The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-06-10
Constitutional Provisions in regard to
Ranking

Banking.
1t seems to be pretty generally expected,
that the present convention will incorpo-
rate into the new constitution some provi-
sions in regard to banking. If there be any
one particular business which can claim to
be noticed and provided for by the organic
law, it is that of banking, since, more than
any other it affects the pecuniary prosperity
of every citizen.
1t is generally admitted too, at least by the
democratic party, that the present system in
our State is erroneous and needs to be re-
formed Thiswe regard as very clear prop
osition. We have for long period been
the declared and uncompromising opponent
Of any banking system adopted in this State,
and Of all similar systems adopted in other
States. We regard thema wrong in plin-
ciple, as unsound in almost all their parts,
and MS evil in their practical workings.
While this is our settled conviction, we
think that those who would attempt TO rem
edy the evils flowing from these systems by
an entire prohibition Of banking institutions,
are going altogether too far, and are in fact
aiding to perpetuate those evils. The pres
ent systems of banking are foul blots on our
statute books, and are contrary 10 the most
fundamental principles of free govern
ment but the business of banking is per-
fectly legitimate, it grows out Of the wants
of our present state Of civilization, and in
stead of being abandoned it will become
more extended, complicated and refined.
If such be the fact, and we think it may
be easily substantiated, how ought our laws
10 deal with this subject? Not 10 thwart,
put down, prohibit or destroy banking, for
this cannot be done while the people make
their own laws; but TO keep it within just
bounds, and so regulate it that it can work
no great evil in community.
More than nine tenhs of all the evils a.
rising from present banking operations, grow
out Of the fact, that these operations are
confined TO favored few, who are permit
ted to conduct them by specia, privileges
granted TO themselves alone and denied 10
the rect Of community. Similar evils would
grow out Of placing the same checks upon
any other business. Let our pork or our
-four trade be lettered in the same way, by
confning it to few privileged companies,
and we should find just such kind of mis-
chief produced as we now complain Of un-
der the present banking systems. 1t would
vary in degree, from the peculiarly belong.
ing TO the business Of banking, that while it
deals in commodity, which, like all other
commodities has an inherent value of its
own, is, at the same time, measure Of val
lie FOR all other commodities. There is no
difference in principle, however between
this and any other kind Of legitimate bust
ness; and just so long as this one is hemmed
round by privilege and debared from the
healthy influence Of competition, just SO
long will it be curse in the land.
Let our new constitution simply provide,
as all republican constitutions should, that
every honest, legitimate and reputable busi-
ness shall be free to all; or rather, that no
special privileges shall be granted 10 bank
ers or any other class o: business men, and
our word for it, the great evils we now labor
under will soon be remedied, Let the busi-
ness be regulated, if need be, by such laws
as experience may show to be necessary, to
guard against frauds peculiar to this busi-
ness, If any such there be. But let this be
the work Of the legislature, TO be performed
from time TO time as the exigencies Of the
case may require.
The abuses which many suppose would
grow out Of this freedom from restraint in
the business Of banking, are mere creatures
Of Imagination, They are bug-bears which
at distance may appear frightful, but which
would sink into their proper insigni6cance
upon nearer approach. Let the banking
business once become open ogeneral com
petition and II would be but few years uD
| Ill, by the waichiulness Of cur argus-eyet
business community,a healthy and secuu
stste OF the money trade would grow up
which would put to shame the sickly on,
michievous growth Of our present anti-re