Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-02-24
Z. CUWLES q UUl
Publishers Leader, Cleveland.

Relief of Seneca County Bank Bill-hOlders.
In the Senate on the 2lst, Mr. MonrOe's bill
for the relief of the bill holders of the Seneca
County Bank came up on the question of en-
grossment Mr.. Monroe stated the facts cen.
nected with the bill, and advocated its pas
sage. ..
During the session of 1874 5, there was a
warm contest upon the question of currency
During that year the law upon which the Sem
eca Co. Bank was organized, passed. The
General Assembly took ground for an indepen-
dent banking law against hard money. They
supposed that security for the bill holders was
the great end to be attained. The Senate COM
mittee on Cuuency-of which Alfred Kelly was
Chairman-assumed in a report that this law
secured the bill holder, and pledged the State
TO that effect The Seneca County Bank was
Organized under this act This was the express
attitude Of the General Assembly to the people
on the subject. The people had confidence in
the system. When farmers got the bills, Ia
beled Secured by deposit of State Stocks, "
they presumed they were safe, and they re-
ceived the issues of these Independent Banks
IN perfect confidence. Tie State of Ohio did
not guarantee the people against rsscality, but
& take care of the stocks deposited with her
for the security Of bill holders. This Is part
of the pledge which she gave to the people
when she passed this bill She guaranteed
that the stocks should not be stolen, and i'm
pieJly that she would make them good if they
were lost. The people, trusting in the faith OF
Ohio, gave these Blnks credit, and should
therefore be justified in their confidence in the
State. She is equitably responsible for the
redemption of these notes.-the over issue
amounting to something like $4,000.
MIR. Monroe made 4 strong appeal in behalf
Of the bill holders, claiming that the State is
responsible to the people for the remissness OF
her public officers, and that the responsibility
belongs, not 60 part, but to all Of the people
Of the State, and therefore the poor labOring
r,su with So note of this bank in his pocket,
under such guarantees ought not to be made 10
lose the whcle GIFT. Mr. Monroe said he knew
there was a portion of this broken bank money
in the hands of brokers, but he believed the
'grger portion was sG;ll in the hands OF the
Nc '0ple. He had advised his constituents TO
keep this money, because be believed the State
would some day redeem 1t. Moreover, when
the bank failed, it happened that the people
who had Seneca county money IN the bank
were laborers, mechanics, and poor tsrpers.-
Tue shaTpers fore NaW Tue III uPeHulhS |lisi9' aI
made haste to get rid 81 the treacherGuS paper
He thought. Ohio ought ~ meet al the ioss con,
nected with the great defalteSI = "nich nae
gwen rise to the matter beforet-e oenate'
Messrs Cox, Smith, Collins, SeSnleY' and
Parish took similar positions, while 4S'sssFs
schleich and Key demand the responsibility Gt
the State either upon legal or moral grounds,
a.Sd held that the Independent Banking law re-
ouired stock deposits solely as security for bill
holders, the State Treasuere being merely Gus
todiau. and to that extent he was the agent Of
the Bank, and is not responsible as officer Of
the State. The bill was also opposed on grounds
of policy, because il would justify further re-
dempliOns. The bill was referred to the Judici'
airy Committee