Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1854-06-27

On The first day of October next The law
oil The last General Assembly, TO prohibit the
circulation OF the banssnoies Of other States,
Of less denomination than len dollars, will
tuke effect and be in operation. This law
proscribes the transfer as money Of such
Isnotes, under heavy penalties, with bfibe Of
one.half 10 The informer. The man who
transfers one, TWO, three or FIVE dollar
Kentucky, Indiana; New. York or New
England bank bill 10 his neighbor, in The
payment Of debt, or purchase Of q neces.
sity, becomes, in the eye of the law, a GRIM
lNAL--guilly Of an offence at once SO beinous
and insidious, that The SIaie voluntarily parts
with one.hal( the penalty he ncurs, in order
that he may be sought oul and brought to
justice. We intend, before we gel iisrough
with this subject 10 say something in regard
to the democracy Of this system Of bribe-
ry; bur, a, present, we pass on TO other con,
siderations.
There are estimated 10 be fifteen millions
Of dollars of The currency Of banks ou, Of
The State in circulation in Ohio, two-thirds
of which is in notes in denominations less
Than len, dollars. The arrival Of the frs
day Of Oclober will OUTLAW lhis vast sum oI
money. and render il, so far as the thing car
be done by legislation, worthless as circu
laling medium. The only parties which The
law permits 10. deal in this currency, aitei
the first day Of October, are the BRoKERs
For The brokers i, will furnish harvesl,7-
The notes being unfit for circulation will
depreciaie, and the holders will be forced &c
part with them for what they can get. J.
will be easy, with lMle management, I
| few prosecutions, and paragraph here anc
there in brokers organ" 10 get up {
panic, and then the crop will be quick ant
| the yield remarkable. The democracy
of This branch Of The subject, is also propel
subject Of inquiry and cslimale,, bul we vii
reserve thai also for future occasion.
/ The local and general levy of taxes fo
the coming financial year in the Stale will
amount to abou, ten millions of dollars
, Tho aggregate Of currency TO be annihilatet
about the lime this. immense sum in take
falls due is about ten millions of dollars
The Ohio Life Insurance and Trust Com
pany is calling in its debts as fast as possible
10 the amount of over three millions of dol
lars. We are already laboring under I
f scarcity Of circulating medium almost in
tolerable, and as a consequence, hundreds Q
firms in this cily are progressing ,owar
bankruptcy by process which enables ,her
10 see the path without conlering upon ,her
The power TO check their steady and dowr
\ ward advance. We have heretofore spoke
/. of the "democracy" Of The doctrines an
!. practices by which the Stale has been led o
S from one error in principle 10 another, an
I. from one abuse in practice 10 worse, an
!. shall do so again. We merely desire, 0
O present, 10 cite some democratic" a,aho,
!. ty.
n The Ohio Statesman-ihe organ OF ii
democracy al The centre of the State
r speaking Of the law for the suppression
9 small notes, says: ' @' N
n "These nrogisions are stringent. Thei
ls 10 use trying 10 laugh or scout them ava
I. by paragraphs from interested sources. Tt
n law is on the statute book. THE DE
e MOCRACY HAVE DEMANDED 1T T
i BE PUT THERE. If there Is any,hir
!. wrong about II, it is that the Ian does not 4
IS quite far enough, and stop The whole "a
+ tribe from yagabondizing over the Stat
n drawing honest gold and silver inio vaul
IL and secre, places" '
ii Fellow citizens, this individual prolesst
h 10 speak for the Democracy. You hear h
!. sentence. In his opinion the screw is n
;. turned hard enough upon you vet. How
}. ever, upon This branch Of the subject, W
!. will readily make your own commentary
n Gin. Commercial.