Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-03-19
GEORGETOWN. o., TUESDAY MARCH 19, 1914

. doubiless Is 10 some extent. Yet eve
7 farmer and eveFy business man in II
> Slata knows, from bis own daily obseTSs
ton, that the greater portion Of our eli
culatiOn is the hank paper Of other states
| have taken some care 10 ascertain III
effect the withdrawal Of our own pape
has had on The circulation oflhe ssaie.-
! will give Few facts BY way Of exaDpl
The currency that is nov paid ont on ih
canal n Stark couhiy is composed prin
i cipaIlJ Of 81. Clair small bills, PennsyI
3 yania relief notes, Rhode Island and Vir
gihia paper. We find in this large in
3termixtufe Of one's aud two's. Nor
than One.ihird Of the funds received b,
the Stale Treasurer is foreign paper, an'
the funds received by him are at least tel
lper cent, better than the ordinaFy circu
ladon. Out Of five thousand dollars re.
ceived by the treasurer Of Ashtabulr
county, only five hundred was Of Ohio
currency; the balance was ofOtheStstes
aud but little known. In eastern Ohie,
the circulation is composed Of Wheeling
and other VirgiRia paper, PennsyIVsnis
relief notes, good Intent Shinplasters, &c
This paper has taken the place ofSt Glars
vile, MI Pleasant, Sc
Which is the best currency, the one
we now have, or one composed of the
specie paying banks ia our own State q
We claimed, and with great justice, that
our old bank charters were not suiiicieat. {.
ly guarded, and that the public was moi
safe. But the charter ofbOth the Whee.
ling banks ares less restricted, and not as
we'll guarded 10 secure the people, as the
charter of the St.ClaiTsViIle or Mt. Pleas
ant Banks, The samO remark with some
exceptions, is applicable to all the Viz.
gin;a charters, and indeed the banks ei
most of the other States. A consid
erable amount Oflhe foreign paper we
have circulating among us. we know but
little. abont. What then have we gained
SO far, BY letting our own specie paying
banks go out ofexistenceH Certainly moi
an exclusive metslic currency. Every
man sees and knows this is not the case.
Not-a paper circulation, issued by banks
any better, or indeed. as we'll guarded
and restricted as even our old specie pay.
ing banks. But we have got, and daily
obtaining foreign paper circulation,
IaFge portion Of which the great body Of
our citizens know little or nothing about.
This has been, and will continue, TO be
the consequence resulting from the ex-
linction of our banks. The least valua-
bic paper Of other States will flow in a.
nong US and fll the vacancy created by
The withdrawal Of our own paper. We
aIl see this, and know il TO be true. Ii
is in vain to deny il or attempt TO reason
ourselves out Of it. Every farmer who
has produce to sell, and every business
man who handles money, has the evil
dence Of its tr0th before him. Il is also
true that paper issued by our own specie
paying banks is much more readily con-
verled into sold and silver by our own
citizens, than the paper Of the foreignI
banks.
There are maRy oihsr arguments thai
might be urged in favor Of the policy |
have been advocating, The limits ofthis
communication will not permit full view
Of the subject. In youngStaIe howevss
like Ohio, with genial cIimate and rich
soil, having population OF near two mill
ions, with unbounded natural resources,
we are more in want Of capital than any
thing else II is capital that improves
eur country, gives employment to labor,
and infuses life and en- ergy into every de
pariment OF Business. We should be
careful, therefore TO adopt no policy that
expels capital out Of The State, or Geters
men Of capital from settling among us.
The contrary should be our policy, cares
fully sud steadily adhered to. The de.
ofaII banks would be attended
with The withdrawal OF large amount Of
capital from the State. Men Of surplus
capital will invest il inbsnking institutions
Of other states, aud foreign capitalists
will havs no inducement to bring their
capital here for investment. Is this
policy calculated to promote the public
inieTesie
Tie bank capital of this State from
1884 up 10 this tins, paid tax intO the
State Treasury. .Of four huadrsd aud six
ty.three thousand one hundFed,aLd seven,
teen dollars. This year tho tax arising.
from the remaining banks will IlA0t exceed
three thousand Eve hundred dollars. Is
ii not some advantage 10 have this capi.
ial among Us, aiding in supplying an ex.
hsusted treasury, and relieving the snor-
nous burdens Of the people IN svery
point Of view, therefore, which 4 have been
capable Of taking Of this subject, It seems
to me 10 be the true policy Of Ohio to
cherish and foster her own banking 10.
stiluiions. Ia doing 90, We should be
careful 20 establish banks only At afew
pfominent points, where they would be
useful % commerce and business Of the
country. Ths banking system, while i
| Is capable oE doing gOme good. is liable
/ ~ s,raat akkSaa J mt il is the business OF