The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1848-01-22
Remarks Of MI. Archbold,

U.t ASO4AASSAAS -
OF HosRor,
ON THE BILL INTRoDUCEDBY HIM,ssTo
PROHIBIT THE BANKS OFTHIS STATE
FROM CIRCULATING THE NOTES OF
FOREIGNBANKS. DELIVERED IN THE
SENATE, JAN. 7,is4s.
The question being on striking out
the material clauses of the bill,
Mr.. ARcnBoLD rose and said, that as
the motion, il it prevailed, would be ia
tai to the bill, it devolyed on him as the
author of the measure, to explain it and
defend its policy. He hoped the mo.
tion would not prevail. The bill bad
been offered to the Senate in perfectly
good faith. Senators on his right (mean-
ing the whigs.) had power to destroy it:
but he gave them warning that II they
did, he would hold them TO their respon'
sibility before the people. II had be-.
come a prevailing practice with our
banks TO send their notes off to the ex-
tremes oflhe Union,to New York; New
Jersey and eastern Pennsylvania, to be
exchanged for the notes Of banks loca-
ted there. ..li.rls .a3a 40 5s
Our banks exported their own notes,
and imported the notes Of those distant
concerns. Thus both the high con
tracing parties effected their objects,
which were 10 get their circulation as
far from home as possible. Thus il was
made difficult 10 demand the fulflment
Of their promises TO pay specie. Their
notes must return slowly from such a
distant journey. And some wouldnev-
err return at all, being worn out, lost,
burned, or destroyed. In this name
they awaited themselves Of the whole
chapter Of accidents. But the very de.
sign was to EVADE the ful6lment Of
their own promises. And he must be
PERMITTED to say that it was a most i'm.
moral and pernicious design, and one
which should receive no c%ountenance
from this General Assembly. He had
been informed, from what he consider
ed the very best authority, tina, tho trash
of the Delaware Bridge Company,S us-
quehannah County Bank, and other e.
worthless institutions, had been
extensively circulated in this and adjoin
ing counties, in payment for pork, just
before the late explosion. "7.a..ss 'i'
u; This trash could never have found its
way into our community except in the
mode above described. Its own %intrin-
sic credit would have been far too weak
to scatter it in this community. To
this kind of bargain, intrigue and cor
our citizens must attribute, their
.s..f,.,-t. cy,iae avn, s.
He believed Senators on his right
would neither deny the existence Of
such a practice, nor its extensive pre-.
,alcnce. But one thing was certain:
4 the practice does not exist, if our in
locent, lamb.like, monyed institutions
eel no inclination towards this species
,fcommsrce, tho bill would do no harm.
{ this pcrnicious practice did exist, il
be abolished, and the bill would
good. o. aa.l.ao' g,d,u a4l .cal
The Senator from Cuyahoga, (Mr.
3ackusD starts a constitutional obiec-
ion. He puts the question, whether
are authorized by the Bank charters
impose this restriction? What clause
le asks. in the act Incorporating the
State Bank Of Ohio and other banking
companies, authorizes US to pass this
ill? Mr.. Archbold said he thought
highly Of the Yankees. They were re.
narkable for the habit Of answering
me question by asking another. .aao
He would adopt the Yankee practice
or once, and ask the gentleman what
:lause in that act authorized the prac:
ice in question? Where was the grant,
Vas it in the bond? What part Of the
ct authorized such corrupt bargainsg
VAS the practice of exchanging notes
With those distant institutions necessa-
y to a fair and legitimate exercise Of
anking powers? 1t could not be pre-
ended. aThe power 10 make these ex.
hanges was not in the act either by ex-
ress words or by necessary implica,
ion. il was q mere after thought
md as an e%xcrescence, a fungus grown
n the practice oftheT banks, it ought
,'be cut off. He had been present at {
passage OF the statute in question.
lie had opposed it in allcits s;ages. It.
'as bad enough, in all conscience, but G
was not cllargeable with the sin o! au- t
,%orizing this corrupt Practice Injus. q
ce to the Assembly who passed the
ct, and in common decency, it ought l
} be taken for granted that this species t
corruption was not foreseen. lffore.
zen. it ought to be SUPPOSED that it
'ould have been prohibited. If these I
were correct, it would follow t
lat this crime, like all other crimes and
MS Of natual or artificial persons, was a
lble to be prohibited, by the General
ssembly. !
But Here he coold nothelp observing 0
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