The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1857-01-14

collected by the General Government from
duties upon the direet importations Of our
merchants from foreign countries. The
| Treaty OF Reciprocity wilh Cai,ada has
enlarged the field and stimulated the ac-
livity of mercantile enterprise, especially
in The Northern part Of the State And
! the great interchange Of commodities with
our sister States and between different
! parts OF our own Commonwealth, give
continual employment to large resources
aud active energies. Wise legislation is
never employed in arresiing the develop
meut or in cramping the activity OF com
mercial Intercourse.
Among the instrumenta.iticS by means
of which intercourse is carried on between
different parts OF the State and different
sections Of the country Railroads may now
be regarded as the most important. The
rapidity and ease of transit by rail gives
TO that mode of conveyance decided
preference over every other; aud the num-
her who commit their lives and properly
TO the skill and fidelity of Railroad con
ductors and other employees, already vast,
becomes, hourly, greater. The number OF
miles of Railroad in actual operation in
this State, in 1855, according to state
ment made by the late Secretary OF State.
was , 593. The present number is ahonr
two thousand eight hundred. These
Railroads have cost about ninety millions
of dollars: more than million Of passen
gers are annually carried upon them; and
their gross receipts are not less than SIX
millions Of dollars Il year. 1t is doubtless
within bounds to estimate the probable in-
crease for the next ten years, i'll extent,
cost, transportation and income, at one
quarter the present amounts. This vast
interest, affecting vitality so many other
interests, has grown suddenly to its present
dinner ems, without system, without gen.
eral organization, ID in some important
respect, without due responsibility. The
benefit Of Railroads are such, and their
safety and prosperity is so Identified with
the safety and prosperity of the people, that
no proper protection or support should
be withheld from them; while the dangers
from acknowledgement are SO great that no
reasonable prccautiOn against 1t should
oe omitted | respectfully recommend,
therefore, the organization Of a Board Of
Railroad Commissioners, with power to
exercise general supervision over the
construction and operation Of the several
roads, and required to report from time 10
lime to the Governor, for the information
Of the General Assembly, a full statement
Of their condition and management. |
Garnet doubt that the salutaFy Influence
Of such legislation would he speedily man.
fest in the increased value Of Tie roads
and the greater security Of travellers and
freighters.
A sound currency and secure exchanges
are not less Important 80 the Intercourse
Of society than safe 'ncans Of tronsporta
ton. IN almost all, and, perhaps, in all
civilized communities, the erHrrrnry is con-
posed ofco;n and Of circulating notes, co"-
yeriible into coin, supplied either directly
by the Goyc:hmcut, or hy Banks organ
iz>d undtr is authority. II this State
tic powers, function. dntcs and liabilities
Of banks have been defined hy law; some
times iy special laws under }he name Of
charters, and sometimes by general laws,
amendable ana repcnlahie at the pleasure
Of the Legislature. Whatever difference
may exist upon the abstract questions re-
latiye TO a mixed currency, none, ap-
prchend, will be found among practical
men i'll regard to The certainty that snph
d currency Will continue, for an indefinite
period, TO constitute the actual medium of
purchase and sale, in this, as well as i'll
every other State Of the Courcderacy.
Certainly no power, less ample than that
of the Federal Government, is competent
TO Tie eilectual exclusion of such notes
from circulation as money; and no present
Indications suggest the probability that
that power W Ii be exercised for that purpose e
While opinion upon this point thus ap
proachcs unanimity, the public judgmcn,
in this State, remains divided upon the
question whether the franchise of banking
should be limited 10 defined number OF
institutions, or extended to all who are
willing to give the required securities and
guarantees against abuse. | have, upon
/ IL former occasion, expressed my prefer
ence for the most liberal extension of the
franchise, with such restrictions upon its
exercise as well eA'ectualy protect the
community against a mere paper money
currency.
! The act to incorporate the bank Of Ohio
and other banks passed April IL, 1856,
and submitted to the people in conformity
with the provisions of the Constitution,
on the second Tuesday of October last,
not having been approved by majority
Of all the electors voting at that election,
has failed to become law More re-
Gently, the Supreme Court Of the State
unanimously decided that the act to au-
thorize free banking, passed March 81,
1851. but supposed by some to have been
abrogated by The new Constitution, remains
in full force, Unaffected by any provision
of that instrument | submit TO your
better Judgment whether sound policy does
not suggest the expedency Of observing