The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-14
BANKS OF Ono WHOSE CHARTERS Errrsr 1884.
1909, Osl asa, als 1850 sz,7sa $751;

l8O9,O9l 2,372,8l9 1850 3z7,7W oozB5f
The charters of the two last expire, JAN ls44.
The Ohio Life Insurance and Trust Co. has capt.
ta excepting what derives from the Trust department
Here it appears that nearly halo the bank capital
of State purely agricultural in its interests owned in
other parts Of the country At average dividend Of
per cent on the amount thus owned the farmers of Ohio
taxed $4,000 per annum which sent out Of the
State for the benz fit of foreign stockholders and the
tua wealth of the State is ally by much diminish
ed The superstition that money employed in banking in
agricultural country is benefit great mistake. 1t
serves only to impoversh the country. 1t is instru
ment by which the proceeds of labor extracted from
the industrious for the benefit of those who lend their
dit only. banking institution has properly do only
with trade and the interchange of commodities. 1t cannot
loan its credits upon terms long allow of raising
crops for market Its province only to discount the
note OF the miller or forwarder, who buys the wheat or
produ at harvest sends to market reaises land
takes up his note with the proceeds The instant bank
steps of this circle its business becomes hazardous
Hence the capital employed in banking in a country,
must always follow the volume of its productions,
and not lead. The that the banking business
forced the people become traders and
and the less they produce The country becomes mpo
vershcd and the banks nsolvent The actual capital
listing in Ohio amply sufficient for all its necessary bu
sness and it has occasion to borrow money high
rates of interest In the above table appears that per
cent ofthe stock owned in the State is held by bank off
who have borrowed from the banks capital than
they have put in They pretend to be bankers bank
officers yet they are borrowers and not lenders money
They have taken out of the bank in loaIs $5232I
more than they paid in capital. This money they have
borrowed of the farmers the notes Of the bank and
they call oaning the farmers money The farmer does
not receive interest for that money but obliged to pay
it What papable absurdity is here. Why should the
people continue such imposition The history of Ohio
for the past four shows the fact that the pro-
portion in which banking has been extended nave the
productions the State fallen Off and uice versa.
The all the currencies Of the several ap
proach the specie level the nearly will the Whole
currency o. the country be uniform The great beside.
raum of uniformity be obtained by other method
The quantity specie in section of the country
depend entirely upon the quantity of its productions and
the economy of its purchases and will always bear
act proportion to its wants. and is governed by the pro-
ducer and holders of real wealth The volume paper
currency no matter by whom by what issued depends
only upon the within and caprces the ssuers 60
verned only by spectators. While the United States
Bank the great regulator from 1885, crcu.
ation of some branches would uctuae per cent in
year. and would affect that Of all the local banks within its
sphere. We will here give the circulation of several
States fer series of years
BANK CIRCULATION OF FIVE STATES A SERIES OF