Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-12-17

" OF bank paper and bank lacliilless Ous
v ness and enterprise were Paraiyzcd. pu
lick works stopped and given up, aud "a
n provements Of all kinds retarded. Ar
/. al that vory lime, the clamOr for NOR
y banks, more bank facilties,a new an
E more enlarged banking system, was be
!. yOrd measure,
At the sessions 1866 1887 -39, is
$3.50. lS40-4l, petitions for more bank
were crowded on the Legislature il, uns
qualed numbers. The delusiOn seemed I,
hold portion Of the people spelI.houO
with the idea thai an addition 10 the ban
issues and bank loans, already existing Il
an alarming excess, could relieve Ih'
country. And the LegislaInre was even
censnred as refusing TO do any thing fO
the good of The country because The in
saliate demand for banks was resisted.--
But during the latter period Of IImeslhe
! banks have been reduced to the numuel
Oh len since January, ls43, aud 10 eight
since January, 1914; and the loans and
| discounts of the banks have been reduced
10 less than one sixty, and The capital
1 and circulation 10 less than one fourth the
average Smount during the former period.
Banking operations al the same lime, IN
the surrounding States, have been greatly
curtaied, ard IN Michigan aud Illinois
perhaps more ihSn 10 OhiO. The inpr-
Clina,e thirst for bark accommodations and
bank facilities has dc creased ss the banks
have disappeared. Tie smbarrassmenis
and distress Of the former period are new
TO be seen only in some OF the remains
OF the general wreck which, thoy pro,
duced. Thirteen banks expired simUl-
taneously on The Grsi of January, 1918.
and instead OF the ruin and disaster pre-.
6icted from the event, BUSINESS and en-
ternrise have continued to revive unIinpe'
ded in heirprogress. Tbus.as The bah K
ing system has literally rOtled down 10
the sink offs own folly and corruption,
tho prosperity OF the country has received
new life. Industry aud enlsrprise ,relieV;
ed from The bondage ofbanking. opera
lions, are recovering their energies with
renewed vigor, and commerce, having, in
measure thrown of the shackles OF pas
per money, has repIuned is wings for
career Of prosperity.
Since The enchanment OF bank paper |
has III measure passed off the fact has
become apabls thai the prices Of our
commodities, in Ohio, depend upon The
prices which they will command in the
Atlantic cities and elsewhere, and not on
the prolusion Of The paper bubble. When
wheat will command dollar busbel in
New York, it will command a propOrIiou'
ale price ia Ohio, althoughlhers be not
one dollar of bank paper within the lin
its OF the State. Gold and silver is now
abundant in the Atlantic cities, and The
value OF il cannot exceed the worth o;
the currency with which our products are
now purchased more than the cost OF
transportation.
Actual experience has often exposed,
and that too, with severe penalties, the
smpircism OF all atiemLis to enlarge The
circulalingnedium,and stimulate the pros
,perity of q, country by an issue Of paper
money. Gold and silver is, and ever has
Ebeen, the currency OF the commercial
worId,ahd the standard OF value 10 which
eyery thing must conform. The prices
in The markets fevsry other State and
country IN The commercial world, have
their influence in fixing and regulating
the prices in markets Of Ohio. So also,
that currency which istho universal, stan
dard Of value Of every o,hsr state and ma
tion with which we trade, either directly
Or indirectly, must regulate and control
the currency of Ohio. The laws Of trade
which regulate and control prices and
currency throughout the circle of trading
nations, are a. searching, as all pervading
and az irresistible as the laws OF nature.
Vain indeed, would be the saitempi TO
hedge in the circulating medium Of
country, and pump II up tofulness by the
ministry Of banking institutions. Tariff
Il AZ, far this purpose, and all other expe-
dients, would prove but ropes OF sand,
while trade and the exchange Of com
mod,iies with ether commeicial nations
, isat all permitted. The commercial
, fluctuations and variations in the quantity
ot GoId ana silvsl in a country, when un-
; disturbed bv the expedienis ofpdpeI
. money, arc but the wholesome citcula-
!. ton Of The life blood Of the commercial
. system. They invigorate enterprise and
( bshefil at. Bur The artificial irregularl'
( siess and fluctuations Produced BY paPe,
!, money, first to inioxicate enterprise ana
ls,hea eufsebis il, and spread disease and
If I!unsoundness Into the whole system q
n lrade so lar as thor influence extends Is
Q Tbe enlightened statesmen, both ofEng
i laanlI ana Softbis countfy, wha have advo
). Gated ale system Of banks ofissues hAE
N nsyes plaeed them, uRon Abe ground 3
r being necessary for The purpose Of SUI
,e nivina 4 more abunda0t circulating med
ri 6m On the CONTRARY, they ihfofm u
Is. htbapsaFEHhe 0pinicnOf the best write
ia on the, subieCl,lAat ths most perfect baT
ial bciEduIaaioRs would be one which shou
~ - 0Vseissly sauAl 10 amephk "a What