The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-02

This table presents clearly the remarkable revolution
which has ovsrtaken banking in Ohio and is a fair
pie Of the state Of things in all producing sections
The recent elections in that State have resulted in favor
al the party opposed to the banking system, and
which will decide the fate Of almost all the remain
ing banks their charters expire next year. and
cannot be renewed That say, the party in pow
have declared opposition the existing system but
the law passed last winter commonly called Latham's
law, prescribes conditions under which banks may OBJ
tain charters. The practical operation of the may
be best expressed in the following of the Ohio
Life and Trust Company TO the question whether it had
applied for recharter under that law The President
made answer as lollows:-
ls-That neither he, the stockholders, would &C.
cept such Charter if they made individually liza
ad-That the trustees of the institution only applied for
recharter in general terms without reference to the
banking law, and that that the only authorised
3i-That Mr. Williams. his own responsibility, find
ing that charters would be granted proposed that the
Oh 10 Life and Trust Company shouli be included under
this law leaving its acceptance to be determined after
wards by the trustees and stockholders of this nstitu
tion.
The reason for this step twofold-
FirstThe institution peculiar in its organization 1t
has two deparmentsone called the banking the other
known the trust department The latter Mr.. Williams
considered as the stockholdr of the former and
queny that he accepted the charter under Lathams
bill the stockholders the trust company could not be
individually liable.
Second-Whether right or wrong in this view, the
trustees could determine whether they would accept it, if
they refused harm donef owing to this ocular
organization to which we have referred they could have
accepted, why something might be saved to the compa
The material objection ia the individual responsibility
of the stockholders. This is the English joint prn
cple, and is the only by which the public may be
assured agains. loss In the English banks stock
holder has the power to demand and compel liquidation
of the that % per cent of
the capital is sunk lost This keeps all vglont and
instead OF the utter neglect with which the affairs of
bank in this country treated by stockholders and
many Of the directors thereby throwing the whole
troll into the hands of few designing men, they all look
after the welfare of the association in order protect
their individual property. appears however that the
Ohio stockho ders,have little confidence in their
gers, that they will them beyond the amount of
stock subscribed Why therefore, should the public
them The prospect then is that year the board
will be swept clear and Ohio WILL regard to currency
be placed on good foundation.
The advocates of the paper system say that it is
sary 10 deveope the of the country, and
facilitate the forwarding OF produce to market In 1896,
the circulation of the Ohio banks $40 900
the present year ii has averaged but little 600
or 10 per cent Innss7 consequent upon the high
rency OF 1896 there imported into the United States
100000 bushels of wheat valued at for which
specie was sent abroad This year the export Of flour
will reach sl,oooooo for which specie is flowing into
the country Cannot the farmer this simple opera
ton oil trade which operates the
resources of the country Is benefited that foreign
wheat is brought and sold own door at profit and
the proceeds in specie taken of pocket and carried
to Odessa ir pay ment while he is dreaming of lho
grsphed cities, town lots, and bank dividends The
present movement of specie from Europe to New York
snd from New York throughout the south and West is
enrchng the country with sound and copous circua
ting medium. The prices Of produce indeed very low
but that is caused by the abundance of the supply the
developing of the of the country under the
specie system. The drawing of OF that surplus in er
change for the specie will raise the value of remain
der than equal to the whole value Of specie i'm
ported. The reple,ion Of the currency will accelerate
the rise but when specie shall longer be profitable
article Of import the export trade the foreign for
produce cease, unless foreign goods fair
duty, taken in exchange This only nc done
by amelioration Of the present; tariff without which
all description of agricultural produce must become value
less The late tariff imposes duty OF near 60 per
foreign woolens. The farmers told that this
Prices Current before and after the passage Of the tariff
and they will find the following results-
.aug6. Oct %. Fail
PINE or Saxony 1ecces,
washed, ID. Jiai 30 3fatn
American fni blood do 35aa s3a35 2cens
q do do 32a35 % 90 cents
-" do d s,1s Sss 30 2eeo's
This certainly does not say much for any improvement
Of the condition the wool growers in the very
the manufactures whom they have consented 10