The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1853-03-11
HUzzA FOR snINPLAsTERs.

In 1906 the Legislature Of the State of
Ohio pledged the faith of the State to its
citizens, that If they would make Banks un-
der the Bank law which was then passed, all
the tax they would be required to pay would
be, six per cent on the net profits of the
Bank. With this solemn pledge of the faith
of the State before them, number of citizens
invested their money in that branch of busi-
ness, and thus furnished our citizens with
safe home currency, which the commercial
necessities of our people demanded.
Less than half the time the faith of the
State was pledged for has expired, and the
great State ,of Ohio concluded to repudiate
the contract thus solemnly made. Through
her Legislative authorities she taxed the
Banks upon a different principle, and the
Supreme Court has decided that she has the
right under the new Constitution to do so.
This is REPUTATION in its rankes,
basest form. Let no citizen of Ohio here
after, say one word about reputation in
Mississippi, or other States. Hereafter, when
the subject is spoken of in the presence of
citizens of non-repudiating States, let our
citizens hang their heads, and sneak out of
company as soon as possible. 90.
The new tax law taxes the Banks on all
they own and all they oue--being tu or three
times as much as is paid by other investments.
This branch of the question we understand
has not been settled by the Supreme Court.
1t may be that the Banks may press this ques-
tion to decession, but we think they will
only waste their time and incur expense by
doing so. We have no confidence in the
moral honesty of tribunal that would re-
pudate solemn contract.
Let the Banks wind up, and 60 out of ex-
istence. They cannot continue in business
under the circumstances, with the amount of
self respect which every individual should
enjoy. They have already curtailed their
issues about three quarters of million, in
anticipation Of such decision, and our coun-
try is already flooded with foreign trash,
which none of our, citizens know thssvalue Of
and when our Banks withdraw the balance
of their notes, this nuisance will be greatly
enhanced. And when this foreign trash be-
comes wholly worthless-hen we shall have,
what has always been the ultimate effects of
Observation-Disclosures.
The locofocos have always promised the
people specie-and have as constantly failed
in their promises. Their measures will as
certainly produce another Shinplaster era, as
any future event can be certain.
If the people would avoid such a disaster,
they must repudiate locofocoism. They have
shown themselves incapable of managing the
financial and commercial affairs of the State.
They have shown that they can squander the
public money with an uns pairing hand--rais-
ing salaries unnecessarily-anda at the same
time tyranncially trying to depress the wages
of labor.
These are things the people should serious
ly consider. Our position demands of US to
give the people warning-and zoe shall do IL
but whether the warning will produce any
beneficial effects, depends upon the people
themselves. And we ask the people solemn
ly to consider whether it would not be better
to take the matter in hand now, and place
competent, and patriotic men in the Legisla-
ture at once, rather than wait until the Shin
plaster era arrives.