Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-10-09

dlnal doctrine IN their creed. we
are aware that a small portion OF
that party do moi go the full length
Of Mr.. P, but the nominees are all oi
his stamp. To set this matter right
we will refer to the action oI the
Constitutional Convention.
The following section was offered
by a locofoco in that Convention to
be made part Of the New Constitu-
ton:
"The General Assembly shall have
no power 10 create or incorporate
any bank or banking Institutions
whatever, or to authorize the making.
emission or putting in circulation OF
any bill OF credit, bond, check, ticket,
certificate. promissory note or other
paper medium, intended or calculated
to circulate as money or currency"
The vote stood yeas Al, nays Al.
EUsry one Of the Al who voted yea
were locofocos; Judge Kennon, Case,
Hawkins and a few others of that
party, refused to give it their assent.
and voted in the negative. Ranney,
Loco candidate for Supreme Judge,
and MedilI, candidate for Lieut.. Gov
ernor, voted yea-those who voted
against this resolution, though ac-
knowledged the ablest men in the
party, and candidates before their
State Convention, were marked men
and were set aside Tor less able men,
but who were known 10 be sound on
this question. Mr.. Pugh stated in
the Convention that he did not like
the Constitution because it did not
contain this and other sections
equally radical. Mr.. Morgan, Loco
candidate for Auditor, voted against
the Constitution because il did not
prohibit banking, because the above
section was not voted into the instru-
ment.
The above section and its friends
were defeated at the Convention by
the unanimous vote OF the Wings
and a few of the opposite party
Although defeated there they were
not conquered-they have transfer
red the contest 10 another field.--
Their lie aderS have nominated State
ticket, pledged to carry out, if cleo
ted. the doctrines Of the above reso-
luton. though it failed in Convention.
The judges are pledged in advance
to decide that charters of any kind
are not contracts, and that the Leg
islature has at any time the power TO
change, alter, or repeal any section
or every section in any charter gran
ted by previous Legislature. Mr..
Pugh was forced to acknowledge
this to be the issue. VIVA: say the
people to this pledging Of candidates
in advanced Establish this doctrine
OF repeal, as it will be if the Loco
Judges are elected, and the Locofoco
Legislature will at once, either repeal
all bank charters, or SO alter or
amend them, as TO produce the same
end, and bank destruction is as COM
pletely brought about AS il the above
section had been made a part Of
The Constitution. Settle the princi-
pie that any future Legislature may,
at anv time, take such action as will
crush every bank, and they have OBJ
tanned the desired end-THE HARD
MONEY STANDARD.
If this doctrine, which Mr.. Pugh
so strenuously advocated, and which
forms the Locoloco platform in this
election, is once established, and what
security is there for other property
invested in corporations, for all
stand on the same principIel Sup.
pose a company OF gentlemen ask
the Legislature for a charter to build
a bridge, allowing themto take toll;
the charter is granted, the money in
vested and the bridge built. The
next Legislature, in the exercise Of
this Ito Locofocos) undoubted right,
repeal the charter, take from the
stockholders the right TO take toll,
and you have the workings Of Loco.
focoism to a charm.
But the banks don't pay tax enough,
don't pay as much as other property.
Agreed; and Mr.. Pugh did not at.
tempt to show that the Wing party
Of Ohio ever claimed or voted TO
exempt them from their full burden
Of taxes, but he was forced to ac-
knowledge that the issue was wheth-
er the Legislature had the power to
tax the banks in any other manner