The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-03-21

prevent thcm 1s money borrowers instead OfnuneV
lenders, from contoreriiug bank into mere
machine Cor manufacturing the means Of loaning
noneyto themselves. 10 pamper jhciF own inor-
dinaie appetite for speculation, basng their bank
ing operations upon mere stock notes, sight drafts
on the Atlantic cities, or some other kind of fc-
f.lions credit
You inquire, very significantly, in your letter,
"Why not give to the objections made to this law
a careful consideration, and if found valid, re-
move themi" This, sir, certainly has been done.
Tho objections have received all due cousidera-
ton al the hands Of the democratic party in the
Legislature. AT the last session the objections
made at the present session have been shown 10
be Of futile and falacious character If, how
ever, the objections exhibited at the present ses-
sion had even been valid, the law could not have
been amended on account of the fact, that our
political opponents have majority in the House
of Representatives. When companies COM
mence business under this law, should any
Of the provisions in the details Of the law be
found TO be unnecessary or improper in practice,
they can BIZ removed by amendment.
hutnbly conceive that The question is now
distinctly presented TO the democratic party of
Ohio, whether they are to be driven BY the de-
nunciations Of the opposite political party from
safeguards and liabilities for TIE regulation and
control of the banking system, which are just,
salutafy, and practicable, and iEnperatiyely de-
manded for The public safety. If the people re-
feet well upon the dangerous and exoIbtant
powers exercised by an unguaFded system Of
banking, they viii not censent3to an abandon
Taent of an existing fortress for Sher security
Banks Of issue have tho power o{ converting their
pgomissogy notes into the money of the country,
and BY Substituting them tor portion of the geld
and silver currency, which is either boarded by
The banks or sent out of tho county, they are
enabled tofecoive an interest On their promssory
notes, instead ofpaying interest as does the pri-
vate citizen. Locateda as they usually are, at the
commercial points, they are enabled to Intercept
The lowOf the gold and silver currency into the
State, aswel as 10 collect up The gold and silver
already in circulation, and send it ont of the
State; and by this means 10 keep in cFcu-
lation their own paper, and The paper of the
banks of the surrounding States, upon which
they do business. A loose and unrestricted sys-
tenn Of banking thus acquires an omnipotont sway
ogerthe currency, that medium which constitutes
the standard by which is measured the value of
properly. A few individuals by harmony of
interests, and through the subtle operations Of
credit and bank paper, arc enabled 10 combine
influence and concentrate their energies in con-
tTGlling the machinery ofIbe system, and thus 10
contract or expand the currency, to make money
plenty or scarce al pleasure. The great interests
end prosperity Of Me county are thlls placed in
the hands Of few men, and made subject TO
their caprice, ambition, or cupidity, in the man
agament Of an engine, which, in The language Of
Daniel Webster, is SHE most et1ectua! means Of
tertilizng the rich mans field with hoswczt CT
Tho poor man'5 brow"
There is still another re1gon WhYa rigid check
and safeguard should be placed upon Tbs system
in rernodeling It, and permitting lis existence in
rew form. ltis an engine Of political power,
and ifuncheckcd, will through Ind Establishments
and subtle arlfices Of wealth and credit. ultimate
" exert controlling influence oEer all the de-
partmentg and ram fcations Of our Government
Already has the banking system In his county
through the subtle opepatIoasof an extended fab
Iic Of credit, brought wide spread distress samG
embarrassment upon the country blaming
falsely upon tflc operation Of Wholesome ard sal
utaTy laws, the repeal of which II was demanding
A!fcady has it engaged in The nolarious bushes:
81 fsabs;d,zlng aport;on Of the press Of the coun
Try, corrupting the channels ef Intelligence ma.
king wlr upondhe administration Of the Govern
nnsnt, and ealbarking in the struggles Of the
Y country for political power, Ii view Of all tha
we have witnessed in this county in the opera
stsol Of the banking system, and with ftosh ro
collection of the monetary coavulsons which
have recently, with desolating influence, sha
ken tho county to its centre, ia the Democrat,
party TO be driven ffom those salatary safeguard
and CLOCKS upon the system which are fair, rea
ronable and practicable, and 10 be compelled t
permit the banks to dictate for themselves th
terms on which they shtll, in future cxercis
their exclusive pFiyileges? have mistaken tn
spirit Of the democracy of the country, if the
aver consent to such humiIiating surrender 4
any potion Of their libercs.
Itistrae, as you say, that since the passage I
the original act TO regulate banking, thrice
banks have gone out Of existence by The expira
non Of their charters, and two banks since tn
passage Of the amendatory act. These Gflce
banks, however, asked for-an extension of the
privileges, only upon terms similar 10 these
theiroriginal charters, and refused absolutely
submit to the safeguards and reform principle
Of the democratic party. Besides, these iftee
Institutions were unworthy Of renewal of the
corporate existence. They had, by suspensic
Of specie payments, epudatedaheir debts, viol
tod their plighed faith to community, as we'll
in other respects abused their corporate fra
chises, and tralnpied upoa the laws of the Stat
They had also scolfed at and riduculedthe ID
making power Of the State in ffe attempts to il
pose salutary checks uppa theirabuses. The pc
pie Of Ohio have experienced no ineonveneni
whatever from the loss Of these ffloen instit
lions. For years their business had been co
Quoted in such manner thai their acconrnod
tons mad been chiefly monopoIized By few
ffe maasgers and fayoritcs Of Tic Institutions.
And the business of the country has been mo
prosperous, the currency has been in sound
ard hafief cnndtinn AMI inn ,,rLd,,na &c i