Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1854-07-13

THx sxAH BrLs LxvA fuRs OF
TIE ScREw.-On the frat daY of 0c:o-
Der next the Law Of the last General
Assembly, TO prohibit the circulation OF
the bank notes Of other States OF Z
less denomination than ten dollars,
win take effect and be in operation
This law prescribes the transfer as
money of such notes, under heavy PEN
alties, with q bribe of one-half to the
informer. The man who transfers a
one, two, three or Eve dollar Kentucky,
Indiana, New York or New England
bank bill to his neighbor. in the pay
ment Of debt, or a purchase of ne
cessity, becomes, in the eye of the law,
a cRINISAI-guilty Of an offence at once
so heinous and insidioas, that the State
voluntarily parts with one-half the pen
atty he incurs, in order that he may be
sought out and brought to justice. We
intend, before we get through with this
subject, to say something in regard to
the Democracy" of this system oil
bribery; but, at present, we pass on 10
other considerations.
There are estimated to be ffteen mil
lions of dollars OF the currency OF banks
out Of the state in circulation in Ohio,
twothirds of which is in notes in de-
nouinations less than ten dollars The
arrival of the first day of October viii
outlaw this vast sum Of money, and
render it, so far as the thing can be done
By legislation, worthless as circulating
medium. The only parties which the
law permits to deal in this currency,
after the first day of October, are the
BRoKERs. For the brokers it viii fur
nish harvest. The notes being unfit
for circulation will depreciate, and the
holders will be forced to part with them
for what they can get. 1t will be easy,
with little management, few prosecu-
tons, a paragraph here and there in a
"broker's organ" to get up a panic,
and then the crop viii be quick and the
yield remarkable. The democracy" of
this branch of the subject, is also a
proper subject of inquiry and estimate,
but we will reserve that also for future
occasion.
The local and general levy of taxes
for the coming financial year in the
State will amount to about ten millions
Of dollars. The aggregate of currency
to be annihilated about the time this inn
mense sum in taxes falls due is about
ten millions of dollars. The Ohio Life
Insurance and Trust Company is calling
in its debts as fast as possible, to the
amount of over three millions Of dollars.
We are already laboring under search
ty of circulating medium almost intolera-
bic, and as a consequence, hundreds of
firms in this city are progressing towards
bankruptcy by aprocess which enables
them tosee the path without comforting
upon them the power to check their steady
and downward advance. We have
heretofore spoken of the democracy"
of the doctrines and practices by which
the State has been led on from one error
in principle to another, and from one
abuse in practice to a worse, and shall
do SO again. We merely desire, at
to cite some democratic" au-
htority.
The Ohio Statesman-the organ of
the democracy at the centre of the State
of the law for the suppress
sion of small notes, says:
"These provisions are stringent
There is no use trying to laugh or scout
them away by paragraphs from inter
ested sources. The law is on the statute
book. THE DEMOCRACY HAVE
DEMANDED 1T TO BEPUT THERE.
If there is anything wrong about it, it
is that tie law does not go quite far
enough, and stop the whole rag tribe
from vagabondizing over the State,
drawing honest gold and silver into
vaults and secret places"
Fellow citizens, this individual pro-
fesses to speak for the Democracy. You
hear his sentence. In his opinion the
screw is not turned hard enough upon
you yet. However, upon this branch
of the subject, you will readily make
your own commentary.-Cin. Com.