Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-10-08

reach of Ohio note holders, shall be
deemed equivalent to gold and silper
coin ,ohereUer these terms are used IN
this act. By the words Of the law,
therefore, a certificate Of an eastern de-
posite in the possession Of bank Of
Ohio, is deemed equiuatent to SO much
specie. And this certificate may be all
a sham, given by an irresponsible agent
OF the bank, for their is nothing in the
law 10 preuent such fraud. We have
fairly dissected this 55th section, (the
specie sc:tion!D Of the law. which be.
gins with such flourish about gold
and silver; and have exposed its Gun.
ming deceptions, which its trainers
endeavored to conceal in a conclusion OF
words.
And now we put it to every honest
man, to say who tells a 'talsehood."
the Gazette and the Richland paper,
or the Eagle.-But we have other
proof admission from the very lips Of
our accuser. Even the RichlanF JEFF
fersonion, (what villany for whig pa
per to steal such a name,I admits the
substance of all we have said on this
subject, and in the very article quoted
by our antique neighbor. ,'1 ~ Il
Here it is, cut from the Gazette and
Express of last week: ..'.
n
"The banking system Of last winter,
may be carried on without a dollar Of
capital-we mean gold or silver,-in
its vaults says the Eagle. Now, Mr..
Eagle, 10 show you that you said this
through ignorance or malice, we refer
you to the 55th section Of said law,
found on the 10th page Of the 43d vol
ume of the Ohio Laws; and for fear
you are not in possession of the law,
we quote it: "Each banking company
shall at all times, have on hand in gold
or silver coin, or their equivalent, one
half al least OF which, shall be in gold
and silver coin in its vault, an amount
equal at least to thirty per centum Of
its outstanding circulation. half
of what shall be in gold or silver coin
in its vaults? Why one half OF thirty
per centum. Should the thirty per
centum on the outstanding notes Of cir
culation OF the bank amount to twenty
thousand dollars, there must be accor.
ding to section IS of this law, ten thou
sand dollars in gold or silver coin in its
vaults, OR actual deposite with some
solvent bank or banker, Of established
credit in the cities of New York, Bos-
ton. Philadelphia or Baltimore, subject
to be drawn against, at sight payable
in gold or silver coin."
~ y +
Richland JeferSonian.
There it is! Admitted, yes ADMITTED,
--conlessed!--that our banks may do
business, without gold or silver in their
vaults! That they are not even COM
PEELED to have dime and half of spe-
Gle in their vaults! for every note or
promise to pay dollar, in circulation!
D! ye whig tricksters, out Of the words
of your own mouths, do we prove your
condemnation, and send you back
bowling with dIsmay, into your dark
dens of corruption, and followed by the
sneers and jibes of honest men
Be patient, reader. We have some.
thing more to say about this whig bank.
ing law, A greater abominaton never
was hatched by conclave Of wings,
nor one more perfidous, as the end will
demonstrate, whatever doubts may be
entertained at present.
The advocate of this law will say,
"well, If these banks are permitted 10
bank without specie, they forfeit their
charters when they refuse to pay spe-
Gle upon their notes." True. The same
was also true Of every swindling bank
that has ever exploded. True Of the
Gallipolis, the Urbana, the West Un.
ion, the Granville, the St. Clair and all
other like swindIing concerns. But
what kind Of satisfaction is that to the
swindled note holder2 1t is like putting
a lock on your stable door after your
horse is stolen. The trainers ofthis law
dare not give the banks the privilege
Of refusing to redeem their paper when
presented, but they give them much
greater chances 10 defraud the public,
than any Of the exploded banks Of Ohio
ever possessed. And further, (see sec.
ton 25 of the law,) the banks Of Ohio
are their own, Judges and jury, to deter.
mine when they have forfeited their
charter. For the board of control. or
whom the high power is conferred
consists Of delegates from the several
banks themselves! 49, any '.',''''
Again, (see sec. so of the law,) the
banks pay taxes only on the net profit:
after deducting the expences and ascer.
tanned losses. The farmer or mechan
ic pays taxes on all his property, or
capital, whether he makes profit OF
not. Why this odious distinctions i,
Just! 7 {. 1i '27 . if,''