The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1855-01-19

redeemed the pleuge7 10 you now hnd
them in the midst of matterings Of the com
ling storm, marching forward from tho as.
Isurance of protection and impunity to the
people Of Ohio, if the crash should come?
Are they the first to walk forth, in the con.
fdence Of conscious strength, having like
prudent and faithful sentinels over the pub.
lie interest, been preparing for rtheapproach
Of danger, to drive away dismay and in,
spire hope and asense Of security Do
Iyou find them thus fulfilling the ayowed
and only public purpose Of their creationf
j Byno means! Instead of being the first
to step forward and throw their energies
into the thick of the fight, they are the
very first to feel the shock, and bow to the
Threatened convulsion Of affairs. The
panic in Wall street has driven the money
|changers there to put Westernresources in
to requisition. And how do our banks
meet the draft? They were made for the
purpose Of protecting our community a.
|gainst the p;nching contraction, inconven-
ience and expense of such an emergency.
But instead of this, they reverse their
proper action They should protect us
now. but instead Of that they add fury to
the panic by joining in the pressure from
without. Instead Of rallying to repel the
foreign enemy, they join his standard, and
take advantage of the calamitous necessi-
ties of invasion to profit by the universal
rule Of plunder. They forget, aye, they
choose to forget, that when pscuniary op-
preston came from New York, and other
points abroad, they promised for the sake
of their charters, that they would defend
us all from evil consequences, and now
they are the first among us to complain of
weakness, of the want of preparation, and
they, too, are ready to shave off the dry
flesh from our bones, left after Wall street
had sucked up our blood.
When Western dealer finds himself
cramped with unusual demands upon his
credit, by local difficulties abroad, he
has always been told by the advocates
Of the Ohio banking system that he
could always and only obtain facilities
from the banks. Is it true now-has it
ever been true9 On the contrary, if he
goes now to the counter of a bank, he finds
another knife whetted to finish the work Of
excoriation.
Such is the condition of affairs now in
Ohio, and we doubt not the other western
States, unless where protected by search
ty ofbanks from their heartlessness. Ex-
treme tightness in money prevails, for in
stance, in New York. 70 meet it the
merchant Of that city calls on his western
debtors for special relief The debtor
goes to his loudly protesting friends, the
banks. Does he obtain the desired funds?
Not ut all. If they discount at all, they
are found destitute of exchange on the
east. Whose fault is that but of the banks
themselves, and why have they permitted
themselves to be thus caught in a trying
hour, without the means of relief? And
now, why should they deny assistance
wholly, and compel the applicant to go
where he knows when he enters the door
he must pay the ruinous rates of 8, 4, and
per cent. a month, if he obtains assist
ance, or send back the demand of the cas-
tern creditor dishonored
| Ifthe banks Of Ohio are not on the very
verge Of failure, at least in case of a perma-
nent lapse in the business of the east, it is
a duty, whose performance or non-per-
formance may determine their continued
existence, or their Premature, disastrous
and disgraceful death, to breast the cur
rent of contraction, embarrassment, and
depreciation In general business, which
seem certain to come upon us, unless the
eastern cities are saved by an early and
munifcent arrival of California gold.---
These banks peitioned and implored the
Representatives Of the people for charters
of incorporation, and promised that when
the people required the "friend in need"
they would be the ''friend indeed" Thai
promise, though the main inducementever
with wings for the creation Of our banks
and though often required has never beer
fulfilled. Instead Of relieving public ne
cessity, alwaysin such emergencies have
the banks putup their favors to higheI
price, and are the first to complain. Un
less they are so infatuated as to forget tina
popular vengeance will not and has not TO
ward their kind, always slumbered, the,
will now cease to speculate upon the yer,
wants which they promised to supply
and which they were even created to pre-
vsntl
i Do1Na 4 GREAT BUSINESS. One younl
lady in Albany, New York, received fou
hnndrnd and ainhtu calls nn Nav Yaar,