The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-07-15
Banking and Currency.

The majority report of the convention
committee, on banking and currency is as
follows:
"SEc. |. The General Assembly shall
have no power 10 create or incorporate any
Bank or Banking Institution whatever, or 10
authorize the making, emission. or putting
III circulation Of any bill of credit. bond
check, ticket, certificate, promissory note,
or other paper medium, intended TO circu-
late as money or currency. ,a
SEC. 2. The General Assembly shall pro-
hibit by law, any person, or persons, associ-
alton, company or corporation now in exist
ence, from exercising the privileges of Bank
ing, or creating, emitting, or putting in cir
cuation, any Bank notes, or paper of any
description whatever 10 circulate as money
or currency
Sec. g. The business of loaninS and
dealing in money shall be left free to all,
subject to such provisions as may be provid-
ed by law; but no special privileges or ex-
emptions, shall ever be granted TO thuse en-
gagged in, or who mcy hereafter be engaged
| in such business, nor shall any person or
persons either natural or artificial, ever be
allowed to deal in or issue paper money, so
called"
Declared enemy as we are, have been, and
ever shall be, Of any system of banking es-
tablished by law, we feel in duty bound, at
this iuncture, as a member OF the democrat
lc party and apublic journalist, to say that, in
our humble opinion, this report goes entirely
too far.
We have for years. privately and publicly,
labored in opposition to systems of banking
We believe them to be corrupt and corrupt
ing. They violate the individual rights and
political equality of our citizens. They un-
settle values, and sooner or later, bring Pc
cuniary distress upon every business man in
community. BY the special privileges
which they confer, monied aristocracy is
built up, opposed to the spirit of our govern
ment, and tending 10 make the rich richer,
and the poor poorer.
We have rejoiced to see the democratic
party, for the last fifteen years, awakening
to The evils ofthe Banking system. We have
watched their noble efforts, in this and other
states, to break it down or reform it, by va
rious notifications and restrictions, and we
fondly hoped that the present constitutional
convention, notwithstanding the formidable
obstacles in the way, would succeed in talk
ing an cffectual and progressive step in The
way of thorough reform, But great as the
evil confessedly Is, we should deeply regret
any attempt to do it away which must inevi
tably result in signal failure, and thereby
PROSTATE the democratic party; or,which, il
successful, must be SO at the sacrifice ofcher-
ished and fundamental democratic princi-
pies,
Paper money, bills of exchange, drafts,
certificates Of deposit, checks, Sc, &c, are
the improved instruments, for conducting
with facility, the extensive business opera
tions which have grown up, and are contin-
ually increasing, in the present advanced
state of civilization. These instruments
are not money, nor are they really consider
ed as such by those who use them most free
ly. They are mere evidences of debt, trans
ferabe forms of credit, or representatives oI
money. To attempt, at the present day. to
remedy the evils incidentally connected with
these now necessary instruments, by prohib'
iting their use, would be as futile as an at
tempt TO dam up the waters OF the Misss-
sippi river, and can only end in overwhelm-
ing with ruin the party that ventures upon
the rash expedient. AS safely might it be
attempted 10 abate the evils incident to an
unlimited freedom Of the press by destroy
ing that freedom. The people of this coun-
Try will never consent 10 be deprived OF The
facilities which credit, in lis various forms,
under wise administration Of just laws,
affords.
But, if they would, the prohibition ol
these facilities would be violation of re-
publican principle, which could only result
as such violation ever must, in The infictior
OF greater evils than it was designed to pre-
vent. We hold it to be a personal right
collateral and equally sacred with that o
acquiring and possessing property, for an!
man to issue his promises to payand receive
those Of another man. BY what right shal
/ be forbidden 10 give my note on demand
as evidence of my indebtedness for proper
ty purchased, or another man, to receive
such note and pass it 10 a third for lik'
purpose ? No such right can be established
as belonging 10 government. Such acts arr
individual functions, which can never b
righuuIly destroyed. And this isone Omon
the chief reasons why we have ever beel
opposed TO incorporated banks. The pow
4 ers and functions which belong TO the indi
| viduol are arbitrarily wrested from him, ant
conferred upon these privileged instilu
: tons; and are used for their own agrandize
ment and his injary.
/. That the kingly governments Of Europe
c when it suits their purpose, should assume
the power to confer such special privilege
@ upon favored few, is not TO be wondere
g lat. Nor would it be thht the wing party i
. this country, which has always been the ad