Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1845-01-28
THE STANDARD.
GEORGETOWN. Jan D. ls45.
THE BANK BILL.

THE BANK BILL.
As we predicted, few weeks since;
tho wings oflhe Legislature have nearly
abandoned the Stale Stock plan, and la-
ken to the State Bank system, because
the former required the bona Gde pay,
menl in olmuch more real stock than
bankers were in the habit Of banking ur.
ohj while the latter gives them grea
deal more Latitude in this respect, be>
sides lending them tho name Of lhs'S
Bank 10 increase their credit and make
upin that way for their lack of capitol. -
Confidence says The banker who shuns
individual liability, 'is the most necessary
requisite 10 sound currency and there.
lo,e the name Of the Stale Bank is to
create enough confidence to constitute.
Ihree-fourIhs Of the capital of the banks
under this system.
ltappears evident that the main OBJ.
ject Of Mr.. Kelly's bill is to charter a
State Bank and the independent bank.
ing part is attached, mot with The expec'
IatiOn that many if any banks will go into
operation under it,--bLt TO gain friends
and supporters to the bill. Many Of the
wings understand this, and are holding
meetings TO protest against the passage
of the i'll. A large whig meeting, for
this purpose, was held few days since
ia Cleveland. Many Of the whig papers
are also out against the project. The
Cleveland Herald, a leading whig paper,
speaks Of The bill as follows:
BANKING in OHIO.
We have received a copy Of a bin so
incorporate the State Bank Of Ohio and
other Banking Companies, in all Extra
from the Stale journal. This bill con
tains 73 sections, and occupies ton oI.
umns Of the Journal We have given /,
hasIy ro ding, and regret TO say that the
worst fears Of the friends ofa free bank.
ing law are moro than realized by its pro-
visions. II combines the safety fund
system with deIusivo provision in rela.
ton to free banking.
1t is a kind Of chequer board monster,
of two faces, and manfeslIy intended to
throw the whole mOneyed power of the
State into Inc hands OF the monopolists
II is not our intention to-day 10 disseci
this bill, or nllude TO all its deformilies, |
but we shall publish II in a few days that
our rerders may judge for themselves.
To tho monopolisls, this bill gives all
the privileges OF tho most odiou4 close
corporations, while the free banks would
be tied hand and foot at their mercy; 10.
deed nothing but the name Of free
banks would be enjoyed by them.
The close monopoly ofa br inch Of
The State Bank Of Ohio, with a capital of
$3.50, 900, would enjoy circulation Of
275,O0O on the mere deposit, with lis
own agents, a Board OF CONTROL Of $27,
500 as safety fund-while the free
banker, with capital of $l5OOOO, the
same amount Os the other, could have
circulation ofonIy $75 ,OON,on the depos
ite with the Slate Treasurer, not its own
agent, of $75 900 of :he Ohio stock.
The free banker secWe dollar for
dollar by State stock, and again dollar for
dollar n solid capital while the monopo
list secures 10 per cent by his deposit, |
40 per cent by his capital, leaving so per
cant, OF his circulation for which the pub.
lie haNo no security! This is equity with
a vengeance!
We call upon our citizens 10 look this
matter in the face, and see whether they
are willing thus 10 be bound hand and foot
by the laws Of their own making. Itnoi,
they must arouse themselves and make
their voices heard in the matter. Wo
have had intimatiors OF the designs Of the
monopolists, the old hunkars OF the de-
tnnCt corporations, but have hoped that
lhoTe was good sense enough in tho Leg
islature 10 defeat them but when we see
all their plans, in evona more odious
shape Of a bill by the Currency commin
lees of both branches, we confess our
alarm. We beg our Representatives at
Columbus TO stand fast. and permit no
IuCh unjust Legislation. We shall refer
o this subject apaln. t4f.