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

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per, Pennsylvania relief notes. Good
l0tent Shinpoaers, DC. This paper
has taken the place Of 81. ClsirsvlIiS,
Mt. Pleasant, &c
Which is the best currency, the ono
we no@ have, or one composed Of the
specie paying Banks in our own Slatef
We claimed, and with great justice, that
our old Bank charters were not sulTi-
cientIy guarded, and that the public was
not safe. Bot the charters Of both the
Wheeling Banks are less restricted and
not as we'll guarded to secure the peo-
pie as the charters OF the ST ClarsviIe
or Mt Pleasant Banks. The same 70
mark, with some exceptions, is spphca-
bic to all tho Virginia charters and 10
deed The Banks OF most Of the other
States. A considerable amount nf the
foreign paper we have circulating a.
mong US, we know but little sbouL-
What then have we gained, 90 far, bV
letting our specie paying Banks 60 cut
Of exsteDcef Certainly not an excIU-
sive metallic currency. Every man
sees and knows this is moi the case.-
Not a paper circulation, issued by Banks
any better, or indeed as we'll guarded
and restricted as even our old specie
pa ing Banks. But we have got, and
are daily Obtaining foreign paper cir
culation, large portion OF which the
great body Of our ciizans know Iillle or
nothing. This has been, and will con-
tinue to be, The consequence resulting
from the extinction Of our own Banks.
The least valuable paper Of other States
will flow in amoUg US and fill 'hs va
cancy created by the Withdrawal Of cur
own paper. We ell see this and know
it 10 be true. 1t is in vain to deny it,
or attempt to reason ourselves out Of it,.
Every farmer. who has produce to sell,
and every business man who handles
money, has the evidence OF It's truth be =
lore him. 1t is also true that a paper
issued by our own specie paying banks
is much more readily converted into
gold and silver, by our own citizens,
than the paper Of foreign Banks.
There are many other arguments
that might be urged in favor Of the po
Icy ! have been advocating, The lin.
its Of this communication will no, per
nit q full view Of the subject. 10 a
,, young State, like Ohio, with a geuiel
climate and rich SOIL having popuIa
lion Of near two millions, with unbound
ed natural resources, we are more in
want Of capital than any thing else. 1t
is capital that improves our country
f gives employment TO labor and infuse:
, lie and energy into every department
of business. We should bo careful
! therefore 10 adopt no policy that would
\ expel capital out Of the Slste, or deeT
men Of capital from settling among US.
, The contrary should be our policy
carefully and steadily adhered to. Tn,
destruction OF all Banks would be al
3 tended with the withdrawal OF a large
amount Of capital from the State. Mer
r of surplus capital will invest il in bank.
ing institutions Of other States, anC
9 foreign capitalists will have no induce,
n men. to bring their capital here for in
;. vestmeot Is this policy calculated l.
= promote the public INTEREST,"
The bank capital OF this State, from
. 1881 up 10 the present time, paid as
tax into the State Treasury, four hun
. dred and sixty three thousand one hun
II dred seventeen dollars. This year III
. tax arising from the remaining bank
. will not exceed three thousand fv
l. hundred dollars. Is it not some advar
', taee to have this capital among US, aid
y y ing in supplying an exhausted treasury
v and relieving the enormous burdens {
the peope2 In every point o. view
} therefore, which | have been capabl
OF taking of this subject, it seems to m
y !. 10 be the true policy OF Ohio to chers
- % and foster her own banking institution:
u In doing so, we should be careful 10 e
. tablish Banks only al few propine,
70 points, where they would be Useful
% the commerce and business Of The coul
u try. The Banking system while it
70 capable of doing some good, is liable
!" great abuses; but i! IL the business
=, =, the legislative power to guard again
~ ~ the abuses Of the system, and render
., ., powerless FOR evil, aud potent for goo
~ 10 say this cannot be done, ! think
+. going too far. Let The experiment
- fairly made. and if our hopes should
disappointed, some plan may be devise
y, by which TO rid the whole country
w the system altogether Surrounded
70 we are by the Banks Of other State
10 the question we are called upon to d
"s eide 10, whether it would be policy f
'S' US to have a paper circulation compos
e' OF our sister States, and issued by inst
10 tutions over which we have no conlrt
" ur about which we can frequently kuo
VI but title, and located generally al
IN r