The Democratic pioneer. [volume] (Upper Sandusky, Ohio) 1845-1853, 1849-03-16

"a wilinger or better set Of men, they would d
all this and still tell the people, they we're do
ling right. No other set of men (aside from
bankers,) have the privilege of making an en-
craving on bit of paper and circulate it al
money; yes make and food the country with
their promises, and after they get enough cir
cnlated, to satisfy their hungry conscience
l(if conscience they have) close doors, tell
those who have been so unfortunate as to get
large quantity Of their trash, that they are
no longer responsible for the redemp ption of
theifposes, and they may do as they like about
the matter. These are solemn facts which
every man has been an eye witness.
In country like this, where all men are
said to be born free and equal, why should
such distinctions be made! it is neither right
nor just; but still it is both practiced and
countenanced by our Law making power in
Ohio and in fact many other parts of the Un-
ION.
We give below an article ON the banking
Law of Ohio, which is commendable to every
body:
THE BANKING LAW OF OHIO.
That the present system of banking in
Ohio has not iD many respect answer ed
the purposes for which it was created,
every intelligent business sman will admit.
Notwithstanding The peculiar advantages
conferred on corporations by the bank
ing law, under which nearly all the char
Tered Banks in this State hold their char
ters, it is notorious that individual bank
ers do a very large amount offhe reg,lla
banking business done in this city; thus
proving that chartered Banks are not ne
cessary to facilitate business transactions.
Indeed, accommod atiuns are seldom exs
extended by chartered Bank, hey N W
the circle interested in the inst
ton. or the particular friends Of that
circle. Beyond a select few. no man,
however responsible; can OBJ ain from the
chartered Banks discount, unless by
means unworthy high minded freeman
The mass ofthe people of Cincinnati, re.
ceive their discounts and exchange from
private bankers, as the business done at
the counters of our private banks proves
In the face of these facts, it would be
we'll for every Ohioan to ask what return
does the chartered Banks of this State
make the people for the exclusive privi-
eges conferred on them! lfa currency
IS the object, why restrict its issue to
avored few, without exacting sufi cient
guarantees for the redemption of such is
'ues. BY reading the law under which
'ur State Bank has sprung into exls-
ence, it will be perceived that there is
lot shadow of security to the bi!l-hold
efs or depositors; and the probability is
great, that with the first Commercial re
,uision, the whole Bank fabric of this
State will crumble to pieces, involving
thousands Of innocent note-holders in its
min. To say a corporation is safer than
is too glsring a falacy to re.
|nire exposure.
An individual has not only his money,
ut his character at stake, whilst a cor
oralipn is proverbslly souttess. In all
he Bank failures 10 the Un,on, blame has
ot been satisfactorily fastened on a sim
lie indn idual, although nearly all the
Ulcers and directors OF those exploded
uncerns have remained rich, in the midst
( all the ruin Bank failures have ever
rough. The modas operandi by which
,auk Officers, and Bank Directors. make
,r,uues out Of the failure of their own
nen, TO require an exposition.
That portion ofthe Community should
eceive exclusive privileges, is inconsis.
ent with the genius of our political ios
tilutions, as il is also with Justice. That
he law contemplates especial privileges,
J manifest from the amount that may be
nvested in banking, being miied.--
hat 1t also cohtemplates irresponsibilis
v, is manifest from the fact that the pit
ance Of 10 per cent. on the notes issued.
eqnired to be deposited with the Board
# Control, for the purpose of forming
afey fund, can be, and is, borrowed from
he Board Of Control, by the banks ma
ling Ike deposit. In addition to thisi the
aw requires an association of Individuals,
hus taking away the security attached to
a.. ,o,tar That tins mpuuitv think
he individual bankers of his city as sale
IS the chartered Institutions, is eviieD,
rom the deposits made IN those indsiduN
i banks.
liza currency was tie object of our
banking ,stem, why not allow individual
,snkers to issue bills on depositing with
he Treasurer Of State, as security for
he redemption of the bills issued, Ohio