The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-01-24
FOR GOVERNOR OF OHIO,
DAVID TOD, Of IrumbuU
THE CONSTITUTIONAL CUR
RENCY.

ed the proceedings of the Democratic
9th Of January Convention, which pu
in nomination, as the Democratic can
didate for Governor of Ohio, the able
advocate of equal rights-DAvlD Ton
On the first page of to-day's paper vii
be found the proceedings of the Dem
ocratic Editorial State Convention, fol
which we bespeak an attentive peru
sal.
The demo mocracy Of this county are
well aware, that, when the democratic
party Of Ohio raised the " bank reform
banner, in 1 1838, they were triumphant.
ly victorious at the ensuing elections.
The people were well satisfied, from
past experience, that the old villanous
banking system needed much reforma-
ton, in order TO secure them from the
almost daily loss of thousands of dol
lars; a loss resulting as well from the
total failure of these rascally shaving
shops, as from partial depreciation in
the nominal value of their promises
topay." In accordance with the views
and doctrines, at that time advocated,
the democratic members of the Gener-
al Assembly, at subsequent sessions OF
the Ohio Legislature, passed laws which,
it was supposed, would have the effect
to make bankers honest men; or, in
other words, to prevent the old system
of bank swnding.-of contractons
to-day, and expansions tomorrow
from ever being again fastened upon
the people Of this State. Laws were
enacted making stockholders liable in
their individual capacity for the de BITS
of bank. in case of failure, as we'll as
other laws equally salutary. When
these laws were passed. it was thought
that the people would, thereafter, be
secured from losses by bank failures,
and bank suspensions; and that all
banks thereafter chartered would have
engrafted in their charters these sauta-
ry provisions. But how have the peo-
pie been disappointed in their hopes
and expectations? Would bankers ac-
cept of charters with the individual la-
biIity clause? No. The determina-
ton of the moneyed aristocracy of this
State was 10 grind down the people
by enormous taxes. by bank failures,
and bank suspensions, until they should
be brought TO tamely submit 10 any
banking proposition that might be
brought forward. The result has been,
that by deception, corruption, and
accident" the bank power Of the State
has once more gained the ascendency
in our legislative halls. Immediately,
all the salutary measures, demanded by
the people, were repealed; and sys-
lem of banking enforced upon the peo-
pie only equalIed by the old defunct
banks Of GaIlipolis, West Union, and
host of others.
Who does not recollect, and, not
only recollect, but, by experimentation
the thousands, and we might safely say
lost to the people Of. Ohio. by |
the explosion of such dens of iniqulty
as the Bank Of Cincinnati, German
Bank of Wooster, Bank of Steubenville,
Bank Of Granville, Bank OF Urbana.
Bank Of Gallipolis, Bank of West Uni
on, Miami Exporting Company, new
Bank of Circleville, Lebanon Miami
Bank, Bank of Cleveland, Commercial
Bank Of Lake Erie, Commercial Bank
Of Scioto, and a long list of others in
this State, together with the losses sus-
tanned by the failure of the banks Of
the States Of Illinois, Michigan, and
others; and we might particularly men
ton as "last though not least" the
Bank of St. Clair, familiarly known as
the Red-dog bank9 Have the people,
we ask, forgotten all their losses occa-
stoned by the failure Of these institu-
tions9 No. They feel that forbear-
ance will ION cease to be a virtue; and
will, ere long, speak in tones Of thun-
der to those nabobs of the bank-paper.
mills, whose only rule Of action seemsI