M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1856-02-28

hnta-Neney GnCFeaey
Secretary GUrHalr, IN his annual i.
port, Fsys The following just ItiSu,s to
the Constitutional OF hard .mOusy ~
senes;
The mates Of bsnis chartered by the
States continue 20 circulate 10 some ser.
lions Of The country, TO the exclusion OF
gold and silver except 10 governed irsns-
&C iionsi and more paTlirulsTly where
the banks cicuIate notes under the de.
nomination OF five dcliars. These small
uoies are mostly ciIculstsd by banAs Ol
doubtful sOlvsncy, ats dit;snce from
The place oiIedemplion. They consti
tute q dePrsciS,ed currency, which no
one is willing to hold, aud this leads
TO hSsty expenditures. e. 10 oTdefthat the
loss aiSy fall on others. The evils OF q
depTeciated currency sFeatIesled by the
experience OF all countries where such
4 fuIIency hss been tried, aud IN none
more ceT:Ainly than 10 the StateE of The
CONFEDERATION, The legislatures Of the
seSsfal States aud the Congress Of the
confederation all issued bills Of credit
during the revolutionary war, aud bll
felt aud acknowledged the evil and the
tuinous consequences. The conttilu.
lion Of Che United States wss famed
BY men Who had felt all the evils there
of and when provisions were inserted
in that instrument that no state shonld
emit bills OF credit, nor make anything
but gold and silver tendsrin payment
OF debts, aud The coming Of money was
given 10 .he general gov efnmepl, they
believed they he'd prosidra fos bs I'd
monty currency. and sgnius, lhe evils
Of deprecated one, but these pfoyis, I,
iops were auIliiisd when the CONS held
that the States had power 70 charter
banks. with the authority 10 issue and
ciTcu!ate notes as money. II rs now TOO
late for The courts TO retIsce their steps
and give broader construc ton TO the
prohibitions Of the federal constitution, !,
whilst II IS hopeless TO expect the Stat
will refrain nom Bssnting bank charters,
with authority to issue these small notes
or that the State concur in enlsrg;ng
the constitutional prohibition in respect
TO bills OF credit, SO as 10 prohibil
this power TO banks. The same local
and individual interests that induced
the granting Of bank charters with this
privilege would induce the legislature
Of the Ststes to refuse to Congress the
power Of prohibiting the use and cir,
culniion Of bank notes. s7t
The thirteen hundred banks now in
existence under State charters, aud the
cireuia lions of over 5000, 900 900 Of bank
notes as money, in conslSnI competition
with the constitutional cur,ney, attest
the magnitude Of the evil. and justify
The worst pPprehensious for .he iutuTe.
The gradual Increase Of banks, banking
capital, and bank note circulation calls
Tor oppressive action under appropriale
STA le legislation. When these thirteen
hundred banks shall be increased 10
soale .we.,hrse, four, or FIVE Jhousapd,,
X may be feared theiraSgregated power.
will not be easily overcome, uuiil .
@spe nsion ofsEeGie payments and uni :.
ahrsal bankruptcy shall call for q sup-
resSion Of the evil, and restorslion Or
ecunstitution currency. II the States
continue the Chartef aud mulilph.
No Of backs. with authority - issue
ANCY Icula!e notes as money. and fail
-S0-SIs any adequate remedy to the in;
Penci evil, and also fail TO invesi
81 n! with the necessary power 70
q an aI ~ Tpnl,he same, Congress may be jus.
mes, oil old .,s The exercise Of the power 10
December 5 else upon them, aud thus ren-
thUTity too issue and circu
R vslueIess. Lt4
" deed singular that o large
AoLkS4LE e people will persist in ar
NO' popSL . ~ to a paper currency tina, i:
AVE-. % constant depreciation. =
i Stock. CO, again have they been cd
ID fashions. Oh. the valuless of pape.
uted direct from tlOnnared with a hard.
pslly for cash, with great ;be break,ng nj
rtion Of quality and sizes az - y
estern trade, We are enabled uoh 10 VI Danh