The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-04-14
From the Ohio Statesman.
FTOm Ul6 OHIO GIhItsIIIaI.
THE JOURNAL AND THE FRANKLIN
FRANK GOVERNOR CORWlNS BANK
COMMISSIONERS.
Tho Journal of Thursday has the following:
"a plain CASE

"a PLAIN CASE.
"Before lbe meeting the Legislature in
Daeember last, The notes Of Tho Frankhn BanA
ofColunbus were in high credit among busl'
teRe men, and were considered equal to the
hes, currency IN the Stale~lt was weIlknown
thatlhe Bank had been prudently managed, and
tina. it was abundaully able, ultimately, TO re-
deem all lts liabilities. Well, the Legislature
aseembled-the leaders concocted their thr-
teen measures, the ,Lk Commissioners se>
zed upon ,hs effects and assess Of The Frank
Iin Bank, wres!ed them from custody and man
sgement ofthe agents OF the stockholders ana
delivered them over 10 three Receivers The
paper Of the Bank Immediately dePrecIaeS
twenty-five cents on The dollar Is not this
n.,mense sacrifice properly chargeable upon
the Legislatu'el'
Before The question put by The Journal is an
swered, we have word or twot to say on this
matter II On the frs, day of May lS4l, The
Board of Canal Fund Commissioners borrow
cd Of the franklin Bank of Columbus, $780,
900, 10 the promises to pay ofthat institution
and as security therefor, hYpohecaled Stale
bonds to the amount Of $500 600. Two, out
Of three Of these Fund Commissioners were
appointed, as we have before shown, by Gov.
COrwin, and one of Them is go much IN the
~Governor's confidence, that he acted asspokes
man for Cotwn at the 22d of February Con-
venton, and accepted in his name, the nomin-
alion for Governor. At the time, or 10 very
short time after this loan was made, the Frank
lin Bank suspended specie payments. The
Bank, on The notes thus loaned, drew an an-
nual interest Of six per cent, amounting 10
thirty thousand dollars. 10 making ibis loan
Of the Bank, Gov. Corwin's Fund Commits
sioners beyond all doub, exceeded their pow
ers, and should bear The odium Of The transac
lion.
The late Legislature met, and found the
notes of most ofhe Ohio Banks alta discount,
from the fact Of their being in a state ofsus-
pension. They took means TO enforce comS
plIance with The law, by passing bill compel
ling them 10 redeem their promises or wind up
their concerns. Many Of them complied with
the law. and are now paying specie for their
Holss on demand, and as q necessary conse-
1uence their notes become Of equal value with
specie, while the notes of the Don.resuming
Banks ate worth no less, than previous 10 the
passage ef the bill. One hundred dollars of
the paper Of the Franklin Bank at this moment
will buy as much specie as it would previous
the meetiog Of The Legislature, and the
- charge that the notes OF that bank have depre-
ciaied twenty FIVE cents on the dollar, 10 con-
sequence Of the resumption ofspecie payments
by the other Banks, is utterly false and ground
less. lfsny change has been effected, the
notes are worth more than before the passage
Of the resumption bill. fnr now the holders can
zee chance al least, Of getting the hard for
the lying promises. The bank has overtraded
Ilas put forth more promises than she can re-
deem, and must suffer The fate Of all oherspe.
"culalors, who have fooIishIy gone beyond their
meens.
We again assert without the fear Of sue
cessfu contradiction. that, to the resumption
bill, is properly TO be charged, the enchance>
meul ofihe value Of every note on bank
which was then in a e,ate of suspension, and
which now pays specie, and that the notes oil
sthe banks now in the hanGs of receivers are
nOtworth one copper less than previous 10 that
event. 1t was not through patriotism, but for
the snug little annual sum Of Thirty ThousaI d
&Dollsrs, that lhe Franklin Bank issued new
batch ofnoles. - In this, as in every othersp spe-
,cUIation where the profit is large. the risk was
grea, No doubt they trusted that the feCefa
supremacy in Ohio would be maintained, and
shat institution, with the other banks, would
have their suspension legaized. Ia this they
weremistaken. Instead ofPuI,ng their house
IN order, and raising means 10 redeem their
promises TO pay, they relied upon their smiles
and Establishments 10 slave off the evil day
Their niles had not the desired effect, the re-
sumption bill was passed, the 4Ih OF March
came and they we're no, able 10 pay, The doors
Of the bank we're closed, and Receivers were
appointed TO lake charge Of the assets, wind
up their business and pny their debts, and fol
MS, they have only TO blame their own nor'
di1aIe love Ofmoney.
10 the, Receivers appointed, the stockhold-
ers end the billhoiders have every confidence.
Mr.. Espy, the CASHIER Of lhe Bank, is retain.
ed TO assistin settling lis affairs, and the deb 8
due The bank are being rapidly called in, and
~e duub, not, oil the debts will be paid, and
that, loo, eIe long. ina satisfactory manner.
This, in cur opinion, trulypresene u,pian case
end he Inference which we should draw from
0 recsplluatOn Of The facts, are different,
from that drawn by The Journal.
LET us NOT.BE MAPPING. We will
not be a. all surprised (says the Natchez Free
Trader) iE in fhe Forthcoming contest, Mexi.
co should beaded by England, 10 whom she
is nov deeply 10 debt and 10 whom her4mines,
n i III a m