Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-02-09
Remarks Of Nlr. Eckley.

Ii chAAGGAS OA NAEs ECNhCys
In The Senate, on the motion to nde6'
nilely postpone the bill extending the
cha rters Of the Bank Of Geauga and
the Commercial Bank OF Cincinnati.
and TO repeal tho act 10 regulate
Banking in Ohio, passed March 7,
1912, and the act amendaIory there
TO, passed February 81, l043.
Mr. SPEAKER: From the hurried man
ner in which this bill is progressing,
and the boldness Of The motion 10 inde
fnnely postpone, he was apPrehensIVe
tha, it possibly might be passed without
an opportunity Of fairly investigating
it's provisions And now that an oppor-
,unity has offered, he would promise TO
de,ain the Senate but brief space OF
time, in sobmittiDe few remarks on
the bill and the principles contained in
the measure. And the first inquiry as
be conceived, should be. have we cur
rency enougbH II We have, then the
discussion should end al once. But II
we have not, then il is our duty 10 pro-
vide the means by which the people can
have currency adequate to the ordlna-
nv business wants Of the community
A currency at ell times safe to the hold
srs OF it, and worth what 1t actually pur
ports 10 be. That we can have such
currency, no man who has experience
in the business matters OF The State can
for moment doubt. To admit that we
could not, would be admitting that we
have been re,rOgradiug as people, aud
are far inferior in moral improved ut
and political economy, 10 the citizens o'
other States, and TO those who have gone
before US of our own commonwealth.
The FIRST question then is, have we cur
rency enough! This can be answered
by examining the situation OF our mon
etsry affairs. We have now but few
Banks that are OF any use TO us whalev
or, in furnishing the means OF q curren'
cy. Should this bill be defeated, arc
that seems to be its late, we have lei
three Banks. with a capital Of seven hui
dred thousand dollars, viz
Capital
Bank of Massillon, S2OO,0Ot
Clinton Bank Of Columbus 3OO.OO'
CircleVlIe, 2oo'ou'
$7OO,oO(
This would afford currency OF les
than fifty cents per each person in lh'
State Of Ohio. Who believes this sutt
cient? Then let US pass this bill, an
what will be tbs effect upon lhe curren
cyf Instead ofseven hundred lhousan
dollars, we would have the addllon'
circulation Of the Banks OF Wooster, Nc
walk, Sandusky, Xenia and the Latay
ei,e Rank Of Cincinnati, which Banl
by provision in their charters are su
iect 10 any alteration, after the year /
D. 1912, and which provision bring
them under The law OF last winter. ar
will entirely prohibit them from cont'r
uine the business OF benkng. Tho
five last named Banks have capital
one million six hundred thousand doIla
viz. Cdpitt
Rank Of Sanduskv, 500 OF
do NorwaIk. 300,0t
do Wooster, lOO u
do Xens, lOOO
Lafayette Blk Of Cincinnati, 1000 0
The bill also provides for exlendi
the charters Of the Exchange Bank a
Commercial Bank of Cincinnati, VIII
have a capital OF one million one hu
dred thousand dollars, viz:
Capt.
Conf Blk Of Cincinnati, $lOO0C
do Gesuga, 1000
Here is a capital OF two million, sew
hundred thousand dollars, proposed
be kept in Bank Stock, for the benefit
The people Of The State Of Ohio. a
here lei me ask Senators. in all cand
live ever had al Ony time, more g
vent, and banks that performed tho p
poses for which they were created, "
more integrity than the above nam
Then where is there any good rea
for this desperate course that will
ireIy destroy them :
The above Banks, that are Cover
by all general laws that the LOgisal
may from time to time pass for It
regulation, and The Bank OF Circlev
the Bank OF MassllOn and the CIin
Bank Of Columbus, and all the Bank
issue now in the Stale; have car
of three millions, four hundred hous
dollars The effect Of this bill upon
interest Of the people, can be comp
hendsd al g'unce Pass II and we h
capital for a circulating medIur
three millions four huGdred lhous
dollars Defeat it, and you reduce
circulation Of the Safe 10 seven b
d,sn thousand dollars, which is less
Civ csois for each individual petso
,he SAFE. This would not lurOis
currency sufficient lol The wants OF