Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-12-23

been tried and proved, not oBty an en-
tire failure, but which, in its various in
1uences and final overthrow, has beer
instrumental 10 defraudiog an honest
! coniding and unsuspecIing community
out Of millions
With this example and instructive
lesson before US, what prospect OF relief
has'the country from the creation of an
other National Bank? What security
have we that such an Institution would
be placed under the control Of men more
skiItul, prudent or honest than those
who directed and managed the tormerH
Money, coupled with power and in
t1uence, has a corruptiug and demorallz
ing tendency on the human mind, and
under like circumstances, will generally
produce like effects. We have no rea'
son, therefore, to hope that another Ma,
tional Bank would share a different fate
from the lotmer, or that it would give
relief TO the country, or in any shape
promote the public interest.
The Veto, by the President Of the u.
States, Of the bank bill recently passed
by Congress, in my judgment, deserves
the appreciation and applause Of every
true friend Of his country, as heing pre-
servative Of the constitution, aud caIcu-
lated to prevent, in future a repetition
of the frauds and innumerabIe evils in
.hlcted on the country by the late bank.
An honest and Virtuous community,
smartlng under the wrongs committed
by that institution, will not hesitate to
award TO the Executive Of the United
States that just need Of praise, which,
IN all cases should follow an honest and
fearless exercise Of constitutional power,
for the good oFthe country.
The subject Of banks and the currency
one Of absorbing interest 10 the COM
mupity. The great exten Of injury &
wrong inflicted on the public, through
the fundamentally OF the present un-
guarded and irresponsible system of
banking, within the last few years, to
with the present scarcity of a
circulating medium, and the general in
debIedness Of the country, give to this
an unusual interest among the
people at this Time.
III my inaugural address Of 1883, and
my two subsequent annual messages to
he General Assembly, | took occasion
10 give my vle@sat length, and in do
on the subject CT tie banks and the
currency. also embraced the occasion
o express my decided convictions a.
gainst the policy of creating q State
Bank in any form, could do bot little
than reiterate the views and npin.
ons heretofore expressed on this sUb
ect 10 The General assembly. My mind
n relation to this important subject has
Undergone no material change; but, on
he contrary, my previous convictions
been rather strengthened and con
by subsequent observation & re
4 still entertain the opinion
- heretofore expressed, that nc system
# Banking could be adopted ia this
'late, with the same prospect Of success
8 a system Of local banks, with an in
reased personal liability in the stock.
and surrounded by such IegaI
restrictions, and responsibilities
3 viii secure the public, as far as prac
against sn inflated circulation.
he note holders against loss, and he
ommunily against the innumerable e.
lis Of bank suspensions. In establish.
any system Of banking, every con
LIBERATION Of justice and public policy
emands that the people, for whose ben
alone banks ought to be created,
Mould be made secure. That such has
zen the cas- heretofore, few persons.
any. al this time, with the severe les
ms of experience which we have had,
III contend. and il remains TO be tested,
y the adoption o. a reformed system of
1nklng, whether this desirable object
be fully secured, 1t Is believed hat
y the combined Influence OF various
esirictions and limitations, and the in I
liability Of stockholders, with
le supervisory control OF bank commits.
oners, and by the creator Of an ade.
safety fund, the evils inflicted on
'e country heretofore, by the banks Of
rculatlon, may, IN a great meesure, be
'olded, without in the least impairing
Ielr ability TO promote the public good,
: preventing them from realizing fair
roit on the capital Invested. This
lbject is n on which it is to be expec.
ID a great variety Of opinions are non
entertained, and should therefore
, approached in a spirit Of Cancellation
lorbearance as it doubtless will, and
ith an earnest desire TO carry out the
III Of the people, 1t has occVpied the
mind for the last five years, and
rs been extensively discussed by the
lblic prints, and in the primary assem-.
lies Of the roopIe, and it is presumed, 10
understood now than at any Tor.
Derind