Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-12-03


Democratic Stale Csatral Committee.
Columbus, Nov. "a, ls45. sga3
From the Philadelphia Psnnsylvaiian.
The Independent Treasury sis
AS the session Of Congress approach
es, this Democratic measure begins to
attract the attention of the people; par.
tlcularly. as it is well known thar the
President is. decided advocate of
the creation Of such a government a.
gent, and we think properly-for il
appears to us that it is absolutely ne.
cessary to keep the country from a.
gain running into speculative and
plethoric state. Large sums gof govern>
ment money placed in Banks, BY ahem
to be Loaned to business men, must and
will beget such condition Of things
as existed for some time after the re-.
movat Of the deposits. Even no =, il the
government, for any purpose, was re-
quired to call the public money from
its repositories, slight pressure and
panic would most probably be the con.
sequence. and such must ever be the
case while the money Of the govern
ment is deposited in Banks to be used
by them. The sooner, therefore, tho
separation takes place, the better for
the whole country. The situation of
our home industry may depend upon
this measure. We have again and H.
gain shown that all tariffs Of daties are
Intellectual to afford any protection to
American Manufactures, if the curren-
cy is inflated SO as to advance price,
and encourage foreign importations.--
Even now, the rise in the price Of ma
ny articles caused by bank facilities
and the increase of bank paper, as com.
pared wilhthe price when the present
duty was laid, is such as 10 have rom
dered the specific duties laid upon nu.
merous articles comparatively need
less-that is, the increase of bank "a
cilities and bank paper in this country,
has caused an enhancement Of the
price Of the article more than, equal 10
the amount ofthe duty, And 50 il will
go on until the country is overrun with
bank paper and foreign merchandise.
unless something shall be done to check
It, and this is what the Independent
Treasury can do-what it is wanted to
do--to check unsouud banking and ex-
cessive importations. ~, >-r ,.,
Of the necessity for the enactment
Of this salutary measure, no one can
doubt ifhe looks calmly at The signs Of
the times. In the Harrisbsrgh news
papers there are about 90, notices
Of applications to be made to the next
legislature Of this State for new banks,
for the renewal Of charters, or to in--
crease the capital Of some already in
existence. amounting in all to the enor.
nous sum Of eight millions Of dollars.
This shows in very distinct colors that
the mania for banking is beginning 10
exhibit itself-whicb it could not do, il
the restraining measure Of an Inde-
pendent Treasury was in existence
Their stocks are advancing ill., price
and above par--because they are a.
gain extending their discount, line, To
be a bank officer is once mora sought
after as the post Of honor or of, profit.
The patriot Jackson, with his unbend.
ing will, brought these chartered. mo-
nopolies 10 a proper sense Of the duties
which they were created to perform.
It can be done again. Ii is necessary
that it should be: for if the, evil is sui.
fered to grow there viii be more diff
Guilty to effect cure-then Bank cur, cur.
rency makers will be more abe to op.
press community. We have had one
severe lesson upon this subject, extend.
ing to every part Of tho country, but
more especially affecting this city. Tho
wrecks =, created by failures of banks
are to be met in the circle Of every ones
acquaintance, and to AVOID the like e.
vii all should, be watchful, bu: .particu.
larly The Democrats Of Pennsylvania.
They must endeavor 70 stay the spread
Of the canker-if they canaot prevent
it. b, ,%68 oai s,,.a ,rvs - ae1
We urge upon the press--hut, esper
cially the Democratic portion of it--all
over the country, The. importance Of
this subject, Congress will . guide
to govern them in the creation, Gf, a
money agent for the country--and pno.
lie opinion il an unerring and safe one
whereon 70 found action, .:1,.'. ( +, 1,a ss
nF The Syracuse Star states that
the roof Of an iee koxse was destroyed
III that place, by,fire, On thS Othallt.