The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1848-04-08
Egg 49, For the Spirit of Demeeracy.
Tothe Electors Belmont& Monroe

Fellow CrTzEHs: III
& The subject of our bank-paper
currency occasioned gpod Deal Of excitement
and anxiety in the General Assembly during the
last Session. A very eminent Judge of the Su-
preme Court of Pennsylvania, about fifty years
ago. made it grave question whether there was
then in the world. any new mode of sin. He
seemed to think not. He inclined to the opinion
that the rogues of his dpy were only imitators and
repeaters of the crimes Of their predecessors for
centuries past IF the worthy gentleman were
now alive, he would give iteup. He would ac.
knowledge that our Ohio bankers have invented
new modes of sin, within the last fifteen twenty
years, \ The crime withiwhich we are now. con.
cerned is the exchange their notes, for the notes
of institutions in Eastern Pennsylvania, New Jer,
sey, New York, or New England, or any far-ds-
tant portion of the Union, with which the ex-
change can be made. The very object of the ex-
change is to make it difficult or impossible to de-
mand the payment Of the notes, Of the bargaining
parties, in specie, They have promised TO- pay
their notes in specie demand; to take deliberate
steps to make demand difficult or impossible, is
deliberate fraud The losses in the central part o.
the scioto valley, by means Of thisspeces ofswind
ling were, last fall very severe The notes Of the
Delaware Bridge Company, Susquehanna County
Bank, and other worthless and rotten concerns
had been paid out to the farmers in exchange fol
their pork. Just before the explosion Alfred Kel
ley stated in the presence of the subscriber tina
''bushels" Of this trash had been brought in ant
circulated amongst our people. As one of thu
| guilty institutions, concerned in this nefariou:
traffic, was located in Columbus, twas impossibl,
for the thing to escape the notice or knowledge o
the General Assembly. AS your delegate, tht
subscriber felt it to be his imperative duty to brinl
into the Senate bill 10 suppress this mischief
This bill was intended to render null and void al
notes and obligations taken or received by any
bank, banker or broker, for loan of foreign banl
paper. The details were exact; il any part Of th'
consideration was foreign bank note, the obliga
ton was to be void This exactness was necessa
ry, for otherwise they might lend a part Of thei
own notes and a. part OF those Of their distant Gus
TONERS, and so carry on the trade as we'll as ever
To encourage prosecutions, for a mischief sc
shameful and enormous, the bill gave penalty
one half of which was to 60 to the person suing
The bill ought to have passed. No man in the
Senate pretended to deny the enormous losses
which our fellow citizens had sustained by the ex
ploson of the worthless institutions above named
and others equally worthless. Moreover indvd
uaI losses are frequently not great enough to at
tract public attention, and yet are serious and Sc
we're to the private citizen. But the malign spirit
of party came and breathed on the bill, and il failed
It originated with democrat, was supported by
democrats, and therefore it must fail. 1t was lost
by tie vote in the Senate. pa e'''. ~. '..'
But tub Of some kind must be thrown out tr
the whale. Appearances must be kept up. The
wings therefore brought in abill-and such bill! !!
Like the democratic bill, it renders notes and obli'
cations taken and received for foreign bank paper
void, but if the banker or broker believes that the
foreign paper is to be carried out OF the State, the
note or obligation is 10 be good!!! had this
worthless thing referred to me as select commit
tee, and reported good, wholesome amendments to
it, but they were all rejected, and the bill passed
in its original shape: Thus the wings deliberately
refused to cut off some Of the worst practices of the
worst and most dishonest Of their banks. They
then passed an unjust and unfair apportionmnen
bill to perpetuate their power, and rejected the
Convention BILL, SO as to render a peaceable rene
dy, for the present, impossible 1t is difficult to
employ language too. strong in condemnation o
the political bigotry, which rejected the conven'
ton bill. The case stands thus we will pass an
unjust and unfair appOrtionment bill, but then we
must reject the Convention bill, Or the People will
find remedy by amending their old, worn-out
unfortunate constitution. Such may well be sup
posed to have been the cogitations of the whie
| leaders. ..r. ig; 5,.si.U III. ..,i
will the honest and reflecting portion of the
whig party sustain their leaders in all this! II
TO be hoped not H3Iil" tD antrg ygl ~
| lI..4 Most Respectfully, &C., "a.
EDWARD ,ARCHBOLD.
| Woodsfeid, April 8, ls4S.---No Nv. tbN
qs lib 81 From the New Orleans Picayune.