The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1846-05-21

fuctionary i'll Ohio, the reporterto the cour
in bank of whom was reading the oihe
day found his answer to certain queries
as to the time when his bank would resume
specie payments. He said that Il would re
sumo when the specie circular was repealed
Well, the circular soas repealed; but he hal
not resumed specie payments 10 this day
Yet he was taken up and put in high places
And there are some four or five othermen il
similar situations at this time in the State o.
Ohio.
Such is the security for bank issues we
have in the State of Ohio. We have moth,
ing but the word of the bankers-not even
their private property is bound for the re-
dempton of their issues. Whatever you
can.fnd in the bank you can take. But the
difficulty is here: that the bankers get into
the vaults first, and take out every thing
that is tangible" J" leaving 10 us who work
hard mauling rails, and with stedge ham,
mers, and at our other honest occupations,
nothing but their vile and worthless paper.
Such will not be the state of things under
this bill. We propose that every person ap-
pointed shall be made responsible, and give
security TO the satisfaction Of the President.
And if any officer should squander in any
manner, OF loan out the public money, it is
made penitentiary offence. A similar pro-
vision WAS proposed by US to be inserted in
the bank bill of Ohio. Tho wings were
horrifeda a tie idea; they went strong again ST
it, as they did against all individual liability.
They we're not willing that these bankers
should pay their honest debts, though, where
citizens would make propositions to be ex-
cused from the payment Of their debts, they
compel them TO stand up TO the rack, as the
saying is, fodder or no fodder This is un-
just. ask any man whether, in his own
private transactions, he would not take the
bond of A, B, and G, well and RESPONSE
bly, endorsed, with the additional security of
their private property pledged for its pay
ment rather than bank note-a promise to
pay-stowed away in trunk for safe-keep-
ing? The mere statement of the PROPOSE
ton is sufficient TO demonstrate the ex-
pediency and necessity Of this independent
treasury system. Gentlemen on the OPP
posite side cannot show single instance in
which dollar has been lost by IFS operation.
The mint of the United States has been In
operation for many years under the regula-
tons prescribed by this bill in relations to.
The revenue of the country. Security has
been given TO great amount, 0nd not a
dollar has been lost. do not wonder that
the banks and their friends here are opposed
TO this project, because by its adoption we
refuse 10 put the public money into their
hands TO bank upon. They are in the posi-
tion of interested parties-of lawyers plead
ing for their clients. They wish to remain
in the enjoyment of perpetual and exclusive
privileges; and we, in behalf of that people
whose voices can be heard here only through
their representatives, stand up 10 protest ag-
ainst such partial and unjust legislation.
The gentleman from Kentucky Mr. GRI-
DER has said that these bankers cannot be-
come leg-ireasurers and run away. What,
then, does he think of the Swartwouts, and
other men who have squandered the public
money? No independent system was then
in existence. They were allowed to invest
the public moneys, as it is known that Swart-
wout did, in lands and stocks, at a time
when speculation was rife. No such facilities
for speculating with the public money can be
furnished under this bill, nor ought they
ever to be furnished again. The surplus
funds ofthe government were never designed
for any such purpose. We ought, in the
first place, to collect no more moneysthan is
requisite for an economical administration ofI
the government, and that amount ought to be
entrusted in the hands of responsible men,
appointed by the government, and respon-
sible to the people, until it shall be drawn
out by process of law. The experience of
years has demonstrated the necessity of
throwing additional safeguards around the
repositories of the public money, SO that
when collected from an honest and coniding
people it may remain in safety until drawn
out for the legitimate purposes of the gov
ernment. We propose, therefore, finally TO
discharge these irresponsible and rotten
banks from the public service; and believe
the passage of this bill will strike fatal
blow at this iniquitous banking system, not
only in Ohio but throughout the Union. A
man, TO be sure, has as good right to bank
as ] have TO mill, or to deal in merchandise.
But the community requires me to make it
safe in the transaction of that business, and
it is but fair that similar condition shall be |
exacted from the banker. If we aciU take
paper money from the banks and use it in
place of the constitutional currency, it is
not the fault Of the banks; but, afier the ex-
perience we have had, we should no longer
suffer ourselves TO be made their dupes.-
The monetary system differs from all other
species of business, and ought to be more
closely guarded, because it enters into the
necessities and the business of every man,
compelling them to take bank paper where