Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-05-24
F,om the Ohio Statesman
THE WEST UNION MEETING.

NtttdCtH& AhuSu dtt0Htl'ti9 uuo 30 4 was 10
qnesled by those gentlemen comprising
i, TO act as one Of a committee of cores
pOndance il is perhaps my duty TO dofne
position. | was not at the meeting,
ROr hadl any,knowledge that it mad been
held until some time 10 April II is not
my opinion however, that it is the oble ct
of the mover Of the resolutions adopted
by that meeting, 10 throw a fire brand in-
10 the Democratic ranks, for the purpose
of securing the reelection of Governor
Corwin, as some intimate. Nor can It be
that any one as thoroughly acquainted d
with the history Of the world, and the
rights Of man as he is, can be disposed TO
lend himself to the enemies OF equal
rights, for the purpose ofbuildng asystem
on the principles oil such Institutions
have hitherto existed in this country
This opinion seems the more probable
from the fact, that in The fifth resolution,
aliuson is made 10 the principles declar
cd in this part Of The State, previous TO
the last annual lection.
OF the four Legislative candidates for
the district in which Mr.. Hamer resides,
no one except myself ever wrote syn.
Opss of their views on the subject of
banking, although as far as know and be-
leve, there existed among ns unity of
sentiment on the subject. In The Chm
ton RepubliCaL, Of the 4th Of September
l64l, 1 published a short reply to an at
tack made upon me by the scriblers for
that shee, in which the following language
was used:
I" am willing, as the charters Of many
hanks re about TO expire, 10 ucIeas
the banking capital to the wants ofthe
State; by creating Sate Bank with bran
ches, or a sufficient quantity of local
banks, as majority Of the democratic
party may agree, either of which to be
restricted as follows, viz:
"l. The Directors and Stockholders
TO be bound in their individual capacity
for the payment Of all their debts.
"2. That they bo restricted by law in
their issues and discounts, in such man.
ner as to prevent sudden expansion and
contraction of the currency, by which re-
sirictions we will be ableto render stable
the price Of property and the rewards Of
labor.
"3. TO guard against excessive loans
10 tho directors and officers ofthe Banks
ii. To compel them to redeem their
obligations in gold and silver, at ali times
ON demand, by which means alone we
can induce the people to have confidence
in banks, and by which means alone, can
we equalize and regulate the exchanges
the price under such circumstances
never being higher than the cost Of trans
porting specie, which, between this and
New York is from one half TO one per
cent, whereas we now pay from nine and
a half per cent.
% That reservation be made in each chBr
ter, that the legislature may amend alter
or repeal, whenever the public good may
demand it,dOing justice to the
corporators as well as to the peo,
pie. This power belongs to the Legisla
luFo Ofright, but it would be we'll 10 in.
sert il, in order that the reform may not
be defeated by the decision Of the Su
preme Court, asat present constituted.
. "lf the Legislature cannot opeal the
charters of such institutions rs Canton
Steubenvlle, GllliapOlis andWest Union
until tne court adjudge them forfeited
and the court neglect so TO decide, the
people have no alternative hut to leel The
loss Of hundreds oI thousands Of their mis-
cradle promises.
"If The people are in favor OF bank:
with the above restrictions, shall be hap
py 10 serve them, but if they want more
banks, ungarded as the present ones are
cannot consent TO their creation"
When addressing the people during the
canvSss, ii was my uniform practice 10 OK
plain, that we we're for seeing how much
authorized capital might be taken under
existing charters, and whether that was
not or was, equal TO the wants of the
State, before any moro was authorized O.
ven with the restrictions above lecilGd.
The Federal candidates and the Fed
eral presses, then as now, distorted, abus-
cd, aud vllfied the doctrines OF indd ,ivu'
al liability. II was then decIareidn ad
now rs.afiirm, that the principles OF in
djVidusl responsibility so arranged as TO
10 be Just between the bankers, shall nev'
,er be yielded by me until lis virtue is full.
ly tested.
Whoever might have entertained the idea
Of making the State s,ockholder 10 a
bsnk bearing its name, even TO limited
extent, must have abandoned it when they
discovered that less than one year Of the
Corwin administration had reduced the
Stale stocks t1 81 cents on tho dollar
Certainly no man would desire the
State to borrow money alta loss Of one
half, and pledge the peoples farms and
their industry for its repayment with in
tsEest, TO obtain funds to build up a sys.
tenn of banking.
The majority Of the last Legislature
are no doubt infavor Of restricted system
afhznkiaa that will Heonnhiaa ~ -,