The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-09-05
FROM The Ohio statesman.
IRON tho Ohio statesman
THE PRESENT CRISIS, AND IT'S MOST IMPORTANT

The people OF Ohio now passing through the gravcSt
trials Almost without previous intmation, storm Of
financial explosions has burst upon us leaving plenty Of
ruins TO look back upon, and in future fear still
greater peril than have yet encountered Every tee
graphic column in the daily newspapers is crowded with
reports of new failures.
The suspension Of the Trust Company, without sin
gle word of warning, might well shake public confidence
in the sovency of all incorporated banking institutions
Nor need expect security in the strongest
banking house conducted by private individuals Indeed
the most extensive operators at time like this more
to be dreaded than those of less reputation for the
fence reposed in them by the community during seasons
Of prosperity only 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 do these failing and
insoyent institutions bear to political parties What
party Is responsible for these disasters to the people The
remedy is in great part political. That party whose
sympathies and principles adverse To unlimited en-
couagement of corporations clothed with great powers
control initiate and speculate in the currency has now
peculiar claims upon The popular regard.
We do not say that legislation should assume to
regulate the habits and passions of stock gamblers and
men of fictitious capital to prevent unsound and IL
legitimate transactions ia their business But do say
that much of the present evil and all the distust in Ohio
might have been prevented and greater safety secured in
future had legislation withheld from banking institutions
many of the powers they possess, and denied to
them the custody and of the public treasure, by
which alone many banks and bankers at this very
hour are enabled to avoid bankruptcy most disgacefn
to themselves and ruinous to the people.
II is well known that no banking system that has ex
stcd in Ohio has for many years found favor in the action
or estimation of the democratic party More recently the
best men of all parties have doubted whether any system
has ever been established in this country adequate to the
objects for which banks have always demanded their
franchises.
Bu perncous as are the innate evils Of all present
and past experiments in money corporations, and de-
strcye as have been the effects Of their periodical fail
ures upon community the dependence OF the credit
of the State upon these institutions sadly liable TO bring
still greater damage upon the general welfare. Public
faith should be at the mercy of stock spectators
and irresponsible adventures And yet this day it is
more than doubtful whethera large amount Of the
Of Ohio is not locked up in the vaults has not been
made way with by institution in which our State Off
GERS contrary to repeated caution, have been placing
most understandable confidence.
1t may well be doubted too, whether there county
treasurer in the State especially Of the republican party
who has not nearly the entire funds of the county de-
posted in bank especially if there be one in his county
We venture the assertion that If the county and STATE
moneys held by banks as depostaries were all drawn
out not one dozen of these institutions could go
through trial of their solvency of two days duration
We are expressing the opinion know, of Of the
hest informed financial men in Ohio What safety then,
IS there particularly in this period of general peril In
any moneyed institution public depository? And
vet SAFETY whatever the ordeal of panic or actual revu
sion local or universal the sole desdertum of any
agency for the custody and disbursement Of public money
Let the private depositos of any institution which now
holds the money of county or the State make rum as