The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-12-09

We nope tie suspension and breaking OF
Banks all over the country will produce some
gOod. twill set the people to thinking aud
iiguring-tO weighing thsm'in balance, and as
slire as they do the will find them wanting
We trust our readers have not failed to read
BentoA's article on hanks, in our last, and es-
pecially the reasons given against small note
currency. The following from the Ohio States
msn, We commend to the careful consideration
oiow readers. Coming events cast ther shsd-
ows before
"'rhe common argument against the re-
strctIon or abolition of Bank paper. and the
substitution os metallic currency, IS that
I there is not gold and silver enough to supply
/ the place ofthe paper, aud transact the busi-
ness OF the country.
: "1'his assumption has been often exploded
upon statistics rs reliable rs Bankers reports
at least, aud which are not questioned by any
respectable authority.
"Ihe quantity ofspecic in Bank is stated in
the bankers Magazine of August last, at S54,-
I $4,000. 70 this the New York Evening Post
adds Sd,0o0,Oo0. This was before the run
caused by the panic.
| ".fhe Bank circulation is stated by the yIagq-
/ zire at SlST,WO,o0l. The Post puts it at
Sl19OnGO, ON some estimate made since the
/ panic. Secretary Guthrie, few years ago, eS-
/ tiInated it officially at Sl95 5OOO,OOO The eSt-
mated decrease by the panic, therefore, is about
/ Sl6,oOoOO; it is at least that.
/ "Col Benton in his letter recently appearing
/ in our paper states the amount of specie in the
country at $3.50 100000. The Post makes Tie
same estimate, and aflirms that It is basel up
on the best statistical tables published before
and after the panic, and all agreeing. The au.
thority of Col. Bcuton is Of tue highest charac-
ter, for no man is more careful or better inform
cd in such matters. They have been the study
of his life.
"Now to those who object that there is not
enough specie in the country to take the place
of paper in commerce, it may be replied in
view ofour recent and universal experience, SC
much the worse for commerce. but here is bet
ter reply stills There is more specie in the
country by Sl000OuO00 than of paper at the
present time, and nearly that amount over pa
perrin circulation before the panic. If there
fore, measures could be made effecttially to
drive paper, circulating as money, out of exs-
tence entirely, instead of having less money in
active movement, we should have nearly 500,
OO0,0UO more, and commerce would have o
broader basis than it ever has had.
"'rhe onus ofthe argument therefore is the
other way. 1t dcyolyes upon the advocates o.
paper to maintain the affirmative, and show
what are the superior advantages of banks o
circulation as compared with hard money
This will bc difficult task, when thsir aver-
saries come forward with statistical results o
bank catastrophes and general prostrations o
trade and finance, with which the history oftht
country so thckly teens.
Judging from the best indications of publ,
sentiment the press Of all parties, and the pub
li$hed opinions Of men of all classes and III
grades Of intelligence, nothing is needed nov
| but legislation federal and State, TO eradicat,
the vices of our dcplorabIe currency system; io
the people seem generally disposed and extreme
" desrouS for the most thorough reform. The,
are at last getting tired, in their own plain bu
a expressive phrase 'of being skinned alive b,
: banks"
The majority ofable men in the country arr
in favor Of Congressional action; and il that bo
dy adjournS from its next ensuing session with
: out some efficient attempt to provide thorough
, protection to the country from the evils of
confused and pernicouS currency, they will dis
, appoint public expectation,
"But there should also be vigorous co.opera
ton by State Legislatures. Nothing is plainc
now than the necessity of returning in Ohio Il
the policy of banishing foreign small notes troh
our State, and adhering to it forever. That
measure ofthS character will be one of the frs
; acts Of the Legislature, we consider settled. |
/ is demanded by the people, beyond all contro
yerSy,