The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-09-10
POLITICAL.
From Hasewelps Ohio Statesman
The JOuFnaI--State Debt--State StOcHx--
and Bank Stock,

with its magniloquence on the subjects of State
Debt, Stale Stock, and Wing Banking--and BY
a specous train of deceptive reasoning peculiar
only 10 brokers, bankers, stock, k,obbers and other
gamblers, in politics and morals, attempts 10 fas-
ten upon the democracy some of the sins Of their
political harlots.
Now, Mr.. Editor, in the name and on behalf
] of the democracy, deny any connexion whate.
yer, with these gambling transactions, begouen
| by federalism, brought forth by whgery, and
nursed by ShylocKs-on them alone must the re-
sponsbility rest for the miseries that must soon-
er or later be inflicted on the country, for nurtu
/ ring such national laeches.
An examination Of the Legislative journaIs,will
show tha: nearly all the projects for the increase
of the State debt, have originated with the wings,
and that such projects have always received the
vote of majority of that party. This is well
known to all who are acquainted with the history
of parties in this State.
The united federal cote of the last legislature,
enacted law, known as "Kelley's bank law" by
which State stocks, and the currency of our State
are made dependent on each other. The falla-
cy Of such security to the bill holder, will be seen
by perusal of the article hereto appended, from
the New York News
But the dangers that threaten the liberties of
the country, from connexion with these gam
bling operations, outweigh, ten-fold, the amount
of all the circulating bank promises in the whole
Union.
The last winters legislation shows how whg-
cry stands in relation to these stocks and stock
JobbIng. Scarcely a man was promoted TO any
office or place of influence in the State, but was
connected with these operations.
1t has been charged through the public press,
and not denied, that almost every State officer,
from the President Of the Board of Public Works
himself the principal Editor of the organ of
Ohio whigery-the Treasurer and Auditor Of
State, and many of their dependents, subord-
mates in their departments, Clerks, Superntend-
ents of the National Road. Sc, &C., are interest
ed in some of Kelley's brokers' shops, or lately
out of some broken swindling bank, or engaged
in what is of about as doubtful morality--deal-
ing in stocks and broken bank paper. Yes, Mr..
Editor, these and these alone, were the kind of
men promoted to place and power, by the late
federal Legislature; and the only legislation, was
such as would benefit specializing and-sharks, at
the expense ofthe industry of the country. lido
not charge that there is any cousion between
the tratfickers in State credit and the public
purse, through these State dignitaries, but The
public mind will keep thinking, and the people
will arrive at such conclusions as the facts may
Justify.
i Already have the wings exempted State stock
from taxation. Last winter banking system
was established, exempting 'bank stock from
taxation, The State issues her bonds, and gives
the banker six per cent. per annum, and takes in
payment the notes of the banker bearing no in
erest-on the credit of this State stock, the bank
er issues his notes 10 circulate as money, OIL
which lie takes heavy interest.
The industry of the country is taxed to pay
the interest on The State debt, and the industry
of the country pays the bankers interest on his
promises. Now suppose foreign war, or Il Kel-
ley and Corwin system of fnancering in time of
Ipeace, or something else, reduces State stocks
to 30, perhaps to 20 dollars on the hundred, the
banks break and 20 or perhaps 80 millions of
State Stocks are thrown at once upon the mar
Iket-State credit is prostated-the banks all
broken-the banker draws his head into his
princely shelI-industry is paralyzed-and pub
lie morals, just what these public plundorers
would desire.
But am encumbering your columns, and de-
tanning your readers from the able article have
i1Olh VIC 1NCW LUX lN6WS, Vi August
lis:
"The annexation of Texas and the consequent
extension of the jurisdiction of the Federal Go.
vernment over that State, involves an increased
Expenditure, which probably will not be compen-
sated for by the receipts of customs there. 1t is
no doubt true that the low Tariff of Texas under
which goods arc now admissible for future con-
sumption in the United States, is much more fa-
vorable TO a large revenue than is that of the
United States, and will produce larger sum
coIlectable in specie. But the expenditures of
the government are already large. The move
ment of two or three thousand troops TO the line
OF the Nueces to be maintained there, even if
there is no disturbance, will involve large pay
|ments to be drawn out of the Treasury, which
contained August LIST but millions. The ex-
penditures in Texas will necessarily be made in
specie. The expenditures from these sources
added to the decreasing revenue will greatly af:
feet the balance on hand in the United States
Treasury, and will throw upon the market guam
titles of stocks now held by the depositores.-
The whole balance in the Treasury is $7,0OO,-
600. If the Secretary demands stocks securities
for the whole amount, ii will represent the
amount of stocks liable to be thrown upon the
market by the simple expenditure of the govern
ment funds, or in other words, the amount of
stock absorbed for private investment, but which
is for sale as soon as its purpose of obtaining
double interests is fulfilled. The quantity Of
stocks upon the market is immense. OF Ohio
stocks alone there are several millions on sale, in
exemplifcation of which we have compiled from
official sources the issues 10 principal takers since
1910:
6 PER CENTS OF 1s60-70. PER CENTS OF ls43.
i MAY. SEPT TorAL
III. II. Perkins, l,665,000 100000 10000 2OI2OO0
R. II. Winslow, $4,000 1l5,000 2l7,OOO $50. 500
J. s. Lake, 6l5,163 $4,000 $4,000 74O,l69
r. Riggs, 10000 $4,000 $4,000
Drew Rnhinann O5 nnn ~ knnl 60 'knn