Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-08-19
Mr.. Peck submitted ,he.following:

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Mr.. Peck submitted the following: .-.e.
We, OF the committee, who have NOS
been able to concur with the majority in
their report, deem it proper To- state to-
this body some of the reasons which ii,-s
duced US to withhold our names from the %
report, and to recommend resolution on
the same. . -. -..s- .-r-
Banking md fhe currency are now so
intimately connected and actually blended
with almost every thing else, that j, would
seem to be unphilosopbical to consider The
subject Of banking entirely alone, but that
the proper way to do this subject JUSTICE
will be to consider it with reference 10 all
those other subjects to be affected by its
change or modification. -.s-s gs.,.ss
We are called upon to oet under state
Of circumstances, over which we as a con-
vention have no control, and for which we
are not responsible; q state Of things, which
has gradually grown up, whether right or
wrong, from the necessities Of the people.
What are some OF the circumstances 10
be considereds 49, s tze
This State is surrounded by States
which have large paper currency-ln-
diam, Kentucky, Virginia and New. York.
This State has about ten millions OF dol'
lars of paper circulation, while Pennsylva-
MIA has over fourteen millions, and New
York has over thirty millions of dollars Of
the paper issue If their own banks.
When we look 10 the ability of the banks
of these States 10 redeem their issues with
specie, we find THAT the bonks of Ohio have
over three and one half Of paper issued, to
one of specie on hand; PenDsylysRia al
most four and one half to one, and New
York probably much higher ratio Of pa
per to specie, though ir is hardly possible
10 ascertain the amount Of specie in tho,
country banks in that Sinle. Ii wosla
seem that they are founded principally up
on stocks. s
Can we prevent the circalation Of the
paper of the banks Of other States FROM
supplying the place Of our own, If We
should abolish banking in this Staiel .1ia
That experiment has failed elsewhers,
and we have no reason to expect diftsr-
ent result here. .4
| l, is said that specie would flow into
this State in exchange for our products
This might happen to some extent, but
experience proves, that in the United
States at least, specie will flow to that point
where it can be used to the greatest advan-
tage; and we have reason 10 fear that 1t
would go 10 New York, or some other
State, and be returned to US four fold in
foreign bank paper; currency over which
we have no control; not so good as cur
own; the profit all to the foreign bankers,
and 10 the certain and great loss OF this
State. ......5.... ...-... 81. .-s-
II would seem to be impossible at this
time, to adopt an exclusive metallic cur
rency. Let us suppose that all the States
would concur in such movement-and
without such q concurrence, il would be
worse than useless 10 attempt it-would il
be just and equitable to carry into effect
such resolu,ions2
What would be the effect of such an
act ... r.-
1t may be conceded that the paper is
sues ia this and the neigftboring States
have increased the currency at least three.
fold, if not more. In consequence of this,
properly has now twice the estimated val
ue that it would have, upon d pure metal
lie currency. All Of our debts, both pub.
lie and private, were contracted on a pa
per basis, and our taxes are based upon the
same basis. The State debt alone is in
amount nearly twice the amount Of our
whole circulation. Ii must be apparent
that this enormous debt can never DO paid
in specie. The interest Of this public
debt held mostly by non-residents, is over
one million of dollars per annum. If this
was to be paid in specie, it would take but
five or six wears to drain the State of the
precious metals.
What will be the effect Of the adoption
ofthe resolutions reported by the majority
of the committeef
ltwouId suddenly bring on the debtor
and commercial class, such distress and
rain, Us never fell upon this people. Pers
haps the most Objectionable feature TO this
course would be ,his--it would mako The
rich man more wealthy, the poor man
poorer, and the debtor class wculd be en-
tirely ruined. Let it be remembered that
the debtor class is q very large one, en-.
bracing many Of our most respectable and
enterprising citizens. II may well be
doubted, if the people would submit 10 the
results naturally flowing from the adoption
of such resolutions. We may well ask, If
we are bound to bring present ruin on our
selves, in order to transmit an uncertain
benefit to posteritya c5e't
The subject of banking can not DO con.
sidered as local question; il is subject
pertaining to the whole country. II is
subject requiring the legislative intsrfsr.
ence oftener than any other. Tho actien
i oe other States on this subject, must nsees-