Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1860-04-12

TIE MxcHAH1cs' AND MANUFACTURERS
ExoHANaE--RnP0R or rms COMMITTEE on
BANKINq,-~The attehdahcs NJ thS meeting of
the Mechanics and Manufacturer Exchange
yesterday morning was quite large. Mr.. s.
s. Rowe, In the absence Of the Chairman of
the Committee on Banking, read paper on
this subject, Which will doubtless be Of in
terest TO all classes of readers. From this
report we extract the following;
"rhe Committee on "Banks and Bar king"
appointed by the members Of the Mechanics
and Mapufactuters Exchange, 70 whom ws.s
committed the subject Of ascertaining what
plan, If any, could be adopted to give TO the
mechanical and manufacturing interests Of
Cincinnati that constant, stea1s, pecuhiary
aid which their Importance demands, and
which other Cities more favored than we are
with banking capital, invariably extend to
them; beg leave to report that IN their opinion
these facilities, can only be reliably increased
in four Ways Either by the establishment of
bank, under the General Banking Law,
passed by the Legislature in 1851; OF, by the
passage by the Legislature Of n new General
Law, different In its features from the one
Just referred to-, by the passage of General
Law incorporating Savings Banks" or by
the establishment Of an Individual Partner
ship by some Of the wealthier members of the
Association.
"With regard to the first of these plans,
viz: The establishment of bank under the
law Of 1851, the Committee can not say that
they look with any very considerable amount
Of favor. The capital could only be $500 900,
and although its means would be very con-
siderably increased by such deposite &C
count as an institution so established would
be sure to enjoy, still, the rate of interest be-
ing confined by the terms of the charter to
sfI per cent, and-its loans being subject to q
tax, which, in this county, always exceeds
one and three-fourths, they doubt if enough
would remain to the stockholders, to make il
sufficiently remunerative to induce parties
who have spare means to invest in it. There
is no doubt that bank got up on this plan
devoted to the interests Of the mechanics an6
manufacturers of the city, would, If wei
managed, be of very great benefit to them
and through them to the city generally; bu
as the Committee suppose that the intention
of the Association is, that the managers anC
getters up of bank devoted to their inter
est should not themselves be borrowers, bu
lenders of money, IL is absolutely necessary
that the charter should give such facilities
for money-making as should induce thos'
| who have money which they are anxious t
invest, to take stock in the certainly reason
able expectation that their dividends will al
ways be handsome return for the use o
ways q cash article, good for its face at least
whenever their necessities or other circum
stancas called upon them to dispose of il
| Feeling that such a result as this could no
with any certainty be promised by an insti
tuition got up under this law, the Committe
| do not feel able to recommend il 70 the Asso
citation; and, therefore, pass on to conside
the second proposition, viz: The passage b,
the Legislature, of neV general law, NOR
liberal in its character than the one just re
ferred TO.
| "We have reason to suppose that the diff
culties in regard to obtaining the approva
of the people of the State of really goo
general Banking Law have been overrated
and we should be willing to petition tn
Legislature to pass law establishing ban
free from the entanglements of branches
and with perfect liberty to take or refuse th
notes issued by other banks of the State.
currency equal in all respects to specie woul
then be established, and the measure, meet
ing the approval of the people of the Stat'
would in due course of time become a law.
Several members of the Association al
in favor Of well-regulated law, to be passe
by the Legislature, for the establishment {
"Savings Banks" which should allow [
their depositors from to per cent. on thei
savings and have the privilege of chargin
from to 10 per cent.
"There is no doubt that well regulate
and well-managed Savings Bank is badl
wanted in our city. There are large amount
of money now boarded in old stockings an
iron safes, producing nothing but care an
anxiety to the owners, which, if we had
really safe depository, with u reasonable a
srlrance that principal and interest wou
both be forthcoming when wanted, wou
come from their various hiding places, az
increase the available capital of our city.
i "a general law of this kind might also
obtained from the Legislature, at their ne:
meeting, and there is no doubt that gre
good would grow out of it to all the parti
concerned, and consequently to the city gel
orally.
''If the members of our Association are
opinion that all of these plans are inexped
ent, either from the delay attendant upc
getting them into operation, or from al
other cause, or that we need all these pla
and something more besides, we invite the
attention to our fourth proposition, which
that an INDIVIDUAL PARTNERSHIP should
formed, by a sufficient number of the wealt
ier members of the Association, to give Il
bank 80 established character and standil
which would command business both at hon
and from abroad"
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