Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-10-08
Efforts Of the Democrats I'm the

EIAVEtS OA INC DCEuOCFhtS AH buc
last Legislature to. compel the,
Banks under the bill creating
the State bank of Ohio and 9TH
er banking Companies to keep
on hand i'm their vaults certain
amounts of Specie, voted down
and Defeated by the FederaIists
Proof from 'tie record. .''.'''.''-''@'
When we asserted that under the whig bank
law of last winter, banks were not compelled
to keep on hand so much as ''sa,o logs or
slabs with which to redeem their ssues," the
editor of the Star, who is such great stick.
ler for truth, accused us of falsehood, and re-
ferred his readers to section SIS of the Bank
law for the purpose, we suppose, of conyicting
us Of lying. BY reference to the section to
which he refers it will be seen that these in
stitutions are not bound to keep on hand in
their vaults, the first farthing in coin with
which to redeem their issues.
The federalists have pretended. for years
past, to he in favor Of a safe and uniform cur
rency which shall at all times be convertible
into, tho constitutional currency of the counf
| try, and they have pretended to be favorable
to securing the public against the perpesratian
of those frauds which have heretofore been
practiced against them by the rotten and
worthless banks which they have heretofore
foised upon the.public, By reference to the
article which will be found upon the first
page of this paper, it will be seen how hypo-
cratical are these pretensions. " ys5 ga.ra
We have thought proper to make further
''examination of the record" with view o.
further cxposingithe hypocratical pretensions
of these coons. al j.. 4E @.e
On Friday the s4th of January, 1855, (see
Senate Journal. page 3sl.) Mr.. Barley moved
to amend the Bank bill, by inserting the fol>
lowing: s''-' '' --
"Sec. 50. Every bank which may be formed
under the authority of this act, before it makes
any loans and discounts, or issues any notes or
bills for circulation, shall have its capital subs
scribed and paid up in good faith, in gold and
silver con." ''.' ''-'
On which question, he demanded tn yeas and
nays, which were ordered, and resulted, yeas Is,
nays ~. --.. .,. ',.. -...-.. i.,... .. ......
So this salutary provision which is SO ne>
cessary in order to secure the redemption OF
Bank promises in the constitutional currency
of the country was rejected. And every vote
for sustaining the amendment was demo-
crat, and every vote against the amendment
was coon. e.r"
On Saturday, the s5.h day of January,
"Mr. Bartley moved to amend the bill by add
| ing as section 60. (See Journal, page S4S.)
"Sec. GO. Each bank engaged in banking un-
der this act shall, at oil times keep on hand gold
| and silver to the amount of at least one dollar
for every three dollars of paper issued by such
bank for circulation" .N.n .sn l.
Which was lost by yeas II democrats, TO
nays 21 coons. ,-y. ....
| So the federalists decided that the Banks
need not keep on hand one dollar in specie to
three of paper promises issued by them
(Same Journal, page 54s.)
"Mr. BARLEY moved further to amend the bill
by addingas .a -. ''''
Sec. 81. No bank, doing business under this
act. shall, at any time, issue and extend its paper
for circulation beyond the proportion of four
dollars ofpaper over and above every dollar of
gold and silver coin on hand in the vaults of the
bank. .F f- .4'.'. "..--
On which he demanded the yeas and nays,
which were ordered, and resulted, yeas Is, nays
l2l."
So the coous said by their vote that these
Banks might issue four dellars of their prom.
ises o pay, without having in their vaults one
dollar in specie with which to redeem them.
BY the same party vote, the coons decided
that these shaving shops need not keep on
hand in their vaults one dollar in specie with
which 10 redeem sir 7of their promises; and
we refer to page s44 of the same Journal for
the pr oof of this fact. 7 -aH..e ....,
For proof that the Banks created by this
black puzzle are not compelled to have on
hand SINGLE farthing we refer again to Sec.
I IS of the law itself. 'a }t~is, t4'
The wings in the Senate rejected every at,
tempt made by the democrats to compel the
/, banks to keep on hand any amount of coin
for the redemption Of their debts. ''2 '.,'.5 .
/, The wings in the House showed deter
mination that the attempt to compel these
4 institutions to have on hand an amount o.
{ specie for the, redemption Of their pape
promises sb ould not succeed there, as will b
seen by referring to House Journal, page 52'
and $50. aca,i 6rr ..ls,r-; ,rd,c 4
II Thus will it be seen that the federal Leg
isIature have refused to compel bankers tt
have in their vaults the means for redeemine
: their Indebtedness to the people. But WI
shall probably be told BY these equaty-lonng
!coons that these bankers are compelled L
!, have in their vaults or in their possession
j esight.drafts," and they by this bill are mad
. to serve the same purpose. But Of what avail
are sight drafts to the thousand billholder
i Of these banks scattered throughout the lengtI
:, and breadth of the Statel They are beyon,
. i. ~ B III 3