The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-16
COLUMBUS, OHIO, Jan. S, lS4S.
Movements in Finance in Ohio.

In former letter, and in exposition of the
Glove of contention between the two great
Political parties in Ohio, said the democrats
were now united in opposition to all banks
issuing paper currency, aud proposed, if the peo-
pie would re-instate them to power, to repeal all
banking laws. They being at present in q
minority, however, could of course make no
effort of the kind with any chance or hope of
success; and, consequently, had no design Of
agitatng the question during the present session.
The wings, however, fancyng (erroneously, as
Think that their pariality to banks has placed
them in the ascendency, wished to keep the sub
-ject before the people; and, TO that end, intro
duced the ''bank endorsing" resolutions, (of
which / spoke heretofore,) declaring that it
would be unjust, unwse, and impoliuc, to adopt
any legislative provision repeating the charter
of these institutions, inasmuch as experience
has fully tested and clearly demonstrated the
ability of the banking Institutions OF this State
to provide the people with safe, uniform and
convenient currency, at all times convertible in
to gold and silver. The committee on banks and
currency, having reported back these resolutions
and recommended their adoption, the democrats
were compelled to show their hand; and accord
ingy, Mr.. Shaw, (dem.) made a" minority re-
port" which, protesting to be based upon ac-
curate money STATISTICS, and illustrated by exact
as surely as the democratic leaders again get
power In Ohio, sail paper currency will be
abolished" an event of some importance to the
reader of the Herald in New VI kand else where.
here transcribe it At length
"Mr shaw, from the minority of the Committee on
Banks and the Currency, made the following report:
Strike out after the word whersas in the preamble,
and insert the following:
Our share of the specie Of the world mil
lions of dollars, which is twenty-five and half millions
of dollars than the largest bank circulation
had in Ohio and which Is thirty and half millions of
dollars than the least bank circulation had
in Ohio since 1885, and which is and three
quarter millions Of dollars than the whole bank cir
culation in Ohio at this time And wherers, share
Of the specie ofths world gives sixteen dollars to each
half dollars to each person than the largest bank
circulation had in Ohio; and which is fifteen
ton had in Ohio and which Is eleven and three
quarter dollars each than the whole bank
circulation in Ohio at this timei and which twelve
bank circulation from 1885 to lsa7 Aud whereas,
share Of the aggregate cottage of the United States
Mint and branches at this time is about thirteen mil
lilo of dollars than the LARGEST bank cir cuaton
ever had in Ohio; and which is eleven and half
millions OF dollars than the least bank circulation
had in Ohio and which Is four and three quar-
millions Of dollars more than the whole bank
lstion at this time, And whereas share of the ag
dollars to each person in Ohio which Ia two and three
quarter dollars to each persou than present
banS circulation and which is three dollars to
each person than the bank circulation in Ohio
from 1885 to ls47 And whereas the surplus produce Of
Ohio for series of past has not been less than
twenty millions OF dollars year, showing that we have
the means within reach. and under control,
furnish much much larger amount of the constitu-
tiona currency Of gold aud sverthau fur nsh
ed us by all the banks in Ohio-ths is q currency
which is intrinsic subst safe, sound, and never
aiIing-but which is now supplsnted by emissions of
paper to the great injury OF the whole commun
ty Therefore
Resolved BY the General Assembly Of the State of
Ohio That emissions OF paper money ehut cut metallic
currency which otherwise would fow in upon the
tide, for immense surplus produce, furnishing the
farmer and the laborinR with IN abundant supply
for = circulating medium which would enable them to
pay their gold and silver and the state 70 pay
tenn when producing and furnish
ing its largest circulation, spr.ventng greater and
more permanent prosperity and shutting out larger
and continual circulation; and that the Of
Ohio ample to furnish an abundant supply OF the
constitutional currency all the business
of the Stste and that it would be wise, polite and for
the interest othe people, to repudate the whole paper
money system and return TO the constitutional curreD
cy OF goH ana tV OK, ann ina. .ms =
scourge ofthe nineteenth century"
Mr.. Shaw having led off by a two days speech
in behalf of the ESQ called) hard money"
doctrine, the subject became one of general de-
bate Pending this, the rupture In the eastern
banks came booming" over the Geographic
wires at the rate OF two or three day, for
some days, and added much to the excitement Of
the discussion; and, IN truth, the wings became
in some measure "panic-struck !" The cen
dorsing'' resolutions came up In the Senate, the
House having previously rejected Mr.. Shaw's
proposition and adopted the original resolution,
by strict party vote The democrats took advan-
tage of the continued rumors of bank failures in
the east, in support OF their arguments against
the paper money system. Mr.. ODDS (dem.) moved
10 amend the resolutions by striking out ali after
the word Whereas" and insert the following
in lieu thereof
by the goetic telegraph have received intelli
gencs that the Delaware Bridge Company has failed hsv-
ing unredeemed in the hands Of our citizens, many
sauds Of its worthless currency and
Whereas, The Legislature OF Ohio has undertaken to
farni.h our citz-ns with safe uoiform and convert
BILE curr,acy; and It Is the legitimate business of the
legislature to protect citzene against the frauds
snd extortons of bsnks-Ther efore
Resolved, That the standing committee banks and
the currency be instructed to enquire and report
Senate, whether at any time there has been any bust
and banking in this STATE by which the
bills or notes Of said Delaware Bridge Company have
obtained credit crculation and whether such bank
ing institution of this State has been in the
whole, owner OF said Delaware Bridge Company; and
whether by reason Of such business connection or
ownership, such banking institution has become morally
legally bound to redeem the Of said Della
ware Bridge Company.
Resolved further, That said committee be requested
to investigate and report to this Senate, the
CT the Mechancs Savings Institute Of this city the
Columbus Insurance Company, with said Delaware
Bridge Company whether at any time, said Mechancs'
institute or said Insurance Company have been the
owner in whole in part Of said Delaware Bridge Com
psny; and whether Ia consequence OF such ownership
said Savings Institute Insursnce Company
Instrumental in giving credit circulation to
bills OF said Delaware Bridge Company and whether said
Savings Institution or Insurance Company morally
legally bound to redeem the circulation Of said
Delaware Bridge Company
Resolved further, That said committee be requested
to procure the assistance OF the Attorney General of
this State In their investigation, and to report further
whcth the connection OF any such banking
Of this State the Savings institute of this CITY, or
the Columbus Insurance Company, with said Delaware
Bridge Company has been such require legislative
interference to make forfeiture Of the charter
either of administrations.
have deemed these extracts worthy a space
in the columns OF the Herald, as, by them, east
ern commercial men may see the tendency here
of things in which they are highly interested !;
and capitalists and stock brokers may see the pro-
babe doom Of the paper currency system in Ohio.
directly Connected with some the late explod.
ed banks In the east, and the showing that in
stead of the Ohio banks furnishing the people OF