Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-09-23
Political.
From the Ohio Statesman.
The Journal on Banking.
NUMBEk ".


.sylss.-t. s,s43 j.. NuMBkk w.
We have now reached the Fifth Article
In the series of Hard Money-Fne ISSUE"
w . have shown up and exposed its artful
attempts 10 deceive and mislead the people
in regAr6 10 the main issue between the
WAies and Democrats, on most impor
tant feature Of our Slate policy, viz: Tha,
which relates to the Currency. With rel
srencs 10 the Specification Of the. word, al
low me to make. q quotation from stand
ard writer on the subject: 81 will now
state, in the first place, that the currency
Of . country in which there is no paper
money, consists, and consists only, Of gold
and silver, and any other commodity tOhach
constitutes legal tender, and which every
creditor is obliged BY la,c to accept an
discharge Of debt" Now the legal ten,
der in this country is nothing but gold and
silver, consequently the currency of our
country is gold and silver. Bills of Ex-
change, Promisory Notes and Bonds are
notsGarrency. Nor arc drafts, Checks,
Certificates OF Deposite, nor Bank Bills.
They are but substitutes for currency, and
are: 10 .bs esteemed good or bad substitutes
in proportion TO the facility and the Ger:
tafniydf their being msedsatsly converted
into Currency. When, therefore our party
plant themselves on the ground of opposi-
tion. to paper money, so-called, in Bank
Biliis, as species or kind of subltitute for
currency, they do SO because they believe
it 10 be most dangerous substitute, one
totally destitute Of The virtues which its ad-
vocates ascribe TO it, |. e., of soundness and
reliability, and one which past experience
HIS conclusively shown 10 be unsafe, and
injudicious, and impolitic. And when we
speak Of Bank Bills, we mean, Of course,
those which are issued on basis Of specie:
only ene-,hird of their nominal value.
When we make use Of the term paper
money, then, let it be distinctly understood
that we mean the issues of such Banks US
at present exist, because it is well known
that their issues are in the ratio already
suited, to the specie within their vaults.-
And when we say that we wish to have
inserted in the Constitution a clause pro.
hibitory Of Banking, such Banking as we
have specified, is intended. Having such
a clause then, we wish the Legislature to
remain entirely inert and posoerless to cre-
ateor bring into being any Bank or Bank
sng. Institution, whatever. We care not
of what character it may be. But this
want of power to create does not of neces-
sity make it obligatory upon the General
Assembly to prohibit Banking and dealing
in money; on the contrary, the third section
Of the proposed Constitutional provisions
says expressly that the business Of Bank.
ing and dealing an Money shall be free to
all, subject to such restrictions, &c. Nor
docs the expression ''to authorize change
the meaning or intent Of the first section,
or make il conflict with the last section.
Again, when the second section lays its
mandate, or command upon the General
Assembly, to prohibit, that is 'sany person,
&c, ,,o,o tn existence," not "or that here
after may be in ssistsncs," "-prohibit Them
from what2-"From exercising the privi.'
lsge Of Banking.'' Now, it is plain that
this clause does not conflict with section
three. which says expressly that the bust.
ness Of Banking shall be free to all, for it
is one Of the first rules in the construction
Of lasc, to make, if possible, all, and each
- 49, pAOStStohS oPOtotlf0s .s- -.
II therefore as the Journal claims it is
the intention Of the second section of the
Report to- interdict and forever prohibit
any person or association of persons, com.
papy or corporation now in existence from
exercising the privilege Of Banking, or
creating or putting in circulation any Bank
notes or paper ofany description whatever,
to ecirculate as money or currency, then
ons or two conclusions is inevitable; either
''sxereising the privilege of Banking" is
not idsntical with Banking or dealing in
money ,naor else the law is futile, vain and
meaningless. Some kind of Banking is
TO be prohibited. Itis evident therefore
that our present privileged system Of Bank
era come under the prohibition of marking
any more issues in accordance with their
charters, some other kind of Banking is to
be permitted, evidently the proper and le.
gitimate business Of Banking, i. Q. those of
Discount of loan and Deposite. There.
fora We do charge home upon the Journal
either deliberate and wilful misrepresenta.
tion Of our positions as party or else most
renpnlkable ignorance. We care not which
horn Of the dilemma they choose, we have
our own opinion as TO the state Of the case.
Here is the fatal passage which should
brand that sheet with infamy or make it
the seof and the scorn of every intelligent
man. "Any Democrat who deposits with
q Bank, who gets bill discounted, or gives
it business to do, does what is incompati-
Bile with the principles of the party."-
Tho Journal cannot escape from this d.
lemna. Again we charge the Journal
with having either wilfally, or through
gross and snexeusable ignorance misrep.
resented the spirit and the intent Of the
Platform Of our principles, in that they
have labored BY means Of false and sophis.
tiealargnnsents, as we'll as by reckless,
and wholly unfounded assumptions, TO pro.
ducs the Impression upon The minds Of this
Community and the good people of this
State, that tho Democratic Party by the
consumation of their policy of bringing us
back TO q sound constitutional currency
viii bring ruin and destruction upon the
Stase. That a revolution as sudden as il
u disastrous and appalling is to result from
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