Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-02-09


dllionai currency must be provided, and i
an additional currency the people will i
have. If we do not incorporate lnslitu.
llons OF our own, and properly guard {
and restrict them, so that their notes
will al all times be sale 10 the holders,
the people will take the matter into
their own hands, and for the want Of
banks will issue their own bills, which
for want Of better currency, will find
an easy circulation. A strong instance
Of that character is found in tho District
Of Columbia. where q recklsS and suici
dal course was pursued by Congress,
towards the monetary institutions Of the
District, and they were forced out Of
existence But did that unwarraned
act Of Congress prevent the circulation
Of paper! By no means. Private bank
ers took the place Of corporations. The
consequence was daily failures, and eV~
cry failure brought with 1t news Of un-
redeemed paper, that deprecated in the
hands oflhe holders, and eventually pro
we'd entirey y worthless.
The amount OF specie in the State Of
Ohio, cannot be exactly ascertained; but
one thing is certain, there ls not enough
to answer the business wants Of the
people, nor yet 10 pay their liabilities in
way o taxation, much less 10 answer,
the commercial purposes Of a million
and half Of enlerprizing freemen -
Those who have been al pains in coIlec
ting facts relative to this point, putt far
below the amount usually claimed by
hard money men. One individual, who
with much labor, had collected facts to
this point, came TO the conclusion
that we had only The sum Of one dollar
and thirty eight cents per individual in
the State, OF hard money. With this
small amount, it would be Impossible 10
exist 10 our present situation at ALL
How is our currency made up? What
takes the place Of our own paper, as our
friends on he other side Of the Senate
drives il out OF existence 10 answer
he could only say what every body
knows; that the paper Of other States
, take the place OF it. Look into the bn.
siness community al this time, and yol
will find Two thirds Of our ctrcu'aioT
made up Of the papsr Of other State
over which we have as much control q;
we have over their internal improve
menls. How faIlacous, then, is the ide
Of a metallic currency, while we ar
:, surrounded by the institutions Of othe
y States, which flood ours with their de
preciated paper, which, of necessity y
4 makes up our currency. While our Il
+, gislalure are taxing their ingenuity
reduce US 10 an exclusive hard none
- currency. Michigan comes down on t
, with three hundred thousand OF her S
N Clair paper. Pennsylvania with he
~ ~ bills ISSUED according to the act Of Ma
~ 4lh, A D. lS4l.' Such is The currenC
y the improvident legislation Of the la'
n few years has furnished US, and It
y question must now go oul for the dec
50 sion Of The people; whether we wi
- have system OF banking Of our ow
Il over which we can have perfect legi
DO Iative control, or RELY upon the depr
n ciated paper Of other States, and be su
DO iecl 10 the fluctuations of their businet
81 without the precauliou Of prepara'o'
OF measures necessary 10 protect US agar
J. the revolutions 10 their lradef
ks
ii. We are, however, told that we ha
A. too much currency, and 10 remedy il {
o. supposed we must now have none!
nd True; our currency has been too mu
n inflated. We have had loo great r
,se dundancy; and who is TO blame for
of The same party that is now warring
,rs gainst the Banks, is the party more
al. blame for the excessive banking III
nm any other. When the war was ma
.0O m on the United States Bank, it was n
,0o cessary TO give something in it's ste
,0o For that purpose, the recommended
,o0 oI local Banks was made by Gen. Ja
;o son and in almost every State VIII
~ his friends had the power, numer
~" i"u local banks we're chartered The biz
Nv NV ry Of our own State proves that (o
VI" In 1884. The friends of Gen Jack
H., we're in the ascendanoy in both branc
400 @ Of the Ohio Legislature, and during /
oo ooo session ten banks we're incorporal
WV And in looking over the journals OF
ven Senate of that session. he found ma
10 ity OF the administration members vol
o, for every one OF the ter Banks, exc
Aho the Bank Of CircleVile, upon which
lot' yeas and nays we're not called.
SOL those who constituted the Senate al
put' time, but one is a member now, and
WIN one 10 the honorable Senator from Il
'eof ilron, (Mr Disney,) who has just en-
AsoO tained US with an eloquent and sir
en- speech in favor OF The indefinite o
ponemenl of this bill, Judging {
Tned the remarks OF the Senator, we shu
lure bs forced TO the conclusion that he
heir always been the consistent opponer
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