Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-10-08
Tha New Ranking Law.

Amid The all absorbing questions which
/. have engrossed the public mind for the
; last few months, the newspapers, and
the people generally, seem to have en-
tirely forgotten the Bank Bill, which is
to be submitted to the voters Of thi:
t State, at the ensuing election, for theil
approval or rejection.
The Constitution of Ohio provides thai
TO Bank Bill passed by the Legislature
of this State, shall become a law until il
has received the approval of a majority
Of the votes at tie election ensuing nexI
after the passage of the bill. Whether
such a clause in the Constitution was
necessary, or likely 10 be of good effect,
is a question, upon which, we believe a
large majority of the people of Ohio,
will no: agree with the trainers Of that
Constitution. They might with the same
propriety have left any, or all other laws,
to be voted upon in the same way, and
saved the trouble hereafter of having any
Legislature at all.
But this is nothing to the purpose.
Such is the Constitution, and the Bill is
passed, and is now to be submitted t o
the people. We published a synopsis
of it some months ago, it being too long
for insertion as a whole, in our paper
There is no question but that by the pro
visions of the act, the bill holder would
in all cases be perfectly secure. In fact.
it throws more safeguards around him,
than the present law; land all will admit
that there is no safer paper currency in
the world, than Ohio Bank Bills.) But
whether there is sufficient inducements
t. capitalists to invest their funds in bank
ing, under this law, is another matter.
If the law goes into operation. and this
is found to be the case, her the law is
a good one. The bill holder would be
safe, whether the stockholders would find
it profitable, or nos. We presume it
will be conceded by all, and especially
by business men, hat there is not in cir
culation in this State, sufficient money
Of all kinds, to supply the wants of the
people. Sill less is there enough Of that
kind which should constitute the largest
part of the circulation /; namely, Ohio
money. Ii is because of this that good
business men ale cramPed in their ope-
rati0ns, aud it is for this same reason
that so much loss has been incurred by
the people of this State, from the depre-
citation of foreign currency, and the fail
ure of foreign banks. 1t is not upon
Ohio bills, hat dis loss is incurred
Ohio Banks. under our laws, cannot so
fail, that the bill holder would lose.
If therefore, the citizens Of Ohio, wish
an increase Of GOO, sound, currency,
let them vote for the bill. Ii in their
opinion, more currency is not necessary,
they can withhold their votes.
Upon a part of the tickets printed at
this ofic., the words, For the Bank
Charter, will be printed in such a way
that those who do not wish 10 vote for it,
can teal it off, as a space will be left.
We copy The following from the Ohio
State Journal.
To the Editors of Newspapers, without
distinction Of Party. in the State Of
Ohio.
"An act 10 Incorporate the Bank Of Ohio,
and other Banks.
SEC. 10. This act shall be submitted
TO the electors of this State al the general
election, to be held on the second Tues
day of October next. for their approval
or rejection, and each elector may have
written or printed, or partly written or
patty printed upon his ticket, the words,
For the Bank Charter or Against the
Bank Charter And The judges Of each
election district, in counting out The votes,
shall pct down in separate columns in
the poll books, the votes given for the
bank charter, and the votes given agsins.
the bank charter, and count the number
Of votes given for and against The char
ter, as they are required 10 certify to the
number OF votes given for candidates"
SEC. 20. This act shall take elftc:
and be in force from and after the second
Tuesday Of October next, if the same shall
be affirmed by a majority of the electors
voting on thai day, and not Otherwise"
twill be perceived til t a majority vo,
ting for the charter. over those voting
against ii, will not be sufficient 10 make
it a law. There must be a majority Of
oil the Uotes cast, in its favor, or il will be
lost. Thus, if there should be three hum
dred thousand votes cast, and one hun
dred and 6Iry thousand Of these votes
should be in favor of the bank charter, il
will still be lost, and this although there
should not be one solitary vote against it.
If three hundred thousand votes should
be cast, there must be one hundred and
fifty thousand and one votes in is favor,
or It is lost.
There are no banks in the United Safes
established upon a basis affording an equal
degree of security 10 the bill holders with
the banks which We now have in Oslo.
The above named act goes beyond any
previous hank charter in securing the cir
c%ulaiion Of the banks established un ter
IFS authority.
1t renders ea"h s:ockholdcr liable, in
Iii, individual capacity, to the amount Of
his stock-iinii:s the amount of ciicula-
lion according 10 the capital paid in. and
10 the gold and silver Oh hund, and agirds
in short, every security which human III
& nuiiy can devise.
Tne peorl. f Odio are crippled to the
last degree fr The lack Of : currency.
Tue city OF Boston alone has three or
c,,,r ,;,,,. mo-, k,,L;,r .,,it.T tI,,, -ha