Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1861-01-17


same time vas, viz; 8,s34, ,es7
Of STATE Bank 7,4o3,sss
Banks 575,68s
Free Banks e55 ,243
This amount Of banking capital and issue
bears very small proportion, ss compared with
The population, wealth and business of this Stats
to the banking capital and issues OF most Of the
othes States, and, as consequence, We And our
deficiency 10 supplied BY their excess Of issues.
II 10 hardly an over estimate 10 say, that the To-
sues OF foreign banks nov In the hands Of the
people Of Ohio, equal TO the issues Of oar own
banks, or about eight and o half millions Of dol.
lars. or this SUN, . very consid cradle portion
consists Of the issue Of banks winch have sus-
pended specie payments, emb -acing the banks
or Pennsyivsnis, Maryland, Virginia. Missouri,
aud parts Of the issues Of other States. AL such
issues have deprecated in the hands Of the
people Of Ohio, at least ten per cent, amounting
10 the aggregate 10 several hundred thousand
dsllsrs. When IL 10 remembered that In the fall
Of 1851, only three years ago, like loss was sus
tanned BY the people Of tnis State from the same
source, it becomes Q question Of serious mo
ment 10 consider whether any, and IL any, what
measures eau be adopted TO guard the people
from such fiequent snd heavy pscunisry disss-
tsrs. Sc long ~ the supply VI circulating rotes
issued by our own banks, Is insufficient Tor the
transaction ofthe business Of the State, Il will
my opinion, be In vain TO attempt, by legislative
enactments, to sxpei the issues Of 10 sigp banks
The laws oftrade and the necessities Of the peo.
pie will prove more potsnt than statutory re-
strictions and prohibitions. Ifthe fact may be
considered as demonstrated, as think IL clearly
may, taat We must depend chiefly for currency
for the business transactions of the people Of the
State, either on the issues Of foreign banks or Of
the banks Of our own State, think NO citizen OF
Ohio can hestate for q moment as to which he
would prefer, aud especially In view Of the fact
that, while within three years, the banks Of
n,srly oil the otaer States have suspended the
pay ment Of specie, and many of them twice in
that space Of time, the banks of Ohio have pro.
we'd true 70 their obligations, and equal 70 these
tests Of their strength, sad nov command the
universal conndenee Of the people Of tie State.
I respectfully submit 10 the consideration Of the
Legislature, the question whether any plan can
be devised for the increase Of the banking oapi-
tai, and consequent enlargement Of the issues Of
banks within eur own State, - the only prac-
ticabls means ,sf expe,ling the issues Of for
eign banks, and Of protesting che people from
the manifold disasters of debssed currsncy.-
This question 10 also important In another view.
Il Il but hve years, from the first Of May next
whom the charters II the banks Incorporated
under the act Of February, ls4s, will expire
This embraces the thrty-six branches Of the
stats Bank, and the seven independent banks
the eirculstion Of which bsing Withdrawn, We
would be practically without an Ohio cireula
ton, and dependent upon foreign banks for our
entire currency. The STATE may follow the ex-
ample Of tho General Government in restricting
tho circulation and disbursement of its reve.
! nues In gold aud silver. Bat, after all, thii
will be found 10 exert little influence over th'
great business interests Of the people. The fac
then Of the near approach Of the time-for fv'
years 10 but brief period in the history Of I
State-when the existing banking system vii
| terininatd, and view Of the very importan
consequences which must fsllow tins event, nm
iess provision be made in time TO meet it, are
suGiclent reasons for Recommending this impor
| tant matter 70 your cons dsrstiou. There !
abundant reason to believe that . large majerit
| Of the people are not enly satisfied with thei
present system Of banking, but that they woul
regard t - . great public calamity TO see
pass- -snt Of sxi.tense, IL haa met its obligation
| under all circumstances, maintained its credi'
and furnished currency at all times converts
which the people duly appreciate and woul
very reluctantly forego. With amendments {
| the system which may be deemed desirable,
any, for the better protection of the creditors q
the banks, and, In terms ubjecting the propert
of the banks TO o taxation equal 70 stimPose
our Constitution,I do not doabt the system wo'd
1 during its renewed exist enoe, give 81 universa
satisfaction to the people Of the State as as it
now giving -. r....
fHk PUiLio WORKS. p.
| lagaiu invite your attention to our Publ
Works. During the past year the expenses I
n that department have considerably exceeded th
receipts. This, tits said, 10 mainly owing
the extraordinary foods Of April, which cause
much damage to portion al the works. I'll
fact that for the las. ive years the result ha
been tho same, has induced the opinion tha
they will continue permanent tax so long
they are controlled by the State; and q feelin
prevails to considerable extent that the entir
, Interest of the State in them should be dispose
of. There ars grave considerations connects
3 with this subject, which will, doubtless, reeei
your careful attention. That the people Of u
S tate will demand the sale Of these works, VIII
: they become satisfied they cannot be made SO
. sustsining, think admits of little doubt.
/, ] am not insensibls TO the great advau'ag
, these works have been to the State, in devslol
!; have created far more capital than they ha
Q cost. But the counties not lying upon the
vorks, and which receive but little. II any, az
vantage from them, object TO taxes 20 keep the
In repair for the benefit of others. They ha
q built their own railroads aud means Of comml
p ncation without the aid Ut the State, asd susts
. them ct their own cost, no matter how expensi
: they may be, and they contend that it is Just
I fair and proper for the rest Of the State to
!, taxed to pay the expenses of keeping their raj
Q roads In repair, as il is to compel them to p
II Ia res to keep up the canals. The active carr
" ing competition Of the railroads, II is said, .
6 only diminishes the business on the canals, b
III will in All slime 10 come prevent them frc
. transacting enough business W make them 8
6 / sustainipG. The following table, compiled FRI
i TIE report ofthe Board Of Public Works,
7, riertinent in this view Of the case:
J. Receipts. Expendi- Checks drawn
70 lures. yond earninl
9 1856 s4a4,1s1 $4ss,479 s1e,sss