The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-07-12
CIRCULAR.

FELLOW CITIZENS:
Ours is emphaticaly government of the peo.
pie. All power is inherent in them, and all power
in every department is Immediately exercised by
their agents and representatives. Communication,
therefore, must and will take place between the
candidate and the elector, the representative and
constituent Discussion is favorable to light and
knowledge; the widest range Of discussion there.
,ore on public subjects is the best, and, in the
opinion of many citizens, it is better that this dis
cussion should be open and avowed than private
or concealed.
1t would be gratifying to the subscriber to visit
you personally, to take you by the hand and con-
verse with you about those important matters
which Immediately concern our common interest
and welfare as citizens Of the state and county
But this is utterly impossible. In our happy coun'
try the numbers of the people are SO great, that to
converse personally with every man, in one OF our
popuous counties, would be the work OF years
But as before observed, communication between
the candidate and the elector will take place, and
wide discussion and consideration Of public affairs
ought to take place. / adopt the medium OF the
printing press as means Of abridging labor In
doing so, am no doubt impeed in part BY that
disposition so natural to man who has been dep
uted by his neighbors to perform difficult and Ia
borious duties on their behalf, to render them an
account of his stewardship. Impressed as l am
with feeling of gratitude and good will to the
citizens of this county, for many tokens of their
confidence and regard bestowed upon me in times
past, it could not be supposed for moment, that
could be Indifferent to their appreciation or dlsap-
probation; more especially as in the present state
of affairs the sweetest and the chief reward which
diligent and faithful representative can receive,
is the approval of his fellow citizens and the answer
Of good conscience.
The kind attention of the reader is therefore
bespoken for the following remarks,-they shall
be as much condensed as possible.
The last session Of the General Assembly was
characterized by a very considerable degree of
excitement and party hostility. The debates were
often warm and even acrimonious. The subscriber
constituted one of political minority, and was
therefore prevented from doing many things which
he would gladly have done. Two great subjects
became prominent in the debates and discussions
of the Assembly. One of these was
THE BANKING SYSTEM
No less than seven acts of bank incorporation
passed the House of Representatives,--to wit.
To incorporate the franklin Bank of Columbus.
the Bank of Ohio, the Bank of Chilicothe, the
Bank of M'Connelsvile, the Bank of the Valley,
at Lancaster, the Bank of Steubenvile, and the
bill to authorize the business Of banking in Ohio"
These were introduced, defended and passed by the
majority power in the House. They were compu-
ted to incorporate capital to the amount of LearIy
sixteen millions of dollars, far greater amount in
the opinion Of the subscriber than the necessities
or laws of trade demanded and far greater than
could find legitimate business or employment in
our State. An attempt was made to render these
bills acceptable by infusing into them some good
and wholesome provisions such as the democracy
have uniformly contended for, but they were
strongly tinctured with the old irresponsible and
Objectionable joint-stock principle, and did not
contain those guards and restrictions for the safety
of the bill-holder, which disagreeable experience
has taught us to regard as Indispensable In one
word they were intended to be banks upon the old
unsafe and unsound principles with some modi6-
cations and improvements. The last named act
contained the additional Objectionable principle;
that it was calculatedto occasion gambling in Ohio
State stocks, and to give an unjust monopoly 10
those who might happen to be holders at the COM
mencment OF the banking operations. 1t provided
that the holders of our canal debt might deposite
their certificates in the State treasury, put in 80
per cent. In specie as banking fund, proceed to
business, issue one hundred dollars in paper for
each thirty in specie paid in-enjoy all the profits
of their banking speculation, and at the same time
draw the interest their stock semiannually from
the State treasury! 1t is evident that this small
fund of 30 per cent was the only real security
provided for the bill holder; stocks are not ready
money, to produce money they must be sold in the
market, and sudden alarm andrun upon the banks
would force vast quantities into the market at once,
reduce the price almost to nothing, turn the secu-
rity of the bil-holder into thin air, and spread
feast of fat things for the stock gambler and specu
lator. For these and many other reasons con-
ceived that the only relation which your represen-
tave could sustain to these bills was that of pure
and unmixed hostility They received no coun
tenance, therefore, from me by vote or word or
action. also felt constrained in point Of duty 10
vote against the proposed continuation and exten-
sion Of some charters on the old unsafe principles.
The above mentioned bills failed in the Senate, so
that no new bank was created during the session.
But though we could give no countenance TO
these wild and visionary speculations in banking.
calculated to produce fever.t of unreal prosper
ty to be succeeded by gripping chill Of actual and
agonizing adversely, there were many circumstan-
which rendered the currency a matter Of interest,"
ing consideration to the democratic members Of
the Assembly. 1t an old proverb that the golden
mean is best; extremes are to be avoided. Il 10
notorious that the bank note circulation Of own
4 banks is now contracted within q very narrow
compass. Our paper currency consists almost
exclusively of notes issued by the banks Of other