Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1855-11-13

4 ssN The small note Law. "a
a Last week we glanced at the history Of
the Tax Law, its effects upon the business
interests Of the State, and gave our views
of what should be done with it. This
week. we propose . similar view Of the
small Note Law. t''s.issttt a@s
The history Of this law is more resent,
yet intimately connected with the other.
After the adoption Of the. New Constitu-
zion, and the enactment of the Tax Law
uaderit,i capitalists in Ohio found it impos-
ID 10 to do business ia this State, with profit
crpleasure. Indiana, Kentucky, VII ginia,
and other States, viewing the folly Of Ohio
hocofocoism, Immediately took advantage
Git. BY enacting such laws as would en-
courage Ohio capitalists to invest their
means within those States. Indiana, al
though Democratic State, took an ultra
ground in opposition to the course of their
brethren In Ohio. The consequence was,
millions Of dollars of Ohio capital was
sPeedily Withdrawn from the State, and in
vested in Banking and other branches Of
business in these neighboring States--out
Of fthe reach Of Ohio laws. Banks were
incorporated by the dozen in Indiana, Ken
lucky, and Virginia, owned and controlled
hvyn nsts1arc IF nl,o otoo of,, ,,l,so1 hox L.
were intended almost exclusively for Ohio
circulation. Thus these neighboring States
received all the advantages Of these insli-
tutiohs. by an increase in the taxable prop
erty, and Ohio all the disadvantages, in
being forced to use currency over which
her laws had no control. AT first an at
tempt was mfde to reach this class of prop
erty. BY requiring capitalists in Ohio to pay
taxesin this State on their capital invested
in other States. which capital was in no
wise under the control Of Ohio laws
Finding this Of no avail, Ohio Locofocoism
racked its feeble brain to find some retalia-
tory measure, by which they could wreak
their vengeance upon these obstinate and
troublesome banks and bankers. The re-
suit was the passage Of the famous, or
rather infamous Small Note Law Lest our
readers may charge us with exaggeration,
in commenting upon the features of the
law. we copy it entire, with the exception Of
the 4th section, which merely gives the
forms Of prosecution, DC. Read it careful
lv and see for yourselves whether the de-
ductions we shall draw are warranted by
the facts:
AN ACT
To prohibit the circulation of Foreign Bank
Bills, Of less denomination than ten dollars.
SECTION 1. Bet enacted by The General As
sembly Of the State of Ohio, That from and after
the first day Of Ootober, in the year Of our Lord
one thousand eight hundred and ilty-four, it sba
be unlawful for any person or persons, nrm, or
body corporate, to pass, transfer, or circulate,
either directly OF indirectly, or offer 10 pass, Oh
circulate, or cause TO be passed, transferred Of
circulated or to receive, or cause to be received,
any bank bill. or note, of less denomnaton
than len dollars, unless said bank bill or note
shall have been issued BY and made payable a.
one OF the banks Of this State, IN accordance
with the laws of this StTe Provided. however
that the mere transfer or receiving Of such IN.
lawful paper, bona fde, for the purpose OF send
ing the same directly ont OF Til s State, for re-
demption, shall not be deemed a violation OF tht
provisions of this act. '+'
Sec. 2. That all bank bills OF a less denomina
nation than ten dollars, unless issued by ant
made PAYABLE at one of the banks OF this State
IN accordance with the laws OF this State, shal
not directly or indirectly, be paid out or received
Ia payment Of an! tax, debt, judgment, decree
Ane, aSaeIeemeat, or other demand whatever
ana all sach unlawful paper shall be held il
this State to be worthless, and all contracts IN
relation thereto null and void; and any dlsburse
ments or payments or exchange for other prop
erty Of value. made or attempted TO be made
Herewith. Of no effect whatever.
Sec. 3. That any bank or bankers, hloker o
brokers, or body corporate, or public officer
officers, Knowingly violating any OF the provls
ions Of this act, shall forfeit and pay Tor ever
violation, the sum Of Oae hundred dollars, ant
any oths. person or persons the sum OF ten dol
lars, 10 be recovered in q civil action in tn
name OF the State of Ohio. upon complaint II
writing, on oath, in the same manner that debt
of like amount are by law recoverable, and unde
the same limitations and provisions, one-half o
which shall 90 10 the perSon complaining, an
the other half 10 the Treasurer Of the TOWNSHIP
in which the offence was committed, and for tn
use of common schools ia said township; and th
person so complaining shall not, after the film
OF such complaint. be liable to forfeiture !
the same case, although party to the same oil
fence.
Sec. 4, gives the form used in such suits 10
forieitures, &c.
Sec. s. That the members OF every hrnl, an
the stockholders Of every incorporated company
and every bank onbroker. public officer, or othe
person, shall, in addition to the forfeiture spec
fed in the third section or this act be indiyldrl
ally liable for the redemption in geld OF siiye
coin, OF all such unlawful paper put IN eireula
tion, paid out or transferred Nv them or snc
Gfm, incorporated company, or bank oil wnlci
they are meabers o. stockholders; and ever ban
or other Incorporated company, who SHAFT KNOW
insly violate aAy Of the provisions oil thls &c
shall tbefeby forfeit its charter and corporal
priyilsres; and all n0les, aud other &c cnnles
Obligations, discounted ip whole OF IN part .
aly bank, banker, q bankeas, broker or broker
with ~ by paying out OF the unlawful paper, tn
circuIation OF which is by this act prohibited
shall te void, and no action shall be malnaipt
10 enforce the collection thereof. s
Sec. g. That all laws and parts oil laws incol
sistent with the provisions OF TINS aet' pe' an