Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1845-08-15
From the Ohio State Journal,

From The Ohi0 Slate Journal
HARD MONEY FALLACY EXPOSED,
In the course of an argument showing
the tal!acy Of the schemes of the hards for
supplying the Stale with currency, and
the jacobinical character Of their opposition
to the measure Of the Wings, the SPRING.
field Republic introduces testimony not ca
silly disposed Of, furnished by Mr. Latham,
The LocoioCo Bank Commissioner, in his re-.
port to the Legislature last winter The
Commissioners, it appears, sought by en-
quiries propounded to business men, in va
rious sections Of the State, 10 ascertain
what proportion Of the circulation OF the
State was specie and what proportion was
foreign bank paper. He appends 10 his re-
port the result OF his inquiries, and we give
them below as copied by the Republic.
The Bank Commissioner asks:
"What proportion Of the circulating me-
dunn is in specie, what proportion is in gold
and what in silver under one doIorm
The answers from the several quarters
Of the State say:
lst Ans. "Specie forms but small part
OF the circulating medium"
I'd. "The proportion Of precious metals
in circulation is not large, but think there
is quite as much as public convenience re-
quires,"
Sd. vi should estimate the proportion Of
general circulating medium in this county
to be, paper IS, gold Q, silver 49,"
IL ~ i. 4 1
mount of specie in circulation in the STATE
Of Ohio at about from one to one and hall
millions"
5th. "Cannct say"
9Th. "Reply indefinite"
1th. "Unabe 10 say"
Question by the Bank Commissioners
"WIat proportion Of the circulation Of
bank paper is furnished by other States
than Ohio!"
Answers obtained az before stated.
LIST. Answer. "At least iour-Ghhs Of the
whole circulation of bank paper is furnish
ed by other institutions than those OF Ohio"
Cd. Probably the circulation Of other
banks than those Of Ohio, is equal in this
county tc ore half of the entire amount"
Sd. "I should estimate the bank paper
circulating in this county to be composed OF
Ofio banks 25, and foreign banks rs"
4th. "At least twosthirds OF the paper
circulation of Ohio is furnished by instlte-
tions OF other States"
5th. "Three-fourths Of the currency
now in circulation in this State is foreign
paper"
9th. "hbout fve-tfghths."
9TH. ~ should think that the circulation
OF the Ohio banks in Ohio Termed bat a
small part Of the circalationin the State
say one-iourth,"
9th. "From all the information can ob-
tain on the subject, think the paper circu-
aation OF Ohio is composed Of one4Gllh pal
Chic notes, and the remainder of the banks
Of other States"
9th, "By far the greatest amount OF pa.
per money used in our current business is
issued by banks Of other States"
10th. SNotes Of Ohio Banks 26 percent,
notes Of other banks "a per cent"
nth. "Circalation in this section con-
sists of over two-thrds Of foreign bank
netes."
10th. "Our circulation is about three
lourths foreign bank paper"
18th. proportions, threereighths Of o.
hio, end fve-eighths of foreign"
14th "Of the circulation of bank issues
in this State, in use by the business com.
munily, about one-tourth, or two and one
half millions, is of Ohio bank notes, three
iourths, Or seven and one-half millions, is
Of banks Of States adjacent and foreign to
our State"
18th. "About one-fourth Of the circula-
lion is Ohio paper"
On this showing the Bank Commissioner
predicates the following statement
domestic circulation, S2,491,l6i 90
Foreign, 7,473,483 90