Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1855-09-28
PoIIrics and Rusincss.


can befal an enterprising and commercial
people, is to have their business interests
fall under the control of political dema-
gogues. The business of Ohio has groaned
under this curse for years. The vast Pc
cuniary interests of this great State, ma
ton within itself, have been subjected to-
the tinkeriug of a set of narrow,minded,
trickey politicians, who hayeno end in view,
but to keep the Offices they hold or get bet
ter ones. A systematic and relentless war
has been waged on trade and money
Other States carefully encourage the intro
ducliOn and employment Of capital as virtu-
ally necessary to the developement of their
resources. But the demagogues who have
ruled Ohio for years past, have pursued
money, and the men who possess money,
as the worst enemies of the State They
have crippled every man who buys and sells
on credit, by allowing no deduction for in
debtedness. They have made war on the
banks till they have reduced the banking
capital of The State to about So, 100000. not
one fourth what the State requires. There
is not one dollar of Ohio currency where
there ought to be FIVE. The consequence
is that we are flooded With foreign curren-
cy, much Of it of doubtful character
One fact will explain all this. On a cap
ital Of $5,ooo,oOO, the banks were taxed
last year $4,000, or nearly ten per cent.
From under such burdens capital will es-
cape if it can. 1t has already been with
drawn in vast amounts to other States, to
which it is invited by equal and just laws.
No new bank has been organized, or ever
can be. in such state of things. What
are the bearings of these things on the
people? The increase of wealth and pop
ulation is checked. People from other re-
gions will and do pass by State SO cursed
with taxes. All business operations are
Kindred for want Of currency. The rate of
interest is made unnecessarily high. The
price of produce is kept lower than is would
otherwise be, and we are paying other
States vast sum yearly for the use Of their
currency, because We have so little of our
own. There is not man in the State
who does not feel these evils in one form
or another. Now what is the remedy p
Certainly not to tax money less than other
property, or to tax banks less than others,
or to authorize the issue Of an insecure cur
rency. But let it suffice to tax money once,
and to tax bank capital precisely as other
cipital. Allow every man to deduct all
his debts from his taxable property, and
put in what be is actually worth. Let US
have a large increase of banking capital,
and corresponding increase of home cur
rency. But let every dollar issued be SC
secured as to make the bill holder abso-
lutely safe in any event We hold, indeed
that the State ought to be responsible for
every dollar of paper issued by its permis
sion and authority, or make it abundantly
secure. And if ever hereafter an Ohio
Legislature shall authorize the issue oi
bauk notes not amply secured. We, for one
will go fifty miles on foot, to assis: in hang.
ing every scOundrel that votes for such a
law.
With these reforms in our system of tax
alton, with economy in our public expendi
lures, and with an increase of a secured
currency proportionate to the growth of the
State, Ohio will begin once more her rapid
march 70 the first place in the Union il
wealth and population.