The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-02-17

pie To assemble, they are doing, ia almost every
county In the State, express tsir opinions aud M
form their Legislative servants OF teu " ishes, on
the currency question, We ~ look only TO the
discussions ard pledges during last falls election, aud
the successful result Of that contest. ie irom The
fact OF attempt 10 ms'Dterpret public opinion, be-
ing made by certain individuals, aud 10 prevent the
accomplishment Of those pledges honestly made,
there aecsssity for such meetings, inasmueh, as
those who knew their duty, and were willing 10 do II,
cuuld accomplish nothing without the aid Of those
who manifested disposition on all proper occasions
u shrink from the work ald It's responsibility.
sThe manner an which the people are now speak
ing out will bear misinierpretation iDisrepre-
sentstion. What they want, must be understood al
Columbus. The Democrats of Erie county lately
met and passed the following resolution, express
siye OF their sentiments and for the government
Of theu Representatives
" Rssoped, That We, oitizens of Erie county, res
pectiuIly and earnestly request Representatives
and Senators in the General Legislature assembled.
to contribute their most sincere and efficient efforts
towards the establishment OF wise sale, healthy
and wholesome system OF banking, formed upon a
basis vi ample and speedy indemnity TO the bill hold
er, protecting HIM from the danger oi loss OF de-
probation, and removing from the institutions thus
established all power aud temptation 10 fraud, chlca
Gerry, and mismanageme1L"
We think il will soon be distinctly understood that
the utras IN relation TO the currency, in Ohio in
a hopeless minority, the advice OF Senator Tappan
to the contrary Notwithstanding; that the advocates
Of the policy Of putting down all banks of issue viii
have but few followers in the Buckeye State that
they cannot rise to the dignity Of faction though
the Globe has declared in favor OF that policy, and
its opinion has been echoed by Senator 1appaD, and
tho Hon. John Reynolds, of Hin is.
Now the Globe says: nothing but gold and slrer
coin is suitable currency and standard gf rate :"
IL has also declared itself in favor Of putting doom all
banks Of ISSUE as fast their existing charters may
expire, and OF allowing no bank 10 use paper n any
shape, except that Of bills of exchange
We happened TO recolIect when the Globe dlscours-
ed very differently. In 1888, ii said
q II was anticipated from The zeal with which the
respective Legislatures Of Kentucky, Indiana and
DINO entered upon the duty Of establishing Sfnte IN
situations g. 10 the State Governments the e1soi!-
menus gr teng nut If The Banking business, that each by
This time rouid hare had local s,sem IN lH opera ion.
The general cish Of The people seemed to require Of their
Rep esefatipes the prompt accomplishment Of this imp
taa object. How dee ~ the people have been disap-
pointed appears from the demands now made through
public meetings, for an immediate call of the Legis-
latures IN Of these States, to the business
Of chate,ng State BGnks -" See Globe Of 2sth March,
1888.
Again, on the 2lst Of December, 1893, the Globe
said
" The intelligent people of the West know how to
maintain their rights and independence and to RE-
PEI OPPRESSION. Although foiIed in the begin
ming, every Western State is about 10 establish a 81 e
Bank institution They are resolved 10 avail them
selves Of their State credit well of the ma
nonal credit, 10 mantain currency Independent Of 70
reign control"
AMI again:
81 So Ohio, Indiana, Illinois, Missouri and Ken
uchy, a,e resolved TO take'eare Of themselves. y
And yet again, IN connexon with the de is and ex-
pendiurcs of Pennsy lvana, the Globe said
''Why should not she establish Bank Of large CAPT
tai in ,ceh she should be Interested principal stock
holder Such Bank, especially if the faith of the
State were pledged for the redemption Of It's paper,
would command universal confidence, and would
doubtless become the depository of the public funds
accumulated in Philadelphia"
Mr. Buchanan proposed an amendment of the
Constitution, to suppress small notes and in the de-
bate upon II IN the Senate, in ls40 he said:
Let there be general circulation Of half specie aud
half paper, and the DANCE Of suspensions OF specie
pay nents will be comparatively at an end
There were twcDty-six States of this Union " no
had all from their origin, exercised the power of
creating Banks This power had been in uninterrupt
ed operation for half century. 1t was now foo late
TO question lis eriaenoe. No MAN NOW LIVING WOULD
EVER SEE THE DAY when this power would BE- aban-
do. ed by tn Staies.n
We believe Mr. Buchanan was right-and as
he is a sagacIous, calculating man, nc Is no doubt
right now.
Mr.. Grundy, of Tennessee, a sterling Democrat,
said:
81 am not an advocate OF an exclusive metallic
currency. This believe 10 be imp actioable | am
IN favor of nlirsd currency, com osed of coin and
convertible bank paper Senate D,JGtes, February
%, 1901
There was not a more Jealous advocate Of State
Banks in existence than the editor of the Globe in
ie33-3A' Gen. Jackson was, at that time, in favor
of State institutions, and believed they would afford
all necessary facilities to commerce. including ex
change, on the most favorable terms. lie manifest
ed hs confidence in them by removing the deposites
TO them, and making them custodans OF the national
treasure. This was only ten years ago. Since that
time others may have good cause 10 turn az inst
all banks, but We have not. Though some of them
have committed startling frauds and others have
been very ioolishly managed We arc not convinced
that banking, on proper principles is unnecessary or
that the people OF the nation prepared TO put all
banks down. On the contrary, we believe, with Mr.
Buchanan, that no man now living will ever see the
day when the power TO create and maintain banks
will be abandoned by the States. T. reformation of
the system practicsblethe suppression Of all bank
ing Is not The concentration Of capital and the
credit incident TO IT. necessary 10 the business of
the merchant and manufacturer and the prosperity
of the farmer and mechabic. This Is the pr ncipIe
on which banks have been created aud sustained
and will be sustained hereafter, under such addi
tional guards aud restrictions prudence and wis
dom may suggest
But the course Of the Globe is the more surprising
at the present tune iasmuch as its editor was some
twenty years since, not only an advocate of specie
paying tanks, but OF mere paper banks, which com.
monced on credit and relied solely credit for their
exsteurc lie was, believe, ~ favor of the forty
three independent banks OF Kentucky, which existed
on credit some sixty OF ninety days; and we recol.
lect that he was a supporter and director of the
Bank OF the Commonwealth OF Kentucky, which
went into operation on public fun, never had or
pretended to have any other capital On that basis
too, he aided, as Director, IN the emission of one
Two and three dollar notes which he did not regard
as paper trash, though they pass at 6ny cents IN
the dollar, nor did he consider the circulation of
them as swindlmg operation on anti-Democrs,ic
movement
but we VIII now reter 10 higher authorize