The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-10-05
mr. DennIson and the Banks.

During the past Eve years, the people o
Ohio have lost two hundred and fifly thou
sand dollars BY dePositing the public money
in banks. Fifty thousand year is consider
able amount to pay for experience, and th'
citizens Of this State ought certainly to have
learned something about the ineffieiency o.
the system by this time. If man is feeceC
to the tune Of four or five hundred dollars 4
year, even in his private business, by invest
ing in certain way, he will be very caution:
thereafter but if he lOoses that amount ev.
cry year, for several years, in succession, 4
be is possessed Of q modcum of sense, be
will abandon such branch Of business az
dangerous and absolutely Iuinous. The
people at large, after repeated losses, man.
sged to get their eyes open, and notwith-
standing the declarations Of the leaders the
Republican party to the contrary, at last
consented that the old system should be
abandoned and q new one adopted, which
would insure the safety of the public funds
1t was found that banks we're first rate in.
stitutions to put money into, but the most
difficult places in the world to get it out of.
When the pressure came and the funds were
needed, If they could be found, the banks
had invested them in western railroads, or
started worthless "wild-cat" branches on the
frontier, where they expected to make some
thing handsome, and when the crisis came,
they suspended and the people Of the State
sustained the loss as best they could.
The Sub. Treasury system has worked
we'll beyond all anticipation, and, as far as
known, not dollar has been lost under it.
There is no earthly objection to it, except
abstract, Theoretical reasons, which can
never have any practical effect. Mr.. Den.
nison is opposed to it, and is in favor of re.
turning to the "good old system" under
which the people Of the State lost the patry
sum of only fifty thousand annually, which
amount, by commendable sleight.of.hand
process, was transferred from their pockets
into those of certain gentlemanly bankers.
1t is very modest in Mr. DennsoD, as lead
ing banker, who has already lined his pock.
ets out of the public crib, to propose that the
public money shall be handed over TO few
men of his calling to speculate with. What
D pleasing spectacle it is 10 see gentlemen
If the same profession hob nobblng lovingly
together, and doing each other a good turn
in business. The gentlemanly bankers of
Columbus, and some other cities ofthe State,
ire to help Dennison 10 the Governorship,
md in return he is to open the doors of the
Treasury, that they may gorge themselves
% distensiou. They are to clo,he him with
power, and he is to use it by loaning them
he peoples money at elk per cent, which
money they will loan back to the people, at
he ncoEsiderable advance OF 3 or per cent.
month, and think they are conterring a
,reat obligation by go doing, or if that is not
!etting rich fast enough they can pocket the
whole and cry failure. This is but follow.
ng out the golden Understanding favor for
avor-and as such Mr.. Dennison doubtless
xpects it will recommend itself to the peo.
10 Of tho State. Ono would think from
he persistency with which he dwells upon
he subject that it was the only issue of anv
Importance involved in the contest. The
,reater part Of his harangues at different
'oints in the State is made up of complaints
hat the Democrats have choked the bank.
'rs off from the public crib, and be seems to
hiDk that his great mission on earth is to
ut an end to this unparalleled piece Of cru.
lily. With all their respect for this i'm mac.
late class OF our citizens, let the people ask
themselves whether fifty thousand dollars a
ear is not almost too large sum to pay for
leir accommodation, and whether thev
ouId not put their money to d better use
nan TO bestow it upon clique of wealthy
hylocks. q