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

ONl"JJ lHlIOuuCCul WV 'Hoh VII hN'
exist in the days Of Jefferson and Jack.
son, nor n the contests Of '3S, 40 aud
42. | have thought proper TO say This
much, in Vindicaton Of my own coosis-
lency and the course Of policy which |
have felt myself called upon to sustain.
Independent Of all previous pledges
and promises 10 the people, would it be
policy in Ohio to dispense with all banks
at this time! In my judgment it would
not. Ii our sister States would adopt
this policy, or il there was any reason
able probability that they would do so
il we should set the example, then there
might be some reason IN our advocating
an exclusive metallic currency. Yet |
would respectfully ask, if we we're 10
permit all our Banks to 60 out Of exis
tence, would metallic currency DO the
consequence | leel we'll assured IT
would not. We are one ofa family Of
twenty-si sovereign and independent
States, each one claiming and exsrci-
sing The right to incorporate banks
The circulation OF each one OF the States
with the exception probably Of Louis
lana, is principally Bank paper. We
! find ourselves surrounded in all direc.
lions with Banks and the paper Of other
States, freely used in all the business
transactions in Ohio. 10 matters Of bus
mess and commercial transactions, State
lines are no more regarded than county
lines. We trade 10 Virginia and our
sister States with the same freedom as
the citizens Of Belmont county do with
those OF Jefferson. Tho larmar who
takes his produce 10 Wheeling 10 sell =,
is compelled TO receive in exchange the
currency Of the place. The drover who
takes his stock 10 eastern Virginia or
Pennsylvania, must take in exchange the
money That is in circulation in those
places, 1t will be composed generally
Of the paper in Virginia or Pennsylva-
MIA. What is he to do with this paper
Would you prohibit him from bringing
it into Ohio and paying it out to his cred
ilors, or otherwise using it as his inter-
est might requireH Or would you re-
qure him 10 90 to the various Banks on
which he might chance 10 hold paper
and draw the specie before he could re
turn to Ohio with the value Of his stock
Such law would not be sustained by
public opinion, and consequently cou {
not be enforced. II it could it would
impose burden on our people, more op
pressive than the hand Of tyranny has
ever ventured TO inaicl on q free people
in any country.
You cannot exclude the paper o
other States from coming into this State
and forming a large portion OF our cir
culalion, only as you dispIace it witt
ourown paper. II we had SQUAD Bank
OF our own, the deprecated paper oI
other States would be condemned by the
Banks, and consequently could not OBJ
tain circulation among us, Foreigr
paper that would be deemed good wouI,
= find its way into our Banks and woul
be sent home. Our own bank pape
would maintain the largest circulation
I But 10 the absence Of Banks in this. tn
] paper Of our sister States would flow i
] upon us and constitute the largest Por
ton Of our circulation. The CAPT
D talsts Of other States would com
=, among US, and buy Of the produce oflh
, country with bank paper Of other State
! and it would thus be introduced int
! general circulation. | am aware thO
d the river counties that ship their slapl
productions to New Orleans, where th
principle circulation is gold and silVe
3 are now and will continue to be able
= command a liberal amount Of gold on
= silver. But this would not be change
O by the creation Of Banks in Ohio. r.
. peat then, that if we extermiDaie ever
; Bank in Ohio, we will not thereby ST
d cure a gold and silver circulation. A
y we destroy our own circulation, its pIaC
l.. will mainly be supplied by the paper
6 other States.
n We have tho practical proof Of tn
Of before US. Last winter thirteen Bank
weCt out OF existence by the expiraIic
4 of their charters. This winter tv
= more expired IN the same way-a
3 these Banks paid spscic for their note
!. and we're at least as good in every poi
4 Of view as tho Banks Of our slstt
4 States. We have now, therefore, b
small amount Of Ohio paper in clrcI
" lation, when compared with the aggr
= gate amount. What is the consequence
"a Do tho farmers find that the place
a our own paper is occupied by gold al
"a silver? 1t may be so, and doubtless
/ TO some extent, yet every farmer q
.. every business man in the State kno'
III from his own daily observation. tn
~ the greater portion is the Bank pap
o. a. of other States. have taken cor
n, care 10 ascertain the effect the wit
"a drawal Of our own paper has had
Iha circulation of the State. | will q