M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1861-01-17


find our deficiency is supplied BY their
excess OF issues. Ii is hardly an over
estimate TO say, that the issues Of for
eign banks now in the hands Of the
people Of Ohio, are equal to the issues
OF our own banks, or about eight and
q half millions Of dollars. OF this
sum, very considerable portion con-
sists of the Issues oil banks which have
suspended specie payments, embracing
the banks ofPennsylvania, Maryland,
Virginia, Missouri, and parts Of the
issues of fotLer States. All such issues
have deprecated in the hands OF the
people VI Ohio, at least ten per cent,
amounting in the aggregate to several
hundred thousand dollars. When il
10 remembered that, in the fall of1S57,
only three years ago, = like loss was
sustained by the people Of this State
from the same source, il becomes a
question Of serious moment to consider
whether any, aud if any, what meas
ures can be adopted to guard the peo-
pie from such frequent and heavy pe.
cpniary disasters. So long as the
supply OF circulating notes issued by
onr own banks, is insufficient for the
OF the business Of the State
it will, in my opinion, be in vain to
attempt, by legislative enactments, to
expel the issues Of foreign banks. The
laws Of trade and the necessities ofthe
people viii! prove more potent than
statutory restrictions and prohibitions.
II the tact may be considered as dem
as | think it clearly may.
that we must depend chiefly ior cur.
rency Tor the business transactions Of
the people ofthe State, either on the
issues offoreign banks, or Of the banks
of our own State, | think no citizen of
Ohio Can hesitate a moment as to
which he would prefer, and especially
in view oil the fact, that, while within
three years, the banks oil nearly all tho
other States have suspended the pay.
ment Of specie, and many Of then
twice in that space oi time, the banks
Of Ohio have proved true to their OBJ.
legations, and equal to these tests OF
their strength, and now command the
universal confidence Of the people vi
the State. respectfully submit tO
the consideration of tho Legislature,
the qneetion whether any plan ;ai be
tor the increase Of tie banking
capital, and consequent enlargement
Of the issues OF banks within our own
State, as the only practicable means oi
the issues Of foreign banks,
and ol protecting the people from the
manifold disasters Of a debased cur.
rency. This question is also import
ant in another view. II is but five
years, from the first of May next, when
the charters Of the banks Incorporated
under the act OF February, 1S45, will
expire. This embraces the thirty six
branches of the State Bank, and the
seven Independent banks, ths circula.
tion of which being withdrawn, We
would be practically without an Ohio
circulation, and dependent upon for.
eign banks for our entire currency
The State may follow the example OF
the General Government in restricting
the circulation and disbursement Of its
revenues in gold and silver. But, at.
ter all, this will be found to exert lit.
tie influence over the great business
interests ofthe people. The fact then
Of the near approach Of the time-for
five years is but brief period in the
history OF a State-when the existing
banking system will terminate, and in
view ofthe very important consequent
ces which must follow this event, un-
less provision be made in time to meet
it, are sufficient reasons for recon-
mending this important matter to your
consideration. There is abundant
reason to believe that a large majority
Of the people are mo- only satisfied
with their present system OF banking.
but that they would regard it as a
great public calamity to see it pass ont
OF existence. 1t has met its o5liga.
tions under all circumstances, main
tanned its credit, and furnished cur.
rency at all times convertible into gold
and silver. These are advantages
which the people duly appreciats and
would very reluctantly fnrcgo. With
amendments of the system which may
be deemed desirable, if any, for the
better protection Of the creditors of the
banks, and, in terms, subjecting the
property OF the banks to q taxation
equal to that imposed on the property
Of individuals, As provided by our
Constitution, | do not doubt the sys-
tenn would, during it's renewed exis-
tence, give as universal satisfaction
to the people OF the State as it 10 now
giving. AN
The Gov. next reviews our Public
Works; thinks people will, without
doubt, ask for their sale, when they
find they won't sustain themselves -
The receipts have not paid expenses