The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-02-21

not be borrowers. M. r. went on to show
that one of the greatest evils which had been
experienced in the old banking system, was
that of the Directors having the privilege
of borrowing money out of their own banks.
They would become stockholders for The
purpose of becoming borrowers themselves
and would be enabled TO monopolize all the
capital in their particular sections of the
country. He said it was thought by many
to be doubtful whether the government had
the righ TO give any portion of her citizens
the privilege offending three dollars for eve
ry one which they owned This of itself
was great privilege, without giving them
the privilege of borrowing money Of their
own bank, and thus monopolizing all the
trade of the country. He showed that the
country had been deeply injured by the mo-
nopoIy of power, wealth and privilege by IA
vored stockholders in banks, and insisted
that the Legislature should try 10 avoid some
of the evils of the old system.
Mr. r. slid it would be found, by consul
ting the dockets of the Clerks of the several
courts, and other means of information, that
in thSse COUNTESS in which the different
banks had been located, the embarrassments
of the people had been much the greatest
that this was true as 10 States and nations.
and that this was one of the great Causes
He hoped that we should learn something
from past experience.
Mr.. Archbold remarked, that it was So
lecism, in fact, contradiction of terms, to
say that the pretended lender should be the
actual borrower If the bank was created
upon real capital, it might make slight diff.
erence, but there were so many paper capi-
tails that this would be very dangerous. II
weuld operate as preventive against the
creation of solid and adequate capital, by
continuing their regular business.
Besides, the temptation placed before
reckless and irresponsible advanturers in
speculation was too great for their easy vir-
tue to resist They would in all probability
set up brokers' borrowing shop, and aggran-
die themselves at the expense of their hon
est creditors.
The great conservative principle Of banking
was, that institutions should be placed under
tho control Of extensive capitalists, who
could afford 10 lend without borrowing.
Mr. Ewing would look upon the adoption
ofthe amendment ofhis colleague (Mr. Rec
meln) as an era in the history of banking
1t was principle approved by every resPsc-
table writer upon political science of for
mer and present times. 1t is sufficient to
give the stockholders their dividends and per
cents. without permission TO speculate, as it
were, upon their very liabilities. This prin-
ciple Of permitting the stockholders to be-
come borrowers would never be sanctioned
by the people of Ohio. Both parties were
rising against it, and either the principle or
the system would inevitably have TO bs des
royed
Mr.. Dobbins spoke of the scarcity of mo-
ney, and the low wages given 10 laborers,
when specie currency was the circulating
of the country, and contrasted it
with the present high prices of labor and the
Dlentitude Of money, and ascribsd the differ
snce TO the introduction of paper currency.
bank bills and shinplasters were
giliied and abused, they were productive
Of great national good,
Mr.. d. also ascribed the difference in the
prices of manufactured cotton in the last
thirty or forty years, to the introduction Of
paper currency.
He also gave lengthy dissertation upon
he annexation Of Texas, and the consequent
results.
Mr.. Finn said this was very compica-
ed matter ltwas so of old-Solomon said
here were three things he could not under
stand. The flight Of the Eagle, in the air,
he trail Of the serpent Oh the rock, and the
way of man with maid.
Mr. Reemelin remarked that the genus-
nan reminded him of a Turk with whom he
lad travelled in Europe, who ascribed every
hing that was beneficial to mankind 10 tho
of the Mohomme dan Religion.
The gentleman considered banking system
Is the first cause Of national prospGrity.-
lie forgot to say, sir, that the wall ola thou
and orphans was heard asking for the bread,
which this soulless corporation had torn from
4eir tender mouths. Ay, Sir, he neglected
0 mention the burning curses of the widow
I'd and destitute wife, that have been heap |
I'd upon your gildsd smiling banker as the
emors eless cause Of their irretrievable ruin.
Tie present majority reminded him Of
he House of Bourbon, of whom it was said
hey never learned and never forgot. The
present bank bill showed that they had ne
YER progressed in the science of financial
speculation.
Ere long, sir, the whig party will learn to
heir sorrow that when they passed this bill,
hey sealed and stamped the warrant of their
own political ruin. 1t will be marked by the
wrath of the people; and the party that bap-
sed it as one of their favored children, will
,e ruined by the very act of adoption. Had
his bill been the issue at the last election,
he present majority would not have occu-