The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-10-01

ing notes of circulation and gold and silver coin
or the equivalent on hand, shall be restored.
Tho above clause provides the following:
lst: The bank must AT ALL TIMES haze on
hand, THIRTY PER CENT. of its outstanding circu-
lation, in gold and silver or their equivalent.
3D. One half Of which, or Is per cent, must be
gold or silver in the Uaults Of the bank.
Sd. After providing that the bank SHALL AT
ALL TIMES have thirty per cent, &C., of gold
and silver ON HAND,th same clause CoNTRADIcTs
hdtprorisiOn, and the very same sentence says:
"WheDever the amount of its outstanding notes
of circulation shall exceed the above named pro-
portion, FOR THE SPACE OF TWELVE DAYS, or
theisald gold and silver coin or their equivalent
shall at any time FALL BELOW, TWENTY PER
CENTUM of its circulation, no more of its notes
shall be paid out"
Thus, the same clause of the law provides first
that the proportion of gold and silver or their
equivalent, TO the notes in circulation, "suALL
AT ALL TIMES" be "ttirty per cent" and I'd that
it shsll not "FoR THE SPACE OF TWELVE DAYsn
'faU beto1o" that proportion, so it may for elev-
ell days., and Sd that it shall not at CAT ANY
TIME '.faH belOw' "TwENTY PER cENTUM.-
And thus, the last part ofthe clause quoted, whit
ties the first part down almost to the little end
of nothing. By the time we get to the tail end
of this 55th Section, we shall find that the spE-
Gle, the "GoLD OR SILVER" provision is all gone /!
entirely whitfield down to the little end of moth
ing!!!
The remainder of said section is as follows:
"Actual deposits with any solvent bank or
banker of established credit in the cities of New
York, Boston, Philadelphia, or Baltimore, subject
n hn dro aOainci at cuhf hIo in ri o,,J
silver coin shall be deemed equiualentto gold and
siLver coin, whererer these terms are used in this
oct.'
There His! specie clause is all gone deposits
in eastern cities, out Of the reach of Ohio note
holders, SHALL BE DEEMED EQUIVALENT TO GOLD
AND SILVER coin wheneuer these TERMS ARE
USED IN THIS ACT By THE WORDS OF THE
Law THEREFoRE, a certificate of an eostendepo-
site in the possession OF a bank of Ohio, is deem
ed EQUIVALENT 10 so much specie. And this
certificate may be all sham, given by an ire
sponsibe agent Of the bank, for there is nothing
in the law TO prerent such fraud. We have fairly
dissected this 55h section, (the specie section y
Eof the law, which begins with such a flourish
about gold and silver: and we have exposed its
cunning decepons, which its trainers endeav-
ored to conceal in a confusion Of tOords.
And now we put it TO every honest man, to
say who tells a '.falsehood," the Gazette and the
Rchland paper, or the Eagle. But we have 9TH
er proof-admisson from the very lips of our ac-
cusers. Even the Ricaland Jefersonian, (what
vilainy for whig paper to steal such name, J
ADMITS the substance of all we have said on this
subject, and in the very article quoted by our
antique neighhor
Here il is cut from the Gazette and Express
of last week:
"The banking system of last winter may be
icarried on without dollar of capta,-we mean
gold or silver,-in its vaults says the Eagle
Now, Mr.. Eagle, TO 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 volume of the Ohio Laws ;and for feal
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 equiva
lent, one-haf at least of Which, shall be in gold
or Sitrer coin in its uGuh, an amount equal al
r least to thirty per centum of the amount of its
outstanding notes of circulation One half o.
what, shall be in gold and silver coin in its vault
Why, one half of thirty per centum. Should til,
, thirty per centum on the outstanding notes oj
circulation Of the bank amount to twenty thousand
dollars, there must be, according to the 55th sec
ton ofthis lar, ten thousand dollars in gold o
silper coin IN ITS VAULTS, OR ACTUAL DEPOSIT
WITH SOME SOLVENT BANK OR BANKER, OF EsTAB
" LIsuED CREDIT, IN THE CITIES OF New York
BosToN, PHILADELPHIA OR BALTIMORE, sUBJEc7
TO BE DRAWN AGAINST AT SIGHT, PAYABLE l,
GOLD OR SILVER CoIN.n
! r.
# Richland Jefersonian.
: There tits! ADMTTED,-yes, ADMITTED
d -coIfcSSed!-that our banks may do business
,Oithoa gold or Silper in their paults! That the,
nat ovop oo,n,oIJoJ q, bouo . In ..J