The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1847-03-12

a. Muy DC necessary 10 MeIr bu8tnees or The
payment Of Mer debts. fss
7. TO bay and sell drafts and bills Of OK.
change. ietH q 9e
g. Tohold on original capital OF 1000, ,oO0I
of dollars. 2 iHs@F3Q ~ @iciI Sf 10 va
8. To pest said capital in bonds and mort.
cages or real estate valaed at double the
amoUnt The sums loaned. efN
TO-. To increase said capital to an 1NDEr-
rNITE EXTENT BY deposites at an agreed rate
Of interest 81 @ g q
Ill. 70 issue bank nstes to double the a.
mount deposited not to erceed one million of
dolldrs.
IL. 10 have twenty trustees, one-ffth
elected every two years, so that ultimately
each trustee remains ju, ten years.
Snow we desire the people to look we'll
at this delegation Of their Sovereignty to
these twenty trustees. We ask then il there
is any thing under heaven this corporation
cannot do; except, perhaps. make war and
peace; or any limits TO its powers of accumu-
lationf And as if to cap the climax Of legis-
lative fslly or corruption, this corporation is
permitted TO coin its own money, to lend or
TO pay its annuites and the interest on its
trusts. Il receives pledges on land and real
property, bonds and mortgages, on liens of
its own paper, and charges interest for the
sane, thus exchanging rags for lands and
houses, at premium Of interest such as
may be agsed on t
at is permitted 'to increase its capital 10
an INDEFINITE EXTENT by deposits at an in
terest ageed on.' In short il can make any
contract inrelping the interest of monev or
The duration Of lve.' This pledge covers ev-
cry species of human dealing, and may be
tortured by the ingenuity Of Cupidity into n-
cluding oil the business of life. In fact
there is NO limit to tho powers which this
minor sovereignty may exercise, as to its
means Of acquiring wealth and influence
lis duration 10 perpetual, and in less than one
hundred years, it will swallow up the whole
state of Ohio. Its proprletors Of land will
become tenants at will TO the Life and Trust
Company, and an independant yeomanry
sink inte race Of dependent slaves. They
have no remedy except a revolution"
SuCh was the analysis, and such were the
predictions Of William Leggett in regard to
this specimen centract--the Trust Company.
He was an authority with his party as high
as talent, integrity and nobleness of spirit
can elevate any individual.
The very foundations indeed of the Con-
sttution have been cenvulsed and broken
up by The deliberate invasion of all its princi-
pies. Tho Trust company is being which
treads in the footsteps ofno "predecessor"-
but whose own giant strides over free insli-
tutions, was more than equalled by the ,rag-
edy Of lS42, when the very structure of the
government was laid in ruins by The moral
treason Of the whig party. TO this latter
event ! shall lrefer again, although it should
confound the faces ofour opponents, aud COW
er them with shdme. And now taking leave
oS the Trust Company, congratulate the
people that although the heads Of that Hydra
are hundred and bristlIng in evory corner
Of oor widespread state, the heart of the
monster palpitates in the very midst Of our
Gsrcest democracy. And among their qlori-
GUS ranks "some hand more lucky than the
rest," will strike the blows which rends bis
bosom. -+A tt y
] The State Bank of another con-
tract in disguise, and the imm date subject
OF remark-has power at least to rival the
Trust Company, and remains to be introduc-
ed and exhibited TO this House. 1t is like
wise monster OF foul and hideous form
witaa hybrid organization not more revolving
10 reason than TO nature herself, s,.at.,
The State Bank Of Ohio was created un.
der an act passed oath February, 1s45, and
to be found volume 43, page "a. 1t is en-.
titled an act to incorporate the State Bank
Of Ohio and other Banking Companies.
!, This new constitution of Ohio provides fol
dividing the State geographically, into twelve
Financial Districts; each distric! TO contain
from one TO six branches of the State Bank
or Independent Banks, and an aggregate o.
! six millions or twelve millions ef capital
II enacts that companies of not less than 0ve
persons shall be formed by voluntary sub
scriptlon Of capital stock in these districts
who may on conditions, do tho business O.
banking, issue paper, buy and sell bills, dis
ceunl notes, and deal in coin aad exchange
The general conditions are that they rscort
a certificate in The sounty ,and send duplicate
to Columbus, specifying the name, place
time aud character ofthe Company Cay
ital in shares of hundred dollars, to be no
!. less than so thousand dollars for Independsn
: companies, and one hundred thousand do
lars for banches; to be increased however,
required after two years to not over five hur
. dred thousand dollars each. Fifteen pc
! Ecent of capital in gold and silver; fifteen ps
cent'ins eastern exchange; and the Audito
lSecretary and Treasurer os State 10 be III