Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1853-09-29
sPEEcm,O OF nR. -EcKLEH.

in a's SsAete Of Ohio. AureA I. 1861
4 Mr. ECELY said Ibad about de,ero;0.
ed 70 take no part lie this disedssion upon m.
bill. and only for what had previously Trans.
pired. would not. must record nv vol,
upon It. and perhaps itmight be necessary q
assign the reason. | am 10 favor of impos;r J
such tar on banks as is imposed upon otb.,
property, provided IL can be eonstitulionaly
done; but an clear that il this bill passes I
violates the constitution OF the United States.
and Of the State Of Ohio. III am right in thai
must record my vote against The bill AM
Tor the purpose OF determining that, ! will pro
eeed to an examination Of The question.
The constitution Of the United States pro
Yides. that no State shall pass any law impair
ing the validity Of contracts" and the eonstilu
.ion Of the State Of 0'io provides, "ihat nc
law imparing the validity Of contracts shall ev.
er be made. Now, il The bill under eonsid
Grafton impairs the validity Of contract. iii,
clear that we have uo!power 10 give it the force
law.
This leads me to the examination Of another
Observation-Disclosures such contract exists be.
tween the people AID the State, as would be
+ impaired by the passage Of this law. A con.
tract is an agreement entered into bv two or
more persons, having the capacity to contract.
to do or not to DO something, for a valuable
consideration Now, the State proposes, on
the one side to all those who might be disposed
to engage in the buiness of banking that If
they will Invest their money according to the
provisions Of the law, that, in consideration
thereof they shall enjoy ths privilege unds.
turbed for twenty years; and 'Ghat in lieu oil
all tores, each bank should pay into the State
treasury six per cent; upon all dividends" ,Ec
The proposition m de by the State was at a
time when every means was employed to in
duce the investment of capital in Ohio. and
when we had but nominal amount of circua-
tion of our own, and when cur people we're
burlhened with a heavy debt and indirectly
taxed for the use of money from other States
for our ordinary busrnes, transactions. A fool
lsh but unrelenting war was waged by the
democratic party against all banking institu-
tlons, and the destruction of the existing banks
threatened, Under such unpropilious circum-
stances the bank stockholders accepted tho
proposition made BY the State, and thereby a.
greed TO pay the amount of six per cent on all
dividends, which believe. up TO the present
time they have promtly done. A large amount
OF foreign capital was invested. currency O.
quail to eleven millions was furnished the
State, the gloom that hung over our affairs
gradually subsided, and prosperity once smiled
upop the lana. Sixty thousand dollars is annu-
ally added TO the treasury and the facilities Of
business are made convenient and easy. No
man ofsane mind believes thai dollar of cap.
Ital would have been invested if it had been
supposed that the Legislature would have vio-
lated the contract and interIered with the fran
chses Of those who accepted the proposition.
But We have been Disappointed and important
as system Of currency is TO us TO be destroy
ed. Knowing the determination of these bank
destroyers, will proceed TO read a few author
tiles, and then if they are determined on the
passage OF this bill, let them do it with a full
knowledge of the consequence that must fol-
low. "'"
The provision of the constitution to which l
have referred, was placed there for wise purpo-
ses. 1t was to secure the rights of individuals
against the caprieious whms OF the Legisla-
ture. 1t has always been regarded as 4 mat
ter of great consequence. Permit me to read
the opinion of that profound statesman. Mr..
Madison, upon these provisions of the constitu-
tion
"That bills of attaindeT. er post .fdcto laws
and laws impairng the obligations OF contracts
are contrary TO the first principles of the social
compact, and to every principle ofsound legis.
lalion; the two former are expressly prohiblted
by the declarations prtfxed TO some of the
State constitutions and all OF them are pro,
hibited by the spirit and scope oil these funda-
mental charters. Our own experience has
aught US, nevertheless, that additional fences
against these dangers ought not TO be omitted.
Very properly, therefore, have the Convention
added lhis consttu ional bulwark in favor of
private rights and am much deceived If they
nave not, in SO doing, faithfully consulted the
genuine sentiments--the undOubted interests
Of their constituents. The SoDer people OF A.
merica are weary Of the fuctuating policy that
has directed the public councils. They have
seen with regret and Indignation that sudden
changes and Legislative interterences, in cases
affecting personal rights, become jobs In the
hands of enterpgising aud influential spectators,
and Snares to the more industrious and less IN
formed part of community. They have seen,
100, tha. one legislative Interference Is but the
link of long chain ofrePetltIons, every Suose.
quent interltrences beng naturally produced
by the effects OF the preceding"
Such were the applehensions Of one who
snew something about the troubles, that re-
suited from this thing called sovereign power
in the parliament. &C., and such were the safe
guards provided by the wise founders of our
government. to provide against just such logis'
laLion as this. taHa
love to go back to those purer days of the
republic, ami reflect upon the reasons they gave
for our seCerity.
But, to return to the discussion OF the ques-
ton. Ifthe charter granted by the LegIsla-
ture is contract then we have no rgnt 70
change IL in any particular. Ialledge that it
is /: and to sustain my opinion, | propose to
read an extract from that very lera cd and a
BILE work, Storys Commentary on he consultation
of Ae limited States, vol, S,,spage 256.
'.It has been already stated that grant is 8
a. sfnfIn