Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-10-15
For the Por.eg. Is.atin.,.
MEssns. HARRIS g. BArrtasoN:- :

Aristocratic monopoly instincts, 10 out In Ne
last paper against the resolution Of the Sum-
init county Convention, which declares in
favor of Banking as free business. Whss
the communication in your last paper, on that
subject, was penned, the writer had not the
resolution at hand, but as find il In the Star
copied q presume correctly for comment,
will copy il into this Communication, also, for
comments:
"Resolved, That we lock upon the 'curren-
cy question as one Of vexed nature, and
one about which the best Of men may honsst-
ly differ in opinion. It has really nothing TO-
do with politck s-Abut when called upon to-
express the sense Of the Democracy Of the
county, we say fearessly, that we are in favoE-
of banks Of circulation for the convenience oE>
the people in the transaction ofthelr businassS
We would prefer on this subject to adopt the
broadest democratic rule, and permit any man.
or set Of men possessing means and inclina~
ton to engage in the business. Of banking,
without any law to. protect their privaies
property from their creditors, beyond whak
extends to other business men. But, If we.
leave their enactment and alteration Or repeal
time being, as we leave them to legisltae On,
other subjects" t'a
The only clause from which, fthink, con-
sistept democrat should dissent, is that which.
says that banking. has really nothing to do
with politics. But, by that, presume the,
one who drew the resolution, meant 10 be.
understood that all parties 'were alike inter.-
ested ID having the banking question settled
Alright, and should, therefore, unite for that
purpose. 1t has been stated that the losses
by banks the breaking of banks and other
losses incident to the banking system, as II;
has existed among US since, the existence Of
our government, would have made all Of our
rail roads and canals, and paid for the right.
education Of all the children of the present
generation! That is, no doubt, a fact. Why?
in our own young Ohio, nine tsn,hs Of oil
the banks that have done business among us
have failed, not including, of course, those
Just recently established. And when they
fail, they are, generally, dsad loss; for the
stockholders have been always shielded by
law from individual liability. And until
Jacksons veto, in 1899, the Press was silent
on the subject of those frauds. Had the.
Press done its duty before that time. shame
"a fear of public exposure, might possibly.
have induced the managers Of the old Gsrmaa
bank Of Wooster, The old bank Of Steuben-
vile, the old Bank of Cincinnati, the cid
Miami Exporting Company: the old Bank Of
| Cleveland, and others that failed some 81.
years ago-l say, had the public press Of. those
days held their denunciations in tsrrersm over
the manager ofthose Ban ks,aahe Democrat
press has done of late years. those failures
would not have been total loss. They have
not been all total loss since 1882, but de-
probation has enabled the managers 10 buy
in their own notes at a vast profit. Those.
of us whe remember the frat failure of the
bank of Cleveland, remember ALSO. that our
then county treasurer, who wus an officor ef
that bank, just happened to have all, or nearly
all, ofthe county funds in bills Of that bank.
which fell at first 95 per cent, and the cred.
itors Of the county were told, asthe writer Of
this well remembers. that they must take that
deprecated paper or take nothing. We well
remember, also, that ALraEp KELLRY, was
the president Of that bank, and l.. Gas,
Cashier. both Of whom, soon became very
rich. 4,h;c..
How then, can we again be advocates Of
banking as a monopoly, wlthout the 'indvid-
uaI liability clauser And, we find that the:
Bank law, passed by democratic Legislature,
which made bankers individually responsible,
for their bank debts, is rejected by the bank.
ers. Now, therefore, there seems but two
alternatives, to those who oppose the old sys =
. TEN of banking. and oppose banking as mo-,
nopoly, by the few favored ones. We must
either 60 for bank destruction as the wigs
call the hard money plan. or we must maks
, the business free. So. long as respectable
, portion Of our citizens claim the privilege to
use bank paper, and deem il necessary, Al I
believe majority Of active business people
do, l know no good reason why they should
! not be gra,ifed if they will ask no exclusive
monopoly, nor ask the law TO shield them
| from private responsibility, nor ask the herald
1 of the law 10 puff their bills into circulation
) abroad, where the makers are not personally
known. True, if we now repeal all lava
against private banking, the business, may
!, again, at first, be over done. Shinplasterst
!, may. for awhile, abound, 70 an inconysrisps
: amount. But five will persevere. wait with
i little patience, and admonish all to refuss
{ such ,rush as they don't kRowth value aof,
n If we will just let it alone, the business will
n like all other free and honest business, Iesus
It late itself. St ael!g hg4 sH.ta
The N. o. Courier infers from recent
@ events. hut narticularlv from the nur.