Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-12-16

''''"''HS lHtNtuND' 4HFU u WOulu VI
proper TO permit the thirteen existing
banks, whose chartered powers arc Inn
Ned to January, 1913, and the tgo 9th.
ers, limited to January, 1874, 10 expire,
This would only leave eight Banking
institutions in the whole State, whose
charters falling in within a lew years,
would bring us, by gradual steps. 10 q
metallic currency alone, so far as our
own Legislation could enforce such a
state Of things. However disastrous to
the stale such a course Of policy might
be, 1t would obviously inhict less evil
upon the country, ifarrived at by a slow
process, than by a sudden and total
change o 1.-THE system now existing
should such a course OF policy be adop'
ted at tho present session, in order 10
avoid the supposed evils Of paper mon
ey, It will be necessary also 70 enact
laws forbidaing the circulation in this
Stale Of the Bank paper Of any other
State or country. The laws Of trade
will still bring bank notes into Ohio, in
despite Of all the exclusion of our "
paper, whilst neIghboring States have
banks, unless bank paper OF all descrip-
ton shall be expelled from our borders
by laws to that effect. If. however, the
known will Of a great majority Of the
people, and what have hitherto been con.
sldered our true interests are taken az
guides, il will become The duty, as
doubt not it will be tho pleasure of the
Legislature, 10 adopt al The present ses
sIon such a system, in reference 10 this
subject, as viii permanently establish a
sale currency for the STATE, composed Of
coin, and bank paper, convertible into
coin al the will OF the holder.
Having heretofore presented nv "
Vows of eXpediency on this most inter.
esIiug question, aud having seen no rea
son to change the general features Of
the plans heretofore recommended, the
whole subject is submitted with the con
tldent hope that il viii now be finally
and happily adjusted. The interests of
The great mass o(our common constilu
ents, composed as it il mainly OF indus.
|rious producing classes, require that
their Iabo;s should no longer be subipc.
ted 10 that depression, and those huclua.
tons which must conlinue to be- felt
whilst 'he question remains unsettled.
The dividend ofthis State, ofthe pro.
ceods OF The sales Of public lands. am.
ounling % itty -four thousand eighty one
dollars and seventeen cents, has bean
paid within Tho last month, end will, of
course be subject to appropriation. BY
the act Of Congress- on this subject, II
was provided that in alt cases where the
Legislature should fail TO make arrap ge.
ments for tina receipt Of the money, the
Governor Of such State should have the
power to receive it. Being advised by
the Secretary Of the Treasury that the
amount due Ohio was ready for distrlb
ulion, ! have authorized Alfred Kelley,
Esq to receive it on bebalro Of the State,
and a note from The Treasury Depart
ment, received lately, has adorned me
OF the payment over 10 him Of the a
mount duo. As the act Of Congress au
thorlzing distribution Of this fund among
the States has ceased to operate, nothing
further is to be expected from that source
Had ii continued 10 force, whi,stit would
have paid to the States a fund, part Of
which is justly due them by compact,
and has long been withheld, it would
also, especially at this time, have been
greatly beneficial, in mitigating the Sc
verify of our high rates Of direct taxes
upon the Poopio. 1t would have ena
bIed Ohio in a few years to pay her
public debt; a debt incurred for those
great internal improvements, that have
opened channels Of trade between the
lakes Of the north, and The great uayi-
gable streams that empty into the Mex
lean Gulf. These expensive works,
while they will always be Of great ad
vantage TO the people of the State, are
al the same lime Of incalcuIable benefit
10 the commerce Of the whole Union,
and as such present strong claims upon
national patronage. Had tho State been
permitted to receive its proportion of
the sales OF The public domain, our citi
zens would in some measure have re.
imbnrsed these immense debts, which
they have incurred for the benefit of 9th
ers as we'll as themselves
10 connection with this subject il will
be remembered, that our great lines Of
canal will be more or less productive,
as trade shall be cherished or depressed
on the lakes OF the north, and the Ohio
and Mississippi rivers. Immense loss Of
both life and properly, is constantly sus
tanned on the lakes, for the want Of i'm
provements Of harbors, at proper points
On those inland seas. % the Southern
termination of our canal, the Ohio river
forms a link in a chain of navigable wa
tor, extending from the Gulf Of Mexico
~ Tho ,nto.in, af D R