Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1854-12-07
From the Ohio State journal "a

lie semi annual session IN tins city during
the week. adjourned last evening. Its
doings are not intended for the public
eye. being purely supervisory in their
character, calculated to give uniformity
and stability TO the business of the
Branches, over whose doings it is con-
stituted a guard. At this particular
juncture the public will. as is very natu-
raj, feel an anxiety to learn something
of its proceedings. In conversations
which we have held with several mem
bers of the Board, we have gathered
these general facts; that at no period
since the establishment of the State
Bank have the Branches shown by their
statements more healthy and sound
condition, or greater ability to meet
their engagements than at the present
time; that if half their bills of ex-
change, and one-third of their domestic
bills, falling due within the next six
months, are paid at maturity, they can
meet all their liabilities to depositors
and redeem all their circulation that can
be presented within that time, leaving
more than a million of dollars surplus
in hand. This calculation, as. we gath
cred, is based on the assumption, that
the present means Of. the Branches are
not dissipated by bad debts or inactive
loans in the future.
Another fact we cleaned which, as a
precautionary measure, we think entitled
to notice. A special deposit, raised by
assessment on the different Branches,
in coin, amounting to over one hundred
and twenty-five thousand dollars, will
be made with the parent Bank in this
city, for the protection of any Branch
that may through panic or design be-
come the object of special attack. This
deposit, with the fund always on hand
for the redemption of mutilated notes.
will be adequate for any contingency
that is likely to arise under the worst
form of excitement that the present ex-
aggerated state of things may produce.
This is an extraordinary precaution, but
we think wisely adopted to meet an
evident disposition in certain quarters to
trifie with the credit of the banks and
the State by malciously alarming the
public mind.
These facts show better working Of
the system of affiliation than we had an
ticipated, for our readers know that this
plan of State Bank and Branches is no
favorite of ours. We opposed it at its
adoption, and now yield our approval
only so far as it has shown itself able to
meet its public engagements. 1t has
more than met our expectations in the
present crisis, and we feel that it will
vindicate the claims Of its friends to
public confidence. In saying this, the
wish is not father to the thought, for we
confess our disappointment at the re-
cuperatiye power Of the system as mani
tested under severe pressure.
One thing more is necessary, and
that is, hearty cooperation among all
the Banks of the State to keep down
the rate of exchange on the East. This
is due the business public as measure
Of Justice, and itSs due themselves as
measure. The broker
spirit must be curbed. The businessm men
Of the country must be protected from
the rapacity of the mere shaver, and
the Banks by fulfilling their obligations
to the public can do it. If they fail,
the public will protect ITSELF The peo-
pie, in asserting to the establishment
Of Banks, did not surrender the power
or right of protection. The labor and
produce of the country must pay the
iebts of the country, and it is the bust
ness of the Banks TO aid in their con-
version into some available shape at fair
-ates. A low rate of exchange is the
-eadiest means. In the absence of this,
Banks must expect to furnish coin to /
he extent of their circulation. 1t be-
comes then the interest of all parties to
Keep down the rate of exchange. The
oroker may be deprived of his prey, !
put the producer and the honest banker
will have cause to rejoice. Capital
'hould be the handmade of industry, not
is oppressor. With a rate of exchange |
20 low as to prevent the transmission |
If specie, we believe the worst features
If the money pressure will have passed
lway in Ohio.
The condition of things at this time
naturally suggests a variety of thoughts
or prevention and cure. Every man is
! doctor in times of sickness and public
distress, and it not uneommonly hap
'ens that quacks and venders of nos
runs are the most noisy and ready
With specifics. But at the risk of being
anked with unlicensed benefactors, we
axe the liberty of suggesting to our
nancial friends that they have yet a !
york to do-(and the sooner they set !
bout it the better)-before they can ,
lrnish the public an available currency, lc
nd before they viii deserve the name ,
Bankers, ,-and that is, the establish
tent of an agency either at the com
lercial or geographical. centre of the |
tate, or both, for the redemption of /
heir notes. We will not enter into de-
lil-it is not necessary-tLe thing is !
by every Banker. But, +
'oner or later, it must be done. With .
ar wide extent of country and diversi-
! of markets, the necessity is pressing; n
nd, in times like these, instead of az I
ravating evils, it would prevent them, y
. yarracsino, tho varx, cousa- fhof L. A. | :