The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-09-10
The Present Crisis and its most i5sI-
DOPt:lnt l. LessOn.

The people oil Ohlo are now passing througt
the grayest trials. Almost without previous in
timation, storm of financial explosions ha'
burst upon US, leaving plenty of ruins to lool
back upon, and in future, we fear, still greater
peril than we have yet encountered. Every tel
egraphic column in the daily newspapers is
crowded with reports Of new failures.
The suspension OF the Trust Company, with
out single word Of warning, might we'll shake
public confidence in the solyency of all incorpo.
rated banking institutions. Nor need we ex
pect more security in even the strongest bank
ing house conducted by private Individuals
Indeed the most extensive Operators at a time
like this, are more to be dreaded than those o
less reputation; for the confidence reposed in
them by community during seasons of prosperi,
ty, only serves to augment their power for evil
when the inevitable explosion comes.
The great question to be asked and answered
by the people at this crisis is, what relations dc
these falling and insolvent institutions bear to
political parties What party is irresponsible fol
these disasters to the people? The remedy is
in great part political That party whose SYM
pathies and principles are adverse to an unlimi.
ted encouragement of corporations, clothed
with great powers to control, Initiate and spec.
ulate in the currency, has now peculiar claims
upon the popular regard.
We do not say that legislation can, or should
assume to regulate the habits and passions oI
stock gamblers, and men of fictitious capital, SO
as to prevent unSound and illegitimate transac-
tions in their business. But we do say that
much of the present evil and all the distrust in
Ohio might have been prevented, and greater
safety secured in future, had legislation with
held from the banking institutions many OF the
powers they now possess, and denied to them
the custody and use of the public treasure, by
which alone many Of our 'banks and bankers
at this very hour, are enabled to avoid a bank
ruptcy most disgraceful to themselves and ruin
GUS to the people.
tbs well known that no Banking system
that has existed in Ohio has for many years
found favor in the action or estimation OF the
Democrrtc party. More recently the best men
Of all parties have doubted whether any system
has ever been established in this country, ade-
quate to the objects for which banks have al
ways demanded their franchises.
Butpernicous as are the innate evils Of all
present and past experiments in money corpo-
rations, and destructive as have been the effects
Of their periodicals failures upon community,
the dependence of the credit of the State up
on these institutions is sadly liable to bring
still greater damage upon the general welfare
Public Faith should never he at the mercy OF
stock spectators and irresponsible adventures.
And yet this day it is more than doubtful Whe-
ther large amount Of the moneyof Ohio is not
locked up in the vaults, or has not been made
way with by an Institution in which our State
officers, contrary to repeated cautions have been
placing most lnwarrantable confidence.
1t may well be doubted, too, whether there
is q County Treasurer in the State, especially oi
the Republican party, who has not now nearly
the entire funds Of his County deposited in a
bank especially if there be one in his county.
We venture the assertion that if the C6Uatyan
State moneys held by banks as depostaries,
were all drawn out not one in dozen Of these
institutions could 20 through trial of their sol
vency of two days duration. We are express
sing the opinion, we know, Of some of the best
informed financial men in Ohio What safety
then is there, particularly in this period of gen
eral peril, in any moneyed Institution as q pub
lie depository? And yet SAFETY, whateyer the
ordeal of panic or actual reyulsion local or uni
vcrsal is the sole deSideratum of any agency
for the custody anl disbursement Of public
money. Let the private depoSitors Of any in
stitution, which holds the money ola County or
the S ate, make a run, as may happen any
where and at any moment, and who can tell
what might be the consequence TO the pubic
treasure? 1t is only necessary to remember
what the State has lost already by these insti-
tutions easy times, to approximate in conjec-
ture, what danger the State stands in every
hour now, that we know not the instant when
the whole banking system of the country may
so under.
1t is impossible in the nature of things, that
banks, created for the very purpose of specula-
ton, can be safe keepers of the public money,
In times Of danger, when they should be most
safe and secure such custodians are the most
dangerous. No man who reads these words
this morning, would be surprised to learn, be-
fore the night comes, that any single bank or
systemin the country has yielded to the strin-
gent pressure now bearing upon all, and tun
bed to tie ground, monument Of inherent
worthlessness.
The Democracy of Ohio have long sought,
but hitherto in vain, to prevail upon the people
to adopt system of public finance, demonStra-
tel by experience in all times, alike of prosper
ity and adversely, to be free from liability to
such a catastrophe as we are at present going
through It's only necessary to state the fact
Passing events Of the most alarming sign fcance
are making the application.-St Statesman.
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