Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-03-31

knew ibis pretence 10 be unlrue; we
knew that they had no such intention,
and so proclaimed to you You belev
ed in their PROFESSIONS, and again conGd-
ed the political power OF the State to
their hands Have they redeemed their
solemn pledges? Have they even at
tempted 10 redeem them? They had a
majority Of ten in the Senate and eight
in The House, and could therefore ac-
compIish just what they pleased. The
minority have thrown no obPlfnclion in
their way; we have wished them TO te-
lieve your suffering, If they knew how
and were willing 10 do it, We were
ready TO vote for all measures, which
we believed to be right, and were com.
psIIed TO vote against such as we knew
TO be wrong or Intellectual.
Have the majority according to their
promise recharteled the solvent specie
paying Banks2 We know that they
have done no such thing: they have
permitted all their charters TO expire by
their own limitation. Somo oflhe very
men who signed an address in August
last that they were about to recharter
these Banks, in December, spent day ar
ter day IN opposing bill 10 extend the
charters OF these Banks for only six
months, without authority during that
time 10 issue dollar OF paper. This
bill was introduced into the Senate, and
passed with the aid Of our votes, in or
der TO give the majority time TO mature
their plan for recharter; but in The
House il was so amended as 10 preclude
our voting for it without an abandon
ment Of principles, which we have al
ways advocated. The amendment also
rendered the bill valueless. 1t could
not operate, until the consent OF the
stock khoders had been obtained; hing
wholly impossible to be done in the few
| days which remained befora their char
ters should expire. If it had been pass
ed, therefore, the law must have been
imperative. We were anxious 10 vote
for any practical bill to extend their
charters. but could not consent to violate
our long cherished principles to vote for
a bill, which would have done no good
when passed. The majority could have
passed it if they saw fit without our aid. j..
They are, therefore, responsibe for
the refusal TO recharter these Banks;
they have shamefOIIy violated their
written pledge as put forth in their ad
dress al the close Of the extra session,
4 Alter having annihilated all the Bank.
| ing institutions Of the States, have they
created any thing 10 supply their places ?
/ Have they matured and passed any
measure which can furnish currency
for tho State2 We say they have not
The only measure which has passed,
was law amending the one Of the last
session; law which Mr.. Latham pro-
nounced on the floor Of The Senate to be
! ,mpracticable So fully satisfied Of this
were some Of the majority, that Messrs
Latham and Robbins Of the Senate vo,'
ed against the passage Of this law. The
only modification made, which does not
render the law more Objectionable 10
capitalists, is the repeal of the section
creating a safety fund, and the one re.
quiring the Banks 10 receive each 9th
er's paper. These two provisions we're
inserted 10 protect the people from loss,
and were moro efiectUal for those pur
poses than any individual liability. Yet
this safety fund has been repealed and
no other security taken 10 shield The
people from loss.
1t was we'll known that this bill was
an imprac'cabIe one at the time Of its
passage. Every person interested ir
the management Of Banks so pronounc
ed it, and refused 10 hnvs any thing ia
do with it. This being lhe case, there
was no use In lie passage, except TO keel
up the delusion that the leaders were
not hard money men, though they made
hard money speeches. But if Banks
are 10 be created, charters must be
granted on such terms as capitalists
will accept. When, therefore, this wa
refused to be done, hard money was tho
only alternative. We know that lhi'
bill was the production of The hard mo
ney portion Of the party, and as ont
member said, was never designed tt
create Banks.
That il was not designed TO furnish {
currency for the people is apparent
, We have, heretofore, had banking ca
pital of some 100000 or I000O 600
which supplied US with currency o
from 100000 TO $S,00o.O00. Thi
bill and others since passed, create {
banking capital OF not over $50O,0OO
+ with authority 10 circulate that amour
. Of paper; about one'tenth the amour
I that is absolutely indispensable 10 carr,
/ on the business of the State. And ever
:. il all the stock authorized could bo OBJ.
, tanned, this could mol still supply NOR,
than one fourth or one fifth of the ne