The Democratic pioneer. [volume] (Upper Sandusky, Ohio) 1845-1853, 1848-01-07

and silver only-the business Of the State
to be transacted with an exclusive metallic
currency-imposing additional burthens
upon the farmer and aboring man, and
at the same time greatly enhancing the
wealth of the purse proud capitalist.
And recommended their adoption.
Mr. Mclean said he understood this res
olntion TO be sweeping endorsement of
all the rag.mills in the State. He was
opposed TO any such Wholesale covering ups
of the banking institutions Of the State,
some of which he knew to be vile and rot.
ten.
Nj. Mclean then read from speech made
by Mr. Shaw, in the last House Of Repre>
sentatives. ia favor Of the consti,utio6als
currency of gold and silver. and against
the paper money system -and concluded
his reading by saying, that whatever
might have been his opinions heretofore
upon the utility and necessity of banking
interpretations, his opinion now, was that
many of them were soulless and corrupt
He instanced particularly the conduct Of
the Ohio Life Insurance and Trust Com
pany, which, a few months since, refused
to discount the notes, amply secured and
10 small amounts, of the officers and sold
iers going to Mexico, while at the same
time the prncely capitalist could obtain
any accommod alton he desired, and while
at the same time, they had three hundred
thousand dollars Of United States funds in
their vaults. For these and others reasons
which he could assign, he should be COM
PEELED TO vote against the resolution.
| Mr. Shaw, from the minority oe the com
mittee on Banks and the Currency, made
the following report:
Strike out after tie word "whereas"
in the preamble and insert the following:
Our share OF the specie Of the world is
thirtv-two millions of dollars, which is
TWENTY-FIVE and half millions Of dollars
more than the largest bank circulation we
ever had in Ohio, and which is thirty and
half millions Of dollars more than the
least bank circulation we ever had in
Ohio since 1885, and which is twenty
three and three. quarter millions OF dollars
more than the whole bank circulation in
Ohio at this time. And whereas, our
share of the specie of the world give six.
teen dollars to each person OF our present
population, which is eight and half dol
lars more to each person than the least
bank circulation we ever had in Ohio; and
which is eleven and three-quarter dollars
more to each person than the whole bank
circulation in Ohio at this time; and whict
is twelve and half dollars more to each
person, than the average bank circula'
tion {, ON 1885 to 1S47. And whereas
our share fthe aggregate coinage OF the
United States Mint and branches at this
time, is about thirteen millions of dollars
more than the largest bank circulation
we ever had in Ohio; and which is eleven
and half millions OF dollars more than
the least bank circulation we ever had
in Ohio; and which is four and three quar-
ter millions of dollars more than the
whole bank circulation at this time. And
whereas, our share Of the aggregate coin.
age at this time, would give six and halt
dollars 10 each person in Ohio, which is
two and three quarter dollars to each per-
son more than our present bank circula-
each person than the average bank cir.
cuation in Ohio from 1895 to 1847. And
whereas, the surplus produce Of Ohio, for
series of years past, has not been less
than twenty millions of dollars year,
4 showing that we have the means within
our reach, and under our control, TO fur
nsh much larger amount Of the consti.
tutionai currency OF gold and silver than
was ever furnished us by all the banks in
Ohio. This is a currency which is in
trinsic, substantial. sa fe, sound, and new.
er-failing-but which is now supplahted
by emissions Of paper money, to the great
injury of the whole community There
| fore.
Resolyed, blythe General Assembly ofthe
State Of Ohio, That emissions of paper
money shut out a metallic currency, which
otherwise wonld flow in upon US as the
tide, for our immense surplus produce,
furnishing the farmer and the laborlng
man with an abundant supply for circu
lating medium, which would enable them
TO pay their taxes in gold and silver, and
the State to pay its foreign debt as it be.
comes due; that the banking system, when
producing its greatest prosperity, and
furnishing its largest circulation, is pre-
venting greater and more permanent
prosperity, and shutting out larger and
continual circulation; and that the re-
sources of Ohio are ample to furnish an