, 1861-11-01
Ebtcaqo Tribu11e
FRIDAY NOVEMBER 1, 1851.


FRIDAY NOVEMBER 1, 1851 );
TEE NEW BANK Law.
We rive place this morning to an eiaoo- !
,,to ar9n,,,ent in favor Of the Union Bank
Law. to be voted On next Tuesday. The {
:: ader will observe that its force de-
:. nds On The assertion, oft repested, that
:,.e defects Of the law can be easily repair
ii BY the Legklaturei The. post+note
slsnse, says the writer, sought to be and
Insy he repealed" The provision Of the
Ohio Ia, requiring specie to be kept in the
ysu1:s at nl1 times to the amount
80 per cent Of the circulation, he says,
NAV be added to this law as an amend
ment by the Legislature. We ought, he
thinks, to adopt this law as an anddoe to
tie existing law, and then remove the OBJ
jectioaable features, and fix it all up, after
ward. We confess this is the first time
since the decision was pronounced by the
Supreme Court Of the United States in the
case Of the State Bank OF Ohio, that We
have heard it seriously argued that Leg
stature could interfere with uestM rights.
The charter Of the State Bank Of |
Ohio declared that in lieu Of oil taxes,
general CT special, State, county, or town,
the Bank should pay into the Treasury
6 per cent. Of its ne. profits. The amount
Of revenue derived this source not being
as large as Was expected the people very
generally demanded that the Bank should
be placed back On the old footing Of taxa
,icn according tc dollars and cents like all
other properly. The. Bank, through its
officers and stockholders, protested against
the movement as unjust and Illegal, ap-
realirg to their charter and taking firm
ground On the rights therein granted.
Nevertheless the taxing party carried the
election, and sent up to Columbus Leg
islature pledged to carry out their views.
The tax law was passed. The Bank re-
fused to pay. The Legislature then passed
what vas known as the CroWbar Law,"
directing the county treasurer to summon
posses to open the bank vaults by force,
anG to take therefrom the amount OF the
tax Accordingly the vaults Of several OF
The branches were opened by violence, in
some Instances accompanied By bloodshed,
aid the required sum of specie removed
to the treasury Of the State. The foreign
stockholders brought suit in the g. s. Dis
trict Ceurt, before Judge Mclean, against
the county treasurers, to recover Their
mercy. The Judge decided without hesl-
1ation that the Legislature could not touch
the vested rights Of the Bank without thf
consent Of the Bank ITSELF, and that thu
money must be refunded Not satisfied
with the result, the State authorities tool
an appeal to the q, S. Supreme Court
where The decision Of Judge McLlean wa
1eaAirmed by full bench.
Is it seriously contended that afeer-th'
various branches Of The Union Bank ar
organized in due form Of law, after doin|
business in the manner prescribed in thei
charter, the Legislature may come in an
compel them to keep specie in their vanlt
TO the amount Of so per cent. Of their Gil
culation OF to haul in their post notes
or to do any other single thing whic
they, (the bank direc:orsl, choose not
dos The idea is absurd. The thing
impossible Does not everybody 1emen
Der that, il framing amendments to Il
general banking law last winter, it "
conceded On al hands that the zcstcd Tag1
cfthe banks could not be etouched-that Il
amendments must be so framed as to app
only TO cases where the backs had violate
The law and thus forfeited their rights,
to banks which might be organized he1
after? Bu', if the power actually exist
to deprive the Bank OF the extraordina
privileges granted in ita charter, what I
surance have we that the LegislatE
acould enact the necessary amendment
None at all All the Objectionable featur
which the writer Of this communicate
points out, were passed By one Legislat'
without compunc!ion. What guarantee
there that the next Legislature will
its work any better:
There are other manifest errors in
= communication to which We refer-for
staEce, that We must have banks, that
more banks than We now have; that
mutual liability Of the branches gl
greater security to the whole structr
etc We deny, IN the first place, that
need any more banks than we have I
got We believe that all banks Of is
are an injury to the community. An
to the mutual liability Of the branches
think it more likely that the failur
one would knock over all the others, t
that the others would be able to 7
around and hold that one up.