shall be se
ed upon such bank or bankers len DAYS before the term
ofthe court at which such process is reurnqbe il shall
be lawul for the painfto file his declaration in such
SUIT al any time after service process and tho delen-
dant shall plead within five days thereafter and tho
cause shall stand for trial at the term to which process
wasmade returna,le and in default of the Plea the
plaintiff shall he entedo judgmentrut such Appearance
term and III all eases Of appeal taken by any bank or
banker, from the judgment ofihe Court of Common
Pleas, 1.-The plaintiff shall recoverin The appellate Court
judgmens shall rendered in lasor Of the plaintiff for