The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1846-05-07
Bank Suspension.

-
Eastern Wing papers intimate the probability
ofa suspension of specie payments by the banks
in the event of the Independent Treasury becom.
ing law. Bankers have hitherto controlled the
financial Legislation of The country, and still be-
lieye themselves all-powerful. A suspension o
specie payments at the present time would cure
their mistake; they would be driven out Of exis-
tence. AS the Ohio Statesman well says:
Another suspension of specie payments
by the banks, will never be permitted. Tha,
which commenced in 1887, and lasted for
different lengths of time in different places,
took the people by surprise, and it was al
lowed TO make head, and its propriety under
supposed existing circumstances admitted,
because the banks had wit enough to get the
assistance of individuals who should have
been leaders in opposition TO their scheme
of unblushing fraud Having once recog
nized the expediency of that suspension, the
people were true to their position; but thou
sands then took the quiet determination, that
in the event of another suspension, i should
90 hard with the banks. Should they under
take to suspend now, it will prove suspen-
sion indeed, and in its correct sense, as
their necks will be dislocated by the opera
ton. And reason good will there be for the
people acting in most stern and resolute
manner, should they again commence their
rough riding. There is something monstrous
in the mere idea of it, TO think that a
grea, interest, which owes its existence TO a
violation of the constitution of the United
States, and which cannot stand up against
any attack; to think that the members of
such an interest should dare TO even cal
culate upon violating the law with impunity,
is the btterest commentary on civilization
that can be made. They have done so more
than once, and the laws made oguard against
such conduct on their part; have been re-
pealed, or their peratonssuspended, so that
they might escape punishment. But the time
has passed away, in which such things could
be done, and the criminals 90 harmless. If
they suspend again, they will never resume
as banks. The people will not permit it.
A great suicide will be committed, and the
contest now going on, will be decided, at
once and forever. Their days are already
numbered. Any violent action 10 increase
the hold which they may have on popular
affection or interest, will only hasten their
inevitable end Their sole aim now should
be to die, with a due regard to the externals
of decency. More cannot be expected of
them.
The New York Herald, Notwithstanding its
abundant Whig sympathies, has the following
remarks on the same ubject:
Believing, therefore, from all these high
sources of information, and the ideas put
forth leading Us TO anticipate suspension
among New York banks, it is full time for
the community TO take the matter in hand,
and reflect what 10 do in anticipation of such
crisis. In quiet and pcaceable times when
great confidence exists between man and
man; banks have no trouble; great profits
enables them TO raise money, and variety
of circumstances gives them the appear
ance of prosperity In war or revolutionary
times, they are comparatively useless, and
lead people into error and confusion.-
Since the great revolution IN 1887, banking
in this country has never attained the same
power.-Since that run upon banks, it nee
essarily had lis effect on the great COM
mercial interests; in fact the best interests
in this country have separated themselves
from banks during the last five years, and
nothing but artificial security in relation TO
Capital has sustained this system of Stock
iobbng during the last few years."