The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-06-18
An Important Financial Move.
uIeut i'm Ciueinuati.

We find the following under the commercial
head Of the Cincinnati Enquirer:
Il is currently reported, in financial circles,
that an arrangement has been completed be-
tween the Board Of Csntrol of the state Bank
af Ohio and company of Third street Brokers,
to the effect that the State Bank is to furnish a
certain amount of its circulation, say 10 per cent
10 the Third street firm, on condition that they
will pay out at their own counter nothing but
Ohio notes, and return to the makers all the
notes they may get Of the States Of Virginia,
Kentucky, Indiana, Illinois, Missouri and Ten
nessee-in other words, the Third street Bro
kers becoming Sorting house. for the State
Bank and Branches, through which the circula-
ting bills of foreign banks are to be daily re-
turned to the banks from which they were is
sued, thus effectually cutting off the circulation
OF those notes in the whole State of Ohio, for
Cincinnati is the gate through which the great
bulk Of this currency finds entrance.
This certainly is very pretty scheme, and
one we'll calculated to fill the pockets of those
interested in it. But whether it is one that will
receive the appreciation Of the mercantile COM
munity, the party most interested, remains to
be seen. For our own part there are none who
will contend with more earnestness for a sound
and available currency than ourselves; but while
the whole Banking capital OF Ohio (S5, ,292, ,80O)
is not sufficient for the wants of Cincinnati alone
we must protest against all measures like the
one proposed. Indeed, the exclusion of foreign
notes, with our present limited Banking capital
would be perfect suicide, and the idea cannot for
moment be tolerated.
The smallest of the New England States
(RhOde Island) has four times as much Bank
ing capital as we have ($20,0O0,000) and one
of its cities, population less than one quarter
of that Of cincinnati, has capital of $l40O0,-
OOO-almost as much as the whole State of
Ohio, while Cincinnati, with her quarter of
million of people, has the erroneous Banking
capital of $4,000, with the extraordinary cir
culation Of 1925, all toldl parallel to which
cannot be found anywhere in Europe or Amer
lea.
What folly then to establish in our midst an
institution for the immediate return of the well
tried and thoroughly proved notes of our neigh
bors, and best friends and customers, simply for
the purpose of subscribing their selfish ends
the dog in the manger' policy of those who
cannot supply our circulation, and who have
no interest whatever in our welfare and prosper
ity, except so far as we can minister to their
sordid desires and aspirations.
Whether the proposed arrangement contem-
plates the redemption of the State Bank bills in
gold and silver at this point, we do not know
But if it does not, it makes the matter still
worse, for none of the branches are as accessi-
ble as some of the "ioreign" banks, and to be
compelled to run all over the state to get few
dollars converted into coin, or submit to pay
shave to the Third street Agency, is something
that cannot be assented to- 1t is bad enough
as it is now; but the proposed measure will make
it infinitely worse, and we hope if there should
be an attempt to put it in operation, that our
citizens will break it up as they can do by stea-
diy refusing to do business with any of the par
ties engaged in the transaction.