Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-12-13

the capital invested 10 banking ranged
from about eight millions 10 over eleven
millions of dollars; the sccommud alions
by Ions and discou It's, from about nine
millions and hale to near thirteen mil
hons and half; The paper issued for cir.
cula'on, from about nine millions six
hundred thousand to four millions SIX
hundred thousand. And from June, 1912,
TO the present time The capital has rang
ed IRON seven millions to Two millions
OF dollars; ;hp loans un6 discounts fInm
seven millions To twn millions eight hun
died thousand; and the circulation, trOm
One to two millions. In the former peri
I'd there were from thirty two to thirty
seVen banks IN operation IN the State,
and dlring that time, especially from
1887 I'LL iS4l, with theimmeRse amount
OF bank loans, bank issues and b.nk
capital then existing in this and he sur
round ng STATES. pecuniary distress, en-
barrassmenls, difficulties and bankrupt
cies existed toan alarming exteat. Mt
wilhslandIng the profnsIon Of hAuk pa
per and bank fncIInes, business and en-
ierprlse were para yzed, public works
stopped and given up. and imp provements
Of all kinds retarded And at that very
time. the cIamnr for more banks. more
bank facilities, new and more enlarged
banking system, was beyond measure. 49,
At tho sessions Of 1885 36, 1886 81,
1885 80 and 1S40-4l. petitions Tor more
banks were crowded on thp Legislature
in uneqaaIed numbers The deIHsion
seemed 10 hold a portion Of the people
spell btuHd with the idea that IN addi-
tion to the hank issues and bank loans
already EXISTING to an alarming excess.
could relieve The country. And the
Legislature was even rensured rs refus
ing 10 do ans thing for tho good of the
country because the msaIlate demand
Tor banks was resisted But during the
latter period Of time the banks have heen
redured tn the number of ten since an
uarv. tS43 and to eight since January
lS44; and the loans and discounts of the
banks have been reduced TO less than
one sixth, and the capital and circulation
10 less than one fourth the average y.
mount during the period. Banking ope
Tailons at the same time, in the surround.
1ng States, have heen greatly curtaiIed {;
aud in Michigan and Illinois perhaps
more than in Ohio The inoIdina te
thirst Tor hank accommodations and bank
facilities has decreased as The banks have
disappeared The emharra ssments and
distress OF the former period are now to
be seen only in some of tho remains Of
abe general wreck which they produced
Thirteen banks exoifed simultaneously,
on the first OF january. l843; and in
stead OF the rum and disaster predicted
from the event, business and enterprise
have continued TO revive unimpeded IN
+heir progress. Thus, as the banking
system has literally rorted down in Inc
slnk OF irs own folly and corruption, the
prosperity Of the country has received
new life. Industry and enterprise, re-
lieved from the bondage of banking
operations, are recovering heir energies
with renewed vigor; and commerce,
having IN measure thrown off the
sh'ckles OF paper money, has replumed
ats wings for career Of prosperity.
Since The enactment OF bank paper
has, in measure passed of, the fact has
become palp BILE that the prices of ou
commodities in Ohio. depend upon the
prices which they will command in the
Atlantic cities and elsewhere, aud no. on
Gho profison Of the psper bubble When
wheat will command dollar a busheI
IN New York, it will command proper
siOnate price in Ohio, although there he
not one dollar of bank paper within The
limits e The State Gold aud SILVER is
now abundant 10 the Atlantic cities, and
the value Of il cannot exceed the worth
Of the currency with which our products
ere now purchased more than the cost
OF transportation
Actual experience has often exposed,
and that too, with severe penalties, the
empiriclsm of all attempts 10 enlarge
the circulating medium, aud stimulate
The prosperity of a country by an issue
OF paper money. Gold d silver 49,
snd ever has been, the currenc9 oI the
commercial world, and the standard Of
value 10 which every thing mus con
form The prices in the markets Of
every other State and country IN the
commercial world, have their Influence
10 fixing and regulating the prices in the
markets Of Ohio So also, that curren-
CIV which is The universal standard Of
value Of every Other State and cation
with which we trade, either directly or
indirectly, mus, regulate and control
the currency Of OHIO. The laws Of trade,
which regulate and control rrlces ard
currency throughout The circle or trad
ing nallans, are as searching, rs all per
Vading and as Irresistible rs lhe laws OF