Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-08-19

Sl0tHEo VI tHIS btut0s
Ii is not necessary now TO examine the
justice or propriety of the principle OF
banking, as it has been established IN tins
country. We consider it now q, mere
question Of policy. From the anc,ua,ng
character ofpublic opinion on this subject.
and from its vital Importance, il would
seem 10 be subject eminenlly proper to be
left free to legislative action. =4-.z.--.-..-
If the people are opposed to further
banking in this State, they are not with
out remedy. The General Assembly
will represent them much more truly than
we of this convention are expected 10 do,
and through that body they can be heard.
If the people are in favor Of banking in
some form, they ought not to be deprived
vf thai power, and the General Assembly
can mould the subject 10 suit the necessi-
ties and wishes Of the people.
We recommend The following as sub.
s,itute for the resolutions Of the majority Of
the committee:.
Resolred, That i, is expedient TO con.
fine the people of this State to metallic
currency.
]. MILTON WILLIAMS.
ELIAS FLORENCE.
mr.. Williams from the minority Of the
Standing Committee on Banking and
zss. Currency, submitted the folloacing:
Sec. /. Spccia! Charters for Banking
purposes shall never be passed by the Cen
erai Assembly, but general laws may be
enacted under which banking companies
may be formed,
The capital stock Of any such company
shall never exceed dollars.
nor shall its charter continue for longer
period than years.
Sec. 2. The General Assembly shall
have power TO alter, amend or repeal any
general law for banking purposes, or the
franchise of any company formed under
the same; but the law repeating the fran
ehises of any banking company shall pro.
vide for the winding up of. its affairs, and
the equitable protection Of its rights and
distribution of its property.
Sec. 8 No law shall ever be passed
authorizing the emission or circulation OF
paper credit Of any description, intended
10 circulate as money, under the denomi.
natienof dollars
Sec. 4 Provision shall be made for
counters gning and the registration, by an
officer of the State, ofail paper credit is
sued orput in circulation to pass as money,
aud each denomination shall be of like
sifnilitude in the engraving; and ample Sc.
curi,y for the redemption of the same in
specie, on demand, shall be required by
law.
SEQ. 5. The suspension Of specie pay
ments by any person or banking compa-
ny in redemption Of paper credit issued and
circulated as money by such person or
company, shall never be sanctioned by
law.
Sec 6. The liabilities Of banking COM
panies shall be secured by the capital
stock Of such company, and by such other
and further security, Us shall be provided
by Inv. not less than the liability Of each
stockholder to contribute an additional sum
equalto the amount Of stock by him or her
owned in the institution; Prouided, that,
iflhe franchises of any banking company
shall be forfeited, and the institution de-
clarsd insolvent, under Judicial proceed
ings, on the ground Of fraud or gross neg.
lect in the management Of lis affairs, the
directors and officers under whose aomin-
istraiion such fraud or neglect occurred,
shall, in the first instance-and the stock
holders, in proportion to the amount of
ftack by each owned, shall in the next
place-be personally and individually liza
be for oil dues owing by such insolvent
banks-and the holders Of paper credit is.
sued md circulated as money, by such
banking company, shall have precedence
80 pay msnt over all other claims.
1es.sH J. MILTON WILLIAMS.