Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-01-13

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question Of re.charteT be doubtful, and
il iS desirable that these banks continue,
why not extend their charters for a
year? For If al this session Of the Lee
lgisIAture we fail to agree, our success
sors may have an opportunity OF devils
ing a scheme satisfactory to the people.
Is it consistent with sound Legislation,
thus 10 place great public interests at
peril2 Shall we consent that in six
months all The good resulting from great
banking capital shall cease 10 be ehjoyed
by the people il we fail 10 adopt new
systemS | hope not. Again, the banks
even for time allowed them, we're TO be
cut off from all power Of doing good, and
all that was reserved 10 them was the
ability to increase the public distress,
They we're 10 have no power 10 issue
notes for circulation to be redeemed in
gold and silver; but they we're TO have
power TO prosecute their debtors 10 the
full extent oI the law. Why take from
them the right ~toissue bills redeemabIe
in specief Is it not one Of the most
valuable functions OF such corporations,
to increase the volume Of the circulating
medium? And yet this measure, which
is TO stay the tide Of public ca 'amity,
culs short all prospects Of relief DO
we moi hear from all parts OF this House,
that the people demand something at
your hands which will alleviate their
.sufferings2 Did they expect this relief
to come from banks possessing no auIho'
.rity 10 issue bills for CirculationH No,
sir, they would treat your bill as a mock
cry Of their distress. They would scorn
it because it tribes with their dearest
interests. Have they asked you in this
period Of gloom and dependency to do
something TO increase the amount Of the
circulating medium, and do you say to
them we hear your prayers and will
grant relief We will seem 10 continue
the banks for elk months, but we viii insi
d%uously insert a proviso which will pre-.
rent the bill from going into operation.
,ls this another Of the humbugs with
which TO delude the peopleH The gen.
tleman from Knox has made beautiful
disclosures Of the tricks Of his party 10
obtain popular favor. From these it
seems that the great measure OF tbs last
session, Lalham's Bank Bill, was de-
signed by its authors 10 hoodwink the
people. 1t is now said unblUshingIy
that it answered its purpose, tbaIit car.
tried The election, and having performed
its Office, is no longer ofanyuse. ilsthis
a kindred measure whose only ,pu rpose
is tosdeceiVe?
II the bill were not obnoxious 10 the
objections ! have already urged, there
Nis still another, The people are noW
reduced to the very last extremity for
the want OF money. All the banks could
do under the defeated bill was 10 call 10
their circulation, and thus cause money
lobe scarcer than il now is; the proper
" ,ot debtors Of The banks must be sold
aud sacrificed to enable the banks as a
measure Of self protection fully 10 settle
'up'their affairs. Are we aware what
immense distress must follow this course
of,poIicy? ;Doyou not by The Limitation
Of six months spur them on to collect
their debts at the earliest possible mo-
menl2 If the provisions of the bill
we're as its professed friends desired, it
occurs to me that its passage would
have decreased the amount OF moneyral
ready so scarce, and have stimulated
the banks to press their debtors with all
the rigors Of The law, thereby swelling
toa fearful extent the suiferings Of The
people.
All your schemes Of banking are use-
less which do not increase the facilities
for obtaining money, and whether the
system is TO continue six months, or
one year, or twenty years, it should be
so organized as to afford The greatest
possible good TO the community,
Such, sir, are briefly my objections to
the bill which has been defeated; and
although the responsibility lies with the
majority, have felt it a duty to pre-
sent another scheme which | hope OBJ.
Viases the objections | have urged
These objections are not mere inferen-
ces, but they are spread out on the very
lace Of the bill. The House know them,
and the country soon will. The provi
sioDs Of the bid | offer are simple. It
extends the corporate being of the specie
paying banks for one year, with a for
Ieirure Of charter in case Of suspension.
II the majority really desire a banking
system on a more permanent basis, it
affords you tho amplest time TO mature
your measures; and il, from discussions
in your own ranks, you annot agree, it
leaves TO your successors in the coming
Legislature to do what public justice and
public policy require.
The voice Of the people demands of
you that you retain all the banking ca
pitaI Of the State, and If you permit it 10