Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1858-03-26
DELAWARE, OHIO, MARCH 26, 1858.


State. The amount of capital brought from
other States to be loaned under this lay, [
apprehend is nor great. | know of none in
the county represent. There is, doubtless,
some in the State. But whatever the a.
mount Is, IL has been TO our injury instead OF
our advantage; and the sooner it is with
drawn, the better for Us. At 10 per cent.
the principal doubles in less than seven
years, with interest payable half yearly, and
the monepis not worth it, aud don't make
II, and such loans only serve to increase
our embnrrassments. Capitalists prefer to
lend their money at home among their ac-
quaintances, at a less rute of interest, where
they can look personally to their securities,
and know TINT they are good, rather than in
cur. The expense Of sendirg it out of the
State, and then they ron the double hazard
of their agents proving unfaithful, and their
borrowers bankrrPts. The repeal of this
law would drive no home capital out of the
State for investment; but would operate as
an indueement to capitalists to use their cap
ital IL making public and private improve
ments, andin the development of the resour-
ces Of the State.
Its conceded that the present banking
system of this State is one of the best ia the
Union, aud one that furnishes as great secu-
rity to the bill holders as any. Banks are
limited BY their charters to 6 per cent, under
the penalty of forfeiting the debt and their
charter for taking more. Private bankers
cen take ten, and as a matter of course, can
afford to pay depositors more for the use OF
their deposits The result of it is that the
private bankers get all the spare capital, pri-
va,e aud public. Under the law Of last ses-
session, the County Commissioners of the
several counties are authorized to contract
with the several repositories for the safe
keeping OF the county revenues, and in ell
most every county in the State private bank
ers, by agreeing to pay higher rate of in
terest Tor the use of this money. obtaiaed
these deposiles: They can better afford to
pay Z per cent, than chartered bank four.
They can make twenty day loans to stock
and produce dealers q. ten per cent, pay
able in New York city with the understand
ing that the 1kiIl Is to be paid at their coun-
ter, with cost of exchange from one to two
per cent, and the private banker makes 80
or 40 per cent, upon the deposits he pays
ard per cent for, having previously made
from one TO two per cent. by sorting the cur
rency and running it ho-le upon the banks
for exchange or specie. This great profit
Of tire private banker is taken from the prof
its Of the farmer The drover who pays 20
per cent. can't afford to pay as much for
stock as III, drJver who pays but six per
cent.
In consequence Of the constant run upon
chartered banks by private bankers and bro
kers, they are compelled TO limit their issues
in circulation TO the amount of their specie,
and can afford tie people no reliefln their
present financial embarrassment. Were
they permitted to expand their issues to to
scope of their charter they could relieve
the people of Ohio from their present f.
nancial eEnbarrassments and distress in thirty
days from this time, and create a home cur
rency to the exclusion of foreign issues
Their issues, returned home for redemption
are Jnoatiripg 10 their drawers. They can
sell exchange and receive deposit, but they
can afford the people no relief. Brokers
will not let them. The moment they put
out their money it is picked up and returned
for redemption. 1t is well understood among
my constituents at home that am no bank
man. At the recent election | voted an
oPea ticket against the banking bill Of the
last session. But prefer the banhs of my
own State. under the control of pur own
Legislature. TO the banks of o:her States;
and should look upon it as a great calamity
| to have the present banking system closed
up Yet, if the object of their creation is to
be defeated by this eternal warfare, the SOON
er closed the better for the stockholders. S.
Under the rapid accumulation of money
loaned at 10 per cent, the rich is made rich
er and the poor poorer and if this law is
suffered to remain upon the statute book,
eventually the moneyed capital of the coun-
try must fall into the hands of the few.
| am opposed to this law, because it excr-
! cises demoralizing influence upon the com
mnniiy. LEAD us not into temptation bat
deliver Us fron, evil is part OF the prayer
Which is the inheritance Of cur race. The
temptation TO take money without giving an
! equivalent i'll return, is too strong for most
men to resist, when they cun do it without
Violating the law; aud he who takes 10 per
cent. interest for the use OF money, takes
money for which he gives no adequate con-
sideration. There is no business in the
world that SO benumbs all the finer feelings
/ VI tHe Htdlt1 dl0 NOlioCiCbSCs a.
the mere business Of gam in the accumula-
ton cf motieS, lille love Of which, are
| told, Is the "root of all evil
| 1t is a significant fact that the sharp eyed
capitalist and money loaners of our State,
/ oppose the repeal of this law. They disin-
geuiously tell Us if we repeal the law it will
make money more starce, and the rate OF
interest would be higher. For my part I
| am not disposed to counsel with this cass OF
| persons upon this subject. Their interest
disqualifies them from giving correct advice.
They know their interest, and they pursue it
and in doing this they oppose the repeal OF
this law. The numerous petitions from diff
ferent parts of the State presented to this
General Assembly, praying for the repeal OF
this law, are from the masses Of the people.
/ remonstraces are few and from the money
loaners. 1t is u measure demanded by nine
tenths of the people as well aa the public
= interest and prosperity of the State -
Defeat this bill and compel its friends to tax
an appeal to the people, and you will find
the next General Assembly composed oi
men who will obey the Will Vi their consti-
! tuents.
Ono LEGIsLATURE.--On w ednesday las
the Legislature adjourned to attend the State
Anti -LecomP Pton Convention ut Columbus
i and did little business for the rest of the