Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-12-17
BY d. P. PALMER,
GOVERNORS MESSAGE.
(Concluded.

The subject Of the banks aud the cur
SsnGy has occupied no iBconsidefablt
share OF The attention Of the Legislature
6f ibis State for the lasl len years, anC
will probably continue 10 do so for many
years to come. IL involves considers
mons Of aramount importance and diff
emily, either for good or,for evil, bear
ing directly and extensively npOn the va
riOus and complex interests Of the COM
muniiy. The dRersily Of opinion on'lhe
subject, is not 10 be wondered at. Dis,
iinpuished statesmen, in different coun~
tries and ages, have differed on few sub
iscts more widely and more warmly than
up6E paper money and banking, Truth
shuuld DO searched by candid consid'
erosion 0fthe views on both sides of-lhe
subject. In the adjustment of the ques>
Ton, the great body o. the people have a
Iommon interest, aud certainly no one
.an be governed by any oiber motive than
desire to see it settled IN the manner
best calculated 10 preserve the safety Of
pLr Institutions, an1 advance the welfare
aad happiness OF The country.
y Within the last tn ee years a mainri,y
Of the bank charters in the Stale expired.
In March, 1912, all act was passed, de
signed 10 sppercede The necessity Of speI
.ciaI cllartefs, fixing, in general law, the
1,,owers liabilities and terms for future
banks, and imposing rgd restrictions On
the abuses heretofore practieed in bank
Jog, This law was ailadged to be loo se-
we're, snd, in February, l043. il was a.
lpeuded, aud "a number Of the prominent
cuizsns Belonging 10 companes which
had perlienea the Legislature i"ru re-
ne wal OF their charters, were aulhnT zed
50 urthuize aud commence the business
Of banking. They declined, hawerer, TO
engage ia business ol the cohdhIoEs lJnt
pnssd. on account Of tho HnSetIled state
az public sentiment On this subject; aud
with view Of UbisinIDg banking Privils
eyes at a subsequent peridd, upon terms
more in accordance with their own views.
The persons who desire 10 embark in
the business Of blhking inthis State, are
requiring exclusive privileges and special
exemptions from whChthe rest Of The
community are inhibited. and which the
,,eeple, who are anxious 10 protect their
',ghls and preserve beiriberties, should
fully understand aud maturely consider
before they cOnfer them, without the me-
cqssary safeguards and limitations.
ls,. lis claimed that The banks shal!
have their usual power 10 issue their
corporate promissOry notes 10 be made
currency by the authority OF laws, and 10
substitute them for the circulating money
of the country. ~
%. That, in order togive their pro,n'
issury Do,es more the appearance and
authority Of aciua al money, il is claimed,
thai they shall be received in paymenI OF
The public dues Of every description, by
'tile, positive sanction Of the government.
3D. II is claimed, that the banks shall
have ihsir usus! powers 10 put cut their
capital, on loans or discounts, atrlnietest,
and esoyto lend out at interest THAR pae
per credits in the form Of back notes,and
ihus receive an interest on their protns
sory notes, instead Of paying an interest,
as does the rest ofths cnmmunily.
4th. 1t is claimed that they shall have
ths power to receive the funds of other
persons on deposit for which they pay no
interest, but npon which they are enabled
10 receive and profit, by loans and Other
wise.
5,h. II is claimed, that they shall
have the authority to deal aOdspecnlate IN
The exchanges and public stock Of the
country.
9Th. That they shall have the authori
" 10 grant credits on their books, ant
transfer the amount Of the credit iron
one person 10 another and TO make loans
without limitation, TO themselves, thei
officers, managers, and fayortes.
7th. Tha, they shall have The author'
ily 10 take six per cent. interest in adj
vance on their loans and discounts, am
thus be enabled 10 reIalze compound IN
lerest instead Of simple, TO which The res
Of the community arc restricted.
9Th. That they shall be permitie'
10 transact business, through the inter
yention o(brokers, accordngto the un
derwritten code OfSabking usage; ;'where
by, they are enubledto evade, with llH "
Suniiy. the lnconvanieul restrictions
law. aud iniunciions Of intsgrily,
With these ampla powers, hanks Ga
realize compound inlerestoni their cal
itaisahe chief part Of which, they usual
lend o6i, also, on that portion q the ne
esposiia which they lend and llss~lF
on theiFpromissory notes which they y y
sue, and lend out asTIioney ana g eesla SIC
aIlsahis lhsy can have lhslf PEollls ,sl1 az
ing from their spscIlaiiousil lAs 2
changes anddhe publia stocks o. !
Codntfyy aud ibgiI Illicit 4 ttaflsacilo y 2
iRfpaeha tie iatsrsealioH Of bTokitsars'
wen ss ihe adgsnlaees,o liberal acca
m0dati0ustb their uwn managers and ?
aicular friends ID lEs exercise 4
thsss kiak pFef09ativss and exclus