The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1846-02-05

time, was passed.
A message from the House returned the
bill relating to the barking powers of the
Ohio Life Insurance and Trust company, and
the Lafayette Bank of Cincinnati, with
amendments,
The first amendment was, "strke out the
word moneys" and insert "means" of
which there shall be of gold and silver, or
their equivalent, as compared with its cir-
culation, the full amount required by the
act to incorporate the State Bank of Ohio, as
aforesaid" .-.
The question was then upon agreeing TO
the amendment.
Mr. Edgerton said, not agreed. Mr.. Speak
err If understand the House amendments,
lit is proposed 10 strike out the word " money!"
and insert "means,' thereby allowing this
institution TO bank upon seventy per cent.
of"means," and thirty per cent. of gold and
silver, or its equivalent; in other words, it
allows this company to set aside as a bank
ing capital q certain quantity of bills recei-
vable, bonds, mortgages, judgments, or any
other of its old and worthless "means."
Thirty per cent. if the amount set aside shall
be in gold and silver, or its equivalent fifteen
per cent. in real gold and silver, and fifteen
per cent. in deposites with eastern banks or
bankers. Now, sir, this is infinitely more
obi ectionable than the original proposition
Of banking upon bills receivable. What
these means shall be is not defined, it is left
entirely to the bank or of the board of con-
,rrl lat f1,a bnrn intia
and value of this new species of banking
capital. Before the vote is taken upon this
question, knowing his delicacy, where he is
personally and pecuniarily interested, shall
ask that the gentleman from Franklin, mr.
Kelley,) be excused from voting; he being
stockholder in the company.
Mr.. Kelley replied 10 Mr.. Edgerion, and
argued that eastern deposites and bills, re-
csivable, were as good as specie for bank
ing purposes.
Mr.. Edgerton said, he had always supposed
that, before money could be legitmately
loaned, it must be possessed But itappears
such is not the case In this era of bank
expansions, when real money is not easily
obtained, to relieve the wants of suffering
community, a plan has been devised by
which banks can issue their money with no
other basis or means of redemption, than
"means.'' This is the proposition, and the
gentleman from Franklin, in defining these
means, assumes they are to be bills receva-
BILE, and has labored TO prove that they are
as good basis for banking as gold and sill
yer. For his system, they may be, but not
for any honest system, if such thing can
be.
They may be worthless bonds or mort
cages, on worthless lands; protested notes
against bankrupt makers, and irresponsible
endorsers; wornout judgments which can
never be collected, thrown together in one
ndiscriminate mass, and denomlnated
"means." ...
Mr. Jones said, he rose TO perform duty
which he owed to himself, to the Senate,
and to tho people. He objected to the
Senator from Franklin, voting upon this
question, as it was one which involved his
own interest. He made the enquiry, wheth-
er, the Senator should vote where he was
directly interested.
The ayes and nays were then taken upon
the amendment and resulted
AYES-Messrs. Anderson, Bean, Coombs,
Cox, Goddard, Madeira, Martin of Fayette,
O'FerraIl, O'Neal, Perkins, Powell, Quinby,
Welch, Welmore, and Speaker-l5.
NAYS-Messrs. Edgerton, Ewing, Gref,
Harte Jones, King, Koch, MackaIl, Martin
of Columbana, Newman, Reid, Thornhill,
Utter, Warner, and Wood-l6. So the
amendment was lost.
Mr.. Croft moved reconsideration of the
vote, last taken on the ameAdment on
which motion the ayes and nays were de-
manded, and resulted, ayes Is, nays IA
the vote was reconsidered.
The question then was upon agreeing to
the amendment.
On the vote to reconsider, Mr.. Edgerton
said,-
must take this occasion to say, that |
cannot discover why Senators, who, but a
few days ago, voted against this bill, should
now supportit. Isl any the less objection
able? Have the principles Of banking or OF
Senators undergone any material change2-
What new light has shone in upon members,
that they now discover they have heretofore
been in darkness and ignorance? | had
supposed there was some virtue in Stark
county yet; and when the honorable mem
ber from that county, (Mr. Groff) voted
against this bill in all of its stages, when
first in the Senate, and then again to day,
on the House amendments, felt proud for
old Stark comfy, that she should have upon
this floor an independent Senator, who, des-
pite all the party influence brought to bear
upon him, was yet determined to be true to
himself but, strange as it may seem, he
from whom we expected so much, has for.
saken-not us--but HIMSELF and become
one OF the means" of this institution. | al.