Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1852-05-10
Progress OF the Panic.

= = 49, ~ 81 Is
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Progress Of the Panic.
The advocates Of special privileges, who by
their fayoritism of the money mono poles of the
State, have plundered the people out Of from one
to two hundred thousand dollars annually by
exempting the banks from their equal portion of
taxation are still .howling forth their wild cry of
ruin, because the Legislature has placed those
dear objects of their regard upon an equal foot
ing with the people as regards taxation. We
are told that the banks are fast winding up and
quitting business, that panic is close upon US,
and that inevitable ruin is spreading her dark
shadow around US live were to credit these
dolorous forebodings, we should be inclined to
think that the direst calamities were about to be-
fall the people-that the clouds were to with
hold their showers, the heaven its dews, the sun
its genial rays, and the bosom of mother earth
her rich fruits-that seed time and harvest are
no longer to succeed each other-all on account
of the .wicked locofoco Tax Law.n But who's
ssafeard?n VI ho has not heard the threat made
by the banks and their emissaries that they wo'd
bring ruin and distress upon the country, upon
every occasion when the people demanded JUS
tice at their hands2s When have they not at
temptedto enforce their demands and to retain
their i'll gotten aHd unjust powers and privileges
by the mad cry of"ruin2o When, upon such an
occasion, have they not attempted to bring on
"panic7p But the people have always survived
these shocks, and gener~lly come out wiser, if
not better off in the end And fortunately the
present bank oligarehy of Ohio have not obtain
ed the entire control of the dsstiniss of the peo-
pie who have too muck sense and intelligence
not to be able to fully understand the motive of
this paper money nobility nj attempting to
bring about s'crisis.' While the banks have
been dividing their Is, 20, 80, and A. per cent,
no one can fail to understand that all this panic
croaking originates in the fixed determination
of the bank mobility to render the people subser-
Went to this tyranical money power.
It is asserted by the bankers and their jour-.
mails that the banks are taxed nearly three times
as much as other property. If this be true it is
undeniably wrong. But the bank journals offer
no proof to sustain their assertion, nor is it sus
ceptible of any. 1t is quite an easy matter for
them to make the assertion, and continue to re-
iterate it; but when they undertake the proof.
they will find that an entirely different matter.
The proof is what the people want. These same
whig papers for years attempted to defend the
whig system of taxing the banks on their profits
only; and they asserted, with as much assurance
as they now do that the banks are over taxed,
that they paid as much as they would if taxed in
the same way as ether property. The facts
from the record showed how false were their as
sertions and how grossly the people had been
plu ndered
But whether they beright or wrong we are
bound to have "panicn The steam is up and
can't be shut off, The "blue ruinn must come!
To convince US that it is even at our doors, the
bank journals are quoting paragraphs like the
following:
P. S.-How 7HE TAX Law OrERArEs.-The
GAINESVILLE Courier states that gentleman just
in from Columbus informs it that about 100000
bank notes have been returned 10 the Treasur-
er, and stocks deposited to secure them with.
drawn since the passage Of the tax law.-Cin
GaSetfe.
DON'T that look little like ruin? But the
Statesman thus takes pretty much all the scare
out of it: eas 81; - -
The truth is, some forty thousand dollars, Of
Bills, have, we learn, been returned and burned,
at the Office of the Treasurer of State, not sir
hundred thousand. But perhaps that is about
as near as a whig paper can approximate to the
truth! And nearly or quite half that amount
has been re-issued in ne,o bills!
Some s,rty thousand dollars of National Road
Bonds, deposited as Bank securities. have been
redeemed at the State Treasury recently, and it
is probable the notes were returned to release
them, as all further interest ceased on them after
the first of April last
When wbig editors write such paragraphs,
they had better know what they are writing
about.
There is not going to be such o terrible storm
after all, at least while bank stock commands
premium.