The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1854-09-29
The. smail Isill Law.


saa rAe small Isin Law.
Al weak and feeble opposition 10 the
enforcement, ofihis law IS made BY the
bank SCENTS and theirs creatures over the
State, yet the Law which goesin opens
ton on the frst Of October next excla-
ding from circulation foreign bank bills Of
aless denomination than $40 was wissl;
enacted and is destined, ifcarried outast
itoueht to be-, 10 save hundreds Of ,hou'
sands Of dollars 10 the working masses Of
the State.
II was expected by fuancial men At
Columbus last winter that q monied crash
would come about the time this year
,hs, the interes, on Railroad Bonds would
become due in Wall Street. II was
foreseen tha, he high rates OF interest
paid Wy business men in the State for the
use Of money could not continue 10 be
paid. An able and experienced Wing
financier Of the last House, Mr.. Ges, Of
Green county, very frequently in conyer-
saiion and his spsscbes inths House,
predicted with such Accuracy the lime
tla, reyuision would tako place, thai
when the crash came, i surprised us al
his clear foresight. Men OF all parties
with whom we converscd took "a nearly
similar view ofresults, but there was diff.
ferences as 10 the time when the late
Railroad speculating mania would DO
stopped. Railroad Bills were introduced
10 correct The evil, but were not passed,
because their corrective was sectional
and NOT general. Il was also admitted
hy most we had intercourse with, that
DO Indiana free banks, were reckless in
iaaues and could not permanently
- 1, lIiemseivss- thar their manage
man, ~ aot prudent, bu, contrary 70 all
v.ca;vsd A Giplss Of regular and hons
es. banking bd cess, even onthe ordina>
I'll, loose snd IS pIalive system iipon
which banks are CON lsdi and = that ft.H lhs 2
result Of all this would 6O es N " .nsy np''
fail. Meny ofihem were owhS 4 Y oa'0'
aud their circulation almost whSi soA'
fined wi,hin this State; their seq ''.s'
nominally perfect, depending upon Z
price Of stocks in the siocle marked
which ID case Of general reyulsion
would soon 90 down from par 70 rs, so,
and in some cases io4e per cent. And
tothia The cost Of exchanges and brokerage,
aud these securities are not cersaln 10
averags so cents onihe dollar, TO sxs
chance ,his glass ofpapsr in tha dsrom-
nation Of issues that would ordinarily
ccrne into ahesbands pfbrokcrs, farmers
end small business men, was simply an
&C, Of necessary protection. This was
true also Of other Western banks,
oE KeH,ue!s;-, Tanaasase. Michigan, IL
linois and Wisconsin which have uUe~
very freely circulated BY Bankers and
Bsckors oses the State. Il was equally
true 81 q class Of Eastern Banks. With
these facts before the Legislature small
Sins we're ptohiSiesd by whatws esteem
saluiaty law, and there isno stronger esi
dence Of ihe, oyer-govefnment Of the
money powef o. bankers and brokers
asyeiihe Press and the publicsmjnd thar
tho opposition This law has mel with.
A Mr.. Corwino, banker Or brokers
attorney, Al Cincinnati, who we observed
aoncs orswice figuring asa lobby last VII
ger al ;Columbus,has put oui very weak
I attempt al srgumen, 70 show ihai che
law is Unconstitutional. In his reasoning
ne cites cases which contradict and null
Alifyshis argument, and which would mo-
have been rssotied 10, frealls applicable
legal cases could have been cited. Al
he, s,shds alone in urging this species 9 !
objection, We only nosice i in PASSING
mot deeming il deserving serious answer
The promiucnt objeciioDsthat is offer