Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-12-13

Second: II is claimed that banks shalt
Re exempt from !IshilIY TO laNal1on upon
thoir capital, and be SUI j4cl 10 be taxed
merely on their GVtdeUja or profits
AL other persons are taxed for the sup,
port ct Inc goVerataeat, ca the cRp,latUt
their Investments, The private cltlger
who leuds his mOHey at SIX per eenrum
Interes |, ia taxed oRe per cent on his
CAPITAL, while banks, with extraordinary
privileges, claim lhat laXallon shall
touch only lhelr prod's.
Third; Il is cnimed that the charters
of The banks shall be- exempI from eli
liability to alteration, Otnendmenl or re-
peat, by tie lawn king y '~er of ;hH
s ,te. Prlvatp c~parnersmPs, aud all
thn modes Of prosecuting olh'r ranches
II du'try ARE suhpc % the correcting
Iand o. trgi-larnn BM from analogy
10 the presumed 10 "a bIIlty OF the d.
vine prerogsltVe oil kings The people
are 10 be led 10 believe that banks can
DO no wrong; AID that therefore, o GER
tain sancliry s'hou be thrown arcuHd
their ch"r r:ered rights and proceedings,
which viii % zee them above the reach
of the rude armof sovereign power
-Four /: : 1t is ella m that thev shaIa
be protected from any act on he part of
The government or private cilizens, CAL
culaled to impair public col lidenCs in
hem, inasmuch as their success depends
upon keeping suspicion asleep.
Fifth: 1t is claimed that their condi-
upn and proceedings shah, at all times,
be exempt from examination and inspec
ion by pubic differs Although the
pubic has deep interest in knowing
their CONDITION. and mCde Of doing bust
ness, yet it rs thought necessary that the
ms sterles of tho bank parour should ha
scrupulously coHcested from The public
eye.
Sixth: It has been claimed that, in
t ms Of extraordinary emergency, and
fin ,ncnl rmharrass and distress,
hey houd I've permitted in order to re-
IeVe the people and prevent the gold and
s'ver from 6,wlng OFT OF the State, 10
suspend specie pavmenrs, and thus vic.
tt Q he Only condition Npm which they
were granted the high privilege OF cons
verlng their promlssory notes into cur
rency.
Such are britay the leading privileges
and exemptions demanded for banks ia
thu, State; and II is not aEn tier OF sur
Prise that the persons who set up such
cla,ns should ri CT The lerms Of The ex.
ising laws, and even pronounce 'heR
imprUcncajle. How far these high pre-.
negatives shall he conferred, and by what
restrictions aud safegards the communi-
ty shsl he prulecle1, is submitted 10 the
wisdom of the Legislature, The banks
themselves. OF lhUse directly interested
IN them, are cert einly not the proper
persons TO OpresCrihe the terms IN which
they shall obtain extraordinary prlvl-
Ieges and exemptions. Reflection and
observation have tended 10 confirm my
convection Fhot lime and experience viii
prove the wisdom Of the provisions Of this
general Law NOW in force, for the regu-
lBIlon oi the banking system Banks OF
issue, il permitted TO exist al all, cans
not be 100 cautiously guarded by re'
slr!ChoHs
The G eat error which prevails on this
subject has its origin in the cOmmoR
vague Impression nhal we are dependant
on the bank paper system for the supply
of a sufficient quantity Of tie cTculst-
ing medium; and that without bank pa-
per, commerce would not flourish, busi-
ness would sagnate, and the country
cease TO sdvance in prosperity and im-
proVement. This falIacy is the chief
cause Of that supertitlus attachment 10
the paper system. which, with some, has
become idolatry. It rs produced by su~
prrfcal Observation OF the mere appear.
unce Of things, without sn accurate in.
quiry intu the true elements which con-
Olitu'e The moving springs to enterprIze
and prosperity The occurrences which
have lranspred uuder the eyes Of the
people Ohio, within the last few years,
wall go far to dr~peI this deMsion. Tbs
following table wi show the ex'en, With
which the people OF this State are furnish.
ed with benk '#chllles aud accommoda,
tlons by our own barks each year, Grou
1885 10 the present time, with the eXceP'
lion OF the year lS4l; when the banks
principally set the laws at de6aRce, and
regular reports as to the condition of
them were not Obtained:
L.t 49, - e.,