Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-01-31

sound system Of banking, upon the re-
form principles advocated By tho demo
erafic party, could not be esialished BY
rseharteri1g the expiring banks; that the
currency Of the State could not Do d.
ninished By permitting these old banks
tocloSe their affairs, and that the remain
ing ten banks had the ability and anthOr.
lty to afford much larger paper ciEcula'
ton than We haVe had for the last two
years, and that 10 have extended the char.
lers Of those old banks for six monihS,
would have had no other effect than to
hRVe converted than into shaving shops,
and enable them to have crippled the re-
mSining banks 10 their operations, By run
ming upon them tOT specie. Mr.. B said,
that he was in laVor of creating new
banks nnder the law to regulate banking
passed at the last session That although
be was not entirely satisfied with the pro-
posed amendment, yet he was willing to
support it, or any other amendment 10 the
Law Of last session, which might be thought
to be necessary to make that Law practica-
Bile, providing such amendment did not
sacrifice any Of the great PRINCIPLES Of
safety which had been heretofore cOnten.
ded for. The Law Of last winter might be
defective In some Of its details, and re
qnirs amendment; but 1t has been grossly
misrepreSsnled end misunderstood BY
persons unscquainted with the subject
Mr.. B. enumerated some Eve or six lead
ing features Of the Law, which he thought
oil that were essentially necessary for
the safety to community, and that he had
no objection TO the repeal OF oil the bal
ance Ot the law, il those important safe
guards were left unaffected. But rather
than abandon any Of those great principles
Of security to the public, and run tho risk
Of throwing ourselves back upon all the
ruinous disasters and evils Of the old syS
tom, no believed that the people wOnld
prefer the entire abandonment Of banks
Of circulation. He said he was not in ia.
Vor Of an immediate return to an exclu.
sive metallic currency. Public sentiment
was not in favor Of il. The people were
not prepared for il At this time. The O.
yiIS Of the change would tend TO increase
existing difficulties and embSrTa'SmenIs,
But BY placing = correct eGiimte upon
the advantages OfIbNnks Of circulation, he
believed that il would be found, that the
disastrous evils under which the people
Of this State have suffered from ciIcula>
ton, were such, that ifths safeguards
which have been called for hy the poo.
pie ars to be AbndOned, that the people |
would be far better off without banks or
circulation. He thought it important at
this time to discuss, and correctly under>
stand disadvantages and evils of banks
Of circulation. Banks Of deposit, discount
and exchange, no admitted iOlbS essenti-
ally necessary snd useful, and he prn.
ceeded at length to discuss tho benefits
and evils Of banks Of issue, as dStiguiSh.
ed from banks Of deposit, discount and
exchange. lie demonstrated by argument
aud authorities, as we'll as statistical facts,
that banks Of circulation could moi
enlarge, and render more
4 bundsnl the currency ofa country But ,
before he concluded his remarks, he gave
Way TO + motion TO adjourn.
The Senate then adjourned.