Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-04-02

Company stock 30 100000
Real estate SO0,0O0,OOO
Total $7s2, 100000
"The effects of the great monetary
revolution, disastrous as they have been
and more frightful still as they appear,
when figured up in dollars and cents ARE
yet exaggerated 10 the eye in the1e pa.
per exhibits, because Of the fIucations
Of the standard value, which appears al.
ways, nOminally, the zane. The great.
est injury 10 society, resulting from this
state Of things, is, in the upheaving Of the
elements of social order, and the ritIer
demeRalizatiOn Of men by the temptations
TO speculation, which ends in swindlinq
to retain illgOtten riches. Ia illuflfa
tion, the Journal Of Banking chOtnicIes
thirty odd millions Of plunder by defalca
| tions in This single cOnyulsiou, as far as
they have been discovered, and have
reached the eye Of the editor"
| truly regret that you have deemed
| it proper 10 pursue the course which YOU
bave, in your letter, at this particular
juncture, We are just commencing a
most important political campaign, and
the success Uf. the great principles and
measures Of the democratic party, depend
upon union and harmony Of action: On
account Of the imposing position which
you occupy in our ranks, we had . right
10 look to youto smooth the pillows and
pour oil upon the troubled waters Of dis
sentiOn, inculeating. by example as we'll
as precept, union, harmony, and
concert Of action. But your letter,
as | understand it, is'a severe reflection
upon one portion Of the democlacyOf the
State, and is calculated to distract the
party by dissention and animOsity. 81,
You have, BY your letter, interfered in
an portant and exciting controversy,
which has been, for some weeks, and is
still agitaling the Legislative branch Of
the government in reference to alocal curi
renCy question, arising out Of q prOpOsi.
tion 10 confer certain privileges upon the
Bank Of Wooster. Upon this question,
a few Of the democratic members Of the
Legislature have deemed it their duty 70
act with our political ePponens Wilh
all the weight Of your high chataCteF ald
and Official influence, you have thrown
yourself into this angry controversy, and,
by indorsing the votes Of those demOcrat.
ic members who voted with our p )litical
opponents you have, Indirectly,cOndemn-
ed the majority Of the democratic mem.
bers Of the Legislature for the course
which they thought it their duly to purr
sue.
You say that the'WoosterBank b;llmakes
| the stockholders individually liable for
the debts OF the institution 10 the fullest
extent! Yet you will find, if you exam,
inc the bill, that il contains general ex-
ception by which the bank can exempt
the stockholders from individual liability
by agreement with dePOsilOrs. You will
find, also, that this bill prescribes no mode
for enforcing the individual liability, aud
contains nO restrictions upon. the trSnsfer
Of stock-lhe individual liability Of stock
holder ceasiIg when his capacity as
sIOckholder ceases. You say, also, that
this bill "embracea the specie clause" -
Yet it will be found that it authorizes the
hank to make FUNDS on deposit in the
Atlantic cities subject to sight drafts
which may be even sometimes below par,
substitute for the specie which the bank
was required to keep on hand for the re.
demptioD Of its circulation. You say
that this bill Furnishes for fraud on the
part ofthe bank officers With confinement
in the Penitealiay; yet il will be found
( that the Penitentiary clause in this bill
is nothing more than the ordinary crimi-
nal provisions against embezzlement,a an d
does not embrace the Penitentiary clause
Of the present bank law against putting
in circulation bank paper contrary 10 the
terms of the law.
You express your fears that the "pro-
, visions Of this bill are not well understood
D bysome ofOur citizens, and you add that i
: contains "all the great cardinal principles
: ofTeform for which the democratic par
" have contended." have always sup
9 posed it 10 be q cardinsl principle with
9 the democratic party, and, as such, (if
i mistake nOt) you recommended il in
9 your FIRST Inaugural Address, thatin gran
0 ling future privileges to banks, the Tigh
: Of amendment or repeal should bs,by OK
press provision. reserved.
u have always understood that it wal
b cardinal democratic principle, that il
n granting future privileges for banking, ]
. should be done BY agenersl, uniform
of aws operating equally on ell the bank
?, subject to it.and not BY special charters
And ] have always understood that
j was cardinal principle that in refOrmin
ct the banking system, safeguards shOul
70 be provided against those fagrant an
ID outrageous abuses which past axperienc
ID has taught Us existed to an alarming OK
tant Whit womIA ha aannFa nI,aha,l 4