Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1849-05-09
Tit1'Or Tat.

"9 hnu the ioiio"ihE PdEdSrapu
in the local column of the Pittsburgh Post,
of the I'd inst:
ONO MoNEY.-There was yesterday
some talk among some the Liberty street
merchants, about getting up a meeting for
the purpose Of devising means for driving
out of circulation Ohio paper money
Whether they will go ahead, or not. we
cannot say; but consumation of the pur-
pose is very desirable.
The business men in many sections of
Ohio, and the Banks generally in this State
have refused to have any thing to do with
the Scrip issued by the cities of Pittsburgh
and Allegheny, in consequence of which it
has ceased to answer the purpose of a cur
rency, and the large amounts in circulation
in different sections Of the country have
gone home where they belong Those
cities being unable to provide the means for
its Immediate redemption, the paper neces-
sarily deprecated and the honest holders
who had paid the full face for the amount
in their hands, are compelled to- submit to
a shave Of from ten to twenty per cent.
The business men Of those cities, IL appears
from the above paragraph, feel aggrieved
by the course of their Ohio brethren, and
talk of avenging themselves by returning
the compliment and driving home the Trash
of the Ohio Banks. The Scrip issues of
these two cities are unquestionably as am
ply secured as the issues Of the Banks Of
Ohio or any other State, the faith, credit,
property and revenues being pledged for
its redemption, and the payment of interest
on the same at the rate of six per cent,
but all this could not save it from depreci-
alton, or protect the honest from suffering
the amount of the depreciation. This is
one of the evils Of the paper money system,
and it is the one which is most sensibly felt
by the people. The influence which banks
exert over labor in determining its price
and the price of its productions, by expan.
sions and contractions Of the currency, are
scarcely regarded; the contributions which
are yearly and daily levied upon labor to
pamper Incidence, are considered as OF trl'
fling account; but when these bank fulfil
their destiny, and men are compelled to lose
portion Of its issues in their hands, they
are ready to curse that system which has
compelled them to suffer loss.
1t has been the boast Of the friends Of the
Ohio Banks, that their bills are amply Sc.
cured to the holders; but we imagine that
they are no better secured than Pittsburgh
and Allegheny scrip, and if the business
men away from home (for little of it circu-
,ates at home, though it was designed as q
':home currency,'') should repudiate it as
the Ohio Banks have Scrip, it would imme-
diately find its way back to the counters
from which it was issued in such torrents
that the bankers would be compelled TO
close the doors against it. And then, if the
bank had the means to redeem it at some
distant day, i. would, nevertheless, depreci-
ate in the hands of honest holders, and the
bankers agents, and money sharks and
shayers would fleece an honest and indus
:rious community. The history of bank
ing throughout the world shows such to be
the rare beauties of paper money.
o. The paragraph, in staring capitals