The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-26
THE BANKING LAW.

80 A1~A%N AAA@NNN Ia
Was iSt der laRgen rede kwfser sinn9"
Inquired the impatient Wallenstein of the wi
y but proliy diplomatst sent to hum by Gusta-
Eus Adolpbus, and We are sure sctat Is the SHORT
meaning of tae LONG Bank Bin? is the question
that most of our readers would ask of any per
son qualified to answer the inteuOgatory. Wei
have read and read TIE bill, and can arrive but
at one conclusion, and that is, against it. As III
has become the law of our State, we will await
the organization of its creations, and watch the
progress of their operatiOnsJ if for good, they
shall receive no blow from US; but if for evil,
as sentinel on the watchtower, We shall be
heard while we strike. TO comment on each of
the IS cunningly devised sections of the bill,
would be tiansgressing on our limits and the
patience of our readers; therefore, we shall give
but the 'short meaning" that Wallenstein want
ed of the ambassadors speech. II a Board of
Brokers in Wall street had devised the bill, we
would say you have done your task we'll; but to
the Representatives of the people of Ohio we
say, ''you have sowed the wind and your con-
stituents may yet have to reap the whirwind." !"
The power given 10 the banking companies of
paying out on loans, discounts, &c, other notes
than their own, is the worst feature of the BILL.
They are made by the 63d section the Judges of
what is "par;' and what is par to-day, may be
far below it tomorrow. They should not be
permitted to pay out any thing but their own
notes, or gold and silver, except at the option of
the borrower or depositor; and this would prevent
an abominable system of fnanciering, which
will, we fear, some day, disgrace our State and
embarrass our people. The "Bank of Cadiz,"
| for instance, will send TO the 'Bank of Gallipo-
lis" hundred thousand dollars of "Bank of
Cadz" notes, for which ii will receive an equal
amount of the "Bank of Gallipolis," and these
will be distributed in Harrison county, while
tne others will fill the region round Gallipolis.
| Thus each Bank will obtain circulation, and a
wide one toe. But will the farmer of Harrison
county be able to obtain the specie on the par
notes of the GaIlipoIis Bank? ?--yes, when he
goes to Gallipolis for them; and uice rerSa with
those of the Cadiz Bank. Should one of our
merchants want check on the east to buy his
goods with, can he buy it at or a per cent.
as he could with the specie? No! But he must
pay first on the "par'' funds which the Bank
: days out to him some per cent premium.
This will be very profitable 10 the Bank, and un-
profitable somewhere else. Again: the proper
ton Of specie to the circulation is entirely too
small; and worse than all, deposits with Atlantic
City Banks and Bankers, transmitted by the
philosophers stone applied by The Legislative
Midases into gold and silver, wherever the pre-
cious metals arc named in the act! We might
comment on this section, Che 55th,) but we for
lures of the bill, the more tedious they appear.
rs in the celebrated picture Of Reich, we be-
hold the 'gentleman in black" playing cards for
the soul of the bankrupt nobleman; and while
we gaze, we fancy we see behind the last card
that he holds, his basilIsk eyes of fire, dilaled
D the prospect of winning soul TO perditloni
so, as we look deep beneath the surface of this
bill into the meaning which was intended by its
concoctors, Our imagination conjures up evils yet
in The womb Of time, longing to be born, and
laughing like demoniacs at the prospect of theil
destiny,