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


deprecated paper currency.
The enquiry was then in the public
mind and with public men, how these
evils could best be remeded and guard
ed against, in future. The banking sys
tom had grown up among US without
attracting much notice or public atten-
tlon. Bank charters had been granted
| with no other restrictions or safeguards
than such as had been suggested by
bankers themselves. 1t was obvious
that the system had grown far beyond
the commercial aud real business wants
Of the country. The enquiry then was
not which Of the two great poItical par
ties OF the country had been instrumen,
taI in fastening this loose and unguarded
system OF banking on US, bot who was
in favor Of reforming the system so as
TO protect, in future, the public interest
against its abuses. The whole demo-
cratic party took the ground oil bank re.
form, while our opponents either justi.
fed, or 10 some extent palIialed the con.
duct Of the Banks, and maintained that
the system itself required but little, if
any, amendment. This was the issue
between The two parties IN the contest
Of 1888, and in every subsequent one,
including that OF lS42, when | had The
honor of being last elected. We
claimed that the banker should be
made personally responsible for the
debts Of the bank. 1t was The Teforma-
ton not the destruction Of The system
that the democratic party advocated. 1t
was the reformation, not the destruction
Of the system we promised the people
when seeking their votes. And it was
its reformation, not its destruction, we
were bound as party TO accomplish as
far as practicable. In every contest
when candidate before the people, this
was the ground occupied, The con-
test OF 1888 resulted in the entire sue
cess Of the democratic party in both
branches Of the General Assembly. 10
compliance with the pledges solemnly
made TO The people before The election,
The democratic members Of the Legis'
IaIure passed The Bank Commissioner
Law and various other acts, oil design.
ing 10 protect the people against the
evils with which they were then threat
ened. None Of the banks at that time
had less than three years TO run before
their charters expired. They were all
in a state Of suspension. 1t was difficult
10 know their true condition.
Under these circumstances it was not
deemed advisable 10 recharter, al that
time, any Of the existing banks under
The restrictions and limitations advocated d
by the party. 1t was with great force
claimed that they should be first requir.
ed 10 resume specie payments before
they could expect 10 be rechartered,
That this would lest their solveucy and
enable US 10 Judge what institutions
were worthy Of public consideration
That in due time the sound institutions
should be recharted under certain mod
fcations, or new system enacted If
lieu of the old one. appeal 10 every
one who is familiar with the history o
this question, il this was not the grounC
occupied by the democratic party unit
after the close 9th contest Of 1912.
The history Of this question 10 TOT
fresh in the recollection Of our citza ns
to require any proof Of the correctness
Of my remarks, The Wings charged
us with being in favor Of the destruction
of all banks. This charge was repeIIet
as SANDER on the party. In lS42
when the extra session was called, and
/ when the Wings, by vacaring their scat
dissolved the Legislature, it will be re
collected that our friends issued an I'D
dress pointing Out the evils resulting Il
, the public from this act. II was claim
ed that bill to recharler the specie pay
D iUg banks under proper restrictions ha
@ been defeated. II was claimed then, b
. myself aud others, that it the law ma
r king power had not been destroyed, tn
n specie paying banks would have bee
l. rechartered as set forth in the address
y the democratic members,
8 The doctrine Of Bank destruction an
an exclusive metallic currency was OK
9 pressy dsavowed 10 the contest Of l84'
as in all previous contests. !! was un
der these circumstances | was elected
9 What was my duty2 What was boun
! to do in order 10 meet the just expect
70 ton Of those who had con6ded in m
o solemn promises made before the elst
y tion9 The duty which owed to Il
| people was plain. was bound by ev
lr ry consideration which should iDhueuc
$ q public man, TO carry out as far as
In could the repeated promise OF Bank
,s form. After having in common wi
lg the whole body OF The Democratic par
O. repelIed the charge that we were I
It. Bank destruction, and after having pro
n ised to aid io building up a sound sy