Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-02-09
For the Portage Sentinel.
Banking and Borrowing.


MEssRs. ~EDuoRs AND READERs:-So
itappears it that the Portage County Branch
OF tho State Bank Of Ohio, has actually
gone into operation at Ravenna, and |
suppose that people have commenced bor.
rowing the notes Of that institution--in 9TH
e. words, people have commenced exchang-
ing individual notes of responsible persons,
for notes Of a bank responsible to limited
extent, paying only six per cent. for the
difference.
| have been making some calculations Of
the profits of this concern. Suppose they
lend out their whole capital paid in which
is believe thirty thousand dollars-and |
hardly know who among us all can afford
to borrow so much paper. Thirty thous-
and dollars at six per cent. per annum, is
1900 dollars, which, as some banks have
done business, will about pay Cashier,
leaving rent, and the expense of making
the pictures, and various ct cstevas to be
otherwise provided for,
But we may be told that the law author
ICES them to issue two dollars for every
one in bank, which will double the profits
and pay we'll for ct ceteras This is in
deed privilege very convenient for bank
srs. But who is to be duped to borrow SO
much. Not the Farmer hope, for they
cannot surely afford to borrow from banks.
The uncertainty Of profits would admonish
gerous stuff lest the farms pay the forfeit,
have known many Farmers thus caught,
who rued the day they touched the banks.
And how can mechanics better afford to
borrow? Not whit better than Farmers
trust. But there are Merchants and Dro.
vers who do a money business. 1t is said
that Banks are convenient for them. Well
so be it, if so be that they are sure of quick
returns. But they don't want to keep
their notes in bank at all times Of the year
ii they do good and safe business. Then
it would seem that the bank would need the
custom Of Farmers and Mechanics for a
portion Of the year at least, or it may be
q losing business, And if Farmers ane
Mechanics 60 to banks and borrow fol
even portion of the year it must be at q
peril. Nine times in ten they will lose
more than they gain. They had better
stand "afar off, and see how it works
with others a few years, ere they venture
within its clutches. I he mere pleasure o
handling the nice pictures will hardly atom
for the vexation, of feeling that we are q
the mercy of bank for few months, an
then the trouble, vexation and expense o
gathering in the money to pay-and the
the risk-the fear of failure to collect, an
all that kind Of bother. l hope neve
shall experience its like again. lndee
credit-this going in debt is most disa'
trous to a working man under any circun
stances-more particularly so when Bank
are the creditors This is the great ma:
ter evil Of banking: the inducements
holds out to the honest and too inconsider
ate to run in debt and neglect proftabl
and healthful labor. warn the Farmer
and Mechanics of Old Portage to bewar
OF the trap. That our county now eS
ceeds nearly every other county in th'
State in such evidences of thrift as horses
cattle and sheep, is no doubt owing to til
fact that we have never yet until now bee'
cursed with n bank in our borders to whee
dle our Farmers head and ears into deb'
Again say BE" AXE