Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-05-31

| OF June, and so on. This would haVt
prevented a,run on theBanks; would hav,
retained the specie in Ohio, instead o
sending it to other States, to aid thei
banks in resuming, and would have KEEP
our Ohio bank paper in circulation
among the people, instead of driving it al
in upon the banks, to be taken up by Eas
tern drafts, without giving us any curren
cy in exchange for it. In this part o
Ohio we have no currency but Indiana
paper, with now and then astragling Ken
lucky bank bill. There isinether specie
nor Ohio paper to be seen. Should the
Indiana bank fail, or resume and take in
her paper, we would be literally without y
currency, Of any kind. The people can
neither pay nor collect debts; aud our in.
debtedness is much greater, than it has
ever been at any former period, since our
existence as State. We think our con-
dilion would have been better under a
gradual resumption, than it is uuder the
Law of last session. In this belief the
West Union meeting was unanimous
The people in this region concur with us
and | know, that many Of the wisest men
and soundest democrats in theLegislature
were in favor or gradual resumption
Had it not been for the ''inhuence" of
certain "hard mouey men" in Columbus,
we ihnk their opinions would have pre-
vailed.
The report recently published by the
Auditor of State shows, that the Ohio
banks had in circulation, in January last
more than three millions Of their paper: in
February less than two millions, and in
March less than one million. Perhaps,
by this time, there is not more than half
4 million. How are the people 30 pay
their taxes, if this State Of Things contn.
uOs? How are debts to be paid? Who
is to buy our produce this fall? l see the
Ohio Statesman relies on the Canadians to
purchase the wheat in Northern Ohio
1t will crafty us to learn that the predic,
ton has been verified; but in Southern
Ohio we have no dealings with the Ca
nadans, Our produce goes to New Or
leans: and neither milers nor shippers
will have the funds to purchase our wheat
or pork. An abundant crop will be lit
tie service, without market.
Again, we think the Legislatu re was
unnecessarily severe upon The banks of
Chilcothe and Wooster and the Frank.
lin bank of Columbus. The State had
borrowed nearly a million and half Of
1ollars from them to sustain its own cred.
t. Whether the loans were wise or un.
wise is not the question. They were
made by the lawful agents of the State
md we are bound to pay them. No man
doubts that all the paper of those banks
will be redeemed. They asked for a lit
lie indulgence of three months, to enable
hem to resume, on account Of the large
amount of their paper which had beea
thrown into circulation, in consequence
1f these advances to The State. 1t was
refused. Would any loss have accrued,
either to the State, or individual holders
If their paper by this indulgence? pre-
'ume not. On the contrary, their paper
would have circulated freely and current
y in all business transactions, and would
have aided to pay debts, purchase pro.
luce aud pay taxes. Would not this
rave been better for the community at
arge9 Would any great principle of JEFF
ersonian democracy have been violated
~ such a course of policy! | confess,
hat | would have regarded it, as an
ct of justice and good faith towards these
'anks, and ofreief to the people, in those
,arts Of the State where their paper was
n circulation. Two of these banks, the
franklin and Chlicothe have been forced
0 wind up Most of their paper has been
Irven home and take up by exchanges
N the east, or received in payment of
obts, and nothing left among the people
S substitute for this currency. WHAT'S
till out has been dscredited, and indi-
iduals have suffered largely by the de-
Yoy cannot expect me TO 60 into gen
ra analysis Of the act of the last Session
ut few remarks, as to the law to regu-
ate banking in Ohio, to which you refer,
'ill suffice to give you my views in re-
alton to that branch of the subject
here is much in this Statute Of which
pprove. Many of the restrictions,
mutations, and penalties" it contains are
emanded by the voice of the e,and
re sanctioned by the experience this
ountry has had, within the last few years
pom the subject of fraudulent banking
hero is, indeed, nothing in the law, 10
which would-ohject, personally; because
am no banker-never have been, and
Iever expect to te one. But there is
-ery grave question arises, as 10 the prac-
liability ofall the provisions of this bank
no law. You are aware, that the LegIs-
atura cannot force any man to engage IN
,anking. The people can offer a Char
or and prescribe its terms; but, if Capt.
lists will not accept the terms, there can
70 no bank. That sit takes two to make
. Il odaOa yuhiph annlina