Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-03-26

J, TO The currency and the banks, inelu
! ing the above quotation, was read mo-
> than once, and your opinion at the tin
particularly solicited in regard 10 H..
: AEdlt will be borne in recollection /
you, that you then NOT only acquiesce
IN, but also distinctly gave ytur aanctiO
TO the views contained in the address a
j was adopted. You was also 4 dele
gate intbe Convention, and took an aC
tive part in its proceedings, and ther
in due form aided 10 the adoption of hi
address. Immediately after the Con
vention, in Q speech delivered at d pu6
lIc table, You was understood publicly /
pledge yourself that yoa would abide 81
and maintain the proceedings and view
of the Convention in the sPproachinI
political campaign.
Under these circumstances, il mus
appear most extraordinary, even 10 youl
most devoted personal and politica
friends, and after the lapse of only 6v,
weeks from the lime Of the Conventior
you should publicly aband on the posi-.
tlon on the currency question which YOU
had deliberately sanctioned, and which
BY your concurrence end approval as a
delgate in the Convention you had con.
trlbured to induce the democratic party
TO assume. If, at the time of the Con.
ventiOn, you held the views which vol,
express in your letter, il was certainly
due TO the democratic party, as we'll as to
yourself, that you should in frankness
and candor have expressed your dissent
from the doctrine laid down in The adj.
dress, and at least proposed an alteration
of il. a. f...ag - "a J. =
The issue between the two political
parties on the bank question has been
most explicitly defined, and placed be.
yond the reach of cavil or controversy
1t has seemed to me Unnecessary even 10
notice and rePel the unfounded asser.
tons of our political opponents, made for
mere political effect, that the democratic
party were in favor Of bank destruction
and an exclusive metallic currency. The
issue on the currency question is clearly
and emphaiically between an unsafe and
irresponsible system of banking, suscep
tible of being used as political engine
on the one side. and a system on,
the other side, subject to those safe.
guards. liabilities, and restrictions which
the lights OF experience have taught Us
were necessary to secure the community
against the fragrant abuses, frauds and
corruption heretofore practiced by bank.
ing institutions. This is the true issue
between the two parties on the currency
question 10 Ohio. The democratic par-
y have taken their position by legal ems
aCtment placed upon the statute book,
and have sustained it by the popular
voice at two several elections, Also, al
ho State Convention, recently held in
Columbus, this position on the currency
question received the signet of approba
ion of the entire democracy OF the State
~ adistihct expression, and a pledge 10
lbide by, and maintain il to the letter.
Itseems 10 me, therefore, that no dem
ocrat need fear The bumbng clsmoF of
'ur POliticul opponets that we are in fa<
7Or Of banG destruction.
Your opinion, that the existing law to
'egulate banking is imprac.icable, is
'Ounded upon the facts, as you state them
that It is claimed by capitalists that it is
lot practicable;" and also, that, as vet, |
mo banks havgone into operation under
he law.n The declarations of capital. |
SITS on subject Of this kind, as / hum
'Iy conceive, ought not 10 be taken as
Tery conclusive, inasmuch as they are |
made with motives ofself.intsrest. The |
estimOny Of an interested witness is moi
o be heard ID The investigation Of truth.
You will Fecollect that when the bank re-
law was passed two years ago, |
capitalists pronounced it impraciicable,
md asseverated most emphaticalIy, that
would break up every bank in the State. /
Dur political OpPonenss in the Legislature
undertook TO prove the measure 10 be
mpracticable; and gravely asserted that
I would drive large amount Of capital
'ut Of The State, and cripple our inans
;ial operations ID Ohio for years 10 come.
But the Democratic party vas not to he
Iriven from their ground BY the interes-
ed clamor Of capitalists, or the idle decs
amation Of our political opponents -
We then stood firm and met ~the crisis;
nd when The time arrived, the banks
ssumed specie payment. tits notO.
ious fact, that when the safety-found
aw was enacted ia the State Of New,
Fork, capitalists pronounced it bank de- |
ItfuctioA, and insisted that II would break |
lOwn ihs banking Institutions Of that |
5iste. But when the time came for lie |
'peratiOn, the banks accepted It's provi.
ions, and the law finally became even a |
avCrits system amOnnS capitalists. The |
liability of stockholders in
'abkibg Yves claimed to he wholly impraeE
kable by capitalists; But nov We 6nd
institutions, in an application
made TO the present Legislature, bya bill
reported by Mr. E6ller. 1 aRhjoA tAanrkey