Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-01-12
Remarks of DR.. OldS,

Statesman.
Remarks of DR.. Olds.
The currency resolutions, so called, Of
the House, in favor Of the present banking
system of this State, declaring its repeal
unwise and impolitic, &c, and that return
to a specie standard would be fraught with
bad consequences, came up for adoption.
Mr. Olds moved to amend the resolutions
by striking out all after the first "Where-
as" and inserting the following in lieu
thereof:
''By the magnetic telegraph we have re-
ceived intelligence that the Delaware
Bridge Company has failed, having unre-
deemed in the hands Of our citizens, many
of its worthless currency" and
WHEREAS, The Legislature of Ohio has
undertaken to furnish our citizens with
safe, uniform and convertible currency;
and ii IS the legitimate business Of the Leg
islation to protect our citizens against the
frauds and extortions Of banks. There
fore.
Resozred, That the standing committee
on Banks and the Currency be instructed
to enquire and report to the Senate, wheih-
er, at any time, there has been any busi-
ness connection between said Delaware
Bridge Company and any banking institu-
tions in this State, by which the bills or
notes of said Delaware Bridge Company
have obtained credit or circulation; and
whether such banking institution of this
State has been in part or in the whole,
owner of said Delaware Bridge Company;
and whether, by reason of such business
connection or ownership, such banking in
stitution has become morally or legally
bound to redeem the circulation Of said Del
aware Bridge Company.
RESOLVED, further, That said committee
be requested to investigate and report to
this Senate, the connection of the Nj echan
ics' Savings Institute Of this city, and the
Columbus Insurance Company, with said
Delaware Bridge Company: whether al
any time, said Mechanics Institute or sale
Insurance Company, have been the owner
in whole or in part,of said Delaware Bridge
Company; and whether in consequence OF
such ownership, said Savings Institute or
Insurance Company have been instrument
tai in giving credit or. circulation to notes
or bills of said Delaware Bridge Company
and whether said Savings Institute OR lnsu.
rance Company, are morally or legally
bound to redeem the circulation of said
Delaware Bridge Company.
Resolved, further, That said committee
be requested to procure the assistance ol
the Attorney General ofthis State in their
investigation, and to report further, whether
the connection Of any such banking institu
ton of this State, or the Savings Institute ol
this city, or the Columbus Insurance Com
pany, with said Delaware Bridge Compa
ny has been such as to require Legislative
interference, or to make q forfeiture Of the
charter of either Of said Institutions.
Mr. Olds remarked that when he frs
saw these resolutions reported in the othel
House, he thought it very strange that they
should at this time be legislating upon such
subjects. He could not for his life see why
the party should at this particular time, be
called upon for such wholesale endorse
ment. Public attention, by vastly more
important and interesting subjects, such as
the war &c. had been diverted from the
banks, until they had almost been forgot
ten. Mr. Olds had been at a loss to divine
why they had thus unceremoniously beer
thrust upon our attention. He had beer
led to fear that something more than usu
al was wrong, that demanded such sustain
ing and whitewashing resolutions. But
said Mr. Olds, we have the solution in th'
intelligence just received, that their twin
sister in another State has gone the way o
all banks. We can now see why the bank
are calling upon their allies in the Legisla
ture to endorse them, and certify them t
the confidence of the people. The with
drawal Of public confidence would at ono
PROSTATE them. They know and feel thl
to be true; therefore, when any Of their ira
ternity blow up, the balance must be en-
dorsed anew, that they may continue t
rob and fleece the people until their aPpoln
ted time came.
The inquiry, said Mr. Olds, arises yer.
naturally: are we doing right! There ar
men, said Mr. Olds, who make living il
some of our large cities, by giving all kind
of certificates for patent medicines; but vii
the legislature OF Ohio prostitute their hig
calling, by lending themselves to this wor
Of DECEPTION? Mr. 0. thought not, and hao
therefore, introduced this amendment. L
this amendment, said Mr. o. we have legi
innate matter for legislation. Rumor wit
her thousand tongues, connects this Dela
ware Bridge Company with certain bank
ing institution OF this city. 1t is said ths
this worthless money has obtained cred
and circulation only througha bank loc'
ted here. That not many days since, tn
bank here, knowing that the concern mu!
fail. sold the whole concern for the sum G
ten thousand dollars; and that the unprlr
cipled broker who bought it, acting uPo
the rule Of '.making hay while the su
Shines" has, within a month, put NOR
than thirty thousand dollars Of its WORTHLESS
notes in circulation in this community
If then, we wish to subserve the interest
!, our constituents let US at once, instead 4
bolstering up the character ofthe remail
, ing banks by our certificates and resol'
& tons, go to work and ferret out the fraut
connected with the failure Of this ono. l.