The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-02-01
Communications.
For the Spirit of Democracy.
aW0ney and Currency"

Mr.. EDlroR:-In your paper Of the 1lth
INST, notice communication under the
above caption, signed "Ohio," which sub
ect seems to be continued weekly since
that time. Protesting to be somewhat
acquainted with this State, l propose,
with your permission, to examine some of
"Ohio's" positions, and try his theories by
the wants Of society:
In the first place, he starts out by say.
ing that 'our currency is now as base as
any that ever circulated amongst civil
lied people, and the evidence he offers
is that ssmall bills Of the denomin alton Of
one, two and three dollars from Pequon-
mock, Cohocksin1" &C., together with
"our own delectable small Bank notes.
swarm upon US and form the bulk of our
currency" Are these the facts? True.
many small notes, issued by Eastern banks
are in circulation among US; but do they
form -the bulk our currency?" Surely
'.Ohio" has been greatly deceived; possi-
bly, by looking into his own drawer, where
the ones and twos may have been piled up
like cord wood. This would very natu
rally fret person Of irascible temper
eager for much wealth, that his bills were
not all tens, twen,ys and iffys. Why is
our whole currency denounced as the
bases, that ever circulated amongst civ
lized people? Such wholesale denunca-
ton, in the absence OF facts to sustain 1t,
so far as our own domestic currency is
concerned. don't often find parallel
Ohio currency never was better than al
present. and the we'll informed bill hold
er,-if he be not politician, under bonds
by his pary,-ieels quite as secure wisi,
the notes of the Ohio Stare Branches. the
Independent Banks and the State Stock
Banks, as he does with the notes of any
Banking Institutions in the world.
! The unusual ingress Of foreign small
bills may readily be accounted for, upon
quite different principles from those given
by Ohio we have two lines Of Rail-
roads close TO US in process OF cons'ruc-
ton, which pay out large amount OF
eastern paper, small notes as we'll as large
ones, from the fact, as they say. that cur
rency cannot at all times be obtained in
sufficient quantities along the line of the
Roads, for Eastern exchanges. And the
scarcity of silver change occasioncd TO
great extent by the return of so large an
amount OF silver to the Mint for re-coin-
age, presents plausible excuse, if not an
absolute necessity for small bills, in the
ordinary transaction of their business.
The necessity for an influx of foreign
bank notes Of any denomination is an evil
Far better would it be for the great State
of Ohio 10 furnish its own banking iaclli
ties, and thus have not only the profits
arising from banking operations anon.
our own people, but have the currency o
the State under its own control and sub
iect to its own laws. The banks of Ohi'
I have not issued large amount OF small
bills; in fact much less, than the business
wants of the State demanded during th'
very great scarcity of silver change; henc
the ingress Of foreign small bills to suppl.
this demand.
} How is the evil to be remedied! Surel
the great State oil Ohio, with an ac,us
capital of $500 900 900, of which 565 mil
! lions is deposited, not in ordinary banks
). but in great banks of coal, rocks, rivers
+. lakes, and forests, and in the immovable
e everlasting hills, which cannot be broker
); ;; or materially disturbed. by anything shol
). OF an earthquake, and which never su:
pends payment, except for proper cause
e Surely, 4 say that State so great in all tn
l. elements OF rational and domestic wealt
: could furnish for its citizens. safe an
e convenient medium of exchange, suited
e both quality and quantity TO their want
IS There is no good reason why small note
). should be any less sale, than large one
q wien iSooCN ~ tiO Soh'S ihSe'AAOA'
ic The only question then IS, as 10 the exp
or diency Of their use, for the purposes
m change; and this would hardly be que
ton, were it not from the fact that sms
bills are handled much more, than lar.
rs ones, and consequently become worn al
defaced, so that it Is difficult to disiingui
w the genuine, from the spurious. This iis
III attaches to the bill, the idea Of insigni
h. canoe and worthlessness. This is an e
IN that could. and oueh, to be remeded
law One, two and three dollar bill
III should never be paid out by bank,
81 broker, after they had been issued and
Ter circulation one year; but the banks issui
them. should be required TO return them
ID, stated periods to the State Register. TO
destroyed, and new bills furnished for c
10 culaton.
ed. The bank of England, never issues