Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856, 1854-08-31
THE OCTOBER LAW "A SUGGESTION.

As the law prohibiting the circulation of
small notes of foreign banks, takes effect on
the first OF the ensuing October, would it not
be well for the collector here TO take the nee.
essary measures for procuring a supply of spe-
Gle, adequate 10 our wants, until such time as
the banks Of the State can furnish us The re-
.quired medium2 / am apprehensive that the
limited amount of The small notes Of our owk
banks, now in circulation, would te found in
adequate 10 our necessities; and, until our
banks can furnish the requisite supply, we
should be enabled to readily obtain the small
er gold coins in substitution of the expelled
foreign bank notes.
The Secretary of the Treasury promptly ac-
corded such aid recently to the Virginians, on
a similar occasion (; and | presume, would
quite as promptly extend 10 us the same facil-
tiles, proper steps being taken in season to
pr cure them. ! hope it will be effected
The law must md ipiA be enforced, and any
measures thai would deprive. its operation OF
The attendance Of apparent difficulty, would
be beneficial.
have been surprised and pa ined 10 hear
many Of our merchants and bankers speak Of
the provisions of that statute as worthy only
of contempt In my opinion it is laden with
TOO many benefits 10 the laboring and %agricul-
tural classes TO be permitted to pass UNDECIDED.
like many Of its predecessors on The same sub
iect have been. If any doubts had existed as
to its utility, they should be dispelled by the
distrust and feverish anxiety now prevailing
the community with regard 10 the Indiana
banks, some Of which, it seems, have already
reached the climax intheir course, which ever,
person must have anticipated who reflected ,
moment upon the insecurity OF their credit ba,
sis.
But besides the incaIculable advantages
which will accrue directly 10 nine tenths o
the people Of this State upon the rigid appli
cation OF the statute. it strikes me that tn,
banks of this State are likewise interested il
securing perfect compliance with its enact
ments, since it must enable them greatly to in
crease heir circulation bysubstituting their note
for those we shall discard, and ! imagine tina
their noles thus substituted, will remairin cir
~culation almostregardless ofthe rate ofexchang
inasmuch as there will be a necessity Of trade
until we are enabled some way 10 retain nue.
greater amount Of gold and silver among u,
than we have ever yet had. Every considsra
ton OF loyalty and policy indicates tony min,
the proprietv and perfect acquiescence AMI ODE
dience to this law /; and | trust that thoSe'wh,
have held dihe ent opinions will find goo,
reasons for changing it, ere the date when tn
law assumes validity.
As citizens of Cincinnati, we may have as
Sumed quite enough ofthe odium OF rebellion
by our resistance TO q statute Of real oppression
Let US not, in any other case where no sucI
cause exists, render ourselves liable 10 In
charge of ~GactiouS resistance.
We find the above sensible suggestion in th'
Cincinnati Gazette, from a correspondent. Th'
writer is doubtless a business man, and full.
appreciates the ~salutary effect OF the small bill
law, which the Commercial denounced in sue
unmeasured language. We trustthat the gov
eminent will accede 10 Ohio the same priv
leges extended to Virginia, that change ma
be plenty, and no surprise be occasioned to thu
people by the sudden expulsion of the foreisI
paper which has already created such a fever
ish anxiety. The people will be able befor
the second Tuesday of October TO see The ben
efciai workings of the law. They will ap
prove OF this, as they have approved Of othe
financial measures of the DEMOCRACY.
[StateSman and Democrat.