The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1844-12-12


quent PERIOD uponerms more in aecofdahee with their
own views. ~ Wv sefS4 a3s~' 'oadaF SIS q
The persons who desire to embark inlke business Of
banking in this State, are requiring Exclusive priyie
ge' aud special exenpuens rui winch The rest 6fca
atuiiy afe isdblled and whire the tahIa WIN are
ANXIOUS to protect bar rights and heir he
Hes, thoud fully u,dsrStnud and pau,eiy consider beq
fore they confer eu lIout The nersssary saegusrasi
aud limalions -"T ~ s's2t@ Nt't' a
Is 1t is caimed thatthe banks shall have their u-us
al power 10 Issue their corporals p'omssoty u be'
made currency BY the authority Vf aws snd tb tubst.
tute them for tlis circulating money Of the country,
3D. That in order iogsSes iheiV prGImssdry notes
the appearance sud auIhonty OF aclaa money, t
IL ciaed thatthsy shall bereGeved pay nen of ihs
tuc dues of every description, BY the positive sae-
non of lhe g1seran'e"t ~ = tee72ts f.ss aE ta
Sd. lrs claimed tia, The hanks shall have their,
usua powers 10 put hsir capaat % loaus dis
counts at interest," aud aso 10 lend out at Itefest hei
paper credits IN the form of tank notes. and tls
ceNe interest on their promsSOry notes. instead Of
paying an interest, does The o ths ounmuniy.
4th Il 10 claimed, That they shall have the power 10
receive the funds of olhSr persops on deposit ior which
lliey pay 10 Interest," but upon which they enabled
to receive and profit by loans and ohefwise . g. .
5lh. II is claimed, that they shall have the authority
to oea and speculate in The exchanges and public stocks
Of the country, 's,i' Af2a'.t ID .'.' ~ "a -
Gill. That they shall have the authority to grant crsS
dis OH their books and transfer the amount of The
DIT from one person TO another AID to make oans I,
without limitation, to thtmueyes. their oficsrs mana
gers, aud avorites. Af '''' ts'-' .i& ~ %
7h. That they sLall have the authority to take six
per cent ihtereslin ADVANCE their loans aud di4-
counts and thus be enab ed 10 realize compound inter
est to wi ch tho resi- Of The community restricted.
9Th. That they shall be permitted 10 transact busl.
ness through the Intervention OF brokers, according to
the underwllien code Of "bapkng usage" whereby,
hey are enabled Oeyade, with Impuhty, The iiicoh-
yeient restrictions Of law and injupcons Of integrity;
With these ample powers, banks can realise com.
ponnd Interest their capital The chef part Of which.
they usually lend ou', also, on that portion OF their de-
posts which they lend aud likewise on their proms.
soy notes which they issue, and lend out money;
and besides all this. they can have their profits arising
from their speculaons in the exchanges and the public
stocks of The county, and their illicit Transactions
through the Intervention Of brokers' well as the ad
vaniages Of liberal accommodations 10 their own mana
gers aud particular friends. In The exercise of lbese
ugh prerogaves and exclusive privileges, banks can
furnish 10 their managers means Of extraordinary Ell
cheney for the acquisition of veal and for controlling
he business and interests Of tho couhlIY Silualed
he various commercial pouis they are enabled 10 ae.
qnre arbitrary contrel what little gold aud silver
emalns in circulation, and which they can gather up
aud export out of the Sate and, in great sasurs IN
ercepi liz flow into the State, and thus cnmpe the peo
pie 10 adopttheir pron>sey notes, as their almost ex-
elusive crcuaIing medium. ..5ls.,t.
II would be hut Ieastnsb 10 presume ihatlhe favor
ed recipients of these exclusive and lucrative privileges,
W. ud expest 10 have their responsibilities TO tho public
eased which would be- bu, the dictate Of just and
common regard for the pubnc salei,j but not se In
stead uf consenling To increase Of their obligations,
or the honest aud hul exercise Of their prerngsves,
hey require important SPECIAL exemptions from the La
b'lniss To heb other pers"ns are subjected ..ts
Frat, Ii il caimsd that the slnckholders Of hanks
,al 10 exempted from personal responsibility tor tie
Inan of ,ln AaI A Arada nf
ooe. 1t is difficult to opuceye how any community,
blinded by neither prendee OF BY nte est could he de-
uded into cOusent To the justice Of this CAIN. by
should bankers not he made reasonable for their bank
iehs sqnal fO"iing with the individual czen!-
he h,tiness of banking is moi any mtre hazardous 10
deed if pIudeny and honestly conducted, lass SO,
than the mercantile manufacturing business, OF other
ordinary pursuits, lfthose who own the banks, and
have The entire control aud management ofthem, are IN
Swlng trust to their safety themselves they onght
not TO be toIera'ed in kDg the commnnily 10 trust
Them and to adopt their promssory notes as money!
When bank fails the loss Nust fall either On he
hpdefs ofits bills and and creditors upon ITS sock-
holders. The former none Of The profits 1f the
Bank and have no voice in its management Nething
he more agantly nnjust fha61hat bankers, who
ceive al the profits and have the entire management
control of the Institution should require the community
10 run the risk and hear the loss Of failure.
The individual citizen who nduslriously yollows his pur
suits. regularly coniinne increase his ability 10 dis
charge his liabilities as he accumllales property But
not i'h ahanks il divides all It's prufls among its
stockholders as they aichmuIaf6. The riches which
are quired ny bank not corp0ra-
ton, but are regularly at shortpenods divided and left
aecuua'e az private rop pefy il the hande OF the in
dviduaI Stockholders The stockholders ths sfofs NAV
he poor in thercur poide capacity asa bank, while
they imrehsey wealthy % tbe private capacity a.,
individuals, from The profits received from their hank
Tins hpnk NAV fn md bacntra inaivenf either frau
dulendy at otherwise, and the people wha large =.
msun Ofl;s paper IL crcdstiOn he ieI to suffer whie
ts slockhoderr living m atfnenee aud strrotn "a
ded by wealth. accumulated BY means ofthe bank; he
exemption Of the stDckhoders fonI Individual liability
holds ou strong inducemep,sio engage ia excessive is
sues Of hank paper in otdetlo make args profits and
furnish the means Of committing frauds with n,puBiy
Second Ii is claimed ial hdhks shall beexempt frosa
liability TO taxao upon tter capita and be sab;ect TO-
be taxed merely on their dividends OF profits. All oh
persons are taxed tor the support oftle sovenmsn
the capital ofheir investments The private citizen
who lends his money at six per cent Uieres 10 taxed
one pei cent his capitol While banks with ex,raors
their profits, ~ = 49, % 3tof lI
Third II clsmed that the charters 6f tie banks shall bs
exempt from all ah ity to alteration. ausndniept repeaa
ships and all TIE modes OF prosecuting other branches Of in,
drstry subject the Getting hand ofegishon But
analogy 20 the PRESUMED infaiby ofthe divine perog
ave fKgs the people to- be he'd 10 leieve that banks
do Nr6ng; and that therefore certain sanciy Should
be thrown around their chartered rights and prOceediuas
which win them above the reach ofihe rude arm otsov
ereiRn powell osi ak Z, All -, ~ = f.s 5.g sl
Fourth IL iscained that they SHAH he protected from any
act the part Of government private citizens calculated
impair pubc confidence in them nnsmuch their success de-
pends upon Keeping suspicion asleep. ~ s'"' ''H \
Fifth II ia taimed that their condition and ceilings shalf
1t S tine be exempt from examind6n and inspestOn by