Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-08-11

regulated bank would seldom or never
exceed the half ol he bank funds. BY
individual responsibility the slookhoider
ol hundred dollars IN bank OF half
milton, where the circulation or other
indebtedness amount 10 that sum, be-
comes liable 10 fpe thousand hmes The a
mount Of his stock, aud the discrepancy
between his interest and liability 10 thus
shown 10 be enormousl
II would work injustice as between the
stockholders The holder Ol a slnge
share Of stock would be equally bound
with him who owned buUdfed. while
the latter might have his ell in back
and The small stock holders be compelled
10 make up any deficiency. As Ihe dis
coyery oI the law hnmbug was left to
the mighty intellect OF o philosopher and
statesmou Of our own time, go has Tho
discovery Of individual lisblirY in cor
pora ions been lefl to honor Ohio for.
ever, through her notable patriots. q
I BVlugIon, Barley, McNdIly, and a
/ score Of others! The Slare and these
patriots are entitled 10 the sole honor.
tor ii is confidently believed that no IN
corporaed company in the world is
banking under an individual liability
clause apprcximatGg to that Of Ohio
b, The individual liability upon back stock
a owners any where else in The United
States, SO far as | can earn, is thai OF
, directors ol banks for over issues and
4 frauds
3 As TO the amount of profit ! am no
8 banker, and have attempted no estimate
e Of The precise emount Of profit which
r can be made BY bank under existing
laws, but the amount must be extremely
k limited, and no inducemenl TO people lo
o engage in banking lam however, TO-
$ formed, Oh authority deemed Unques
\ iiODabIe, that the commissioners sppo.n
e ted last winter to organize tho only
it bank | believe applied for under La
IF tham's act, have held meetings, appon
10 ted skilIful commiuees 10 investigate
T and upon full examination came unani.
mously 10 the conclusion that not more
2. than three per cent. profit per annuu
II could be made, while there might b'
/ danger of losing the whole stock, de-
y pending upon the acts Of. future IegisIa-
10 lures
II Here, then, are few ofthe many oh
leclions to the bank laws Of Ohio.
* |, They may be altered at the vii
or caprice of any legislature so as /
ID injure OF totally destroy the value {
re stocks.
E. 2. They permit no ISSUE Of paper grea
20 er than than the amount OF gold and 81
! YER paid into bank as capital; that il
only dollar for dollar!
3. Individual stockholders, wha,eve
le the amount Of their stock, are held lab
j. Tor all the bank liabilities!
81 4 The amount Of profit which wouI
Ii bo made is much less than simple inter
Of est, and no inducemenI 10 people 10 Ell
% gage ln banking
il; Numerous other objections exist i
NJ these laws, some of which are intende
ia 10 operate directly upon The people d
a much as upon banks. will howeve
Mt mention but one. By the 4th section
lot me act OF March 23d, 1910, and now
on force, page l3 vol. 3S, every individu
al is prohibited under the penalty Of If
re dollars for every offance, from tGkin
Of or paying out any note, bill. &c Of LEI
denomination than five dollars, issue
OF by any bank. city, borough, county {
;lh other corporation oul Of Ohio; or in oil
act er words, not authorized by our law
and by the 5th and 7lh sections, COuR
ne tredSmerS and other persons are probi
m tied from taking for State taxes or othl
re- State dues, any note OF bill whatever
ol our own or other banks, of less d
III nomination than five dollars, under
IRE penalty OF one hundred dollars for eve
les offence, that is for each bill oI less d.
its nomination than hve dollars so take
o- True. the act has not yet been enlOrc
I'VE owing to the scarcity Of money on Il
Of one hand and the fears Of anti bal
he men to prosecute on The other-bu
10 the latter again triumph sOd prosecuIo
er, will be started by wholesale!
or said in my former communicate
'us that no banking company would be o
ganized and go into operation Under
nix isring laws. venured this asssrti
red upon their Objectionable features, al
Tor the intention Of the legislature that bal
red ing should be crushed in Ohio! ha
fl; subsequently seen BarlIey's amsndato
ICY act, which proves 10 be one absurd
um added to another! Nov, most parts
ou' the State have been heard from, al
IN none oI the companies which had cha
lie ters granted them last winter wltho
md asking, have the least intention OF 6
tn ceplance. Capitalists ore leaving t
lge State. One OF the largest ln the Et
bis tern part OF Ohio, has LEFT with lar
aV nort;nn o( ,ba funds oc an avnired han