The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1853-01-14
THE CURRENCY.

There Is general complaint throughout the
State, at the amount OF foreign Bank paper
in circulation amongst us. This is a great
evil, we admit, but how it is to be remedied,
is not SO easily seen. Ever 81 nee the Legis.
lature commenced their war upon our own
Banks, they have been gradually .curtail-
ing their issues, preparatory to winding up,
and investing their money in other business.
In this we think they act wisely. They can
accomplish no valuable end by contending
with the Legislature, and we think it mark
Of prudence on their part, to withdraw very
gradually, the notes they have in circulation.
In the mean time, it is natural that the
currency of other States should flow in, to
| fill up the vacancy created by the withdrawal
of the home currency-and if it is not as good
S our own, that is surely no fault of our
Banks. The people must have some kind of
currency with which to do businese; and un-
der our present tariff the idea of keeping at
home gold and silver sufficient to answer that
purpose, can only occupy the brain of moon
struck fanatic. We find by Lloyd's List that
we now owe Europe over four hundred and
twenty millions of dollars, which debt Is cor
tinually increasing, while we probably have
not one hundred millions of specie in the u.
States. OF course we cannot retain specie
enough to form a circulating medium, even
should the receipts from California be quad.
rupled.
We believe the Banking System of Ohio is
the best in the world-safe for the Banker,
and safe for the Note Holder But the loco
focos are determined that they shall 90 out
of existance, and for our part, we cannot see
any other possible result but that we shall have
to use the currency of other States. True, a
large portion of it will probably die on our
hands-but that is part of the tax we shall
have to pay for our suicidal policy of letting
the locofocos have the ruling power in the
State. Their course has ever been to DESTROY,
and that of the Wings to build up. The peo-
ole must take the consequences of their own
acts.
The following, fh bthe Message of the
Governor of New York, will show the kind of
currency we are getting, instead of that of
our own sound Banks: .e
"The Superintendent of the Banking De-
partment, in his annual report, will call the
attention of the Legislature to the fact that
many Of the free banks are established merely
to get bills for circulation. They evade the
provisions of the laws requiring them to do
business at some designated place, and
circulate their notes through brokers in the
commercial cities. They frequently allow
their notes to be discredited for the purpose
OF buying them at large discounts, thereby
subjecting the bill holders to, loss. The null
tplication of banks of this description is at
tended with numerous evils, and, in times of
pressure in the money market, will cause
great embarrassments. Further legislative
restraints are necessary to save the public
from frauds and losses. In some instances.
bills have been obtained upon insufficient Sc
curity by fraudulent representations"