Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-03-19


his money IN banks, unless Sc can make
q least the ordinary rate Of INTEREST,"
Eime is giving strength to this objection
N the public mind This law passed On
the 7lh Of March. 1912, near Two ysars
snce. Mr.. Bartleys amendments a.
they are called, we're passed ths 2lst Of
Febmary, lc45, near one year since, ret
during all tbs time no banks have gone
into operation under the Law, as Il or
Igl nally passed, or ss il hss been Sinos
amended During this tIme, Is banks have
gone out Of existence, BY the limilstiOn
OF their charters. leaving unamploted q
great amount Of capital, large portion
Of which has been invested in The banks
of other States. The practicabiIity there
lore OF this law, has not been demon.
sIrated BY our experiences. Directions
have been made 10 il. Why not rive
those objections a careful eonsid sfSiien
and, if fOuId valid, remove Ihsmf w alI
know under what circumstances ibis Law
was passed. 1t Wasihe result Of 4 CON.
promise between members of the same
party, entertaining various and eonfict,
ing views as to the details OF the BILL
The members who voted for II were &C,
tuaIed, no doubt. BY high and patriotic
considerations; but do not think we
should say this law Is perfeci, and not.
wilhstanding all objection, il shall remain
like The laws Of the Medes and Persafns
-unalterabls. II is in vain for politicians
to say this question OfIhecurreney L sst.
tied. The people, BY their discussions,
aDd by their petitions TO the General As
sembly for banks, relieved from some Of
the restrictions offhe existing Law, ssy
that ii is not settled. Nor will the people
ever consider this question as settled,
until they see in practical operation a
banking system. have not therefore
Lelt myself justified in planting myself
on the existing law, and resisting al O..
mendments or notifications; but, on the
contrary, have treated the currency
question as an Open one, and consider il
so now. 5
The passage ofthe Wooster Bank bill has
produced sumo excitement, and fear its pro.
visions are not well understood BY some Of our
citizens. This bill exempts the Wooster Bank
from the provisions Of the existing law, under
which it is brought on the irst Of March nexI
together with four others ItisaeIl knowntEa
neither of the Eve Institutions named ia the
18th section Of the present iaR, would agree 10
% on and do business under ito provisfens Tt
became necessary 10 pass law foF thsrelisfof
hese institutions, or permit them to wind up.--
From the report Of the Bank Commissionsn.
and there IS no reason to doubt its eorraet.
less,) the Wooster il in a sound and healthy
condition. A bill was introduced for lis relief.
all the great cardinal principles Of
'eform for which the democratic party have
intended. 1t makes the stockholders individu-
lily liable for the debts Of the institutions. 10
The fullest extent-it punishos fraud on The
IaEt of the officers, witheonfnementlin the psn--
tenLiary. 1t also embraces the specie elanss.
Fifteen democratic members Of the House, and
our Senators, voted forYthis bill, and thsy have
'sen denounced as traitors to the democratic
1aTty for SO doing. Why is this, unless with ,
rev of opposing all banks! / can zee notking
70 be gained BY permitting the Wooster Bauk,
" eitherof the other four, to 60 outof exist
.nee, If they were willing t0exeept Of thei re-
orm principles hive named, am ftne 70
Iay, that. if | had besn member pfths Geas
sral Assembly, should have recorded nv s0se
vith the nineteen democrats who voted for this
ill; and, IA doing 90, should have considered
myself as having aided In carrying out the Isad-
ny principles ef reform advocated BY the deua-
,cratie party.
I have already extended this letter far be-
7ond thelnits Of my original intsntion, for
which tclaim your indulgence
Yours, with groat respect and esisem,
WILSON SHANNON.
Dr. JOHN DUSaAM.