The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1858-01-14

Tying the oct Of February path, ib4S, rela-
ting to the circulstioR Of unauthorized bank
paEer, a. TO brevenl effectuully this mischief.
Additional projection TO ihe business COM
muhity, us we'll as substantial benefits to the
sound and stFong banks themselves. would
result from the establishment Of a Clearing
House N Cincinnati for the banks Of Ohio,
Kentucky and Indiana. either through the
voluntary action of the institutions concern
ed. or by the concurrent legislation Of the
States. - ...,t al.-a ~
In former communication to the Gencr-
al Assembly. while admitting Of mixed
currency Of coin and convertible notes, and
the improbabiiity that currency entirely
Of coIn will be soon adopted in the couDtry,
| expressed my own opinion in favor Of
currency Of coin for ordinary transactions,
and OF large notes for the convenience OF
commerce, and at the same time urged the
necessity Of the most stringent legislative
guards against mere paper money system.
Subsequent reflection and observation
have confirmed me in these views.
A lesding object In all regulations Of cur
rency should be to secure the Interests Of
the masses Of the people. BY stch provisions
as will ensurs To labor just compensation in
actual value. This cannot be effected while
the Iaborcr 10 paid in. paper, subject to con-
tihual fuctuution, dhd exposed to all the
hOzards OF 6nuhciul disorder. ''.
Whatever can be cons 'itutionally effected
by State .esisiatiUh; towards the exclusion
vi the smaller denomination Ut h0tes for
circulation, and the Substitution Of coin in
their place, should be earnestly attempted.
The Quantity Of coin in the country is now
60 great, and 80 steadily increasing. that no
iniury and altt.ost no Inconvenience could
arise to any interest from iudicious leglsla.
tios, for this objects On the contrary, II
seems 10 me certain that the increased cir.
culation of coin which will thus be secured
cannot fail to resdlt In titost Substantial BEN
efi,s to oil interests, by additional securities
against fuetuetion aud revulsiun. These
benefits seem to me so obvious that should
hope for the assent Of ths Sahks themselves
to the legislation necessary 10 secure them
Without TINT assent, under the decision al
rendy referred to, such Legislation would
avail nothing, as to the banks organized
under the act o.! l845.
The existence OF this decision, the uncer.
tainiy Of obtaining that assent, the fact that
we are surrounded by States whose tanks
issue such notes, and the practical difficulty
of excluding the notes of these banks from
circulation in Ohio, created the apprehension
| have heretofore expressed, that ceh,para'
tively little can be accomplished In the di'
rection Of the proposed reform by State
legislation. These opprehensions yet re-
msin. The effeciual remedy is with the
Federal Government. Lpoking at the mani
fest intent of the Constitution to protect the
people from the evils of piper currently, as
i've | as to the sp t.fc, powers granted tc
| Congress, | cannot dutibt the pow or of the
National Legislature to prohibit the circula-
tion as money OF any substitutes for coin.-
| Nor can doubt that the exercise Of thai
power by prohibiting notes of the smaller
denomination, would be wise and salutnry
The denial of this power virtually submits
the regulation Of commerte in its most i'm
por;ant fundamentally to the variable unC
| conflicting policies OF thirty one States, ant
defeats one of the main purposes of the Con
slitution. .F 100 "s
Entertaining these views, / have observe'
! with regret the recent declaration of tn
Chief Magistrate OF the United States, thu
"the Federal Government cannot du muc
to provide against the recurrence Of existin
eyils," and that "we must mainly rely D
the patriotism and wisdom OF the States fl
their prevention and redress" Such declaI
ations, especially when accompanied with
recommendation of the issue by the Genel
al Government Of large addition to tn
mass Of papcf currency in the form Of tre'
surv notes, are calculated to Illustrate til
/. homes to reform which might be otherwi,
: ree >ouably enieftlined. While ! do NJ
: doubt that tile General Assembly will {
%hateyer may be within it's constitution
!, power towards the object proposed. | respec
r fully submit that ito whole duty will not /
ueriormed until this matter be commendt
J.. to our Senators and Representatives iu Col
gress by appropriate resolutions. 'sc.
RI An net to incorporate new banks hayiE
, been twice submitted to the people In diffe
! ent forms, and having twice failed receivil
the popular sanction, it may now be prope
| " considered as settled that the majority
/, the electors do not desire the further create
, of institutions Of the character proposed.
see no reason indeed, especially il SIN;
# notes be once excluded from circulatio
5. why the business OF banking may not
J. safely left as open and free to all who des
u TO engage in it, as dny other kind OF businc
le care being taken that ample securities
a. eiyen in bonds Of the State or the Unit
Of States, and by the provision Of an adequi
a. specie fund, for the prompt redemption
il all notes in coin. Bank notes circulate
i. "a money are debts due to the community
large, payable on demand, and II is the dl
ne of The State representing the community,
ed zee that these debts are perfectly secured
Il. Such securities are indispensable; and !
,h spectfully submit to your better judgmt
or whether the experience Of the !ast tew ye
ed does not suggest the expediency Of requir
ed similar sertirities. or a least providing {
cient guards Of aoffe aiHd, insuring pror
or payment Of deposits for safe keeping,
le The condition Of the State Treasury
u qui es prompt attention. va,
lai On the 10th OF June last, VIM. H. Gibs
is the then Treasurer Of Stnte, disclosed TO
de State Auditor the existence OF deficit in
e. State Treasury TO the amount, as ne sta
nd Of about S55l, 900, occasio0ed. as he ali
oh ed, by the dedication Of John G.. 2Rres
~ HE immediate ptedecessUf: At the earl
,i- practicable moment this information
an communicated to me. '9as f'as =
Up 10 lAis time I had not entertained
,ss least suspicion that Mr. Breslin had faile
f. nav over 70 his successor the whole ant
en- Of public money which had come 10
Of Ehands, except the sumsreported by hit
I'VE deposited with failed banks'and bankers
nj retained By yshimiOndsr elaine for excha
.il- The repeated declarations of Mr.. Gibso
m this effect, In vsrious forms and on freq
- occasions, confirmed by the reports of