The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1846-05-21
/. And tI,oy obtained I majority


in the legislature to create abanking system
such never before was inexistence What
are the safeguards thrown around the banks
there and everywhere2 The individual
properly of the stockholders is not bound 10
redeem the issues of The banks. There is,
therefore, nothing 10 depend upon but the
capital stock subscribed, and which is said
TO be paid in. Yet etgentlemen on The other
side are willing that the revenues of This
government shall be collected in tho issues
of those irresponsible fcompanies. In this
sab-treasury bill, we propose 10 make the
individuals having charge Of the funds Of the
government liable in their individual capa-
city, and 10 compel them TO give security,
thus making assurance doubly sure; whilst
on the part of the bankers there is no per-
sonal liability of any description. The ne
cessity of This provision will be made ap.
parent by reference to a report made in the
year 1888, by the then Secretary Of the
Treasury, Mr.. Woodbury., BY which It will be
seen that the government had lost upwards
of thirteen millions Of dollars by receiving
deprecated paper into the national treasury;
yet the gentleman from Indiana still pro.
poses that paper money shall be resorted
to as means Of paying the public dues.
What is the state Of facts in our own state,
Mr.. Chairman? We have followed this
course there. Look at the surplus revenue
distributed in our own and other States. In
Ohio, a large amount Of it was put into the
rotten local banks---one of them being the
Urbana Bank. They failed; and, for the
want of this very personal security on the
part Of the stockholders. the school fund set
apart for the education of your children, and
the children of our constituents, was lost in
the vaults Of these worthless and damnable
institutions. Yet, in the face Of all expert
ence, there are menhere willing again TO re-
sort to. that system.
The plan of the sub-treasury, now under
consideration, is hut carrying Out the prin-
ciplc we have adopted lfor the safe-keeping
of the money in the different States. will
speak of my own State, and Of the manner
in which the public funds are kept there.
Our treasurer is required TO give heavy per-
sonal security; the same in our counties,
'townships, and school districts And Iyentuie
the assertion, that there has never been one
dollar lost by means Of these subireasuries; {;
but there has beer tens of thousands of dol
lars lost TO the State by taking the issues of
these irresponsible banks into the treasury,
there 10 lie until the banks failed. There
is at this moment large amount OF worthless
bank paper in the treasures of school dis
tricts in Ohio, which have become worthless
by the failure Of banks; yet we find men
here claiming TO be friends of the people,
who are willing 10 continue the use ofbanks
as agents, and their issues as. a medium
The rising generation aciU not rise up and
call them blessed"
This is not all. My friend who spoke be-
fore me adyerted 10 the inequality Of the
operation Of the banks upon different indivi.
duals. And, in relation to the argument on
the other side of the House, that we are
about TO furnish one currency fort govern
nenr anu IIs olncefs, and another for the
people, | have 10 say that there is prin
ciple laid down in politics, which, if we fol
low, we never can orr: and thatis, to try the
laws we pass by this test: /" Equal and exac
Justice to all exclusive privileges 10 none
The moment we bring our action here o
elsewhere 10 this test, we cannot 60 wrong
What has beeu the effect of the bankin,
system in Ohio? The Wings who passet
the bank bill, and have re-enacted certain
laws on the subiectat the late session, take,
everything animate and inanimate, tangibl
and intangible, in the language Of the law
they taxed everything, with one exception
and do not even know that, properly speak
that is an exception, because banks are scar
lcely tangible. things. laughter Tha
exception is not banks. Their capital is nc
taxed; therefore, if the phraseology Of tn
law is correct, it is not tangible. Even th
farm-houses Of our people are taxed; am
hogs six months old. They do not tax smal
pigs; but sleep are taxed; and even the oil
huxter-woman's chickens are taxed. Yes
sir, chicken tax! | heard something G
that in 1910; it was charged upon the dem
ocratie party by their opponents, who hav
now turned round and enacted the very la,
upon which they arraigned US. They hav
taxed everything visible and invisible, see
and unseen, except bank capital, and tbs
goes Free Is this right? Is this the prir
ciple of Jefferson?-" Equal and exactjuslic
to all men, exclusive privileges to none."-
No, sir; it is giving exclusive privileges t
the rch-to bankers---that are denied to tn
people.
/ In Ohio we have made the distinct ssu
on the hard-money platform. l 60 it wit
perfect rush; and as my friend who spok
before me says, present this question fairl
to the people, after the experience they hav
had, and | do not doubt the result and NOR
than doubt my own existence.
Mr.. ScnEScK desired TO inquire Of hi
j colleague, whether, under the existing la,