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


You say much in your letter about the
paper Of the banks Of other States be-
coming our almost exclusive currency,
unless we will foster banks within our
own State. have no objection 10 the
fostering Of home institutions, provis
ded il be not done Upon terms which will
sgain depreciale The currency, and en-
danger the public interests. But The ar
gulnen, based upon the circulation Of the
bank pspeV Of other States, is a hack"
neyed one, and more speciOus Than sol
i'd. llapplies with equal force, and by a
parity of reasoning, in favor Of authoriz-
ingwilhin our own State, any kind Of de,
preCiated currency which is permitted TO
circulate 10 the neighboring States. The
Argument is of this kind: because other
States tolerate deprecated currency,
which, TO some extent, circula;es here.
therefore il is good policy for our State
$40 authorize The issGe Of deprecated
currency at home, SO that our bankers
can derive The profits arising from de-
preciating the currencg. This argument
was pressed with great perIinacity against
the resumption Of specie payments in this
State. We we're told that if we compel
ed our BANKS 10 resume, that the post
notes and paper Of the suspended banks
of surrounding States would become our
,aIm0st exelus We currency. But ex?erI
ence has shown the tallacy Of this notion
When our banks resumed, the post notes
and paper Of the suspended banks Of 9th.
ers, instead of increasing, disappeared
from our circulation, and chiefly for the
reason, probably, that our own banks were
compelled TO cease doing business with
that kind of currency. A few years ago,
when al lhe banks Uflhis State were in
full operation, the bank paper Of other
States circulated here to a far greater
exten than il does at the present time.
At that time Michigan "wild cat" and
trattlesnske, as we'll as "red dog" and
the paper on lhe Stale Banks OF Indiana,
Illinois, and Pennsylvania relief notes,
&c, formed the principal part OF the cir
latipo medium in many parts of our
State. The paper OF foreign banks now
circulating in Ohio must be small in a
mouDt compared with what il was few
years ago; and thereis doubtless more
sDecie nov in circulation in Ohio than al
any former pefiod.II is useless to denyIhat
our currency is now in a much beitercon
,ditiOn than Il was few years ago,with all
Ou, banks in full operation And if the
r banks Of this State we're absolutely proc
bibiled from paving out and doing busi'
uess on The bank paper Of other States,
and all the collectors Of tolls and other
State, county, and township Officers,were
prohibited, absolutely, from receiving
this foreign bank paper in payment OF the
public dues, il would circulate 10 very
limited extent, aud its place would be
fully supplied with gold and silver. Il
Is an undediable fact, that the people oil
Ohio have suffered over hundred fold
more fromi he banks. Within our Own boz
!. dsrs, than from the banks OF other States
Persons residing nearest to bank very
often know less OfiIs true condition, than
persons fesidinga thousand miles distant
and when bank fails,tbe great burden, o.
the loss usually falls upon those living u
the Immediate vicinity.
There is one argumen Mt used in you
letter, ia favor OF a banking system uPoi
terms mote liberal than the present law
at which l4lnast be permitted to express
my most ptol8und astOnishment. sYo'
say Thai lie banks Of this State have pai'
tax into ihs State Treasury, from lsS
up 10 the time, space Of thirteen yeavs
amounting 10 4B9, ll4,OO; and you 10
K quiTO ifil be moi an .'adVautage 10 haV
tnis capitpl aiding simplifying an exhad'
ted treasury, and relieving the encrmor
bufden 81 the peoplen When we 7
dect shat lha banks have heen taxed on
upon their dividends, and that bill 9th
kinds Of property has been taxed up'
the zmount of The capilsl invested,
2 stead of lhe net profits or dividends, i
" perfectly evident hat tho capital VIII
as bee been dlpsrled from the msfcanli
manufacturing and other Investments
rssathas 81 bApkings hsa become iag Iess pI
dqelise efFayspue % he Stale thar