The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-03-21

as the North American Trust aud Banking Com
pany, and the Baltimore Life Insurance & Trust
Company, and their humber imitators, when
grouped together, show losses of
Bank circulation and deposits $54,0O0,00O
Bank capital, failed and deprecated 24S, 100000
State Stock deprecated, l00,O00QO0t
Company stock, 60,000OO0I
Real estate, 300,000O00l
Total, 7s2,0Oo000I
"The effects of the great monetary revolution,
disastrous as they have been, and more frightful
still as they appear, figured up in dollars and
cents, are yet exaggerated 10 the eye in ipese
paper exhibits, because of the immense Au&ua-
tiens Of the standard Of value, which appears al
ways, nonnally, the same. The greatest injury
10 society, resulting from this state Of things, is,
in the upheaving the elements of social order,
and the utter Generalization ofmen by the tsrnp-
tations 10 speculation, which ends in swindlingI
to retain ill-gotten riches. In illustration; the
journal of banking chronicles thirty odd millions
of plumber by bank defalcations in this single
convusion, 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 have, in yourlet-
Ter, al this particular iuncturo. We are just COM
mencing most important political campaign,
and the success Of the great principles and fnea-
sures Of the democratic party, depend upon union
and harmony of action. On account of the I'M
posing position which you occupy in our ranks,
we had right 10 look TO you to smooth the bill
lows and pour oil on the troubled waters of dis.
sontion, inculcating, by example as well as pre-
cept, union, harmony, and concert Of action
But your letter, as | understand it, is severe
reflection upon one portion Of the democracy OF
the State, and is calculated to distract the party
Iby dissention and amnesty.
You have, by your letter, nterfered in an,im-
Ipo,tant and exciting controversy, which has been,
tor ssme weeks, and is still agjtating the egsla-
i've bra nch Of the government in reference to
local Gun oncy question, arising out of a proposi-
ton 10 confer certain privileges upon the Bank
Iof Wooster. Upon this question, few Of the
democratic members of The Legislature have
deemed it their dnly to act with our PoliticaSoP-
poneats With all tie weight of your high Char
ac;er and official nflAeGce, you have thrown
yourself into this angry controversy, and, by IN
Iloisng The votes of thoss democratic members
who voted with our political opponents, you have,
Indirectly, condemned the majority OF the demo-
cratic members Of the Legislature for the course
which they thought it their duty to pursue.
You say that the "Wooster Bunk bill" "makes
he stockholders individually liable for the dehis
of.t tha inst:iatioat to tic fallestextentni IaAy%n
VIII find, If you examine the bill, that it coptaRs
general exception by which the bank can ex-
empt the stockholders fiom individual liability by
agreement with dgpositogs. You will fad, aso,
! hat this bill prescribes no mode for enforcing
he individual liability, and contains no rosTic-
lion llpon the transfer Of stock--the indiv,daal
II ability of a stockholder ccasng when his capa-
civ as a siochhclder ceases, You s4y,also, that
ith.s bill "ernbracss the specie olause"! Yet il
lwill be found that il authorizes the bank TO make
fards on depostc in the Atlantic cities subecl
Ito ght drafts which may be even sometimes be-
low par, a substitute for the specie which the
b ink was required TO keep on hand for the re-
Edomption of lis circulation. You say that this
'Ibll Furnishes fraud on the part Of the bank Off
Icers with confinement in the Penitentlay; yet il
will be found that the Pententiary clause in this
,Ebll is nothing more than the ordinary criminal
Iprovison against embezzement, and does moi
embrace the Pententiary clause Of the prescni
bank law against putting in circulation bank pa
per contrary to the terms of the law.
You express yourfears that the "provsIons Of
this bill are not well understood by some of oul
'Icitzens,t' and you add that it contains tall tbs
great Cardinal principles Of reform for which the
democratic party have commended" have al
: ways supposed tito be cardinal principle with
I The democratic party, and, as such, Gf mistake
tnot,) you recommended it in your first Inaugural
: Address, that in granting future privileges tt
4 banks, The Iightof amendment or repeal shoulc
: -Ibe, by express provision, reserved.
d have alwags understood that it was cardina
! democratic p8lncple, that in granting future priv
/ lcges rsbdnkfng, it should be done by geneT
IS al uii5Ioan banking law, operating equally on d
the banks subjecf.to if, andanpt BY special chai
y sers. HAnd have always rsiood that il wa
a cardinal principle That IN fcfofming the bank
T ing system, safeguards should be provided
" those Aagrant and outra ageous abuses which pai
z IczBetbehce has taught us existed to an aiafmin
aAlg.se eat. What would be accomplished .by a y
n lasni IN the banking system, which placed 4
Is upon excessive issues Of paper, upon bar
II INVESTIGATIONS and expansions, upon banks gan
nlbliaa II stocks, and covering Up iniquitous tran
actions BY the intervention Of broker9 AZ
rtlayhdE could be effected by bank reform Vi
se4stiIl pepitted spectators to engage in bankal
X fol tie Die purpose oftnanufaeturing the meal
ct ef endiug money to themselves, and basing the
le banking operations upon mere stock notes, ,drat
ft1on eastern bankers, Government stocks, or son
other kind of hctionof changeable value2 ~
tol Various enormous abhses and frauds Of The ban
ad ing system, have been the subject Of exto
commenfby the denocratlca pagiE in Obi
II for years; and have always understood that
was not simply and alone, Individual liability a
the PeHiseaaary clause, but also elEaat.s chac
lupon the 4 ant abuses and frauds of ii =
G0IwhlelI WeTd Iikewisc made eaFdinal poil
lin fhe contemplated fclotm Of the bafIlisg !.
~ item.