Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-09-02
Banking-ihe Minority Report.

The Cincinnati Nonpareil thus COM
ments on the report of the minority Of the
Committee in the Constitutional Conven.
tion on banking:
l. 1t is true that Banking is interviewer
with all our affairs; and SO is monopoly of
all kinds, and if we are to perpe,uute mo.
ropoly for this reason we shall never over
come it. 1t is time that disaster would
come upon the speculator and the avari-
cious; but those who are contented to earn
their own living and to let others do the
same independently, will be benefited by
the change. There ought 10 be revou.
ton in ali our affairs, and if metallic
currency will tend to bring it about,
God speed the reign of gold and silver, we
say.
2. 1t is true that Ohio is surrounded
by States that have large paper curren-
cy which is absolutely inferior 10 our own.
Our circulation is three and half 10 one
Of specie in the vaults; that Of Pennsylva-
MIA is four and half to one; and that Of
New York is probably much higher. Ohio
has ten millions of paper, Pennsylvania
fourteen and N. York over thirty millions.
1t is true tha. foreign paper will circulate
to certain extent in Ohio but if specie is
in greater demand here than in N York
will it not come to US? Suppose specie
shall be worth one half per cent more than
paper, will it not be great check on the
flow of paper into the State? Will there
not be perpetual draft of gold and silver
upon the Banks Of N. York and Pennsyl-
vanla? and will not this draft made by
Ohio limit the banking ability of other
States, and restrain in the circulation?-
If our farmers want specie to pay their
taxes will they not be apt to demand gold
and silver for their produce, and if pro.
duce dealers can do no better with the
specie will they not bring large amounts of
it for the purpose of paying each farmer, n
portion in gold and silver? We can ap-
prehend no injury to the mass of our peo.
pie by the change, and those who will be
unpleasan,ly affected by itare engaged in
an unjustifaole monopoly. 1t is said that
other states with banks will make large
| amounts at cur expense as the natural prof.
its of Banking. Not so. They will lose
Wy tne uTalt VI SpeCIo VIC SHdII nidko uPoH
them, and foreign bankers will curse Ohio,
if she adopt the metallic currency. Ohio
money will not circulate in N. York, and
at Buffalo one per cent. must be paid to
those holding Ohio funds to get current
money; and in the interior Of that state,
three per cent. must be paid. t . .ei5
3. But it is said that our state debt new
er can be paid if we adopt an exclusively
metallic currency. Never will: What
prevents? To say that we cannot get spe-
Gle to pay our State debts and all other
debts, is 10 say that paper is no: as good
as specie-cannot be converted at any
time into specie. If this shall be the case,
then down with the banks, for they impart
a fcticious value to all ihings-they put
in'o circulation ideal instead of real value
thin air instead of palpable substance.
GO Stanley and Marvin, the robbers of
the Cleveland Insurance Bank, who escaped
from the Cleveland Jail some time ago,
were arrested few days since, in Pbila-
delphia.