Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-10-08
..s.s> From the Ohio Eagle. es.
The whig system of Banking without
specie.

#. tt
The TRUTH OBSERVATION-DISCLOSURES
MORTALITY USED uP.-WHIG LAW
MAKING EXPOSED, AND THE RAsCALITY
or WHIG EDITORS UNMAsKED!
I'VE frequently meet with extracts
from the Ohio Eagle in our exchange
papers, but copied for the purpose Of
showing to the public its propensity
for faIsehood and reckless disregard Of
truth. The one below we find in the.
RIcHLAND JEFTERsoNIAN, together with
the structures that follow it; and ii these
were ten times more severe than we
find them, the Eagle, has merited them
all: for more out and out, barefaced,
unscrupulous Ealsehood was never ut,
tered, than to say that banking under
the present law Of this State, is author
ized to be carried on without specie
basis for the redemption Of their bills.
The law is as fault.
less as human wisdom can make il,
since the bill holder is safe beyond all
contingencies."-Gazette and Express
Of last Ueek. ..
Every attempt hitherto made by the
editor of the Gazette and Express, to
convict us of fazsehood, has recoiled on
his own head,-has proved, beyond
all doubt, his own NATURAL "PRoPENsI.
rY,for falsehood and reckless disregard
Of TRUTH" and that our statements
which he denied, are TRUE. So it is,
in this instance. We quoted the~ ~nep
banking lav itself to proue that bank.
ers could conduct business under it,
without real capital, or without specie.
We presented several sections Of the
law to our readers, word for word, and
letter for letter. No whig dare charge
that we mis-quoted the law, but to
ward off the effect of our EXPOSITION,
makes a general charge of .falsehood.
Now, no opponent, save an incorrig-
bic knave, would act thus dishonesty.
To prove us liar, the Gazette and
Express. calls up the Editor ofthe Rich>
land Jeffersonian, who instead of ac>
complishing the end in view. proves
himself KNAvE or FOOL or both. IoI
make the whole controversy plain to
our readers, we shall again quote the
first clause of the 55th section of the
whig banking law, and then the re-
mainder of said section The first
clause is as follows:
Sec. SIS. Each banking company
shall, at all times, have on hand, in gold
and silver coin, or their equivalent,
one half at least Of which shall be in
gold and silver coin in its vaults, an a.
mount equal to a: least thirty per cen
tum of the amount of its outstanding
notes Of circulation; and whenever the
amount of its outstanding notes Of cir
culation shall exceed the above named
proportion, for the space oftwelve days,
or whenever the said gold and silver
coin, or their. equivalent, shall at any
time fall below the amount Of twenty
per centum of its circulation, no more
Of its notes shall be paid out, or other
wise put in circulation, by such bank
ing company, nor shall such company
increase its liabilities by making any
new loans or discounts other than dis
counting or purchasing bills of cx-
change, payable at sight, nor make a
ny dividend Of its profits, until the re-
quired proportion between its out.
standing notes of circulation and gold
and silver coin, or the equivalent on
hand, shall be restored.
The above clause provides the fol.
lowing:
lst. The bank must AT ALL TIMES
kdpe on hand, THIRTY PER CENT. Of its
outstanding circulation. in gold or sill
ver. or their equivalent. se.. 4...y
n I'd. One half of which, or Is per
cent, must be gold or silver in the vaults
of bank. .t..u. ,.. .... .
Sd. After providing that the bank
SHALL AT ALL TIMES have thirty per
cent &C., of gold and silver ON HAND,
this same clause CoNTRAD1cTs that pro-
uisien, and the very same sentence
says: "Whenever the amount Of its
outstanding notes of circulation shall
exceed the above named proportion,
for The space Of twelue days, or the said
gold and silver or their equivalent shall
at any time fall .below TWENTY
PER CENTUM of its circulation
no mole of its notes shall be paid out. .
Thus, the same clause of the law
provides first that the proportion o.
gold and silver Or their equivalent, to
the notes in circulation, "shaH at all
times be "thirty per cent" and Cd that
it shall not "forthe space oftwelue days.
"faN belo,o" that proportion, $50 it may
for eleven days.) and Sd that it shall not
6 "at any timeD "}aH below" twenty per
@ cemtums. And thus, the last part of the
clause quoted, whittIes the first part
q down almost to the little end Of nothing.
BY the time We get to the tail end Of
.ithis 55th Section,we shall find that the
o. specie the "goM and siluer' provisions
"a =