Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-03-29

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pull down their Banking systems in or
der TO follow the example Of Ohio?
Under the judicial decisions Of most o.
the States, tho Legislature has no such
power, 90 far as existing laws are con-
cefned. and whatever we may think Of
these decisions, they are the law ia the
State where made.
knsw it is claimed by some distin-
guished men, for whose opinion | have
great respect, that under the clause in
the Constitution OF tina Unied STATES,
which prohibits he States from 'emll,
ting btils OF credit the States have no
! powerto incorporate an association Of
/ Individuals 10 issue their bills Of credit
/ A bill Of credit emitted by State, and
on the credi, OF Slate. and one emit.
/ ted by an individual on his own credit,
or by an association Of individuals in
corporsled or Otherwise, msy we'll be
claimed TO be different and distinct
things. this question wss q new one.
and for the first time raised, il might
probably admit of some doubt But il
there IS snv question affecting the rights
/ Of the citizens, or the powers OF the
States, clearly and permanently settled,
it is this: The Supreme Court Of the
United States, the highest judicial rri-
bUnsl 10 tho country, has decided that
the clause ia the Constitution above OIL
iuded TO, does not prohibit the States
from incorporating aB association Of in
dividuals with power to issue their bills
Of credit or bank notes. will venture
10 say that the highest judicial tribunal
10 every State OF this Union has either
directly or indirectly made a similar
decision. Every Sac Legislature in
the Union has exercised this power, and
is still in the daily habit ol doing so -
The Federal Government 10 all ilsva'
rIous departments. has virtually recog
nize1 this power in the States. With
this long trial Of authority and prece-
dent, with this uniform practice in favor
of the power, is it going too far TO say
this isno longer an open question: ; and
if so, is there any reason TO believe the
States will not continue TO exercise this
power as heretoforel The truth is, we
have the system among US; it is deeply
inlerwoVen with all our business trans
actions, and see no feasible way by
which any one State, without the CO
operation Of the others, can get rid Of q
paper circulation, nor can | see much
probability Of any Conventional or
I rangement among the States by whiCf
J.. the system will be dispensed with /
s itS desirable 10 get rid of it, we shoult
I seek an smpndmeDt 10 the Constitution
| OF the United States, and prohibit III,
! States from Incorporating Banks Unu
r Ihls is done (if it should be done) ",
. should so Iegsate as 10 guard the pub
lie against the evils Of the paper sys.
e TEN, We cauuot DO this so long as Ibr
= Banks that furnish our circulation ar
Q beyond our jurisdiction. have nov
D given the reasons why | advocate re-
formed system OF banking in Ohio, ant
d | nave only 10 ask those who differ wit
me 10 meet the position have taken b.
fair and candid argument.
o tits claimed, that we have already {
law authorizing banking in Ohio, whic'
, is sufficient for all purposes, | hav
a been censured for not ,aking a frr
= stand 10 favor of that law, and agaln'
= all amendments. have never oppose
10 it and have always been wiIIng that il
- pracicabIity should be fairly tested
,e But | will cVndidly admit, | have ha
n. my fears from the FIRST as TO its answer
l. ing the expectations Of those who ar
v, really desiroUS 10 put into practical oPe
of ration a system Of banking. Should
v. prove otherwise, no one would TejolC
le more than myself. 1t is claimed
10 capitalists that it is not practicable; o
h in other words, it's various and muI
, piled restrictions will not permit ihei
a. 10 realize six per cent. on their caplt
n, invested. II this bo true, the law
IN impraciicabe. No man will invest h
~ money. or should be expected TO InVe
ia his money in banks, unless he can max
10 at least the ordinary rate OF interes
Of Time is giving strength to this objec
nj, ton in the public mind Thlslaw pas
!, ed on the 7lh Of March, 1882. near I"
n years since. Mr.. Bartley'S amend
!. ments, as they are called, were passe
be the 2lst Of February, l843, near on
he year since yet during oil this time
cd banks have gone into operation und'
or tho law, as it originally passed, OF as
a, has been since amended, During tn
=, time fifteen banks have gone out oil
Ia. islence, by the Limitation OF their cht
or ters. leaving unemployed great amou
ed Of capital, a large portion ol which b
i. been invested in the hanks Of 9th
ol States. The PrScticabiIity therefore
,w this law has not been demonstrated
a our experience. Objections have be-
.o made TO it. Why not give 10 those o